Tinna Rubber and Infrastructure Ltd

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24-06-2025 | 10:45 am

Date: June 24, 2025

To,

Listing Department

BSE Limited

Phiroze Jeejeebhoy Towers,

Dalal Street, Mumbai-

400001

To,

Listing Department

National Stock Exchange of India

Limited

Exchange Plaza, 5

Floor, Plot No. C-1,

Block G, Bandra Kurla Complex,

Bandra (E), Mumbai-400051

To,

Listing Department

The Calcutta Stock

Exchange Limited

7, Lyons Range,

Kolkata-700001

BSE Scrip Code: 530475 NSE Symbol: TINNARUBR

ISIN: INE015C01016

SUBJECT: Audited Standalone And Consolidated Financial Statements of Tinna Rubber And Infrastructure

Limited (“The Company”) For The Financial Year Ended March 31, 2025

Dear Sir/Madam,

We request you to take on record the standalone and consolidated audited financial statements of the

Company with complete notes, schedules and accounting policies along with the auditors report thereon,

for the financial year ended on March 31, 2025.

A copy of the same is attached herewith for your record.

Thanking you

For TINNA RUBBER AND INFRASTRUCTURE LIMITED

Sanjay Kumar Rawat

Company Secretary

ICSI M. No. : ACS23729

Enclosure: as above

Independent Auditor's Report

S S KOTHARI MEHTA

& CO. LLP

CHARTERED ACCOUNTANTS

To the Members ofTinna Rubber and Infrastructure Limited

Report on the Audit

of the Consolidated Financial Statements

Opinion

We have audited the accompanying consolidated financial statements o f Tinna Rubber and Infrastructure

Limited

(hereinafter referred to as the " Holding Company") and its subsidiaries ( Holding Company and its

s ubsidiaries together referred to as "the Group") and its associate and j oint venture, which comprise the

consolidated balance sheet as at March 3 1, 2025, the consolida ted statement

of profit and loss (including other

mprehensive income), consolidated statement of c hanges in equi ty and consolidated statement of cash flows

for the year then ended, and notes to the consolidated financial statements, including summary of material

account

ing policies and other explanatory information (hereinafter referred to as the "consolidated financial

state ments").

In o

ur opinion and to the best of our infonnati on and according to the explanations given to us, and based on the

consideration of reports of the other auditors on separate financial statements/ financial infonnation of the

subs idiaiy related to in th e other matte r se c

tion below, the aforesaid consolidated financia l statements give the

information required by the Compani es Act, 2013 ("Act") in th e manner so required and g ive a true and fair v iew

confonnity with the accounting principles generally accepted in India, of the consolidated state of affairs of

the Group and its associate and joint venture as at March 31, 2025, of its consolidated profit and consolidated

tota l other comprehensive income, consolidated changes in

equity and consolidated statement of cash flows for

the

year then ended.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of

the Act. Our respons ibilities under those SAs are further described in the Auditor's Responsibilities for the audit

of the consolidated financial statements sec tion of our report. We are independent of the Group and its associates

and

join t venture in accordance with the ethical requirements that are relevant to our audit of the consolidated

finan cia l statements in

tenns of the Code of Ethics issued by the Institute of Chartered Accountants of India and

the relevant

provisions of the Act, and we have fulfilled our other ethical responsibilities in accordance w ith

ese requirements. We believe that their audit evidence obta ined by us along w ith the consideration of reports

of the oth er auditors r~ferred to in paragraph (a) o f the " Other Matters" section be low, is suffic ient and

appropriate to prov ide a basis for

our opinion on the consolidated financ ial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of

the consolidated financial statements of the current period. These matters were addressed in the context of our

a udit

of the consolidated financial statements as a whole, and in fonning our opinion thereon, and we do not

provide a separate opinion on these matters.

We have dete

nnined that there are no key audit matters to be communicated in our report.

ot No . 68, Okhla industria l Area, Phase-Ill, New Delhi-110020

Tel:

+91-11-4670 8888 E-mail: contact@sskmin.com

Page I

of 11

www.sskmin.com

S S KOTHARI MEHTA

& CO. LLP

CHARTERED ACCOUNTANTS

Information Other than the Consolidated Financial Statements and Auditor's Report Thereon

The Holding Company's management and board of direc tors are responsible for the other infonnation. The other

infonnation comprises the infonnation included in the annual report but does not include the consolidated

financial statements and auditor's reports

thereon. The annual report is expected to be made av ailable to us after

the da te

of this auditor's report.

Our opinion on the consolidated financial statements does not cover the other info1mation and we will not express

any

fo1m of ass urance conclusion thereon.

In connection with ow-audit of the consolidated financial statements, our responsibility is to read the other

infonnation identified above when it becomes available and, in doing so, consider whether the other infonnation

is materially incons iste

nt with the consolidated financial statements or our knowledge obtained in the audit, or

otherwise appears to be materially misstated.

When

we read the annual report, ifwe conclude that there is a material misstatement therein, we are required to

communicate the matter to those charged with governance.

Management's Responsibilities for the Consolidated Financial Statements

The Holding Company's Board of Directors are responsible for the matters stated in section 134(5) of the Act

with respect to the preparation and presentation of these consolidated financial statements that give a true and

fair view

of the consolidated financial position, consolidated financial performance including other

comprehensive in

come, consolidated changes in equity and consolidated cash flows of the Group including of

its associate and joint venture in accordance with the Ind AS specified under section 133 of the Act read with the

Companies ( Indian Accounting Standards) Rules, 2015, and other accounting principles generally accepted in

Indi

a. The respec tive Board of Directors of the companies included in the Group and of its associate and joint

venture are responsible for maintenance of adequate accounting records in accordance with the provisions of the

Act for safeguarding

of the assets of the Group including its associate and joint venture 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 consolidated financial statements

that give a true and fair view and are free from material misstatement, whether due

to fraud or eJTor, which have

been used for the purpose

of preparation of the consolidated financial statements by the Board of Directors of

the Holding Company, as aforesaid.

In preparing the consolidated financial statements, the respec

tive Board of Directors of the companies included

in the Group and

of its associate and joint venture are responsible for assessing the ability of the Group and of

its associate and joint venture to continue as a going concern, disclosing, as applicable, matters related to going

concern and us ing the going concern basis

of accounting unless the Board of Directors either intend to liquidate

the Group and

of its associate and joint venture or to cease operations, or has no realistic alternative but to do

so.

The respective Boards

of Directors of the companies included in the Group and of its associates and joint venture

are also responsible for overseeing the financial reporting process

of the Group and of its associate and joint

venture.

Page

2 of 11

S S KOTHARI MEHTA

& CO. LLP

CHARTERED ACCOUNTANTS

Auditor's Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole

a re free from material misstateme nt, wheth

er due to fraud or error, and to issue an auditor's report that includes

our opinio

n. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in

accordance w ith SAs will always detect a mat

erial 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 consolidated financial statements.

As part

of an audit in accordance w ith SAs, we exercise professional judgment and maintain professional

skepticism throughout the audit. We also:

Identify and assess the risks

of material misstatement of the consolidated financial statements, whether due

to fraud

or error, design and perfonn 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 in ternal control relevant to the audit in order to design audit procedures that are

appropriate in the circumstances. Under section 143(3)(i)

of the Act, we are also responsible for expressing

our opinion on whether the Company has adequate internal financial controls with reference to the

consolidated financial statements a

re 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 and Board of Director's.

Conclude on the appropriateness

of management's use of the going concern basis of accounting and, based

o n the audit

evidence obtained, whether a material uncertainty exists related to events or conditions that

may cast significant doubt on the Group and its associate and joint venture ability to continue as a going

concern. l

fwe conclude that a material uncertainty exists, we are required to draw attention in our auditor's

report to the related disclosur

es in the consolidated financial statements or, if such di sclosures 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 Group and its associate and

joint venture to cease to continue as a going concern.

Evaluate the overall presentation, structure and content

of the consolidated financial statements, including

the disclosures, and whether the consolidated financial statements represe

nt the underlying transactions and

events in a manner that achieves fair presentation.

Obtain sufficient appropriate audit

evidence regarding the financial infonnation of such entities or business

activities within the Group, its associate and joint venture

to express an opinion on the consolidated

financial statements. We are responsible for the direction, supervision and perfonnance

of the audit of the

financial statements/ financial infonnation

of such entities included in the consolidated financial statements

of which we are the independent auditors. For the other entities included in the consolidated financial

statements, which have been a udited

by other auditors, such other auditors remain responsible for the

direction, s upervision and perfonnance

of the audits caITied out by them. We remain solely responsible for

our audit opinion.

Page

3 of 11

S S KOTHARI MEHTA

& CO. LLP

CHARTERED ACCOUNTANTS

We communicate with those charged w ith governance of the Holding Company and such other entities included

in the consolidated financial statements o f which

we are the independent auditors regarding, among other

matters, the planned scope and timing

of the audit and significant audit findings, including any significant

d e

ficiencies in internal control that we identify during ow-audit.

We also provide those charged w ith governance with a statement that we have complied with relevant ethical

requirements regarding independence, and to communi

cate with them all relationships and other matters that

may reasonably

be thought to bear on our independence, and w here applicable, related safeguards.

From the matters communica ted with those charged with governance, we determine those matters that were of

most significance in the audit of the consolidated financial statements of the current period and are therefore the

key audit matte rs.

We describe these matters in our auditor's report unless law or regulation precludes public

disclosure about the matter

or when, in extremely rare circumstances, we detennine that a matter should not be

communicated in our report because the adverse consequences of doing so would reasonably be expected to

outweigh the public intere

st benefits of such communication.

Other Matter

(a)

We did not audit the financial statements / financial information of one subsidi ary whose financial

statements/ financial i nformation reflect total assets

of Rs. 2, I 04.07 lakhs as at March 3 1,2025, total

revenu

es of Rs. 2,931.74 lakhs, net profit after tax of Rs. 208.19 lakhs, total comprehensive income of

Rs. 208.19 lakhs and net cash outflow (net) amounting to Rs. 5.12 lakhs for the year ended on that date,

as considered in the consolidated financial statements.

The Statement also include Group's share of net

loss after tax

of Rs. 8.98 Lakhs and Group's share of total comprehensive loss of Rs. 8.98 lakhs for the

year ended March 3 1, 2025, in resp ect

of one joint venture, whose financial statements have not been

audited by us. These financial statements/ financial infonnation have been audited by other auditors

whose reports have been furnished

to us by the Management and our opinion on the consolidated

financial st

atements, in so far as it relates to the amounts and disclosures included in resp ect of this

subsidiary and joint

venture and our report in terms of sub-section (3) of Section 143 of the Act, in so

far as it

relates to the aforesaid subsidiary and joint venture is based solely on the reports of the other

auditors.

(b)

The consolidated financial statements include the unaudited financial statement of two subsidiaries

whose financial information re

flect total assets of Rs. 3.86 lakhs as at March 3 1, 2025, total revenue of

Rs. Nil and total net loss after tax of Rs. 52.34 lakhs, total comprehensive expense of Rs. 52.34 lakhs

for the year ended March 3 1, 2025, respectivel

y. This unaudited financial statements/ financial

information has b

een fumished to us by the Management and our opinion on the consolidated financial

statements, in so far as it relates to the amounts and disclosures included in respect

of this subsidiary

and ow· report in te

nns of sub-section (3) of Section 143 of the Act in so far as it relates to the aforesaid

subsidia,y is based solely on such unaudited financial statements / financial infonnation. In our opinion

and according to the infonnation and explanations given to us by the Management, these financial

statem

ents/ financial information are not material to the Group.

Page 4

of 11

S S KOTHARI MEHTA

& CO. LLP

CHARTERED ACCOUNTANTS

Fu1ther, ce1tain subsidiaries and joint venture whi ch are located outside India, whose annual financial statements

have been prepared in accordance with accountin g principles generally accepted in the

ir respective countries,

the Holding Company's management has converted the financial stateme nts

of such subsidia ries and joint

venture from accounting princ iples generally accepted in their respective countries to accounting princ iples

generally accepted in India. We have a udited these conversion adjustments made by the Ho lding Company's

management.

Our opinion, in so far as it relates to the amounts and disclosures included in respect of these

subsidiaries and joint venture, is based

on the audit report of other auditors/management ce1tified accounts and

the convers ion adjustments prepared by the management

of the Holding Company and audited by us.

Our opinion on the consolidated financial statements is not modified in respect of the above matters with respect

our reliance on the work done and the reports of respective independent auditors and the financial infonnation

certified by the Management.

Report on Other Legal and Regulatory Requirements

I. As required by the C ompanies (Auditor's Repo1t) Order, 2020 (the " Order") issued by the Central

Government

of India in tenns of section 143( 11) of the Act, we give in the Annexure A, a statement on the

matters specified in the pa ragra

ph 3 and 4 of the Order to the extent applicable.

I n our opinion, and according to the inf01mation and explanation given to us, Order is not applicable to

three subsidiaries and one

joint venture incorporated outside India included in the consolidated financial

statements, hence this report does

n't contain a statement on the matter specified in paragraph 3(xxi) of

Order in relation to these subsidiaries and joint venture.

2. As required by Section 143(3) of the Act, based on our audit and on the consideration of reports of the other

auditors

on separate financial statements of such subsidiary and joint venture as were audited by other

auditors, as noted

in the " Other Matters" paragraph, we report, to the extent applicable, that:

(a) We have sought and obtained all the information and explanations which to the

best of om knowledge

and

belief were necessary for the purposes of our audit for the purposes of our audit of the aforesaid

consolidated financial statements.

(b ) In our opinion, proper books

of account as required by law re lating to preparation of the aforesaid

consolidated financ ial statements ha

ve been kept so far as it appears from our examination of those

ooks the data backup of the books and accounts in electronic mode has been kept on server physically

lo cated outside India except for the matters stated in paragraph 2(i)(vi) below

on reporting under Rule

l l (g)

of the Companies (Audit and Auditors) Rules, 2014.

of profit and loss ( including other

comprehensive income), the consolidated statement of changes in equity and the consolidated cash flow

statement dealt with by th is rep01t are in

agreement with the books of account maintained for the purpose

of preparation of the consolidated financial statements.

(d) In our opinion, the aforesaid

consolidate d financial statements comply with the Indian Accounti ng

Standards s

pec ifi ed under Section 133 of the Act.

Page

5 of 11

S S KOTHARI MEHTA

& CO. LLP

CHARTERED ACCOUNTANTS

( e) On the basis of the written representations received from the directors of the Holding Company as on

April

O I, 2025 taken on record by the Board of Directors of the Holding Company, none of the directors

of the Group companies and its associate company incorporated in India is disqualified as on March

31,2025 from being appointed as a director in tem1s of Section I 64(2) of the Act.;

(f) The modifications relating to the maintenance

of accounts and other matters connected therewith are

as stat

ed in the paragraph 2(b) above on reporting under Section 143(3 )(b) of the Act and paragraph

2(i)(vi) below

on reporting under Rule 11 (g) of the Companies (Audit and Auditors) Rules, 2014.

(g) With respect to the adequacy

of the internal financial control with reference to financial statements of

the Holding Company and its associate company, incotporated in India and the operating effectiveness

of such controls, refer to our separate Report in "Annexure B".

(h) In our opinion, and according to the information and explanations given to us, the managerial

remuneration paid

by the Holding Company and its associate Company inco1porated in India, to its

director during the cu1Tent year is in accordance with the requisite approvals mandated by the provisions

of section 197 read with Schedule V of the Act.

(i) 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:

1. The consolidated financial statements disclose the impact of pending litigations as at March 31,

2025,

on the consolidated financial position of the Group and its associate and joint venture.

Refer Note

32 to the consolidated financial statements.

1. The Group and its associate and joint ventures did not have any long-tenn contracts including

derivative contracts for which there were any material foreseeable losses.

111. There has been no delay in transfeITing amounts, required to be transfe1Ted to the Investor

Education and Protection Fund

by the Group and its associate incorporated in India except an

amount

of Rs 2.36 Lakhs related to the financial year ending March 31, 2015, has been

deposited in the investor Educati

on Protection Fund during the year.

v. (a) The respective management of the Holding Company and its associate incorporated in India

whose financial statement/financial infonnation have been audit

ed under this Act, has

represented that, to the best

of its knowledge and belief, no funds have been advanced or loaned

or invested ( either from boITowed funds or share premium or any other sources or kind of funds)

by the Holding Company and associate company to

or in any other person or entities, including

foreign e ntities

("Inte rmediaries"), with the understanding, whether recorded in writing or

otherwise, that the lntennediary shall directly or indirectly lend or invest in other persons or

entities identified in any manner whatsoever by or on behalf of the Holding Company or any of

such associate company ("Ultimate Beneficiaries") or provide any g uarantee, security or the

on behalf of the Ultimate Beneficiaries.

ge 6 of 11

S S KOTHARI MEHTA

& CO. LLP

CHARTERED ACCOUNTANTS

(b) The respective ma nagement of the Holding Company and its associate incorpora ted in India,

has represented that, to the best

of its knowledge and belief, no funds have been received by the

Holding Company or an y

of such associate company from any persons or entities, including

foreign entities (" Funding Parties"), w ith the understanding, whether recorded

in w riting or

othe1w ise, that the Holding Comp

any o r any of such associate 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 Patties (" U ltimate Beneficiaries") or provide any guarantee, security

or the like on behalf of the Ultimate Beneficiaries, and

been considered reasonable and appropriate in the

circum stances, nothing has

come to our notice that has caus ed us to believe that the

presentations under sub-clause iv (a) and iv (b) contain any material misstatement.

The final dividend paid by the Holding Company during the year, in respect of the same

declared for the previous year, is in accordance with Section 123 of the Act to the extent it

applies to payment

of dividend.

As stated in Note 49 to the consolidated financial statements, the Board

of Directors of the

Company have proposed final dividend for the year which is subject to the approval of the

members at

the e nsuing Annual General Meeting. The dividend declared is in accordance with

Section

123 of the Act to the extent it applies to declaration of dividend.

vi. As stated in Note 55 to the consoli dated financial statements and based on our examination

which included te

st checks, the Holding Company, has used an accounting software for

maintaining its books

of account which has a feature of recording audit trail ( e dit log) facility

and the same has been operated throughout the year

for all relevant transactions recorded in the

software, except that, audit trail feature was not enabled a t database l

evel for such accounting

software to log any direct data changes which is maintained by a third p arty software service

provide

r. The ' Independent Service Aud itor's Assurance Report ('Type 2 report' issued in

accordan

ce with ISAE 3000 (Revised), Assurance Engagements Other t han A udits or Reviews

of Historical Financial Infonnation)' and other information made available, did not include

information on existence

of audit trail ( e dit logs) at database level. Fmther, during the comse

of om audit we did not come across any instance of audit trail feature being ta mpered w ith in

espect of the accounting software where such featme is enabled.

Based on om· examination, which included test checks, its associate has used accounting

software for mainta ining its books

of account for the financial year ended March 31, 2025,

which has a feature

of record ing audit trail (edit log) facility and audit trail feature enabled

throughout the year

for all the relevant transaction recorded in the software. However, due to

the inherent limitation

of the application configuration we are unable to comment w hether there

were any instances of the audit trail feature been tempered during the audit period.

In case

of the financial statements of three subsidiary and one j oint venture incorporated outside

India,

the reporting requirement under Rule 11 (g) of the Companies (Audit and Auditors)

Rules, 2014 is n

ot applicable. Hence, we have not commented on the same.

Page 7

of 11

S S KOTHARI MEHTA

& CO. LLP

CHARTERED ACCOUNTANTS

Additionally, the audit trail has been preserved by the company as pe r the statutory requirements

for record retention.

For S S KOTHARI MEHTA & CO. LLP

Chartered Accountants

Firm's Registration No. 000756N/N50044 I

Sunil Wahal

Partner

Membership No. 087294

Place:

New Delhi

Date: May 23, 2025

UDIN: 25087294BMLBJN765 I

Page 8 of 11

S S KOTHARI MEHTA

& CO. LLP

CHARTERED ACCOUNTANTS

Annexure A to the Independent Auditor's Report to the Members of Tinna Rubber and Infrastructure

Limited dated May 23, 2025, on the consolidated financial statements for the year ended March 31, 2025.

(Referred to in paragraph l under ' Report on Other Legal and Regulatory Requirements' section

of our

report

of even date)

(xxi) In our op inion and according to the info1mation and explanations given to us, follow in g compa nies

corp orated in India and included in the consolidated financ ial statements, have unfavorable remarks,

q ualifi cati on or adverse re ma

rks given by the respecti ve auditors in the ir reports under the Compani es (Auditor's

Rep ort) Order, 2020 (CARO), details are given be low: -

Sr. Name of the entities

CIN

No.

Tinna Rubber and

L5 1909DL 1987

PLC027 I 86

Infrastructu

re Limited

2 TP Buildtech Private

U4520

4DL20 l 2 PTC244541

Limited

For S S KOTHARI MEHTA & CO. LLP

Chartered Accountants

Firm

's Reg istra tion No. 000756N/N50044 I

_______s:-

Sunil Wahal

Partner

mbership N o. 087294

Place:

New Delhi

ate: May 23, 2025

UDIN: 25087294

BMLBJN7651

Holding Clause number of the

Company CARO report which is

/Subsidiary/

unfavorable

Associate/Joint

qualified

or adverse

Venture

Ho lding Company

Clause (i) (

Associate C lause (vii) (a)

Company

age 9 of 11

S S KOTHARI MEHTA

& CO. LLP

CHARTERED ACCOUNTANTS

Annexure B to the Independent Auditor's Report to the Members of Tinna Rubber and Infrastructure

Limited dated May 23, 2025, on the consolidated financial statements for the year ended March 31, 2025.

Report on the Internal Financial Controls under Clause

(i) of Sub-section 3 of Section 143 of the Act as

referred to in paragraph 2(g)

of 'Report on Other Legal and Regulatory Requirements' section.

Our reporting on the internal financial control w ith reference to consolidated financial statement is not applicable

in respect

of three subsidiaries and one joint venture incorporated outside India.

In conjuncti

on with our audit of the consolidated financial statements ofTinna Rubber and Infrastrncture Limited

(hereinaft

er referred to as " the Holding Company") as of and for the year ended March 31, 2025, we have audited

the interna l financial controls with referen

ce to the financial statements of the Holding Company and its associate

corporated in India, as of that date.

Management's Responsibilities for Internal Financial Controls

The respective Board of Directors of the Holding Company and its associate Company, which are companies

incorporated in India, are responsible for establishing and maintaining internal financial controls with reference

consolidated financial statements based on the internal control w ith reference to consolidated financial

stateme nts cri teri a established by the respective Companies consid

ering 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 C hartered Accountants of India ("!CAI''). 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, incl uding adherence to the respective Company's

policies, the safeguarding of its assets, the prevention and detection of frauds and en-ors, the accuracy and

completeness of the accounting records, and the timely preparation of reliable financial information, as required

under the Companies

Act, 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the internal financial controls with reference to consolidated

financial statements of the Holding Company and its associate Company which are companies incorporated in

India, based

on our audit. We conducted our audit in accordance with the G uidance Note on Audit of Internal

Financial Controls Over F

inancial Reporting (the "Guidance Note") issued by the Institute of Chartered

Accountants

of India and the Standards on Auditing ("SA"), prescribed under Section 143( I 0) of the Act, to the

extent applicable to an audit of internal financial controls with reference to consolidated financial statements.

Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perfonn

the a udit to obtain reasonable assurance about whether adequate internal financial controls with reference to

consolidated financial statements was estab

lished and maintained and if such controls operated effectively in all

material respect.

Our a udit involves perfonning procedures to obtain audit evidence about the adequacy of the internal financial

controls

with reference to consolidated financial statements and their operating effectiveness. Our audit of

internal financial controls with reference to consolidated financial statements included obtaining an

understanding of internal financial controls with reference to consolidated financial statements, assessing the

Iisk that a material weakness exists, and testing and evaluating the design and operating effectiveness

of internal

control based on the assessed risk.

The procedures se lected depend on the auditor's judgement, including the

assessment

of the risks of material misstatement of the consolidated financial statements, whether due to fraud

or en-or.

Page 10 ofll

S S KOTHARI MEHTA

& CO. LLP

CHARTERED ACCOUNTANTS

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 with re

fere nce to consolidated financial statements.

Meaning of Internal Financial Controls with Reference to Consolidated Financial Statements

A company's internal financial control w ith reference to consolidated financial statements is a process des igned

to provide reasonable assurance regarding the re

liability of financial reporting and the preparation of financial

statements for external purposes in accord ance w ith generally accepted accounting principles. A company's

internal financial control with reference to consolidated financial statements includes th ose polic ies and

procedures that (

I) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect

th e transactions and dispositi

ons of the assets of the compa ny; (2) provide reasonable assurance that transactions

are recorded as necessary to p

ennit preparation of financial statements in accordance with generally accepted

accounting principles, and that re

ceipts and expenditures of the company are being made only in accordance

w ith a uthorisations

of Management a nd directors of the company; and (3) provide reasonable assurance

regarding prevention or timely detection of unauthorised acquisition, use, o r dispos ition of the company's assets

that could have a material effect

on the financial statements.

Inherent Limitations of Internal Financial Controls with Reference to Consolidated Financial Statements

Because of the inherent limitations of inte rnal financial controls with reference to consolidated financial

statements, including the possibility

of collusion or improper Management override of controls, material

misstatements due to eITor or fraud m

ay occur and not be detected. A lso, projections of any evaluation of the

in terna l financial controls with reference to

consolidated financial statements to future periods are subject to the

risk that the internal financial control w ith reference to consolidated financial statements may become inadequate

because o f changes in conditions, or th

at the degree of compliance with the policies or procedures may

deteriorate.

Opinion

In our opinion, the Holding Company and its associate company incorporated in India, has, in all material

respects, an adequate interna l financial controls syst

em with reference to consolidated financ ial statements and

such internal financial controls w ith referen

ce to consolidated financial statements were operating effectively as

at March 3 1, 2025, based

on the internal control over financial reporting criteria established by the respective

Company considering the essential components of internal control stated in the Guidance Note.

For S S KOTHARI MEHTA & CO. LLP

Chartered Accountants

rm's Registration No. 000756

Sunil Wahal

Partner

Membership No. 087294

Place:

New Delhi

Date:

May 23, 2025

UDIN: 25087294BMLBJN765 l

Page

11 of 11

Tinna Rubber and Infrastructure Limited

Consolidated balance sheet

as at March 31, 2025

All amount in Rs. la kh, unless otherwise stated

Particulars

ASSETS

Non-current assets

Property, plant and equipment

Capital

work-in-progress

Right

of use assets

Investments property

Intangible

assets

Financial assets

(i} Investments in associate and joint venture

(ii) investments

(iii) Other financial assets

Other non-current assets

Total non-current assets

Current assets

Inventori

Financial assets

(i) Investments

(ii) Trade receivables

(iii)

Cash and cash equivalents

(iv) Other bank balances

other than (iii) above

(v)

Loans

(vi) Other financial assets

Other current assets

Total current assets

Assets held for sale

Total assets

EQUITY AND LIABILITIES

Equity

Equity share capital

Other equity

Liabilities

Non-current liabilities

rinancial liabilities

(i) Borrowings

(ii)

Lease liabilities

Provisions

Deferred tax liabilities (net)

Total non-current liabilities

Current liabilities

Financial liabilities

(i) Borrowings

(ii)

Lease liabilities

(iii) ·1 radc payable

Total outstanding dues

of micro enterprises and small enterprises

Total outstanding dues

of creditors other than micro enterprises and small enterprises

(iv) Other financial liabilities

Other current liabilities

Provisions

Current tax liabilities (net)

Total current liabilities

tal equity and liabilities

Summary of material accounting policies

The accompanying notes are an integral part of these consolidated financial statements.

As per our report of even date attached

For S S Kothari

Mehta & Co LLP

Chartered Accountants

Firm Registration No : 000756N/N500441

Sunil Wahal

Partner

M . No.: 087294

Place:

New Delhi

Date:

May 23, 2025

Note

3.1

3.2

3.3

7.1

7.2

10.1

10.2

10.3

10.4

10.5

10.6

18.1

18.2

18.3

As at

March 31, 2025

17,915.71

1,056.01

90.27

530.39

10.99

1,229.29

2,194.16

278.98

385.30

23,691.10

6,317.45

560.09

4,123.04

211.08

173.48

30.81

281.24

3,111.07

14,808.27

38,499.37

1,712.95

16,102.74

17,815.69

6,572.30

65.27

410.30

613.95

7,661.82

6,818.67

30.63

387.14

4,303.78

652.49

402.02

151.87

275.25

13,021.85

38,499.36

As at

March 31, 2024

12,320.30

664.18

118.08

530.39

12.24

671.86

2,473.78

239.67

352. 73

17,383.23

4,361.77

2,986.27

37.28

139.86

73.18

146.01

1,537.21

9,281.58

106.94

26,771.75

1,712.95

11,064.73

12,777.68

4,664.70

93.33

310.57

382.32

5,450.92

3,812.14

28.28

162.08

3,229.96

391.44

568.32

110.46

240.47

8,543.15

26,771.75

the Board of Directors

astructure limited

Sanjay Rawat

Company Secretary

M. No.: A-23729

hief Financial Officer

FCA:089206

Tinna Rubber and Infrastructure limited

Consolidated statement of profit and loss for the year ended March 31, 2025

All amount in Rs. lakh, unless otherwise stated

Particulars

Income

Revenue

from operations

Other income

Total income

11 Expenses

Cost

of materials consumed

Purchase

in stock in trade

Changes in inventories

of finished goods, work in progress and stock in t rade

Employee benefits expense

Finance costs

Depreciation and amortisation expense

Other expenses

Total Expenses

Ill Profit before exceptional items ,share of profit of an associate/joint venture and tax

less : Exceptional it ems

Profit before share of profit of an associate/joint venture and tax

Share of profit of an associate/joint venture (net of tax)

IV Profit before tax

V Tax expenses

Current tax

Deferred tax

Income tax

of ealier years

Total Tax Expenses

Profit after tax

VII Other comprehensive income

(

a) Items that wi ll not be reclassified t o profit & loss

i) Re-measurement gains/(losses) on defined benefit liabilities

ii) Changes in fair value of equity instrument to other comprehensive income

iii) Income tax relating to above items

(b l Items

that w ill be reclassified subsequently to profit & loss

Foreign currency t ranslat ion reserve

(net of taxes)

of associates in other comprehensive income (net of tax)

Other comprehensive income for the year

VIII Total comprehensive income for the year

Net profit attributable to:

Owners of Holding Company

Non controlling interest

Total comprehensive attributabl e to:

Ow ners

of Holding Company

Non controlling interest

IX Earnings p

er equity share

(Face value

of sh;,re Rs.10/·I

Basic (Rs.)

Diluted (Rs.)

Summary of material accounting policies

The accompanying notes are an integral

part of t hese consolidated financial statements.

per our report of even date attached

For S S Kothari

Mehta & Co LLP

Chartered Accountants

Firm Registration No.: 000756N/NS00441

~~-

Sunil Wahal

Partner

M. No.: 087294

Place: New Delhi

Date: May 23, 2025

Note

For the year ended

March 31, 2025

DIN: 00087088

Company Secretary

M. No.: A-23729

50,534.52

448.34

50,982.86

21,470.20

6,842.73

1501.80)

5,508.93

1,091.12

969.92

9,597.01

44,978.11

6,004.75

120.00

5,884.75

440.49

6,325.24

1,304.47

179.64

5.56

1,489.67

4,835.

13.52

400.47

151.48)

31.77

2.88

397.

5,232.73

4,835.57

5,232.73

28.23

28.19

For the year ended

March 31, 2024

FCA:089206

36,302.80

132.37

36,435.17

13,808.06

6,192.28

196.26

3,487.85

701.00

641.58

6,356.71

31,383.74

5,051.43

217.61

5,269.04

1,228.95

11.34

1,240.29

4,028.75

15.01

84.58

125.06)

13.46

2.92

90.92

4,119.67

4,028.75

4,119.67

23.52

Tinna Rubber and Infrastructure limited

Consolidated Statement of cash flow for the year ended March 31, 2025

All

amount in Rs. lakh, unless otherwise stated

Particulars

A. Cash

flows from operating activities

Net

profit before tax after exceptional item

Adjustments for

Exceptional item

Depreciation and amortisation expense

Loss/(gain) on disposal

of property, plant and equipment

Share of (profit) /loss of an associate and joint venture (net of tax)

Unrealised foreign exchange gain

Rental income

Provision for expected credit loss

Expenses

on employees stock options scheme

Finance cost

cess provision written back

Lease expense

Finance income

Foreign currency translation reserve

Cash generated from

operation before working capital changes

Adjust

ment for

(Increase)/ decrease i n inventories

(Increase)/ decrease

in trade receivables

(Increase)/ decrease

1n other financial assets

(Increase)/ decrease

1n other assets

Increase/ (decrease) in

trade payables

Increase/ (decrease) in

other financial liabilities

Increase/ (decrease)

in other liabilities

Increase/ (decrease)

in provisions

Cash f lows generated from operations

Income tax paid (net of refunds)

Net cash flow generated from operating activities (A)

8. Cash flows from investing activities

Purchase

of property plant & equipment {net of capital advances and capital payables)

Proceeds

from sale of property, plant and equipment

Income from investment property

Investment in joint venture

Loan received back

Interest received

(Investing in)/redempt ion

of term deposit

Net cash inflows/(used

in) investing activities (B)

C. Cash flows from financing activities

Proceeds

of long term borrowings

Repayment

of long term borrowings

Proceeds/(repayment)

of short term borrowings

Repayment

of lease liability

D1v1dend paid

Interest paid

Net cash inflows/(used in) financing activities (C)

Net Inc

rease/ (decrease) in cash and cash equivalents (A+B+C)

Cash and cash equivalents at the beginning of the year

Cash and cash equivalents at

the end of the year

Notes:

For the year ended

March 31, 2025

March 31, 2024

6325.24

5269.04

120.00

969.92

641.58

(232.50)

5.57

(440.49)

(217.61)

(8.29)

(1.36)

(5.92)

78.37

56.04

148.04

1080.61

701.00

(14.64)

(24.55)

10.39

(30.13)

(34.42)

31.77

13.46

8036.93

6404.19

(1955.68)

(566.17)

(1214.54)

(474.98)

(189.18)

(26.22)

(1514.59)

(509.94)

1314.74

1i23.19

147.31

188.81

83.92

135.06

154.66

101.93

4863.57

7075.89

(1275.24)

(1160.21)

3588.33

5915.68

(6947.77)

(7280.00)

248.29

110.47

1.36

5.93

(116.94)

42.38

48.08

21.20

33.19

(7.70)

106.60

(6759.18)

(6975.74)

3125.19

3173.62

(899.58)

(542.89)

2690.18

(21.44)

(35.60) (36.98)

(342.59)

(932.76)

(1192.95)

(713.05)

3344.65

926.51

173.80

(133.55)

37.28

170.83

211.08

37.28

The above statement of cash flow has been prepared under t he "Indirect Method" as set out in Indian Accounting Standard-7, "Statement of Cash Flows".

Components

of cash and cash equivalents:-

Cash and cash equivalents

Balances

with banks

-Current accounts

Cash on hand

Fixed deposits held

as margin money against bank guarantees having a original maturity

period less t han t hree months

per our report of even date attached

For S S Kothari Mehta & Co LLP

Chartered Accountants

~0-:::~41 O

Sunil Wahal :::C

Partner

M. No.: 087294

Place: New Delhi

Date: May 23, 2025

Sanjay Rawat

Company Secretary

M. No.: A-23729

As at

March 31, 2025

96.63

13.01

101.44

211.08

As at

March 31, 2024

24.05

13.23

37.28

Tinna Rubber and Infrastructure limited

Consolidated statement of changes in equity for the year ended March 31, 2025

All amount in Rs. lakh, unless otherwise stated

(A) Equity share capital

Balance

at the beginning of the year

Addition during the year

Balance

at the end of the year

(8) Other equity

Particulars

Securities

premium

As at April 1, 2023

1,156.61

Profit for t he year

Other comprehensive inc

ome for the year (Net of t ax)

Dividend paid during the year

ssue of bonus shares

(856.48)

As at March 31, 2024

300.13

Profit for t he year

Other comprehensive income

for the year (Net of tax)

Dividend paid d uring the

year

Expenses on employee stock option scheme

As at March 31, 2025

300.13

Summary of material accounting policies

at March 31, 2025

Number of shares

1, 71,29,500

1,71,29,500

Reserves and surclus

General reserve Share based

payment reserve

169.68

148.04

169.68 148.04

The accompanying notes are an integral part of these consolidated financial statements,

As per our report of even date attached

For S S Kothari Mehta & Co LLP

Chartered Accountants

Hrm

Registration No.: 000756N/NS00441

Sunil Wahal

Partner

M. No.:

087294

Place· New Delhi

Date: May 23, 2025

For and on behalf of the Board of Directors

Tinna Rubber and

Infrastructure limited

DIN :

00087088

&i&dl

San1ay Rawat

Company Secretary

M. No.: A-23729

Amount

1,712.95

Retained

earnings

5,238.44

4,028.75

14.16

(942.13)

8,339.22

4,835.

13.00

(342.59)

12,845.20

at March 31, 2024

Number of shares

85,64,750

1,71,29,500

Amount

856.47

856.48

1,712.95

Other com :>onents of eaultv Total

Foreign

Currency

Translation

D---•-

13.46

31.77

45.23

Equity Instruments

through other

comprehensive Income

2,177.ZZ

65.0Z

2,242.24

352.24

2,594.

Chief Financial Officer

FCA:089206

8,741.95

4,028.75

92.64

(942.13)

(856.48)

11,064.73

4,835.57

397.16

(342.59)

148.04

16,102.

Tinna Rubber and Infrastructure Limited

Notes

to consolidated financial statements for the year ended March 31, 2025

/Ill amount in

Rs. lakh, unless otherwise stated

CORPORATE INFORMATION

Tinna Rubber and Infrastructure Limited (hereinafter referred

as "the Holding Company") CIN-L519090L1987PLC027186 was incorporated

on 4th Ma

rch 1987 under the erstwhile Companies Act, 1956 and now being governed under the Companies Act, 2013 ("Act") and its

subsidiaries (hereinafter referred as "Group") and its associate, its joint venture. The Holding Company is a public limited Company

incorporated and domiciled in India and has its registered office

at Delhi, India. The Holding Company is listed on BSE Limited. The Holding

Company

is primarily engaged in recycling of the waste tyres/end of life tyres (ELT) and manufacture of value added products. The Holding

Company manufactures cr

umb rubber, crumb rubber modifier (CRM), crumb rubber modified bitumen (CRMB), polymer modified bitumen

(PMB), bitumen emulsion, reclaimed

rubber/ ultrafine crumb rubber compound, cut wire shots, polymer composites etc. The products are

primarily used

for making/ repair of road, tyres and auto part industry. The Holding Company's manufacturing units are located in India at

Panipat (Haryana), Wada

& Varle (Maharashtra), Haldia (West Bengal) and Gummidipundi (Tamil Nadu).

Global

Recycle LLC (i.e. subsidiary) has overseas plant at Sa ham (Oman).

2 MATERIAL A

CCOUNTING POLICIES

2.1 St atement of compliance

The consolidated financial statements

of the Holding Company have been prepared in accordance with Indian Accounting Standards

(referred to

as Ind AS) notified under Companies (Indian Accounting Standards) Rules, 2015.

The consolidated financial statements w ere authorized

for issue by the Holding Company's Board of Directors on May 23, 2025.

2.2

Basis of preparation

These consolidated financial statements have been prepared in

accordance with the Indian Accounting Standards (referred to as Ind

AS) as prescribed under section 133 of the Companies Act, 2013 read with companies (Indian Accounting Standards) Rules as

amended from time to time.

The consolidated financial statement s

of the Holding Company are consistently prepared and presented under historical cost

convention on an accrual basis in accordance

with Ind AS except following financial assets and financial liabilities that are measured

at fair values:

Items

Measurement basis

Certain financial assets and liabilities Fair Value

Net defined benefit (asset)/ liability Fair value of plan assets less present value of defined benefit obligations

The Holding Company's functional currency and presentation currency is Indian National Rupees. All amounts disclos

ed in the

consolidated financial statements and notes have been rounded

off to the nearest Lakhs, except otherwise stated.

The Holding Company presents its assets and liabilities in the balance sheet based on current/non-current classification.

An asset is treated as current when it is :-

a) expected to be realized or intended to be sold or consumed in normal operating cycle;

b) held primarily

for the purpose of t rading;

c) expected to be realized within twelve months after th e reporting period; or

d) cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after

the reporting period.

All other as

sets are classified as non-current

A liability

is treated as current w hen it is:

a) expected to be settled in normal operating cycle;

b) held primarily for the purpose of trading;

c) due to be settled within twelve months after the reporting period; or

d) there is no unconditional right to defer the sett lement of the liability for at least twelve months after the reporting period.

All other liabilities are classified

as non-current.

Based on the nature of products and the time between the acquisition of assets for processing and their realization in cash and cash

equivalents, the Holding Company has ascertained its operating cycle being a period within twelve months for the purpose of

current and non-current classification of assets and liabilities. The statement of cash flows has been prepared under indirect

method.

Tinna Rubber and Infrastructure Limited

Notes

to consolidated financial statements for the year ended March 31, 2025

/\II amount in Rs. lakh, unless otherwise stated

2.3

Consolidation Procedures :

The Consolidated Financial Statements of the group comprise the financial statements of Tinna Rubber and Infrastructure Limited

('the Holding Company'), its Subsidiaries namely Global

Recycle LLC,Tinna Rubber B.V. Mbodla Investment (pty) Ltd and its

associate, its

joint venture namely M/s TP Buildtech Private Limited as at March 31, 2025. Control is achieved when the Group is

exposed, or

has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through

its power over the investee. Specifically, the group controls

an investee if and only if the group has:

(i) Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee)

(ii) Exposure, or rights, to variable returns from its involvement

with the investee, and

(iii)

The ability t o use its power over the investee to affect its returns.

Generally, there

is a presumption that a majority of voting rights result in control. To support this presumption and when the group

has less than a majority of the voting or similar rights of an investee, the group considers all relevant facts and circumstances in

assessing whether it has power over an investee, including:

(i) The contract

ual arrangement with the other vote holders of the investee

(ii) Rights arising from other contractual arrangements

(iii) The Group's voting rights and potential voting rights

(iv) The

size of the group's holding of voting rights relative to the size and dispersion of the holdings of the other voting rights

holders.

The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or

more of the three elements of control. Consolidation of a subsidiary begins when the group obtains control over the subsidiary and

ceases when the group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed

of during the year are included in the consolidated financial statements from the date the group gains control until the date the

group

ceases to control the subsidiary. Consolidated financial statements are prepared using uniform accounting policies for like

transactions and other events in similar circumstances.

If a member of the group uses accounting policies other than those adopted

in the consolidated financial statements for like transactions and events in similar circumstances, appropriate adjustments are made

to that group member's financial

stat ements in preparing the consolidated financial statements to ens~re conformity with the

group's accounting policies.

(A) Subsidiaries:

a) Combine like items of assets, liabilities, equity, income, expenses and cash fl ows of the parent with those of its

subsidiaries.

For this purpose, income and expenses of t he subsidiary are based on the amounts of the assets and liabilities

recognized in the consolidated financial statements

at the acquisition date.

b) Offset (eliminate) the carrying amount of the parent's investment in each subsidiary and the parent's portion of equity of

each subsidiary. Business combinations policy explains how to account for any related goodwill.

c) Eliminate in full intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between

entities

of the group (profits or losses resulting from intra group transactions that are recognized in assets, such as

inventory and fixed assets, are eliminated in full). Intra group losses may indicate an impairment that requires recognition

in the consolidated financial statements. Ind

AS - 12 "Income Taxes" applies to temporary differences that arise from the

elimination of profits and losses resulting from intra group transactions.

Profit

or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of t he parent of the

Group and to the non-controlling inter

ests, even if this results in the non-controlling interests having a deficit balance. When

necessary, adjustments are made to the Consolidated financial statements

of subsidiaries to bring their accounting policies into line

with the Group's accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to

transactions between members of the Group are eliminated in full on consolidation.

A change in the ownership interest

of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group

loses control over a subsidiary,

it:

i) Derecognizes the assets (including goodwill) and liabilities of the subsidiary

ii) Derecognizes the carrying amount

of any noncontrolling Interests

iii) Derecognizes the cumulative translation differences recorded in equity

iv)

Recognizes the fair value of the consideration Received

v) Recognizes the fair value of any investment retained

vi)

Recognizes any surplus or deficit in profit or loss

Tinna Rubber and Infrastructure Limited

Notes

to consolidated financial statements for the year ended March 31, 2025

/\II amount in

Rs. lakh, unless otherwise stated

vii) Reclassifies the parent's share

of components previously recognized in OCI to profit or loss or retained earnings, as

appropriate, as would be required if the Group had directly disposed of the related assets or liabilities.

(B) Investment in associate and its joint venture

An associate, its joint venture is an entity over which the Group has significant influence. S ignificant influence is the power

to participate in the financial and operating policy decisions of the investee, but is not control or joint control over those

policies.

The Group's investments in its associate, its joint venture is accounted for using the equity method. Under the equity

method, the investment in an associate, it s

joint venture is initially recognized at cost. The carrying amount of the

investment

is adjusted to recognize changes in the Group's share of net assets of the associate, its joint venture since the

acquisition date. Goodwill relating to the associate, its joint venture is included in the carrying amount of the investment

and is not tested for impairment individually.

The statement of profit and loss reflects the Group's share of the results of operations of t he associate, its joint venture.

Any change in

OCI of those investees is presented as part of the Group's OCI. In addition, w hen there has been a change

recognized directly in the equity of the associate, its joint venture, the Group recognizes its share of any changes, when

applicable, in the statement

of changes in equity. Unrealized gains and losses resulting from t ransactions between t he

Group

and the associate, its joint venture or joint venture are eliminated to the extent of the int erest in the associate, its

joint venture.

If an entity's share of losses of an associate, its joint venture equals or exceeds its interest in the associate, its joint venture

(which includes any long term interest that, in substance, form part

of the Group's net investment in the associate, its joint

venture, the entity discontinues recognizing its

share of further losses. Additional losses are recognized only to the extent

that the Group

has incurred legal or const ructive obligations or made payments on behalf of the associate, its joint

venture.

If the associate, its joint venture subsequently reports profits, the entity resumes recognizing its share of those

profits only after its share

of the profits equals the share of losses not recognized.

The aggregate of the Group's share of profit or loss of an associate, its joint venture is shown on the face of the st atement

of profit and loss.

The financial statements of the associate, its joint venture are prepared for the same reporting period as the Group. When

necessary, adjustments are made to bring the accounting policies in line wit h those of the Group.

After application

of the equity method, the Group determines whether it is necessary to recognize an impairment loss on

its investment in its associate, its

joint venture. At each reporting date, the Group determines whether there is objective

evidence that the investment in the associate, its

joint venture is impaired. If there is such evidence, the Group calculates

the amount of impairment as the difference between the recoverable amount of the associate, its joint venture and its

carrying value, and then recognizes the

loss as 'Share of profit of an associate, its joint venture in the statement of profit or

loss.

Upon loss of significant influence over the associate, its joint venture, the Group measures and recognizes any retained

investment at its fair value. Any difference between the carrying amount of the associate, its joint vent ure upon loss of

significant influence and the fair value of the retained investment and proceeds from disposal is recognized in profit or

loss.

The group discontinues the use of equity method from the date the investment is classified as held for sale in accordance

with Ind

AS 105 - Non-current Assets Held for Sale and Discontinued Operations and measures the interest in associate, its

joint venture held for sale at the lower of its carrying amount and fair value less cost to sell.

2.4

Use of estimates and judgments

The preparation of the consolidated financial statements in conformity with Ind AS requi res the management to make estimates,

judgments

and assumptions. These estimates, judgments and assumptions affect the application of accounting policies and the

reported amounts

of assets and liabilities, the disclosures of contingent assets and liabilities at t he date of the consolidated financial

statements and reported amounts of revenues and expenses during the period. Account ing estimates could change from period to

period. Actual results could differ from those estimates. Appropriate changes in estimates are made as management becomes

aware

of changes in circumstances surrounding the estimates. Changes in estimates are reflected in the consolidated financial

statements in the period in which changes are made and,

if material, their effects are disclosed in the notes to the consolidated

financial

statements.

Tinna Rubber and Infrast ruct ure Limited

Notes

to consolidated financial statements for t he year ended March 31, 2025

All amount in

Rs. lakh, unless otherwise stated

2.5 Prope

rty, plant and equipment

Property, plant and equipment including capital work in progress are stated

at cost, less accumulated depreciation and accumulated

impairment losses,

if any. The cost comprises of purchase price, taxes, duties, freight and other incidental expenses directly

attributable and related to acquisition and installation

of the concerned assets and are further adjusted by the amount of input tax

credit availed wherever applicable. When significant parts

of plant and equipment are required to be replaced at intervals, the

Holding Company depreciates them separately

based on their respective useful lives. Likewise, when a major inspection is

performed, its cost is recognized in the carrying amount of the plant and equipment as a replacement if the recognition criteria are

satisfied. All other repair and maintenance costs are recognized in

profit or loss as incurred. The present value of the expected cost

for the decommissioning of an asset after its use is included in the cost of the respective asset if the recognition criteria for a

provision are met.

An item of property, plant and equipment and any significant part initially recognized is derecognized upon disposal or when no

future economic benefits are expected from its use or disposal. Any gain

or loss arising on derecognition of the asset (calculated as

the difference between the net disposal proceeds and the carrying amount of the asset) is included in the income statement when

the

asset is derecognized.

Capital work-in-progress includes cost

of property, plant and equipment under installation/ under development as at the balance

sheet date.

Depreciation on property, plant and equipment

is provided on prorata basis on straight-line method using the useful lives of the

assets estimated by management and in the manner prescribed in Schedule II of the Companies Act 2013. The useful lives are as

follows:

Assets

Office building

Factory building

Leasehold improvements

Fence well, tube wells

Carpeted road-Other than

RCC

Plant and machinery

Electric fittings and equipment

Generators

Furniture and fixtures

Vehicles

Office equipment

Computers

Useful life ( in years)

Components relevant to fixed assets, where significant, are separately depreciated on straight line

basis in terms of their life span

assessed by technical evaluation in item specified context.

Lease hold improvements are depreciated on straight line basis over their initial agreement period.

Plant

and Machinery, Tools and Equipment and Electrical fittings and installations in Crumb Rubber Plant, Steel Plant, Cut Wire Shot

Plant

and Reclaim/Ultrafine Crumb Rubber Compound Plant are depreciated over the estimated useful life of 20 years, which are

different than those indicated in Schedule

II of Companies Act, 2013. Based on technical assessment, the Management believes that

the useful lives as given above best represent the period over which the Management expects to use these assets.

The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year

end and adjusted prospectively,

if appropriate.

2.6 Investment pro

perties

Property that is held for long term rental yields or for capital appreciation or for both, and that is not occupied by the Holding

Company,

,s classified as investment property. Investment property is measured initially at its cost, including related transaction

cost and where applicable borrowing costs. Subsequent expenditure is capita li

zed to assets carrying amount only when it is

probable that future economic benefits associate, its joint ventured with the expenditure will flow to the Holding Company and the

cost

of the item can be measured reliably. All other repair and maintenance cost are expensed when incurred. When part of an

invest ment property is replaced, the carrying amount of the replaced part is derecognized.

Investment property consist

of land which is carried at Cost.

An investment property is derecognized upon disposal or when the investment property is permanently withdrawn from use and no

future economic benefits are expected from the disposal. Any gain or

loss arising on derecognition of property is recogniz in the

Statement

of Profit and Loss in the same period.

Tinna Rubber and Infrastructure Limited

Notes

to consolidated financial statements for the year ended March 31, 2025

/\II amount in Rs. lakh, unless otherwise stated

2. 7 Financial instruments

A financial instrume

nt is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of

another entity.

I Financial

Assets

The Group and its associate, its joint venture, its joint venture classifies its financial assets in the following measurement cat

(a) Those to be measured subsequently at fair value (either through ot her comprehensive income, or through

profit & loss).

(b)

Those measured at amortized cost.

Initial recognition and me

asurement

Financial

assets are recognized initially at fair value plus, in th.e case of financial assets not recorded at fa ir value through

profit and loss, transaction costs that are directly attributable to the acquisition of financial assets. Purchase or sale of

financial asset that require delivery of assets within a time frame established by regulation or conversion in the market

place (regular way trades) are recognized on

the trade date, i.e., the date that the Holding Company commits to purchase

and

sell the assets.

Subsequent measurement

For purposes of subsequent measurement financial assets are classified in following categories:

(a) Debt instruments at amortized cost

(b) Debt instruments

at fair value through other comprehensive income (FVTOCI)

(d) Equity instruments measured at fair value through other comprehensive income (FVTOCI)

(e) Equity instruments measured at fair value through profit and loss (FVTPL)

Where assets are measured at fair value, gains and losses are either recognized entirely in the statement of profit and loss

(i.e. fair value th rough profit or loss), or recognized in other comprehensive income (i.e. fair value through other

comprehensi

ve income). For investment in debt instruments, this will depend on the business model in which the

investment is held. For investment in equity instruments, this will depend on whether the Holding Company

has made an

irrevocable election at the time.of initial recognition to account for equity instruments at FVTOCI.

Investment in associate, its joint venture, i ts joint ventures

The investment in associate, its joint venture are carried at cost less impairment if any, except in case investment are held for sale in

the near future shall

be accounted at fair value in accordance with IND AS 105 when they are classified as held for sale and

Investment carried at cost is tested for impairment as per IND AS 36.

Debt inst ruments at amortized cost

A Debt instrument

is measured at amortized cost if both the following conditions are met:

(i)

Business Model Test: The asset is held within a business model whose objective is to hold

assets for collecting contractual cash flows, and

(ii) Cashflow

Characteristics Test : Contractual terms of asset give rise on spec ified dates to cash

flows that are solely payments of principal and interest (SPPI) on principal amount

outstanding.

After initial measurement,

such financial assets are subsequently measured at amortized cost using the

Effective Interest

Rate (EIR) method. Amortized cost is calculated by taking into account any discount or

premium on acquisition and fees or costs

that are an integral part of EIR. The EIR amortization is included in

finance income in statement

of profit or loss. The losses arising from impairment are recognized in the

statement

of profit or loss. This category generally applies to trade, other receivables, loans and other

financial

assets.

B Debt ins

truments at fair value through Other Comprehensive Income (FVTOCI)

A 'debt instrument' is classified as at the FVTOCI if both of the following criteria are met :

(i ) Busine

ss Model Test: The objective of the business model is achieved by both collecting

contractual

cash flows and selling financial assets, and

(ii)

Cash.flow characteristics Test: The asset's contractual cash flows represent SPPI.

Debt instrument included within the FVTOCI category are measured initially as well as at each reporting date

at fair value. Fair value movements are recognized in the Other Comprehensive Income (OCI). However, the

Holding Company recognizes interest income, impairment

losses and reversals and foreign exchange gain or

loss in the statement of profit and loss. On derecognition of the asset, cumulative gain or loss previously

;:,',";~:::b;'.,~~:,;:;:~;:::::,:;::, ';::,:::;:;:~::::::::•,~;~:,:;:ss '"""' "'"' wh; Sf f

Tinna Rubber and Infrastructure Limited

Notes to con

sol idated financial statements for the year ended March 31, 2025

All amount in

Rs. lakh, unless otherwise stated

Debt instruments at FVTPL

FVTPL is a residual category for debt instruments. Any debt instrument, which does not meet the criteria for

categorization

as at amortized cost or as FVTOCI, is classified as at FVTPL.

In addition, the Holding Company may elect to designate a debt instrument, which otherwise meets

amortized cost

or FVTOCI criteria, as at FVTPL. However, such election is allowed only if doing so reduces or

eliminates a measurement or recognition inconsistency (referred to as 'accounting mismatch'). The Holding

Company

has not designated any debt instrument as at FVTPL.

Equity investments of other entities

All equity investments in scope

of IND AS 109 are measured at fair value. Equity instruments which are held

for trading are classified as at FVTPL. For all other equity instruments, the Holding Company may make an

irrevocable election to present in other comprehensive income all subsequent changes in the fair value. The

Holding Company makes such election on

an instrument-by-instrument basis. The classification is made on

initial recognition and

is irrevocable.

case of equity instruments classified as FVTOCI, then all fair value changes on the instrument, excluding

dividends, are recognized in the Other Comprehensive Income. There

is no recycling of the amounts from OCI

to statement of profit and loss, even on sale of investment. However, the Holding Company may transfer the

cumulat

ive gain or loss within equity.

Equity instruments included within the

FVTPL category are measured at fair value with all changes recognized

the Statement of Profit and loss.

De recognition

A financial asset (or ,where applicable, a part

of a financial asset or part of group of similar financial assets) is primarily

derecognized when:

(a) The right to receive

cash flows from the assets have expired, or

(b) The Holding Company has transferred its rights to receive cash flows from the asset or has assumed an

obligation to pay the received cash flows in full without material delay to a third party under a "pass through"

arrangement and either:

(1) the Holding Company has transferred substantially all the risks and rewards of the asset, or

(ii) the Holding Company has neither transferred nor retained substantially all the risks and

rewards

of the asset, but has transferred control of the asset.

Where the Holding Company

has transferred its rights to receive cash flows from an asset or has entered into a

passthrough arrangement,

it evaluates if and to what extent it has retained the risks and rewards of ownership. Where it

has neither transferred not retained substantially all of the risks and rewards of the assets, nor transferred control of the

assets, the Holding Company cont inues to recognize the transferred assets to the extent of the Holding Company's

continuing involvement. In that

case, the Holding Company also recognizes an associate, its joint venture, its joint ventured

liability. The transferred asset and

the associate, its joint venture, its joint ventured liability are measured on a basis that

reflects the rights and obligations that the

Holding Company has retained.

Impairment of financial assets

In accordance

with IND AS 109, the Holding Company applies Expected Credit Losses (ECL) model for measurement and

recognition

of impairment loss on the following financial asset and credit risk exposure:

(a) Financial assets measured at amortized cost e.g. loans, debt securities, deposits, trade receivables and bank

balance;

(b) Financial assets measured at

FVTOCI;

transactions that are within the scope of Ind AS 24

(d) Financial guarantee contracts which are not measured at FVTPL

The Holding Company follows "simplified approach" for recognition of impairment loss allowance on:

(a) Trade receivables or contract revenue receivables;

(b) All lease receivables resulting from the transactions within the scope of IND AS 116

The application

of simplified approach does not require the Holding Company to track changes in credit risk. Rather, it

recognizes impairment loss allowance based on lifetime ECLs at each reporting date, right from its initial recognition.

Tinna Rubber and Infrastructure Limited

Notes

to consolidated financial statements for the year ended March 31, 2025

/\II amount in

Rs. lakh, unless otherwise stated

For recognition of impairment loss on other financial assets and risk exposure, the Holding Company determines whether

there

has been a significant increase in the credit risk since initial recognition. If credit risk has not increased significantly,

12-month

ECL is used to provide for impairment loss. However, if credit risk has increased significantly, lifetime ECL is used.

If, in subsequent period, credit quality

of the instrument improves such that there is no longer a significant increase in

credit risk since init ial r

ecognition, then the entity reverts to recognizing impairment loss allowance based on 12- months

ECL. •

Lifetime

ECL are the expected credit losses resulting from all possible default events over the expected life of a financial

instrument.

The 12-month ECL is a portion of the lifetime ECL which results from default events that are possible within 12

months after the reporting date.

ECL is the difference between all contractual cash flows that are due to the Holding Company in accordance with the

contract and all the

cash flows that the entity expects to receive (i.e., all cash shortfalls), discounted at the original EIR.

When estimating the cash flows, an entity is required to consider:

(a] Financial assets measured as at amortized cost, contractual revenue receivables and lease receivables: ECL is

presented as an allowance, i.e., as an integral part of the measurement of those assets in the balance sheet.

The allowance reduces the net carrying amount. Until the asset meets write-off criteria, the Holding Company

does

not reduce impairment allowance from the gross carrying amount .

(b) Debt instruments measured

at FVTOCI: Since financial assets are already reflected at fair value, impairment

allowance is not further reduced from its value.

For assessing increase in credit risk and impairment loss, the Holding Company combines financial instruments on the basis

of shared credit risk characteristics with the objective of facilitating an analysis that is designed to enable significant

incr

eases in credit risk to be identified on a timely basis.

II Financia l liabilities:

Initia l recognition and measurement

Financial liabilities are cl assified

at initial recognition as financial liabilities at fair value through statement of profit or loss,

loans and borrowings, and payables, as appropriate.

/\II financial liabilities are recognized initially at fair value and in case of loans, borrowings and payables, net of directly

attributable transaction costs.

The Holding Company's financial liabilities include trade and other payables, loans and borrowings including bank

overdrafts.

Subsequent measurement

The measurement of financial liabilities depends on their classification, as described below:

Trade Payables

These amounts represents liabilities for goods and services provided to the Holding Company prior to the end of financial

year which are unpaid. The amounts are unsecured and are usually paid within 120 days of recognition. Trade and other

payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They

are recognized initially at fair value and subsequently measured

at amortized cost using EIR method.

Financial

liabilities at fair value through profit or loss

Financial liabilities at fair value through stat ement of profit or loss include financial liabilities held for trading and financial

liabiliti

es designated upon initial recognition as at fair value through statement of profit or loss. Financial liabilities are

classified as held for trading if they are incurred for the purpose of repurchasing in the near term.

Gains or losses on liabilities held for trading are recognized in the statement of profit and loss.

Financial liabilities designated upon in itial recognition

at fair value through statement of profit or loss are designated as

such at the initial date of recognition, and only if the cr iteria in IND AS 109 are satisfied. For liabilities designated as FVTPL,

fair value gains/ losses attributable to changes in own credit risk are recognized in OCI. These gains/ loss are not

subsequently transferred to profit and loss. However, the Holding Company may transfer the cumulative gain

or loss within

equity. All other changes in fair value

of such liability are recognized in the statement of profit or loss. The Holding

Company

has not designated any financial liability as at fair value through profit and loss.

Tinna Rubber and Infrastructure Limited

Notes to consolidated financial statements for the year ended March 31, 2025

/\II amount in Hs. lakh, unless otherwise stated

Loans and borrowings

Borrowings are initially recognized

at fair value, net of transaction cost incurred. After initial recognit ion, interest-bearing

loans and borrowings are subsequently measured

at amortized cost using t he EIR method. Gains and losses are recognized

in statement of profit o r loss when the liabilities are derecognized as well as through the EIR amortization process.

Amortized cost is calculated

by taking into account any discount or pr emium on acquisition and fees or costs that are an

integral part of the EIR. The EIR amortization is included as finance costs in the statement of profit and loss.

Financial guarantee contracts

Financial guarantee contracts issued by the Holding Company are those contracts that require a payment

to be made to

reimburse the holder for a loss it incurs because the specified debtor fails to make a payment when due in accordance with

the terms

of a debt instrument. Financial guarantee contracts are recognized initially as a liability at fair value, adjusted for

transaction costs that are directly attributable to the issuance of the guarantee. Subsequently, the liability is measured at

the higher of the amount of loss allowance determined as per impairment requirements of IND AS 109 and the amount

recognized less cumulative amortization.

Derecognition

A financial liability is derecognized when the obligation under the liability is discharged

or cancelled or expires. When an

existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an

existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original

liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the

Statement

of Profit and Loss.

Reclassification of financial assets:

The Holding Company determines classification of financial assets and liabilities on initial recognition. After initial

recognition, no reclassification is made for financial assets which are equity instruments and financial liabilities. For

financial assets which are debt instruments, a reclassification is made only if there is a change in the business model for

managing those assets. Changes to the business model are expected to be infrequent. The Holding Company's senior

management determines change in the business model

as a result of external or internal changes which are significant to

the Holding Company's operations. Such changes are evident to external parties. A change in the business model occurs

when

the Holding Company either begins or ceases to perform an activity that is significant to its operations. If the Holding

Company reclassifies financial

assets, it applies the reclassification prospectively from the reclassification date which is the

first day of the immediately next reporting period following the change in business model. The Holding Company does not

restate any previously recognized gains, losses (including impairment gains or losses) or interest.

Original classification

Amortized cost

FVTPL

Amortized cost

FVTOCI

FVTPL

FVTOCI

Revised classific, Accounting treatment

FVTPL Fair value is measured at reclassification date. Difference

between previous amortized cost and fair value is recognized

in statement

of profit and loss.

Amortized cost Fair value

at reclassification date become its new gross

carrying amount.

EIR is calculated based on the new gross

carrying amount.

FVTOCI

Fair value is measured at reclassification date. Difference

between previous amortized cost and fair value

is recognized

OCI. No change in EIR due to reclassification.

Amortized cost Fair value

at reclassification date becomes its new amortized

cost carrying amount. How ever, cumulative gain or loss in OCI

is adjusted against fair value. Consequently, the asset is

measured as if it had always been measured at amortized cost.

FVTOCI

FVTPL

Fair value at reclassification date becomes its new carrying

amount. No

other adjustment is required.

Assets continue to be measured at fair value. Cumulative gain

or loss previously recognized in OCI is reclassified to statement

of profit and loss at the reclassification date.

Tinna Rubber and Infrastructure Limited

Notes t o consolidated financial statements

for the year ended March 31, 2025

/\II amount in

Rs. lakh, unless otherwise stated

Offsetting

of financial instruments:

Financials

assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a

currently enforceable legal right

to offset the recognized amounts and there is an intention to settle on a net basis, to

realize the assets and settle the liabilities simultaneously.

.8 Inventories

(a) Basis of valuation

(i)

Raw materials, packing materials and stores and spare parts are valued at lower of cost and net realizable value. M aterials

and other items held for use in the production of invent ories are not written down below cost, if the finished products in

which they will be incorporated are expected

to be sold at or above cost. Raw Material, packing materials, stores and

spares and raw material contents of work in progress are valued by using the First in First Out (FIFO) method.

(ii) Finished goods, traded goods

and work in progress are valued at cost or net realizable value whichever is lower.

(iii) Inventory

of scrap materials have been valued at net realizable value.

(b)

Method of Valuat ion

(i)

Cost of raw materials has been determined by using FIFO method and comprises all costs of purchase, duties, taxes (other

than those subsequently recoverable from tax authorities) and all other costs incurred in bringing the invento r

ies to their

present location and condition.

(ii)

Cost of finished goods and work-in progress includes direct labor and an appropriate share of fixed and vari able

production overheads. Fixed production overheads are allocated on the

basis of normal capacity of production facilities.

Cost is determined on weighted average basis.

(iii)

Cost of traded goods has been determined by using FIFO method and comprises all costs of purchase, duties, taxes (other

than those subsequently recoverable from tax authorities) and all other costs incurred in bringing the inventories to their

present location and condition.

(iv) Net realizable value is the estimated selling price in the ordinary course

of business, less estimated costs of completion and

estimated costs necessary

to make the sale.

2.9

Provisions and contingent liabilit ies

Provisions

I\ provision is recognized when the Holding Company has a present obligation (legal or construct ive) as a result of 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. These estimates are reviewed at each reporting date and adjusted to reflect the

current best estimates.

If the effect of time value of money is mat erial, provisions are discounted using a current pre - tax rate that reflects, when

appropriate, the

risks specific to the liability. When discounting is use, the increase in the provision due to the passage of time is

recognized as a finance cost.

Continge

nt liabilities

A contingent liability is a possible obligation

that arises from past event s whose existence will be confirmed by the occurrence or

non-occurrence

of one or more uncertain future events beyond the control of the Holding 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 e

xtremely rare cases, where there is a liability that cannot be recognized because it cannot be measured reliably. the

Holding Company does not recognize a contingent liability but discloses its existence in the consolidated financial statements unless

the probability

of outflow of resources is remote.

Provisions, contingent liabilities, contingent

assets and commitments are reviewed at each balance sheet date.

Tinna Rubber and Infrastructure Limited

Notes to consolidat

ed financia l statements for the year ended March 31, 2025

All amount in

Rs. lakh, unless otherwise stated

2.10

Taxes

Income tax expenses comprise current tax expenses and the net change in the deferred tax asset or liabilities during the year.

Direct Tax

(a) Current tax

i) Current income tax,

assets and liabilities are measured at the amount expected to be recovered from or paid

to the taxation authorities in accordance with the Income Tax Act, 1961. The tax rates and tax laws used to

compute the amount are those

that are enacted or substantively enacted, at the reporting date in India as per

Income Computation and Disclosure Standards

(ICDS) where the Holding Company operates and generates

taxable income.

ii) Current income tax relating

to item recognized outside the statement of profit and loss is recognized outside

profit or

loss (either in other comprehensive income or equity).Current tax items are recognized in correlation

to the underlying transactions either in statement of profit and loss or directly in equity. Management

periodically evaluates positions taken in the tax returns

with respect to situations in which applicable tax

regulations are subject to interpretation

and establishes provisions where appropriate.

(b) Deferred tax

Deferred tax

is provided using the liability method on temporary differences between the tax bases of assets and liabilities

and their carrying amounts for financial reporting purposes at the reporting date.

Deferred tax assets and liabilities are recognized for all deductible temporary differences, the carry forward

of unused tax

credits and any unused tax

losses. Deferred tax assets are recognized to the extent that it is probable that taxable profit

will

be available against which the deductible temporary differences, and the carry forward of unused tax credits and

unused tax losses

can be utilized, except:

(a) When the deferred tax asset relating to the deductible temporary difference arises from the initial recognition

of an asset or liability in a transaction that is not a business combination and, at the time of the transaction,

affects neither the accounting profit

nor taxable profit or loss.

(b) In respect of deductible temporary differences associate, its joint ventured with investments in subsidiaries,

deferred tax assets are recognized only to the extent that it is probable that the temporary differences will

reverse in the foreseeable future

and taxable profit will be available against which the temporary differences

can be utilized.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer

probable that sufficient taxable profit will

be available to allow all or part of the deferred tax asset to be utilized.

Unrecognized deferred tax

assets are re-assessed at each reporting date and are recognized to the extent that it has

become probable that future taxable profits will allow the deferred tax asset to be recovered.

Deferred tax

assets and liabilities are measured at the tax rates that are expected to apply in the year when the a6set is

realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the

reporting date.

Deferred tax relating

to items recognized outside the statement of profit and loss is recognized outside the statement of

profit and loss (either in other comprehensive income or in equity). Deferred tax items are recognized in correlation to the

underlying transaction either in

OCI or direct in equity.

Deferred

Tax includes Minimum Alternate Tax (MAT) recognizes MAT credit available as an asset only to the extent that

there is convincing evidence that the Holding Company will pay normal income tax during the specified period, i.e. the

period for which MAT credit

is allowed to be carried forward. The Holding Company reviews the "MAT credit entitlement"

asset at each reporting date and writes down the asset to the extent the Holding Company does not have convincing

evidence that

it will pay normal tax during the specified period.

Deferred tax

assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets

against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.

2.11

Revenue from contracts with customers

The Holding Company derives its revenue from sale of manufactured goods i.e. crumb rubber, crumb rubber modifier (corm), crumb

rubber modified bitumen (crmb), polymer modified bitumen (pmb), bitumen emulsion, reclaimed rubber/ ultrafine crumb rubber

compound, cut wire shots etc. primarily manufactured from waste tyres/end

of life tyres (elt) and traded goods. the products are

primarily

used for making/ repair of road, tyres and auto part industry. The Holding Company disaggregates the revenue based on

nature

of products.

The Holding Company assesses its revenue arrangements against specific criteria in rder to determine if it is actin as principal or

Tinna Rubber and Infrastructure Limited

Notes to consolidated f inancial statements for the year ended March 31, 2025

/Ill amount in

Rs. lakh, unless otherwise stated

agent,

the Holding Company has concluded that it is acting as a principal in all of its revenue arrangements, since it is the primary

obliger in all the revenue arrangements as it has pricing latitude and is also exposed to inventory and credit risks. The specific

recognition criteria described below must also

be met before revenue is recognized.

(a) Sale of goods

Revenue from sale

of goods is recognized when control of t he products being sold is transferred to our customer and when there

are no longer any unfulfilled obligations. The Performance Obligations in

our contracts are fulfilled at t he time of dispatch, delivery

or upon formal customer acceptance depending on customer t erms.

Revenue

is measured on the basis of contracted price, a~er deduction of any trade discounts, volume rebates and any taxes or

duties collected

on behalf of the Government such as goods and services tax, etc. Accumulated experience is used to estimate t he

provision

for such discounts and rebates. Revenue is only recognized to t he extent that it is highly probable a significant reversal will

not occur.

(

bl Rendering of services

Hevenue from service related activities is recognized as and when services are rendered and on t he basis of contractual terms w ith

the parties.

ntal income

Rental i ncome arising

from operating leases on investment properties is accounted for on a straight-line basis over the lease terms

and

is incl uded in other i ncome i n the statement of profit or loss due to its non-operating nature.

(d) Intere

st income

For all debt instruments measured either at amortized cost or at fair value through other comprehensive income, interest income is

recorded

using the effective interest rate (EIR). EIR is the rate that exactly discounts the estimated future cash payments or receipts

over the expected life

of the financial instrument or a shorter period, where appropriate, to the gross carrying amount of the

fi nanci al asset

or to the amortized cost of a financial liability. When calculating the effect ive interest rate, the Holding Company

estimates

the expected cash flows by considering all the contractual terms of the financial instrument (for example, prepayment,

extension, call and similar options)

but does not consider the expected credit losses. Interest income is included i n other income in

t he statement

of profit and loss.

c) Sale

of Extended Producer Responsibility (EPR) Credits

EPR Credits are recognized when there is reasonable certainty that the Holding Company will comply with conditions stipulated as

per Regulatory requirements and amount will be received. The revenue related to EPR Credits are shown under t he head revenue

from operations.

2.12 Ret irement and other employee benefits

Short-term employee benefits and defined contribution plans

All employee benefits payable/ available within twelve mont

hs of rendering t he services are classified as short-term employee

benefits. Benefits such

as salaries, wages and bonus etc. are recognized in the Statement of Profit and Loss in the period in which

the employee renders the related services.

Provid

ent f und

etirement benefit in the form of provident fund is a defined contribution scheme. The Holding Company has no obligation, other

than the contribution payable to the provident fund. The Holding Company recognizes contribution payable to the provident fund

scheme as an expense, when an employee renders the related services.

If the contribution payable to scheme for service received

before

the balance sheet date exceeds the contribution already paid, the deficit payable to the scheme is recognized as a liability

after deducting the contribution already paid.

If the contribution already paid exceeds the contribution due for services received

before the balance sheet date, then excesses recognized as an asset to t he extent that the prepayment will lead to, for example, a

reduction in future payment

or a cash refund.

Tinn a Rubber and Infrastructure Limited

Notes

to consolidated financial statements for the year ended March 31, 2025

1111 amount in Rs. lakh, unless otherwise stated

Gratuity (unfunded)

Gratuity

is a defined benefit scheme. The cost of providing benefits under the defined benefit plan is determined using the

projected unit credit method.

The Holding Company recognizes termination benefit as a liability and an expense when the Holding Company has present

obligation

as a result of past events, 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. If the termination benefits fall due more

than 12 months after the balance sheet date, they are measured at present value of future cash flows using the discount rate

determined by reference

to market yields at the balance sheet date on governments bonds.

Re-measurements, comprising

of actuarial gains and losses, the effect of t he asset ceiling, excluding amounts included in net

interest on the

net defined benefit liability and the return on the planned assets (excluding amounts included in net interest on the

net defined benefit liability), are recogni

zed immediately in the balance sheet with a corresponding debit or credit to retained

earnings through

OCI in the period in which they occur. Re-measurement s are not reclassified to profit or loss in subsequent

periods.

Past service costs are recognized in profit or loss on the earlier of:

(a) The date of the plan amendment or curtailment, and

(b) The date that the Holding Company recognizes related restructuring cost

Net interest is calculated by applying the discount rate

to the net defined benefit liability or asset.

The Holding Company recognizes the following changes in t he net defined benefit obligation as an expense in the Statement of

Profit and Loss:

(a) Service costs comprising current service costs, past service costs, gains and losses on curtailments and

(b) Net interest expenses

or income

ompensated absences

Accumulated le

ave, which is expected to be utilized within next 12 months, is treated as short term employee benefit. The Holding

Company measures the expected cost

of such absences as the additional amount that it expects to pay as a result of the unused

entitlement that

has accumulated at the reporting date.

The Holding Company treats accumulated leave expected to be carried forward beyond 12 months, as long-term employee benefit

for measurement purposes.

Such long-term compensated absences are provided for based on t he actuarial valuation using the

projected unit credit method

at the period end. Re-measurement, comprising of actuarial gains and losses, are immediately taken to

the Statement of Profit and Loss and are not deferred. The Holding Company presents the leave as a current liability in the balance

sheet

to the extent it does not have an unconditional right to defer its settlement for 12 months after the reporting date. Where

Holding Company

has the unconditional legal and contract ual right to defer the settlement for a period beyond 12 months, the

same is presented as non-current liability.

2.13

Borrowing costs

Borrowing cost includes interest and

other costs incurred in connection with the borrowing of funds and charged to statement of

profit and loss on the basis of EIR method. Borrowing cost also includes exchange differences to the extent regarded as an

adjustment to the borrowing cost.

Borrowing costs directly attributable to the acquisition, construction or production

of an asset that necessarily takes a substantial

period

of time to get ready for its intended use or sale are capitalized as part of the cost of the respective asset. All other borrowing

costs are recognized

as expense in the period in which they occur.

2.14 Governme

nt grants

Government Grants are recognized at their fair value when there is reasonable assurance

that the grant will be received and all the

attached conditions will

be complied with.

en the grant relates to an expense item, it is recognized as income on a systematic basis over the periods that the related costs,

for which it is intended to compensate, are expensed. When the grant relates to an asset, it is recognized as income in equal

amounts over the expected useful

life of the related asset.

en the Holding Company receives grants of non-monetary assets, the asset and grant are recorded at fa ir value amounts and

released to profit or loss over the expected useful life in a pattern of consumption of the benefit of the underlying asset.

Tinna Rubber and Infrastructure Limited

Notes t o con

solidated financial statements for the year ended March 31, 2025

All amount in

Rs. lakh, unless otherwise stated

2.15 Earnings per share

Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders by the

weighted average number of equity shares outstanding during the period. The weighted average number of equity shares

outstanding during the period is adjusted for events

such as bonus issue, bonus element in a right s issue, share split, and reverse

share split (consolidation of shares) that have changed the number of equity shares outstanding, without a corresponding change in

resources.

For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders

and the weighted average number of shares outstanding during the period are adjusted for the effect of all potentially dilutive

equity shares.

2.16 I

mpai rment of non• financial assets

The Holding Company assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any

indication exists,

or when annual impa_irment testing for an asset is required, the Holding Company estimates the asset's

recoverable amount.

An asset's recoverable amount is the higher of an asset's or Cash-Generating Unit's (CGU) fair value less costs

of disposal and its value in use. Recoverable amount is determined for an individual asset, unless the asset does not generate cash

inflows that are largely independent of those from other assets or Holding Company's of assets. Where the carrying amount of an

asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that

reflects current market assessments of the time value of money and t he risks specific to the asset. In determining fair value less

costs of disposal, recent market transactions are taken into account, if available. If no such transactions can be identified, an

appropriate valuation model

is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly

traded companies

or other available fair value indicators.

Impairment losses including impairment on inventories, are recognized in the statement

of profit and loss. After impairment,

depreciation is provided on the revised carrying amount

of the asset over its remaining useful life.

Non-financi

al assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the

end

of each reporting period.

An assessment is made at each reporting date to determine whether there is an indication that previously recognized impairment

losses no longer exist or have decreased. If such indication exists, the Holding Company estimates the asset's or CGU's recoverable

amount. A previously recognized impairment

loss is reversed only if there has been a change in t he assumptions used to determine

the asset's recoverable amount since the last impairment

loss was recognized. The reversal is limited so that the carrying amount of

the asset does

not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of

depreciation, had no impairment loss been recognized

for t he asset i n prior years. Such reversal is recognized in the statement of

profit and l

oss.

2.17 Segment accounting:

Based on " Management Approach" as defined in Ind AS 108· Operating Segments, the executive Management Committee evaluates

the Holding Company's performance and allocates the resources

based on an analysis of various performance indicators by business

segments.

The Holding Company prepares its segment information in conformity with the accounting policies adopted for preparing and

presenting

the consolidated financial statement s of the Holding Company as a whole.

2.18 Foreign currencies

The Holding Company's consolidated financial statements are presented in Indian Rupee (INR) and Rounded off nearest to lakhs.

Which is also the Holding Company' s functional and presentation currency. Items included in the consolidated financial statements

are measured using the currency

of the primary economic environment in which the entity operates ( 'the functional currency').

Foreign currency transactions are recorded on initial on initial recognition in the functional currency, using the exchange rate

prevailing

at the date of transaction.

Measurement

of foreign currency items at the balance sheet date

Non-monetary items

that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at

the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the

exchange rates

at the date when the fair value is determined. The gain or loss arising on t ranslation of non-monetary items

measured at

fair value is treated in· line with the recognition of the gain or loss on the change in fa ir value of t he item (i.e.,

translation differences on items whose fair

value gain or loss is recognized in OCI or profit or loss are also recognized in OCI or profit

loss, respectively).

Exchange di

fferences

Exchange differences arising on settlement or translation of monetary it ems are re

of profit and loss in the period in which they arise.

Tinna Rubber and Infrastructure Limited

Notes to consolidated financial statements for the year ended March 31, 2025

/\II amount in

Rs. lakh, unless otherwise stated

Bank guara

ntee and letter of credit

Bank guarantee and

letter of credit s are recognized at the point of negotiation with Banks and converted at the rates prevailing on

the date of Negotiation. However, outstanding at the period end are recognized at the rate prevailing as on that date and total sum

is considered as contingent liability.

2.19 Fair value measurement

The Holding Company measures financial instruments at fair value at each balance sheet date.

Fair value is

the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market

participants at the measurement date. The fair value measurement

is based on the presumption that the transaction to sell the

asset or transfer the liability takes place either:

(i) In the principal market

for asset or liability, or

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

The principal

or the most advantageous market must be accessible by the Holding Company.

The fair

value of an asset or liability is measured using the assumptions that market participant s would use when pricing the asset or

liability, assuming that market participants act in their economic best interest.

A fair value measurement

of a non-financial asset takes into account a market participant's ability to generate economic benefits by

using the asset in its highest and best use or

by selling it to another market participant that would use the asset in its highest and

best

use.

The Holding Company

uses valuation techniques that are appropriate in the circumstances and for which sufficient data are

available

to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.

All

assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within

the fair value hierarchy, described

as follows, based on the lowest level input that is significant to the fair value measurement as a

whole:

Level 1 -

Level 2 -

Level 3 -

Quoted(unadjusted) market prices in active markets

for identical assets or liabilities

Valuation techniques for which the lowest level input that is significant to the fair value measurement is

directly

or indirect ly observable

Valuation techniques

for which the lowest level input that is significant to t he fair value measurement is

unobservable

For assets and liabilities that are recognized in the consolidated financial statements on a recurring basis,

the Holding Company

determines whether transfers have occurred between levels in the hierarchy by

re-assessing categorization ( based on the lowest

level input that

is significant to fair value measurement as a whole) at the end of each reporting period.

For the purpose of fair value disclosures, the Holding Company

has determined classes of assets and liabilities on the basis of the

nature, characteristics and risks

of the asset or liability and the level of the fair value hierarchy as explained above.

2.20 Leases

The Holding Company assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the

right to control the

use of an identified asset for a period of time in exchange for consideration.

The Holding Company

as a lessee

The Holding Company applies a single recognition and measurement approach

for all leases, except for short-term leases and leases

of low-value assets. The Holding Company recognizes lease liabilities to make lease payments and right-of-use assets representing

the right to use the underlying

assets.

(a) Right-of-use assets

The Holding Company recognizes 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 liabilit ies. The cost of right-of-use assets includes the amount of lease liabilities recognized, i nitial

direct costs incurred, and lease payments made

at or before the commencement date less any lease incent ives received. Right-of-

use

assets are depreciated on a straight-line bas,s over the shorter of the lease term and th e estimated useful lives of the building

(i.e. 30 and 60 years)

If ownership of the leased asset transfers to the Holding Company at the end of the lease term or the cost reflects the exercise of a

purchase option, depreciation is calculated using

the estimated useful life of the asset. The right-of-use assets are also subject to

impairment. Refer

to the accounting policies in section 'I mpairment of non-financial assets'.

Tinna Rubber and Infrastructure Limited

Notes

to consolidated financial statements for the year ended March 31, 2025

All amount in

Rs. lakh, unless otherwise stated

(b) Lease liabilities

At the commencement date of the lease, the Holding Company recognizes lease liabilities measured at the present value of lease

payments to be made over the lease term.

The lease payments include fixed payments (including in substance fixed payments) less

any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under

residual value guara

ntees. The lease payments also include the exercise price of a purchase option reasonably certain to be

exercised by the Holding Company and payments of penalties for terminating the lease, if the lease term reflects the Holding

Company exercising the option

to terminate. Variable lease payments that do not depend on an index or a rate are recognized as

expenses (unless they are incurred to produce inventories) in the period in which the event or condit ion that triggers the payment

occurs.

In calculating the present value

of lease payments, the Holding Company uses its incremental borrowing rate at the lease

commencement date because the interest rate implicit in t he lease

is not readily determinable. After the commencement date, the

amount

of lease liabilit ies is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the

carrying amount

of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease

payments

(e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a

change in the assessment

of an option to purchase the underlying asset.

The Holding Company applies the short-term lease recognition exemption to its short-term leases (i.e., those leases that have a

lease term of 12 months or less from t he commencement date and do not contain a purchase option). It also applies the lease of

low-value assets recognition exemption t o leases that are considered to be low value. Lease payments on short-term leases and

leases of low-value assets are recognized as expense on a straight-line basis over the lease term.

The Holding Company as a lessor

Leases for which the Holding Company is a lessor is classified as finance or operating lease. Leases in which t he Holding Company

does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental

income arisi

ng is accounted for on a straight-line basis over the lease t erms. Initial direct costs incurred in negotiating and arranging

an operating lease are added to the carrying amount of the leased asset and recognized over the lease term on the same basis as

rental income. Contingent rents are recognized as revenue in the period in which they are earned.

2.21 Significant accounting judgements, estimates and assumptions

The preparation of the Holding Company's consolidated financial statements requires management to make j udgments, estimates

and assumptions that affect the reported amounts

of revenues, expenses, assets and liabilities, and the Achol ding Companying

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 the asset or liability affected in future periods.

Judgments

In the process

of applying the Holding Company's accounting policies, management has made the following judgments, which have

the most significant effect on the amounts recognized in the consolidated financial statements.

(a) Operating lease commitments -Holding Company as lessee

The Holding Company

has taken various commercial properties on leases. The Holding Company has determined, based

on an evaluation of the terms and conditions of the arrangements, such as the lease term not constituting a substantial

portion of the economic life

of the commercial property, and that it does not retain all the significant risks and rewards

ownership

of these properties and accounts for the contracts as operating leases.

Tinna Rubber and Infrastructure Limited

Notes

to consolidated financial statements for the year ended March 31, 2025

All amount

in Rs. lakh, unless otherwise stated

(bl Assessment

of lease contracts

Significant judgment

is required to apply lease accounting rules under Appendix C to IND AS 116: determining whether an

Arrangement contains a Lease. In assessing the applicability to arrangements entered into by the Holding Company,

management

has exercised judgment to evaluate the right to use the underlying assets, substance of the transaction

including legally enforced arrangements and other significant terms

and conditions of the arrangement to conclude

whether the arrangements meet the criteria under Appendix C

to IND AS 116.

Estimates and assumptions

The key assumptions concerning the future and other key sources of estimat ion uncertainty at the reporting date, that have a

significant risk

of causing a material adjustment to t he carrying amounts of assets and liabilities within t he next financial year, are

described below.

The Holding Company based its assumptions and estimates on parameters available when the consoli dated

financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change

due to market changes or circumstances arising beyond the control

of the Holding Company. Such changes are reflected in the

assumptions when they occur.

a) Revenue

from contracts with cu stomers

The Holding Company applied t he following judgements that significantly affect the determination of the amount and

timing

of revenue from contracts with customers:

Determining method

to estimate variable consideration and assessing the constraint

In estimating t he variable consideration, the Holding Company is required to use either the expected value method or the

most likely amount method based on w hich method better predicts the amount of consideration to which it will be

entitled.

The Holding Company determined that the expected value method is the appropriate method to use in estimating

the variable consideration

for revenue from operation, given the large number of customer contracts that have similar

characteristics. Before including any amount

of variable consideration in t he transaction price, the Holding Company

considers whether the amount

of variable consideration is constrained. The Holding Company determined that the

estimates of variable consideration are not constrained based on its histori

cal experience, business forecast and the

current economic conditions. In addition, the uncertainty on the variable considerat ion will be resolved within a short time

frame.

(bl Taxes

Uncertainties exist with respect to the interpretation of complex tax regulations, changes in tax laws, and the amount and

timing

of future taxable income. Given the wide range of business relationships and the long-term nature and complexity

of existing contractual agreements, differences arising between the actual results and the assumpt ions made, or future

changes to such assumptions, could necessitate future adjustments to tax income and expense already recorded. The

Holding Company establishes provisions, based on reasonable estimates. The amount of such provisions is based on

various factors, such as experience of previous tax audits and differing interpretations of tax regulations by the taxable

entity and the responsible tax authority.

Such differences of interpretation may arise on a wide variety of issues depending

on the conditions prevailing in

the respective domicile of the companies.

Deferr

ed tax assets are recognized for unused tax losses to the extent that it is probable that taxable profit will be available

against w hich the

losses can be utilized. Significant management judgement is required to determine the amount of

deferred tax assets that can be recognized, based upon the li kely timing and the level of future taxable profits together

with future tax planning strategies.

(cl Defined benefit plans

The cost of defined benefit plans (i.e. Gratuity benefit) and the present value of the gratuity obligation are determined

using actuarial valuations.

An actuarial valuation involves making various assumptions which 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 for the plans

operated in India, management considers the interest rates

of long term government bonds with extrapolated maturity

corresponding

to the expected duration of the defined benefit obligation.

The mortality rate is based on publicly available mortality tables for the specific countries. Those morality tables tend to

change only at interval in response to demographic changes. Future salary increases and pension increases are based on

expect

ed future inflation rates for the respective countries.

Further details about the assumptions used, including a sensitivity analysis, are given in note no. 37.

Tinna Rubber and Infrastructure Limited

Notes

to consolidated financial statements for the year ended March 31, 2025

/\II amount in

Rs. lakh, unless ot herwise stated

(d) Fair

value measurement of financial instrument

When the fair value

of financial assets and financial liabilities recorded in the balance sheet cannot be measured based on

quoted prices in active markets, their fair value

is measured using valuation techniques including the Discounted Cash Flow

(DCF) model. The inputs to these models are taken from observable markets where possible, but where this is not feasible,

a degree

of judgment is required in establishing fair values. Judgments include considerations of inputs such as liquidity

risk, credit risk and volatility. Changes in assumptions about these factors could affect the reported fair valu e of financial

instruments.

See note no. 44 for further disclosures.

(e) Impairment of financial assets

The impairment provisions of financial assets are based on assumptions about risk of default and expected loss rates. the

Holding Company

uses judgment in making these assumptions and selecting the inputs to the impairment calculation,

based on Holding Company's past history ,existing market conditions as well as forward looking estimates at the end of

each reporting period.

(f) Impairment

of non-financia l assets

The Holding Company assesses at each reporting date whether there is an indication that an asset may be impaired. If any

indication exists,

or when annual impairment testing for an asset is required, the Holding Company estimates the asset's

recoverable amount.

An assets recoverable amount is the higher of an asset's CGU'S fair value less cost of disposal and its

value in use.

It is determined for an individual asset, unless the asset does not generate cash inflows that are largely

independent

of those from other assets or Holding Company's of assets. Where the carrying amount of an asset or CGU

exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

In assessing value in use , the estimated future cash flows are discounted to their present value using a pre-tax discount

rate that reflects current market assessments

of the time value of money and the risks specific to the asset. In determining

fair value

less costs of disposal, recent market transactions are taken into account. If no such transactions can be

identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, or other fair

value indicators.

(g) Impairment of Goodwill

Determining whether goodwill is impaired requires

an estimation of value in use of the cash generating units to which

goodwill has been allocated. The value in use calculation requires the direction to estimate the future cash flows expected

to arise from the

cash-generating unit and a substable discount rate in order to calculate present value. Where the actual

future

cash flows are less than expected, a material impairment loss may arise.

(h) Expected Credit L

oss

The Holding Company has used a practical expedient by computing the expected credit loss allowances for trade

receivables based on a provision matrix takes

it accounts historical credit loss experience and adjusted for forward looking

information. The expected credit

loss allowance is based on the ageing of the day of the receivables are due and the rates

are given in the provision matrix.

(i) Share-based payments

Estimating fair value for share-based payment transactions requires determination of the most appropriate valuation

model, which is dependent on the ter

ms and conditions of the grant. This estimation requires determination of the most

appropriate inputs

to the valuation model including the expected life of the share option, volatility and dividend yield and

making assumptions about them. The Black Scholes valuation model has been used by the Management for share based

payment transactions.

2.22 Share-based payments

Employees

of the Holding Company also receive remuneration in the form of stock options (ESOP) and stock appreciation

rights

(SAR) as share based payment transactions under the Company's Employee Stock Option Plan and Employee Stock

Benefit Scheme. Both

of these are equity settled sharebased payment transactions.

The cost of equity settled transactions is determined based on the fair value at the date when the grant is made using an

ppropriate valuation model.

That cost is recognised, together with a corresponding increase in share-based payment reserves

(SBP) in equity, over the

period in which the performance and/ or service conditions are fulfilled in employee benefits expense. The cumulative

expense recognised for equity settled transaction at each reporting date until the vesting date reflects the extent to which

the vesting period

has expired and the Company's best estimate of the number of equity instruments that will ultimately

ve st. The stateme

nt of profit and loss expense or credit for a period represent s the movement in cumulative expense

ecognised as at the beginning and end of that period and is recognised in employee benefits expense.

Tinna Rubber and Infrastructure Limited

Notes

to consolidated financial statements for the year ended March 31, 2025

All amount in

Rs. lakh, unless otherwise stated

Servi

ce and non-market performance conditions are not taken into account when determining the gr ant date fair value of

awards, but the likelihood of the conditions being met is assessed as part of the Company's best estimate of the number of

equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value.

Any other conditions attached to an award, but without an associated service requirement, are considered t o be non-

vesting conditions. Non-vesting conditions are reflected in

the fair value of an award and lead to an immediate expensing

of an award unless there are also service and/or performance conditions.

No expense is recognised

for awards that do not ultimately vest because non-market performance and/or service

conditions have not been met. Where awards include a market

or non-vesting condition, the t ransactions are tr eated as

vested irrespective of whether the market or non-vesting condition is satisfied, provided t hat all ot her performance and/or

service conditions are satisfied.

When the terms

of an equity-settled award are modified, the minimum expense recognised is the expense had the terms

not been modified,

if the original terms of the award are met. An addit ional expense is recognised for any modification

that i ncreases

the total fair value of the sharebased payment transaction, or is otherwise beneficial to the employee as

measured at the date of modification. Where an award is cancelled by the entity or by the counterparty, any remaining

element

of the fair value of the award is expensed immediately through profit or loss.

The

dilutive effect of outstanding options is reflected as additional share dilution in the computation of diluted earnings

per share.

2.23 Recent accounting pronouncements and changes in accounting standards

Recently issued accounting pronouncements

As on March 31, 2025, there are no new standards or amendment s to the

existing standards applicable to the Company which has been notified by Ministry of Corporate Affairs.

>,.

Tinna

Rubber

a nd

Infras

tructur

limited

Notes

to consolida

d financial

statements

for

the

year

end

ed M arch

1,2025

All

amount

Rs.

lakh,

unless

otherwise

stated

3.1

Property

lant

and

equipment

Particulars

Gross

earring

amoun

t (At

cost)

April

01,

2023

Add

itions

sposals

March

31,

2024

Additions

Disposals/t

ransfer

Marc

, 2025

Accumulated

depreciation

April

01,

202

Charge

forthe

year

Disposa

March

31,

2024

Charge

for

the

year

Disposals

March

31,

2025

Net

carrying

amo

unt

March

31,

2024

March

, 2025

Notes:

Buildings

Plant

and

Electric

fitting

Freehold

land

Office

Other

than

Factory

leasehold

Carpeted

road

equipment

building

RCC

frame

Temporary

building

improveme

nce,

tube

other

structure

nts

Wells

192

105

.92

5.16

2,925.22

98.63

23.36

96.0

7,985.51

803

1,099

7.4

13.0

1,547

131

2,711

316.

(28.18)

(162.52)

(4.2

0 )

(159.75)

1, 26

113

5.1

13.02

4,310

.45

230

19.16

96.0

10,537

1,119.84

3.25

1,653.35

111.7

3,585

785.93

(1.53)

(153.45)

(18.00)

64.21

113

.37

8.41

.02

62.27

342

19.16

96.05

13,969.74

.77

11.21

0.83

825.31

93.70

22.06

48.48

4,337.25

.25

0.78

0.16

0.59

93.64

6.06

0.18

17.78

322.71

25.

(84.46)

(3.50)

(62.04)

.99

0 .99

.59

834.49

99.76

66.26

97.92

1.33

149

16.66

17.73

522.56

(12.54)

(11.36)

.99

4 .85

1.92

984.04

116

.99

5,107

586.57

1,264.21

101.38

4 .

12.43

3,475.96

130.70

0 .42

5,!139.39

577.96

1,264.21

101.38

3.55

11.10

78.23

5.79

0.42

.06

8,861

301.21

(i)

Vehicles

plant

and

equipment

are hypothecated

against

secured

loan

taken

from

bank

and

financia

l institutions.{

Refer

note

no.15)

{ii}

Impairment

losses

recognised

statement

profit

loss

accordance

with

the

Ind

are

. Nil

(March

31,

2024:

Nil).

(a)

First

charge

plant

and

mach

inery,

furniture

and

fixtures,

generators,

office

equipment,

computers

and

work

in progress

(b)

Equit

a ble

mortgage

land

and

building

at:

Land

and

build

ing

located

Refinery

Road,

Village

Rajapur,

Tehsil

and

District

Panipa

132103

Farm House

No.6,

Sultanpur,

ndi

Road,

Mehrauli,

New

Delhi-110030.

Land

and

building

located

Village

Pali,

Taluka

Wada,

District-Thane,

Maharashtra

-Land

and

building

located

No.17

Chithur

tham

Village,

Gummidipundi

Taluk,

iruvallur

Dist,

Tamilnadu.

Land

and

building

located

at Village

Pall,Varle, Ta

luka

Wada,

Dis

trict-Thane,

Maharashtra.

Furniture

Office

Gene

rators

Vehicles

Computers

Total

fi1<t

ures

equipment

489

124.47

.62

13,076.57

19.00

429.11

28.96

12.75

6,343.87

(7.50)

(1.13)

(3 .91)

(2.47)

(1.42)

(371.08)

69.61

5 .58

914.24

150

.96

.95

19,049.36

71.80

473

43.75

13.2

6,742

.79

(12

2.50

)

(1.57)

(297.05)

69.61

187

1,265

.62

193

103.15

25,495.11

40.83

74.4

198.45

93.60

56.11

6,318

1.71

3.81

76.49

10.77

8.62

568.93

(0.91

)

(3.70

)

(2.34)

(1.45)

(158.40)

42.54

77.35

271.24

102

63.28

6,729.06

1.41

8 .97

126.27

12.42

934

.75

(59.71)

(0.80)

(84.41)

43.95

337

119.16

75.70

7,579.40

27.07

643

.00

.93

26.67

12,320.30

25.66

101.06

927.82

27.44

17,915

(iii)

The

title

respect

self-constructed

buildings

and

title

deeds

all

other

immovable

properties

(other

than

pr operties

w here

the

company

the

lesse

e and

the

lease

reements

are

duly

executed

favour

the

lessee),

disclosed

the

financial

statements

included

under

property

, plant

and

equip

ent

are

ld in

the

name

the

Company

the

balance

sheet

date.

However,

the

name

the

Company

was

changed

from

Tinna

Overseas

Limited

Tlnna

Rubber

Inf rastructure

Limi

t ed

with

effect

from

19th

December,2012.

The

freeho

land

situated

at locations

Gummdipundi

, Wada,

Delhi

(H.O)

Panipat

continues

t he

name

Tinna

overseas

limited

, the

erstwhile

name

the

Company.

(iv)

The

Company's

plan

Panipat

has

been

not

ified

covered

under

industrial

area

HSIID

Panipat

and

the

procedura

l imp

lementation

acquisiition

/subsequent

lease

in progress

and

the

plant

Pan

ipat i

s full

operational.{Refer

note

no.

(d))

Tinna Rubber and Infrastructure Limited

Notes

to consolidated financial statements for the year ended March 31,2025

All amount in

Rs. lakh, unless otherwise stated

3. 2 Capital work in progress

(a) Capital

Work in Progress:

As at April 01,2023

Addition

Capitalisat

ion•

As at March 31,2024

Addition

Capitalisation •

As at March 31, 2025

Amount Rs.

33.15

697.93

(66.90)

664.18

1,272.48

{880.65)

1,056.01

*Adjustment in capital work in progress is in respect of Panipat, Varale and Gumuddipundi units completed during the current and previous year

which

has been transferred under the following heads:

Particulars

Factory building

Plant

and machinery

Total

(b) Ageing

of Capital work in progress

at March 31,2025

Particulars

Project in prog

ress

Project temporarily suspended

As at March 31,2024

Particulars

Project in progress

Project temporarily suspended

As at March 31,

2025

101.18

779.47

880.65

As at March,

31,2024

66.90

Amount in CWIP for a period of

Less than 1 year

1-2 years 2-3 years

1,056.01

Amount in CWIP for a period of

Less than 1 year

1-2 years 2-3 years

664.18

More than

Total

3 years

-1,056.01

More than

Total

3 years

664.18

or w here the cost incurred has exceeded the originally planned cost is Rs. Nil (March

31,2024

Rs. Nil)

Tinna Rubber and Infrastructure Limited

Notes

to consolidated financial statements for the year ended March 31,2025

All

amount in Rs. lakh, unless otherwise stated

3.3 Right of use assets

Particulars

Gross block (At cost)

As at April 01, 2023

Additions

Add

itions due to business combination

Disposals

As at March 31, 2024

Additions

Disposals

As at March 31, 2025

Accumulated amortization

As at April 01, 2023

Charge for the year

Disposals

As at March 31, 2024

Charge for the year

Foreign currency

translation reserve

Disposals

As at March 31, 2025

Net carrying amount

As at March 31, 2024

As at March 31, 2025

"This space has been intentionally left blank."

Amount

279.

149.90

(279.05)

149.90

148.65

67.38

184.21

31.82

29.16

(1.35)

59.63

118.08

90.27

Tinna Rubber and Infrastructure Limited

Notes

to consolidated financial statements for the year ended March 31,2025

All amount in

Rs. lakh, unless otherwise stated

4 Investment

property (at cost)

Particulars

Gross carrying

amount

Opening balance

Addition during the year

Closing balance

Accumulated depreciation

Opening

balance

Depreciation for the year

Closing balance

Net carrying amount

Amount recognised in the statement of profit and loss for investment property

Rental income derived from investment property

Direct operating expenses (including repairs and maintenance) that did not generate rental income

Profit arising from i

nvestment property before depreciation

Less: depreciation for the year

Profit arising

from investment property

Fair value of investment property (refer note (ii) below)

Notes:

i) Investment property represents land at Village Satbari,Tehsil Saket, Delhi given on lease w.e.f. September 01,2018.

At at

March 31, 2025

530.39

1.36

1,291.00

At at

March 31, 2024

530.39

5.92

1,291.00

ii) (a) The Holding Company had obtained independent valuation of Rs. 1291 lakh from certified valuer for i ts investment property as at March 31,2025 and

March 31,2024

and has reviewed the fair valuation based on best evidence of fair value determined using the market research method as the best evidence

of fair value is current prices in an active market for similar properties. Fair market value is the amount expressed in terms of money that may be reasonably

be expected

to be exchanged between a willing buyer and willing seller or equity or both. The valuat ion by the valuer assumes that the company shall

continue

to operate and run the assets to have economic utility. The fair value is on 'as is where" basis.

(b) The fair value of investment property is based on the valuation by registered valuer as defined under rule 2 of Companies (Registered Valuers and

Valuation)

Rules, 2017.

iii) There is no contractual obligation to purchase, construct or develop investment property or for repairs, maintenance and enhancement thereof and there

are no restriction on remittance

of income and proceeds of disposal.

iv) The investment property is land purchased through assignment deed. The formalities of registration of sale deed and mutation are pending.

Tinna Rubber and Infrastructure Limited

Notes

to consolidated financial statements for the year ended March 31,2025

All amount in Rs. lakh, unless otherwise stated

5 Intangible assets

Particulars

Gross carrying amount (at cost)

As at April 01, 2024

Additions

Disposals

As at March 31, 2024

Additions

Disposals

As at M arch 31, 2025

Accumulated amortization

As at April 01, 2024

Charge for the year

Disposals

As at March 31, 2024

Charge for the year

Disposals

As at March 31, 2025

et carrying amount

As at March 31, 2024

As at March 31, 2025

Notes:

Computer software

85.95

4.76

90.71

68.21

5.50

73.71

6.01

79.72

12.24

10.99

(i) Impairment losses recognised in statement of profit and loss in accordance with the Impairment of Asset s (Ind AS 36) are Rs. Nil (March 31,

2024: Nil).

(ii) Refer accounting policy

for amortization of intangible assets.

"This space

has been intentionally left blank."

Tinna Rubber and Infrastructure Limited

Notes

to consolidated financial statements for the year ended March 31,2025

All amount in Rs. lakh, unless otherwise stated

6 Investments in

associates & joint venture

Investments in equity instruments (unquoted) non•trade, (Measured at cost)

Investments in associate Company

TP Buildtech Private Limited

74,12,500 (March 31, 2024: 74,12,500) equity shares

of Rs.10/-each fully paid up

Percentage

of investment March 31, 2025 is 49.42% , (March 31, 2024 is 49.42%)

Add:Accumulated reserves

Add : Share in profit for the year ended

Add : Share in other comprehensive income for the year ended

Investments in joint venture Company

Mbodla Investments (ply) Limited

24,50,490 equity shares

of Rand.1/- each fully paid up

Percentage

of investment March 31, 2025 is 49% (March 31,2024 - Nil)

Add:Accumulated reserves

Add : Share

in profit/(loss) for the year ended

Add :

Share in other comprehensive income for the year ended

Total

Notes:

Ii) Refer note no. 41 for information about related party transactions.

Non-current fi nancial assets

7.1 Investments

(a) Investments in equity instruments (unquoted), non trade

valued at fair value through other comprehensive income (FVTOCI)

Kcerthi International Agro Private limited

11,000 (March 31, 2024: 11,000) equity shares of Rs.100/-each fully paid up

BGK lnfratech Private Limited (refer note 34)

5,00,489 (March 31, 2024: 6,40,656) equity shares

of Rs.10/-each fully paid up

Puja lnfratech LLP (refer note 35(c))

1,24,000 (March 31, 2024: 1 ,24,000) equity shares

of Rs.10/-each fully paid up

Percentage

of investment March 31, 2025 is 12.41% ,(March 31, 2024 is 12.41%)

(b) Investments

in preference instruments (unquoted), non trade

valued at amortised cost

Inda Enterprises Private limited

(i) 40,000 (Previous Year 40,000) 6% Non-Cumulat ive redeemable optionally convertible preference shares

nominal value

of Rs.10/-each at a premium of Rs. 90/-each.

(ii) 80,000 (Previous Year 80,000) 8% Non-Cumulative redeemable optionally convertible preference shares

nominal value

of Rs.10/-each at a premium of Rs. 90/-each.

Total

ess: Impairment loss (refer note 54)

Aggregate amount of investments

Aggregate

amount of unquoted investments [FVTOCI]

Aggregate

amount of unquoted investments [Amortised cost]

Notes:-

(i) Refer note

no. 44 for fair valuation of financial instruments

7.2 Other non-current financial assets

(Valued

at amortised cost)

(Unsecured, c onsidered good unless otherwise stated)

Security deposits

Notes:

(ii) Refer note-45 for information about credit risk & market risk for security deposit.

As at

March 31, 2025

741.25

(69.39)

671.86

449.47

2.88

1,124.21

116.94

(11.86)

105.08

1,229.29

As at

March 31, 2025

11.01

1,999.90

183.25

2,194.16

40.00

80.00

120.00

2,194.16

As at

March 31,2024

278.98

As at

March 31,2024

741.25

(289.93)

451,32

217.61

2.92

671.86

As at

March

31,2024

11.01

2,159.52

183.25

2,353.78

40.00

80.00

120.00

2,473.78

2,353.78

120.00

As at

March 31,2024

239.67

Tinna Rubber and Infrastructure Limited

Notes

to consolidated financial statements for the year ended March 31,2025

All amount in Rs. lakh, unless otherwise stated

8 Other non current assets

(Unsecured, considered good unless otherwise stated)

Capital advances

Notes:

Deposits with government authorities

Prepaid expenses

As at

March 31, 2025

376.

0.20

8.77

385.30

As at

March 31,2024

345.42

0.20

7.11

352.73

Ii) No amounts are due from directors or other officers of the Company either severally or jointly with any other person. Nor amounts are due from firms or

private companies respectively in which any director is a panner, a director or a mem ber

(ii) Deposits with government authorities includes deposits with value added tax department of different states of India

9 Inventories

(Valued at lower of cost and net realisable value unless otherwise stated)

Raw materials

Notes:

Work in progress.

Finished goods

Stock in trade (Traded Goods)

Stores and spares

Packing materials

Steel scrap

Ii) The above includes goods in transit

as under:

Raw materials

Iii) Inventories are hypothecated wit h the banks against working capital limits. !refer note no. 18.1)

(iii) Refer accounting policy no. 2.8

for Inventories.

10 Current financial assets

10.1 Investment

la) Investments

in equity instruments !unquoted), non trade

Valued at Fair Value through Other Comprehensive Income [FVTOCI)

BGK lnfratech Private Limited !refer note 34)

1,40,167 !March 31, 2024: NI

L) equity shares of Rs.10/-each fully paid up

Note:

As at

March 31, 2025

3,023.70

627.56

1,005.92

687.18

668.85

175.

129.24

6,317.45

1,488.55

As at

March 31, 2025

560.09

As at

March 31,2024

1,811.01

421.83

674.92

794.61

503.19

99.47

56.74

4,361.77

755.86

As at

March 31,2024

The Holding Company received a letter of offer dated April 01, 2025 from M/s. BGK lnfratech Private Limited l"BGK") for buyback of upto 1,45,000 fully paid-up

equity shares having the face value

of Rs. 10/-each !"Equity Share"), at a price of Rs. 400 per Equity Share. The Board of Directors of Holding Company in its

meet ing held on April 19, 2025, approved and offered u

pto 1,45,000 fully paid-up equity shares held by the Holding Company, for buyback by BGK, subject to

compliance of applicable laws in accordance wit h t he letter of offer.

BGK considered the Holding Company's offer and accepted to buyback 1,40,167 equity shares out of 1,45,000 equity shares t endered by the Holding Company on

propor

tionate basis for a price of Rs. 399.59 per equity shares. Accordingly, the Group has shown the amount of Rs. 560.09 lakhs as current investment.

10.2 Trade receivables

la) Trade receivables considered good-Secured

lb) Trade receivables considered good-Unsecured

(c} Trade receivables which have significant increase in credit risk

Id) Trade receivables -Credit impaired

Less : Impairment allowance for trade receivables

Notes:

(i)

Refer note-45 for information about credit risk & market risk for trade receivable.

Iii) Trade receivables are usually non-interest bearing and are on trade terms of Oto 90 days.

As at

March 31, 2025

4,123.04

17.74

(17.74)

4,123.04

As at

March 31,2024

2,986.27

293.83

1293.83)

2,986.27

!iii) No trade receivables are due from directors

or other officers of the Company either severally or jointly with any other person. Trade receivables due

from firms or private companies respectively in which any director is a partner, a director or a member are as under:

TP Buildtech Private Limited

Mbodla Investments ipty) Ltd

(iv) The movement in

impairment allowance as per ECL model is as under: !refer no e 45)

Opening balances

Additions

Balance

written off

Closing balances

As at

March 31, 2025

59.63

293.83

72.71

1348.80)

17.74

March 31,2024

1.49

237.80

56.03

293.83

Tinn a Rubber and Infrastructure Limited

Notes to consolidated financial statements

for the year ended March 31,2025

All amount in Rs. lakh, unless otherwise stated

Trade receivables ageing schedule

as at March 31 2025

Particulars

Outstanding for following periods

from due date of payment

Unbilled dues Not due

Less than 6 6 months -1

2-3 years

months

year

1·2 years

(i) Undisputed trade receivables - considered good

2,544.87 1,468.85 53.99 36.16 19.18

(ii) Undisputed trade receivables - which have

significant increase in credit risk

(iii) Undisputed Trade receivables - credit

6.00 6.38

4.79

impaired

(iv) Disputed trade receivables-considered good

(v)Dispu

ted trade receivables - which have

significant increase in credit risk

(vi)Disputed trade receivables - credit impaired

Total

2,544.87 1,468.85 59.99 42.54 23.97

Less: Allowance for trade receivable 6.00 6.38

4.79

Total

2,544.87 1,468.85

53.99

36.16 19.18

Trade receivables ageing schedule as at March 31, 2024

Particulars

Outstanding for following periods from due date of payment

(i)Undisputed trade receivables - considered good

(i1)Undisputed trade receivables - which have

significant increase in credit risk

(iii)Undisputed trade receivables - credit impaired

(iv)Dispu

ted tr ade receivables - considered good

(v)Disputed trade receivables - which have

significant increase in credit risk

jvi)Disoutcd trade receivables - credit imoaired

Total

Less: Allowance for trade receivable

Total

10.3 Cash and cash equivalents

Balances w,th banks:

~ Current accounts

Cash on hand

Unbilled

Less than 6

Not Due

months Dues

1,723.00 1,078.82

Fixed deposits held as margin money against bank guarantees having a original maturity period less

than three months

Notes:

(i) There arc no restrictions with regard to cash and cash equivalents as at t he end of the reporting period.

6 months -1

1-2 years 2-3 years

year

59.28 36.4 3 1.84

6.59 6.43 0.46

65.87 42.86 2.30

6.59 6.43 0.46

59.28 36.43 1.84

Total

More than 3 years

4,123.04

0.57 17.74

0.57

4, 140.79

0.57 17.74

4, 123.04

Total

More than 3 years

2,899.37

280.35 293.83

86.90 86.90

367.25 3,280.10

280.35 293.83

86.90 2,986.27

As at As

March 31, 2025 March 31,2024

96.63 30.04

13.01 7.24

101.44

211.08

37.28

(ii) As on March 31,2025 The Holding Company has four bank accounts having balance Rs.0.53 lakh that has not been used for any trasaction during the year.The Holding company has

mttated the necessary process for closure of these accounts.

L{ I

Tinna Rubber and Infrastructure Limited

Notes to consolidated financial statements for the year ended March 31,2025

All amount in Rs. lakh, unless otherw ise stated

10.4 Other bank balances

Unpaid dividend {R

efer Note (i)}

Fixed d eposits having a original maturity period of more than three m onths but less t han twelve months

{Refer Note (ii)}

Notes:

(ii The Holding Company can ut ilize the balance only towards settlement of unclaimed dividend.

As at

March 31, 2025

21.99

151.49

173.48

As at

March 31,2024

19.64

120.22

139.86

(ii) The deposits maintained by the Holding Company with banks comprise of time deposits made of varying periods between three months to twelve

months and earn interest at the respective short term deposit rates.

10.5 Loans

{Measured

at amortised cost)

(Unsecured, considered good unless otherwise stated)

Loans to related parties (refer note 41)

Loans to employees•

Notes:

As at

March 31, 2025

30.81

As at

March 31,2024

48.88

24.30

73.18

(1) No loans and advances are due from firms or privat e companies respect ively in w hich any director is a partner, a director or a member or ot her offi cers of

the company eit her severally or joint ly interested w ith any ot her person.

(ii) • Represents int

erest free loans to employees that are genearally recovered within a period of 12 months.

10.6 Other financial assets

(Measured

at amortised cost)

(Unsecured, considered good, unless otherwise stated)

Security deposits

Other receivables

Fixed deposits having a original mat urity period of more than three months but less than twelve months

Notes:

{i) Security deposit s include deposits with material supplier s.

(ii) Ot her receivables include receivables of incentives and other miscellaneous receivables.

As at As at

March 31, 2025

March 31,2024

40.56 22.45

221.05 123.56

19.63

281.24 146.01

(iii) No amounts are due from directors or other officers of t he Holding Company or any of t hem either severally or jointly interested wit h any other person.

11 Other current assets

(Unsecured, considered good, unless otherwise stated)

Advances

other than capital advances

Advan

ces to related parties (Refer note 41)

Advances against materials and services

Pre-deposits

wit h Government departments under protest

Refund d

ue from government authorities

Prepaid expenses

Extended Producer Responsibility(EPR) credits realisable

Ot her advances

Considered good

Considered doubtfu l

Less : Provision for impairment allowances

Total

12 A

ssets held for sale

Land & building

Notes:

at As at

March 31, 2025 March 31,2024

47.93 21.82

737.72

413.

68.59 58.05

125.75 177.01

272.97

143.52

1,793.36

60.00

64.75 63.68

2.00 2.00

3,113.07 1,539.21

00 2.00

3,111.07 1,537.21

at As at

March 31, 2025 March 31,2024

106.94

In t he previous year,

the Holding Company has entered into agreement to sell land and building situated at Kalamb with Ruchira Papers Limited("Buyer") fo r

consideration

of Rs.325 lakhs. The Holding Company has received an advance of Rs.293 lakhs. During the year ended March 31,2025, t he Holding Company has

given the physical possession

of the land and building t o the buyer. However, the registration of sales deed in the name of buyer i s pending and the Group has

booked a profit

of Rs. 218 lakhs in the consolidated statement of profit and loss.

Tinn a Rubber and Infrastructure Limited

Notes

to consolidated financial statements for the year ended March 31,2025

/\II amount in

Rs. lakh, unless otherwise stated

Equity share capital

a) Authorized

200,00,000 equ

ity shares of Rs.10/-each (March 31,2024: 200,00,000 equity shares of Rs.10/-each)

Issued, subscribed and

fully paid up

171,29,500 equity shares of Rs.10/-each (March 31, 2024: 171,29,500 equity shares of Rs.10/- each)

b) Reconciliation

of the number of shares

March 31, 2025

Particulars

Balance at the beginning

of the year

Add: Issue of bonus shares

Balance at the end of the year

c) Terms/rights attached to equity shares

No. of shares Amount in Rs.

1, 71,29,500 1,712.95

As at

March 31, 2025

2,000.00

1,712.95

As at

March 31, 2024

2,000.00

1,712.95

March 31, 2024

No.

of shares

85,64,750

1,71,29,500

Amount in Rs.

856.48

1,712.95

The Holding Company has only one class of equity shares having a par value of Rs.10/-per share (March 31,2024: Rs.10/-per share). Each holder of equity shares is

entitled to one vote per share.

ii) In the event of liquidation of the Holding 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.

d) Details

of shareholders holding more than 5% shares in the Company is set out below (representing legal and beneficial ownership):

Name

of Shareholders

As at March 31, 2025 As at March 31, 2024

No. of shar

% holding No. of shares % holding

Mrs. Puja Sekhri 36,14,232 21.10 36,14,232 21.10

Mrs. Shobha Sekhri 32,72,686 19.11 32,72,686 19.11

Mrs. Aarti Sekhri 28,81,832 16.82 28,81,832 16.82

As per the records of the Company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest,

the above share holding represents

both legal and beneficial ownership of shares.

e) Aggregate number of shares bought back, or issued as fully paid up pursuant to contract without payment being received in cash or by way of bonus shares during

the period

of five years immediately preceeding the date of balance sheet:

Equity shares allotted

as fully paid-up pursuant to contracts for consideration other than cash.

Equity

shares allotted as fully paid up bonus shares by capitalisation of securities premium account.

Equity shares bought back

f) Details of Shareholding of promoters in the Holding company :

Shares held by the promoters at the end of the year

As at March 31, 2025

Name

of the Promoter

Number of shares % of holding

1 Bhupinder Kumar Sekhri Karta-Bhupinder And Kapil

HUF

2 Bhupinder Kumar Sekhri Karta-BK Sekhri And Sons HUF

3 Mr. Gaurav Sekhri

4 Mrs. Shobha Sckhri

Mr. Bhupinder Kumar Sekhri

6 Mrs. Aarti Sekhri

7 Mrs.

Puja Sekhri

Mr. Krishnav Sekhri

Mr. Arnav Sekhri

Mr. Aditya Brij Sekhri

11 Sekhri Family Annuity Trust

Tot al

0.00%

1,02,511 0.60%

1,32,600 0.77%

32,72,686 19.11%

4,04,924

2.36%

28,81,832 16.82%

36,14,232

21.10%

6,00,000 3.50%

5,55,000

3.24%

11,341 0.07%

1,21,75,126 71.08%

As at

March 31, 2025

No.

of shares

Nil

As at March 31, 2024

Number of shares % of holding

12,020 0.07%

5,24,600 3.06%

1,32,600

0.77%

32,72,686

19.11%

4,04,924 2.36%

28,81,832 16.82%

36,14,232

21.10%

6,00,000 3.50%

5,55,000

3.25%

1,25,97,894 73.55%

As at

March 31, 2024

No. of shares

Nil

85,64,750

Nil

% change

during

the year

0.07%

2.5%

(0.07%)

2.47%

Tinna Rubber and Infrastructure Limited

Notes

to consolidated financial statements for the year ended March 31,2025

/\II amount in

Rs. lakh, unless otherwise stated

As at As at

March 31, 2025

March 31, 2024

14 Other equity

Securities premium account

General reserve

Retained earnings

Equity instruments through

other comprehensive income (OCI)

Foreign currency translation reserve

share based payment reserve

Notes:

(a) Securities premium reserve

Opening balance at the begning

of the year

Less: Issue of bonus shares

Closing balance

(b)

General r eserve

Opening balance at

the begning of the year

Add: during

the year

Closing balance

Opening balance

at the begning of the year

Profit

for the year (including associate profit share)

Comprehensive income

for the year (including associate OCI share)

Dividend paid during the year

Closing balance

(d) E

quity instruments through other comprehensive i ncome

Opening balance at the begning

of the year

Add:Re-mesurement gains

on investments [FVTOCI]

Gains on de-recognition

of Investments [FVTOCI]

Closing balance

Opening balance at the begning

of the year

Other comprehensive income

for the year

Closing balance

(f) Share based payment reserve

Opening balance at the begning of the year

/\ddition during the year

Closing balance

(g) Nature and purpose of reserves

Securities premium

300.13 300.13

169.68 169.68

12,842.28 8,336.30

2,597.38 2,245.16

45.23 13.46

148.

16,102.74 11,064.73

300.13 1,156.61

856.48

300.13 300.13

169.68

169.68 169.68

8,336.30 5,238.44

4,835.57 4,028.

13.00 11.23

(342.59) (942.12)

12,842.28

8,336.30

2,245.16 2,177.22

352.22 67.94

2,597.38 2,245.16

13.46

31.

77 13.46

45.23 13.46

148.04

The amount received in excess

of face value of the equity shares is recognised in securities premium. In case of equity settled share based payment

transactions,

the difference between fair value on grant date and nominal value of share is accounted as securities premium reserve. The reserve

can be utilised only for limited purposes such as issuance of bonus shares in accordannce with the provisions of the Companies Act, 2013

General reserve

The general reserve

is used from time to time to transfer profits from retained earnings for appropriation purposes. As the general reserve is

created by a transfer from one component of equity to another and is not an item of other comprehensive income, items included in general

reserve w ill

not be reclassified subsequently to profit and loss.

Retained earnings

Retained earnings are profit the Holding Company has earned till date less transfer to general reserve, dividend or other distribut ion or transaction

with shareholders.

quity i nstruments through other compr ehensive income

The said portion

of equity represents excess/(deficit) of investment valued at fair value t hrough other comprehensive income in accordance with

Ind /\S 109 "Financial Instrumen

ts" as specified under section 133 of the Act, read with Rule as amended an the Companies (Indian Accounting

Standards)

Rules, 2015

Share based payment reserve

The employee share based payment reserve is used to recognise the compensation related to share base wards issued to employees under

Company's share based payment scheme.

nnna Rubber and Infrastructure limited

Notes to consolidated financial statements for the year ended March 31,2025

All

.:imo unt in Rs. lakh, unless otherwise stated

15 Non current financial liabilities

Long

term borrowings

Secured

a) Term loan

from banks

Canara Bank

State Bank

of India

b) Vehicle

loan

From banks

IID

FC Bank Limited

Canarn Bank L1

m1ted

Kotak Mahindra Bank Limited

Bank of Baroda Limited

Svc co-operative

c) From

others

BMW Financial Services

Daimler India Financial Pvt Ltd.

Muscat Finance Company

Notes:

A) Guaranteed Emergency Credit

line-GECL-2.0 - Canara Bank

Non-Current

As at

March 31, 2025

144.38

5,677.11

7.98

265.57

35.99

332.39

78.60

11.46

18.83

6,572.30

Current Maturities

Asat As at As at

March 31, 2024 March 31, 2025 March 31, 2024

380.62

236.25 236.25

3,787.72 700.00 474.90

5.50

16.67 13.37 17.92

207.35

136.21 97.91

32.57

22.82 15.65

209.58 56.68 29.98

17.29

25.81

14.35 13.37

4.38

16.91 4.14

4,664.70 1,213.88 895.62

(a) Working capital term loan

from Canara Bank under GECL 2.0 scheme and is taken for a sum of Rs. 630 lakh at an interest rate of 9.25% p.a., to build up current aseets and to meet

operational liabilities, make statutory payments and meet liquidity mismatch arising out of (OVID 19 outbreak in the business.

(b)

(1) Primary security

The assets created

out of the facility so extended i.e. pari-passu 1st charge on the entire current assets of the Holding Company.

(ii) Collateral securities

he additional WCTL sanctioned under GECL 2.0 scheme shall rank second charge with the existing credit facilities with charge on the assets financed under the scheme t o be

created

on or bcfore30.06.2021 or date of NPA, whichever i s earlier.

(1i1) Terms of repayment are as under:-

1 he balance outstanding as on March 31, 2025 Rs. 170.56 lakh is payable in 13 monthly instalments of Rs. 13.12 lakh (plus interest) each, last installment falling due on April 08,

2026.

B) GECL-2.0 (Extension)-Canara Bank

(a) Working capital term

loan (WCTL) from Canara Bank under GECL 2.0 (extension) scheme is taken for a sum of Rs. 315 lakh at an interest rate of 9.25% p.a., to build up current assets

and

to meet operational liabilities.

(b) The said loan is secured by

way of the assets created out of the credit facility so extended. The additional WCTL facility granted under GECL 1.0 (extension)/GECL 2.0(Extension)/GECL

3.0

(Extension) shall rank second charge with the existing credit facilities.

of repayment are as under:-

The

balance outstanding as on March 31,2025 Rs. 209.92 lakhs is payable in 32 monthly instalments of Rs. 6.56 lakh plus interest and last installment falling due on 12.11.2027.

(d) There are no defaults

of repayments of principal and int erest during the year.

C) Term loan from State Bank of India:

The Holding Company has been sanctioned a

term loan from State Bank of India for a sum of Rs. 2545 lakh at an interest rate of 9.65% p.a. for the purpose of establishement of Varle

Plant. The said loan

is secured by way of hypothecation of plant and machinery purchased out of the bank's finance and Exclusive charge by way of equitable mortgage over factory

land & building bearing Survey no. 7 &

71/2, Varle, Wada, Palghar

II Collateral

securities

Equitable

mort gage over residential building bearing Survey Number : khasra no. 448,449,450 & 451, Situated at farm house with commercial conversion built on khasra no. 448,

449, 450 & 451

Chm Mm Farm ,Village Satbari, Chattarpur, Mehrauli New Delhi 110074 measuring t otal area 13569.23 Sq mtrs in the name of Chin Min Developers Private Limited

Ill Term loan outstanding balance of Rs. 2345 lakhs is to be paid in 57 monthly installments, 2 monthly Installment having principal amount Rs.20lakhs plus interest,54 monthly

installment having principal amount of Rs. 42 lakhs plus interest & last 57th installment having principal amount of Rs. 37 lakhs plus interest and last installment falling due on

December 20 ,2029.

IV There are no defaults

of repayments of principal and interest during the year.

Personal Guarantee of Mr. Bhupinder Kumar Sekhri & Mr. Gaurav Sekhri (directors of the Holding company)

D) Term loan from State Bank of India:

The Holding Company has been sanctioned a term loan

from State Bank of India for a sum of Rs. 2250 lakh at an interest rate of 9.65% for the purpose of taking over of earlier term

loan taken from India Bulls Commercial Credit Limited

(IBCCL). The said loan is secured by way of hypothecation of plant and machinery purchased out of the bank's finance.

II Collateral securities

Equitable mortgage

over residential building bearing Survey Number : kh no. 448,449,450 & 451, Situated at farm house with commercial conversion built on khasra no. 448, 449,

450 & 451 Chin

Min Farm ,Village Satbari, Chattarpur, Mehrauli New Delhi 110074 measuring total area 13569.23 Sq mtrs in the name of Chin Min Developers Private limited

Ill Terms of repayment are as under:•

Term loan outstanding balance

of Rs. 1450 lakhs is to be paid in 72 installments, in which 71 monthly installment having principal amount of Rs. 20 lakhs plus interest and 72nd

installment having principal

amount of Rs. 30 lakhs plus interest and last installment falling due on March 25,2031.

IV There arc

no defaults of repayments of principal and interest during the year.

V Personal Guarantee

of Mr. Bhupinder Kumar Sekhri & Mr. Gaurav Sekhri (directors of the holding company)

E) Term Loan from State Bank of India:

I The Holding Company

has been sanctioned a term loan from State Bank of India for a sum of Rs. 2734 lakh at an interest rate of 9.65% p.a.for the purpose of establishement of Varle

Plant. The said loan is secured by way

of hypothecation of plant and machinery purchased out of the bank's finance and Exclusive charge by way of equitable m ortgage over factory

land & building bearing Survey

no. 7 & 71/2, Varle, Wada, Palghar.

Collateral secur

ities

Equitable mortgage over residential building bearing Survey Number : kh no. 448,449,450 & 451, Situated

at farm house with commercial conversion built on khasra no. 448,449,

450 & 451 Chin

Min Farm ,Village Satbari, Chattarpur, Mehrauli New Delhi 110074 measuring total area 13569.23 Sq mtrs in the name of Chin Min Developers Private limited

Ill Term loan outstanding balance of Rs. 2522.97 lakhs and Rs.211.03 drawn subsequent to the balance sheet date i s t o be paid in 96 monthly inst allments.after 12 Month moratorium.

IV There arc no defaults of repayments of principal and interest during the year.

V Personal Guarantee

of Mr. Bhupinder Kumar Sekhri & Mr. Gaurav Sekhri (Directors of t he Holding Company)

F) Others

i) Vehicles and equipment loans are secured against the respective assets and

interest is in the range of 7.90% p.a to 9.55% p.a.

ii) The loans are repayable in range of 23-84 monthly installments and last installment falling due on May 31, 2031.

F) Muscat Finance Company

i) Vehicles loan 1s secured against the respective assets and interest is 11.06% p.a.

16 Non current provisions

Provision

for employee benefits (refer note 37)

- Gratuity

• L

eave encashment

17 Deferred tax

assets (net)

Tax expenses

Particulars

Amount recognised in statement of profit and loss

Current tax

Tax related to earlier years

l)eferred tax charge/ (credit)

Tax expenses for the period/ year

Particulars

Amount recognised

mother comprehensive income

ax on remeasurement of defined benefit plan charge/ (credit}

Tax expen

ses for the period/ year

Particulars

Accounting

profit/ (loss) before income tax(A)

Computed tax expense

at statutory rate (B)

Ad Justed to taxable profit

i ) Tax effect on non deductible expenses

ii) Other

iii)

Effect of tax on capital gain

1v) Tax related to earlier years

v) Difference in tax rate

of foreign subsidiary

Income

tax expense reported in to the statement of profit and loss (C)

Effective tax rate (D=C/A)

As at As at

March 3 1, 2025 March 31,2024

308.76 243.28

101.53 67.29

410.30 310.57

or the year ended

Forthe year

ended

Mar ch 31, 2025

March 31, 2024

1,304.47 1,228.95

5.56

179.64 11.34

1,489.66 1,240.29

For

the year ended

For t he year

Mar ch 31, 2025

ended

March 31, 2024

(51.48) (25.06)

(51.48!

!25.06)

For the year ended

For

the year

Mar ch 31, 2025

ended

March

31, 2024

6,325.24 5,023.94

1,427.89 1,264.43

(18.31) (35.48)

(0.76)

31.18

5.56

44.11 11.34

,489.66 1,240.29

1,489.66 1,240.29

23.55% 24.69%

Tinna Rubber and Infrastructure Limited

Notes

to consolidated financial statements for the year ended March 31,2025

/\II amount in

Rs. lakh, unless otherwise stated

(d)

Particulars

Deferred tax liabilities/(assets) comprises:

Temporary difference arising from depreciation

Expenses allowable on payment basis

For loss and unabsorbed depreciaiton carried

forward under the Income

Tax Act

DTA on unrealised profit

Right of use & lease liability

Balance sheet Statement

of profit & loss

As at March As at March For the year For the year

31,2025 31,2024 ended March

31, ended March 31,

2025 2024

833.72 574.

64 259.08 26.01

(213.58) (179.88) (85.18)

(2.13)

(1.94) 1.94 (1.94)

(6.19) (9.97)

3.80 (9.97)

(0.53) (0.53)

613.95 382.32 179.64 11.44

Other comprehensive income

For

the year For the year

ended March 31,

2025

(51.48)

ended March 31,

2024

(25.06)

18 Current financial liabilities

18.1 Short term borrowings

Secured (at amorti

sed cost)

Repayable on demand

As at

March 31, 2025

As at

March 31,2024

From Bank

Cash credit facility -Canara Bank

3,243.50

2,458.47

Cash credit facility- State Bank of India

Cash credit facility-HDFC

979.67

870.22

458.05

Buyers credit facility-Canara Bank 40.16

Current

mat urities of long-term borrowings (refer note 15)

Unsecured

1,213.88 895.62

Unsecured loan from Directors and its re

latd party (refer point ii below) 471.25

Notes:

(i)

(a)

6,818.67 3,812.14

Working Capital Limit (CC and Buyers credit facility)

The Holding Company has availed working capital limits of Rs.4400 lakh (March 31, 2024 Rs.3500 lakh) from Canara Bank at an interest rate of

9.25% which is secured by hypothecation of inventories of raw materials, work-in-progress, finished goods, and trade receivables arising out of

business transactions. In addition, the borrowings are further secured by equitable mortgage of industrial land and buildings located at (i) Plot No.

6, Khasra No. 267 min and 269, Village Sultanpur, Tehsil Hauz Khas, New Delhi (measuring 2.05 bighas), (ii) 14,000 sq. meters at Village Pali

Jawahar Vikramgad Road, Taluka Wada, District Thane, Maharashtra, bearing Gut No. 113/2 and 114/2, and (iii) 236,136 sq.

ft. (approx. 5.44 acres)

at Village Chitur Natham, Gummidipundi Taluk, Thiruvallur District, Tamil Nadu, under Survey Nos. 64/2, 64/3, 64/4, 73/5, 73/6, 73/7, and

73/9-all in the name of the Company. The borrowings are also additionally secured by a proposed lien over mutual funds and/or fixed deposits in

the name of the Company or Trust, and by hypothecation of all present and future movable fixed assets of the Company, excluding those financed

through exclusive term loans from State

Bank of India or other financial institutions.

The Holding Company has availed a working capital

limit of Rs. 1,000 lakhs (March 31, 2024: Rs.1,000 lakhs) from State Bank of India at an interest

rate

of 9.65% p.a. The facility is secured by way of first pari passu charge on hypothecation of inventories, including raw materials, stock-in-

process, finished goods (present and future), packing materials, internal stores, spares, consumables, book debts, receivables, and goods in transit.

c) The Holding Company has availed working capital limit of Rs.1000 Lakhs from HDFC at an interest rate of 9.25% p.a. and are secured by a first pari

passu charge by way of hypothecation on current assets including stock and receivables, both present and future, shared with existing lenders.

Additionally, a pari passu charge has been created on the Company's immovable properties, which include: (i)

Land and Building at Plot No. 6,

Khasra No. 267 min (0-10) and 269 (1-11), Village Sultanpur, Tehsil Hauz Khas, New Delhi; (ii) Land and Building at Refinery Road, Village Rajapur,

Panipat; (iii)

Land and Building at Village Pali, Jawahar Vikramgad Road, Taluka Wada, Maharashtra; and (iv) land and Building measuring 5.44

acres at Village 17, Chitur Natham, Gummidipundi Taluk, Thiruvallur District,

Tamil Nadu, under Survey Nos. 64/2, 64/3, 64/4, 73/5, 73/6, 73/7,

and

73/9-all in the name of the Company. Further, the borrowings are supported by personal guarantees of the Promoter Directors, Mr.

Bhupinder Sekhri and Mr. Gaurav Sekhri.

(d)(i) Aggregate amount

of Canara Bank working capital limits secured by way of personal guarantees of

Bhupinder Kumar Sekhri and Gaurav Sekhri, Directors of the Company, Puja Sekhri, Aarti Sekhri &

Shobha Sekhri relative of Director

(d)(ii) Aggregate amount

of State Bank of India working capital limits secured by way of personal guarantees of

Bhupinder Kumar Sekhri and Gaurav Sekhri, Directors of the Holding Company.

Aggregate amount

of HDFC working capital limits secured by way of personal guarantees of Bhupinder

(d)(iii) Kumar

Sekhri and Gaurav Sekhri, Directors of the Holding Company.

3,283.66

979.67

870.22

2,458.47

458.05

(ii)

The Holding Company has availed unsecured loan of Rs. 254.69 lakhs and Rs. 216.56 lakhs from Bhupinder Ku r Sekhri and Gaurav Sekhri, Directors of

the Holding Company and Bee Gee Ess Farms And Properties Private limited at the rate of interest of 10% p.a.

(iii) There are no default in the repayment of borowings and interests as on the date of the balance sheet.

Tinna Rubber and Infrastructure limited

Notes to consolidated financial statement s for the year ended March 31,2025

All amount in

Rs. lakh, unless otherwise stated

18.2 Trade payables

Particulars

Total outstanding dues

of micro enterprises and small enterprises

Total outstanding dues o f creditors

other than micro enterprises and small enterprises

Trade oavables ageJng schedule

for the vcar ended as on March 31 2025 •

Outstandinir:

for followinir: Deriods from due date of Davment

Particulars

Not due Less than 1 Years 1-2 years 2-3 years

i) Undisputcd-MSME 387.14

iil Undisouted-Others 2 628.81 I 563.50 62.15 29.69

iii} Disputed dues - MSME

ivlDisou

tcd dues• Others

Total 3,015.95 1,563.50 62.15 29.69

Trade oavables air:einir: schedule for the vear ended as on March 31 2024·

Out

standinsi: for following oe,iods from due date of oavment

Particulars

Not due

(i) Undisputed-MSME 162.08

Iii\ Undisouted-Othets I 034.25

(iii) Disputed dues-MSME

OvlDiscuted dues • Others

Total 1196.33

Notes:

a) Refer note no. 41 for outstanding balances pertaining to related parties.

b) The amounts

arc unsecured and arc usually paid within 120 days of recognition.

18.3 O

ther f inancial liabilities

Unpaid dividend

(refer note no. (i) below)

Interest accrued

but not due on borrowing

Others

-Credi

tors for capital goods

-Employee

benefit e11.penses

-Other payables

Notes:

Less than 1 Years

1-2 years 2-3 years

I 915.15 29.12 228.65

1 915.

29.12 228.65

As at

March 31, 2025

387.14

4 303.78

4 690.92

More than 3

vears

19.63

More t han 3

years

22.79

As at

March 31, 2025

30.90

6.06

270.90

336.68

7.95

652.49

As at

March 31,2024

162.08

3 229.96

3 392.04

Total

387.14

4 303.77

4 690.92

Total

162.08

3 229.96

3 392.04

As at

March 31,2024

19.64

5.23

4.87

226.12

135.58

391.44

(i) Investor education and protection fund is being credited by the amount of unclaimed dividend after seven years from the due date. The Holding Company has t r;msferred Nil

(March 31,2024:NIL)

out of unclaimed dividend to Investor Education and Protection Fund of Central Government in accordance with the provisions of section 124 of the

Companies Act,2013. c1Ccept an amount of Rs 2 36 Lakhs related to the financial year ending March 31, 2015, has been deposited in the Investor Education and Protection Fund

during the previous year.

( ii) Employees benefit expenses include payable

to directors.

(iii)

Other payables are in respect of staff imprest and other miscellaneous liabilit!es payable.

(iv) Credit

or for expenses due to re lated party (refer note 41)

Other cuttcnt liabilities

Advance from customers

Statutory dues

• Goods and Service

Tax {GST)

• Others statutory dues (refer note (i) below)

Other l

iabilities (refer note (Ii) below)

Notes:

36.15

Asat

March 31, 2025

44.53

131.38

104.90

12,1.23

402.02

( il Other statutory dues are in respect of tax deduct at source, lax collect at source, provident fund, employees estate insurance and professional tax payable.

(ii)

Other liabilities arc in respect of deposits against C Forms, interest on statutory dues and other miscellaneous liabilities.

20 Current pr ovisions

Provision

for employee benefits (refer note 37)

• Gratuity

- Leave encashment

Notes:

As at

March 31, 2025

96.57

55.30

151.87

13.42

As at

March 31,2024

61.41

24.58

97.96

384.37

568.32

As at

March 31,2024

68.99

41.47

110.46

(i) Provisions are recocnized for gratuity and leave encashment. The provisions are recognized on the basis o f past events and probable settlements of the present obligations as a

result

of the past events, in accordance with Indian Accounting Standard-37,

21 Current t ;ix

liabilities (net)

Income

tax. {Net of TDS and Advance Tax Rs.1033.33 lakh (March 31,2024 Rs.573.91 la kh)}

"This space has been

intentionally left blank."

As at

March 31, 2025

275.25

As at

March 31

2024

240.47

240. 47

Tinna Rubber and Infrastructure Limited

Notes

to consolidated financial statements for the year ended March 31,2025

/Ill amount

in Rs. lakh, unless otherwise stated

22 Revenue from operations

Sale of products (refer note below)•

Finished goods

Traded goods

Sale of services

Other operating revenues

Sale of EPR Credit

Notes:

(i) Timing of revenue recognition

Goods t ransferred at a point

of time

Services transferred over of period of time

Total revenue from contract with customers

(ii) Disaggregation of revenue based on products or service

a) Sale of finished goods:

Road sector:

Crumb rubber modifier (CRM)

Emulsion

Crumb rubber modified bitumen (CRMB)

Crumb rubber

Rubber parings

Non-road sector:

Crumb rubber

Reclaimed rubber

Others:

Steel scrap

Polymer Composite

Cut wire shot

Sales others

b) Sale of traded goods:

/\qualoc-HW-4

Bitumen/Crumb Rubber

Modified Bitumen (CRMB)

Steel shot

Old

tyre scrap

Steel scrap

Sales others

c) Sale of services:

Modification charges/ service income

Equipment rental income (Mobile unit)

d) Other operating revenues:

Freight on sales recovered

e) Sale of EPR Credit

(iii) Revenue

by location of customers

India •

Outside India

.. Refer note no. 41 for transactions pertaining to related parties

23 Other income

a) Interest received on financial assets carried at amortised cost:

-Interest income from banks

-Interest income from others

b) Other non-operating income

-Rental income

- Foreign currency exchange fluctuations (Net)

- Profit on sale

of plant, property and equipment (net)

Excess provision written back

-Government grant and assistance

-Miscellaneous income

For the year ended

March 31, 2025

40,289.76

6,785.63

439.67

63.03

2,956.43

50,534.52

50,059.66

474.86

50,534.52

3,S13.81

1,764.78

441.25

14,124.11

19,843.95

9,029.0S

4,103.91

13,132.96

5,631.38

627.51

1,029.13

24.83

7,312.85

40,289.75

3,355.78

2,464.80

111.75

828.12

25.18

6,785.63

123.77

315.

439.67

63.03

2,956.43

47,705.38

2,829.14

50,534.52

11.74

18.39

1.36

83.72

218.05

13.76

94.65

6.68

448.34

For

the year ended

March 31,2024

29,519.76

5,774.04

252.88

96.12

660.00

36,302.80

36,049.92

2S2.88

36,302.80

2,135.0 2

1,154.38

101.75

9,4S9.28

872.55

13,722.98

7,208.68

3,990.94

11,199.62

3,606.48

937.00

53.68

4,597.16

29,519.76

208.00

5,096.82

270.81

198.41

5,774.04

138.23

114.6S

252.88

96.12

660.00

33,873.32

2,429.48

36,302.80

7.80

26.62

5.92

6.58

8.14

19.9S

54.43

2.93

132.37

Tinna Rubber and Infrastructure Limited

Notes to consolidated financial statements for the year ended March 31,2025

All amount in Rs. lakh, unless otherwise stated

24 Cost of materials consumed

Used old tyre

Natural asphalt

Crumb rubber

Bitumen

Packing materials

Extended producer responsibility

(EPR)

Others

25 Purchase of stock in trade (traded goods)

Aqualoc

Old Tyre Scrap

Steel shots

itumen and others

26 Change in inventories of finished goods, work-in-progress and traded goods

Inventori

es at the beginning of the year

Work-in-progress

Finished goods

Traded goods

Steel scrap

Inventories at the end of the year

Work-in-progress

Finished goods

Traded goods

Steel scrap

(Increase)/ decrease in inventories of finished goods, work-in-progress and traded

goo

"This space has been intentionally left blank."

For the year ended For the year ended

March 31, 2025 March 31,2024

16,622.81

10,682.27

481.79

162.86

156.03

171.80

1,456.10 819.55

579.67

374.48

407.94

1,765.86 1,597.10

21,470.20

13,808.06

For the year ended

For

the year ended

March 31,2025 March 31,2024

205.33

111.73

205.30

1,776.89 1,023.06

4,954.11

4,758.59

6,842.73 6,192.28

For the year ended

March 31,2025 March 31,2024

421.83 764.31

674.92

1,346.75

794.61

0.05

56.74

33.25

1,948.10 2,144.36

627.56

421.83

1,005.92 674.92

687.18

794.61

129.23

56.74

2,449.90 1,948.10

(501.80)

196.26

Tinna Rubber and Infrastructure Limited

Notes to consolidated financial statements for the year ended March 31,2025

All amount in Rs. lakh, unless otherwise stated

27 Employee benefits expenses

Salary, wages, bonus and other benefits

Contribution towards PF and other funds

Gratuity and leave encash

ment (Refer note no. 37)

Staff welfare expenses

Employee stock option expense (Refer

note no. 51)

28 Finance costs

Interest expense

Other borrowing costs

29 Depreciation and amortisation expenses

Depreciation on property, plant and equipment

Amortisation o f right of use assets

Amortisation

of intangible assets

30 Otherexpenses

Power and fuel

Job

work charges

Rent

Repair & maintenance :

to buildings

-t o machinery

to others

Insurance expenses

Rates and taxes

Legal and professional charges

Travel, conveyance and vehicle maintenance

Telephone, internet, p

ostage & courier

Allowance for expected credit loss provided

Loss on sale of property,plant & equipment

Payment

to auditors

Commission

Transpo

rtation expenses and export expenses

Business promotion and marketing expenses

Bank charges

Corporate social responsibility expenses

iscellaneous expenses

For the year ended For the year ended

March 31, 2025 March 31,2024

4,804.98

3,038.13

276.99

211.97

126.32

101.53

152.60 136.22

148.04

5,508.93 3,487.85

1,023.20 645.55

67.92 55.45

1,091.12 701.00

934.75 568.92

29.16 67.16

6.01 5.50

969.92 641.58

3,056.77

2,166.60

295.59 272.91

110.39 122.79

127.57 25.20

1,480.20 878.54

57.44 25.60

78.28

47.58

91.58

80.01

429.51

403.10

635.39 382.35

38.91 42.29

77.39

128.57

14.45 13.72

26.52 20.45

52.23 53.38

2,211.83 1,132.46

191.50

126.17

57.23

.66

69.88 34.87

494

.35 342.46

9,597.01 6,356.71

Tinna Rubber and Infrastructure limited

Not es t o consolidated financial statements for the year ended March 31, 2025

All amount in Rs. iakh, unless otherwise stated

31 Earnings per share

a) Basic earnings per share

Numerator for earnings p er share

- Profit after tax

Denominator for earn ings p er share

- Opening

number of equity shares

- Issue

of bonus shares

- Weighted

number of equity shares out sta nding during the year

Earnings

per shar e-basic (one equity share of Rs.10/-each)

Diluted earnings per share

Numerator for earni ngs per share

- Profit a

fter tax

Denominator for earnings per share

- Opening

number of equity shares

- Issued bonus shares

- Weighted average

number of potential equit y shares on account of employee

stock

option

- Weighted number of equity shares outstanding during t h e year

arnings per share-Diluted (one equity share of Rs.10/ - each)

s. in lakh)

(Nos.)

(Rs.)

(Rs. in lakh)

(Nos.)

(Rs.)

For

the year ended

March 31, 2025

4,835.57

1, 71,29,500

28.23

4,835.57

1, 71,29,500

21,583

1,71

,51,083

28.19

For the year ended

March 31, 2024

,028.75

85,64,750

85,64, 750

71,29,500

23.52

4,028.75

85,64,750

85,6

4,750

1,71,29,500

23.52

Not e: During the previ ous year ended 31 March 2024, the Holding Company has issued bonus shares in the ratio of 1:1 fully paid-up equity shares of Rs. 10/-(Rupees Ten

) each

in proportion of 1 (One) new fully paid up equity shares of Rs. 10/· (Rupees Ten) for every 1 (One) existi ng fully p aid-u p equity sh ares of Rs. 10/· (Rupees Ten)

each.

32 COMMITM E

NTS AND CONTINGENCIES

A Contingent liabilities (to the extent not provided for)

a) Claims filed against the holding company not acknowledged as debts

(Advance paid

Rs. N,I (March 31, 2024: Rs. Nil)) (refer note below (1))

b) Bank guarantees obtained from banks

c) Disputed tax liabilities

1n respect of pending cases before Appellate Authorities (refer note below

(ii)){Advancc paid Rs. 68.27 Lakh (March 31, 2024 Rs. 41.29 Lakh))

d) Corporate guarant ees (refer

note below SO(ii))

c) Custom

duty saved on machinery imported under Zero Duty EPCG Scheme (Export Promotion Capital

Goods Scheme), for which holding company has undertaken export obligation worth six times of the duty

saved (refer note below (111))

f } Custom duty saved on raw material under Zero Duty Advance license Scheme (refer note below (iv))

( I

he holding company is reasonably certain to meets its export obligations, hence 1t does not ant icipate a

loss

with respect to these obligations and accordingly has not made any provision in its financial

su1temcnts.)

g) Demand raised by TOS department (Tax Deduction at Source)

tes:

(i) A claim has been filed against the Holding Company by a supplier for recovery which is pending before

I he VII /\ddl. City Civil Court, Chenna1 which had been decreed by the said court. The holding Company

has filed appeal

before Hon' ble High Court Chenna1.

fhe Holding Company has filed a case against a customer for recovery of Rs. 86.73 lakhs in the District

Court

Pat iala House , New Delhi. A counter claim has been filed against the Holding Company by an

associate

of the customer for recovery which is pending before The Civil Judge, (Howarh, West Bengal).

The Holding Company is contesting

the same.

A claim has been filed against

the Holding Company by a suppler for recovery which ls pending before

The Civil Court, Panipat. The Holding Company is contesting the same.

March 31, 2025

48.12

895.03

1,182.36

61.23

103.56

25.80

2 316.10

17.77

25.50

48. 12

As at

March 31, 2024

4 8.12

625.69

972.13

6,065.00

48.19

86.81

19.11

865.05

17.77

25.50

4.85

48.12

Tinna Rubber and Infrastructure limite d

Notes to consolidated financial statements for the year ended Mar ch 3 1, 2025

All amount in Rs lakh, unless otherwise stated

(11) rhe various disputed tax litigations are as under·

SI. Description

Court/ Authority

Income Tax

(i)

Commissioner of Income

Addition made

Assessing Officer on

Tax(Appeals) Delhi

occount of delay in payment of rr n,.78.35

lakhs and others disallowance Rs. 4.83 lakhs.

No tax demand due to loss Return

(11)

lax due to dis allowance of PF & ES!

Income Tax Appellant Tribunal

Delhi

(i11)

Tax due to d1sallowance of PF & ES!

Joint Commissioner (Appeals)

Excise Duty

(i)

Excise Duty Liability (excluding interest and Customs, Excise & Service Tax

penalty) on account of differential duty on the Appellate Tribunal, West

intermediate goods transferred from Silvassa Zonal Bench, Ahmedabad

unit to Kala·amb for use in production.

(11) Excise Duty liability (excluding interest and Commissioner Central Excise

penalty)

on account of differential dut y on the Silvassa

intermediate goods transferred from Silvassa

unit to Kala•amb for use in production.

(11i)

Excise Duty liability (excluding interest and Customs, Excise & Service Tax

penalty)

account of duty on exempted Appellate Tribunal, West

Goods Zona l Bench, Ahmedabad

(1v)

Excise Duty L1ab1hty (excluding interest and

Commissioner of Central

penalty) on account o f differential duty on the

Excise (Appeals), Mumbai

ma chineries transferred from Mumbai unit to

Pan1pat unit

(v)

Excise Duty liability (excluding interest and

Customs, Excise & Service Tax

penalty) on account of recovery of excise duty

Appellate Tribunal, West

and reversal of CENVAT credit for input and

Zonal Bench, Chandigarh

input services

(v1)

Excise Duty & Service Tax Liability (Excluding

Customs, Excise & Service Tax

Inte r

est and Penalty on Excise Duty & Service

Appellate Tribunal,

Tax

L1ab1lity) on account o f reversal of CENVJ\T

Chandigarh

credit for input and input services

(vii)

Excise Duty & Service Tax Liability (Excluding

Customs, Excise & Service Tax

Interest and Pe nalty on Excise Duty & Service

Appellate Tribunal,

Tax liability) on account o f reversal of CENVAT

Chandigarh

credit for input and input services

(v111)

Service Tax liability (Exclu ding Interest and

Customs, Excise & Service Tax

Penalt y

on Service Tax Liab1hty) on account of

Appellate Tribunal, Delhi

reversal of CENVAT credit for input services

&Service Tax on expenses reimbursed by

Associates

Financial year to

Disputed Amount

As a t As

which relates

March 31, 2025 March 31, 2024

2017-18

20.99

2017-18 & 2021-22 17.51

2018-19 ,2019-20 &

23.18

2020-21

2010-11

to 2011-12 5.50

2010-11 to 2011-12 5.50

May, 2010to July,

97.60

2012

2011-12

1.45 1.45

2012-13 t o 2013-14

71.26 71.26

(up to December

2014)

2014-15

92.12 92.12

2015-

16 75.88

75.88

01.10.2016 to 8.12 8 .12

30.06.2017

linna Rubber and Infrastructure limited

Notes to consolidated financial statements for the year ended March 31, 202S

All amount in Rs lakh unless otherwise s tated

(ix)

Excise Duty & Service Tax Liability I Excluding Commissioner of GST &

Interest and Penalty on Excise Duty & Service Central Excise(Appeals•II),

Tax Liability) on account of reversal of CENVAT Chennai

credit for input and input services

[x) Customs, Excise & Service Tax

Excise Duty & Service Tax Liability (Excluding

Appellate Tribunal, Chennai

Interest and Penalty on Excise Duty & Service

Tax liability) on account of reversal of CENVAT

credit for input and input services

c) Custom Duty

(i) Counter Veiling Duty (CVD) on Import of old Hon'ble High Court of Delhi

used tyre scrap (refer point (vij))

(11)

Redemption fine and penalty on import of old

Customs, Excise & Service Tax

used tyre scrap

Appellant Tribunal Allahabad

(111)

Cenvat credit of special additional duty(SAO)

Commissioner of Central

on import of old used tyre scrap

Excise(Appeals). Thane,

Mumbai

d) Sales Tax

(i)

Central Sales Tax Maharash tra Sales Tax

Tribunal

Mumbai

(11)

Cent ral Sales Tax Maharashtra Sales Tax

Tribunal

Mumbai

(iii) Value Added Tax(VAT) Additional Commissioner

(CT)(Revision Petition,

Chennai

(iv) Value Added Tax(VAT) High Court Calcutta

e) Goods And Service Tax

(i) Penalty Commissioner of Central

Goods & Service Tax[Appeal)

Thane, Mumbai

·---

(11)

D1sallowance of Input Tax Credit (Excluding

Commissioner of Central

int

erest and penalty) Goods & Service Tax(Appeal)

Thane, Mumbai

[111)

Oisallowance of Input Tax Credit Commissioner o f Cent ral

Goods & Service Tax(Appeal)

Panipat

[1v) Disallowancc-of Input Tax Credit Commissioner of GST,

Gurugram

Service Tax

(,)

Demand of Service Tax on Operation & Commissioner of Central

Maintenance Charges of Excisable product Excise & Central Tax,

Mam~alore

(11) Demand of Service Tax on Freight Commissioner of Centtral

Excse & Service Ta

Panchkula

Total

01.04.2015 to

165.99

30.06.2017

01.04.2015

to 153.38

30.06.2017

2013-14 40.61 40.61

2014-15

110.97

2015-16

113.22 113.22

2016-17 85.48

85.48

Apri l 2017 to June

6.14 6.14

2017

l 5ep 2015 to 31 5.00 10.00

Oct 2015

1 October 2015

to 6.69 6.69

30 June 2017

st April ,2017 t o

7.63

30th June 2017

2016-17 38.87

38.87

2016-17

4.48

2016-17 2.39

July 2017

to March

0.2S 0.25

2019

July 2017

to March

13.36 13.36

2019

2018-19 18.15

FY 2020-21 & 2021-261.42

Dec 2015

to June

18.33

2017

Oct 2016

to June

0.96

2017

1,182.36 972.13

Tinna Rubber and Infrastructure limited

Notes to consolidated financial statements for t h e year ended M arch 31, 2025

J\11 amount in Rs. lakh, unless otherwise stated

(ui) fhc Holding Company is under obligation to export goods within the period of 6 years from the date of issue of EPCG licenses (up to 25.09.2030) in terms of Chapter

of the Foreign Trade Policy 2023. As on date of balance sheet, the Holding Company is under obligation to export goods worth Rs. 367.38 Lakhs (March 31,2024 Rs.

289.18 Lakhs) within the stipulat ed time as specified i n the respective licenses. Till the year end Holding Company has fulfilled export obligation Rs. 38.85 Lakhs

(March 31,2024 Rs. Nil).

(iv)

The Holding Company is under obligation to export goods withi n the period of 1.5 years from the date of issue of Advance licenses issued i n terms of Chapter 4 of

the Foreign Trade Policy 2015·20. As on dat e of balance sheet, the Holding Company is under obligation to expo rt goods worth Rs. 1434.90 lakhs (Crumb Rubber

3457

MT & Reclaim Rubber 2752 MT) {March 31,2024 Rs. 1390.62 Lakh {1125 MT Crumb Rubber and 3752 MT Reclaimed Rubber) within t h e stipulated time as

specified in the respective licenses. Till the year end holding company has fulfilled export obligation of Rs.745.54 Lakhs ( Reclaim Rubber 1301 MT & Crumb Rubber

Powder 203 MT) { March 31, 2024 Rs.940.25 Lakhs (NIL Crumb Rubber and 2259 MT Reclaimed Rubber )).

~It

1s not possible to predict the out come of the pending lit igati ons with accuracy, the Holding Company believes, based on legal opinions received, that it has meritorious

defenses

to the claims. The management believes the pending actions will not require outflow of resources and will not have a material adverse effect upon the results of

the operations, cash flows or financial condition of the Holding Company.

B Commitments

(1) Estimated amount of capital contracts remaining to be executed and not provided for (Net of advances

Rs.376.33 Lak

hs (March 31, 2024: Rs. 316.98 Lakhs)

C Leases

Operating lease commitments • Holding Company as lessor

The Holding Company has given following properties on lease:.

As at

March 31, 2025

712.75

(a)

J\ part of the property situat ed at Gut No.113/2 & 114/2 Village• Pah,Taluka Wada,01strict·Thane,Maharashtra·421303.

(b) l and (Investment Property) situated

at Village Satbari, Tehsil Saket, Delhi.

As at

M arch 31, 2024

513.75

(c)

J\ part of the property situated at Village Rajpur, Refinery Road, Panipat, Haryana-132103, No. 17, Survey No. 64 & 73, Chithur Natham Village, Gummidipoondi,

Tam,lnadu-601201; Mouza-Dighasipur,

P.O. Chakdwipa, P.S. Bhabhanipur, Haldia, West Bengal-721666.

(d) Pre

sent value of minimum rentals receivable under non•cancellable operating leases at March 31, 2025 are as follows.

(i) Wi

thin one year

i) After one year but not more than five y ears

(iii) more than five years

Present val

ue of minimum lease payments

l case payments recognized in the statement of profit and loss as rent Income for

the year

March 31, 2025

1.36

As at

M arch 31, 2024

5.73

2.71

8.44

5.92

Tinn a Rubber and Infrastructure Limited

Notes

to consolidated financial statements for the year ended March 31, 2025

/\II

amount in Rs. lakh, unless otherwise stated

33 In the opinion of t he Board, current assets have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

34 The Holding Company had

invested a sum of Rs. 643.36 lakhs in BGK lnfratech limited (BGK) (termed as Investee holding company), as per IND AS

109"Financial Instruments" as specified under section 133 of the Act, is to be valued at fair value through other comprehensive income (FVTOCI).

Management has got the same revalued from the Independent Valuer and fair value at Rs. 2560.00 lakhs.

35 a) lhc Holding Company has signed a Joint Venture Agreement ("Shareholders Agreement") dated August 30, 2024 with Uonshare Holdings (Pty) Ltd

("JV Partner") and

Mbodla Investments (Pty) Ltd (''JVC"), Johannesburg, South Africa, for the purpose of Setting up of plant for recycling of waste tyres

/ end

of life tyres (ELT) and manufacturing and export of crumb rubber and other allied products, in which the Company will be holding 49%. At the

time of entering Shareholder agreement, paid capital of the JVC is 100 ordinary shares of Rand 1 each and held 100% by the JV Partner. Subsequent to

the JV Agreement, the Holding Company has completed the acquisition of 49% stake in aforesaid JV. The difference between the assets acquired and

consideration paid

in not material. Further the Holding Company has invested their share on February 28, 2025 for Rs. 116.73 Lakhs for 24,50,490

ordinary shares@ Rand 1 each.

b) The Holding Company has invested a sum of Rs. 11.01 lakh in Keerthi International Agro Private Limited towards 11,000 equity shares of Rs.100/-each

holding

29% st.Jke in the investee Holding Company. The Group Company by itself or through its Directors does not exercise any significant infl uence or

the controls of decision of the investing "Ind AS 28 - Investments in Associates". Therefore the said investee holding company has not been treated as

Associates m

term of "Ind AS 28 - Investment in Associate and Joint Venture" in Consolidated Financial Statements (specified under section 133 of

Companies Act 2013) read with relevant rules as amended.

c) r

hc Holding Company had invested into 1,24,000 equity shares of Rs.10/-each fully paid up in Puja Infra tech Private Limited. The said Holding Company

was converted i

nto Limited Liability Partnership {LLP) under t he name of Puja Infra tech LLP having LLP Identification No.: AAL-2641 vide Certificate of

Registration on Conversion dated 29th November 2017 issued by Ministry of Corporate Affairs ("MCA"). The share of The Group Company as a

designated partner

in the total capital of the LLP is 12.41% which amounts to a capital contribution of Rs.12.40 lakhs. The Holding Company had

invested a sum

of Rs. 37.29 lakhs.

The Company had as

per IND AS 109"Financial Instruments" as specified under section 133 of the Act, is to be valued at fair value through other

comprehensive income (FVfOCI). Management has got the same revalued from the lndependnat Valuer and fai r value as at March 31, 2025 Rs. is Rs.

183.25 lakhs. is consistent with that of the previous year March 31, 2024.

d) The Holding Company had set

up a plant at Panipat, Haryana on land measuring 34 kanals, 8 marlas. The land was notified as a part of Industrial area

by Haryana State Industrial and Infrastruct ural Development Corporation Limited (HSIIDC) in the year 2006-07. In terms

of applicable Government

taws, t he Holding Company filed an objection

with the authority and land measuring 20 kanals and 12 marlas was released by HSIIDC which continues

to be in possession of the holding company till date and plant is operating continuosly. However, HSIIOC has erroneously served a demand of Rs.373.27

lakhs

for allotment of above land. SLP filed by the holding company before Hon'ble Supreme Court is not accept ed. The Holding Company has flied a

representation

dated 15.05.2025 to The Principal Secretary, Department of Industries, Government of Haryana Chandighardh for release of land from

acquisition proceeding as Company'splant ls existing there since 2001-02 which is much before the Notification dated 16.06.2006 under land

l\cqutsit ion Act. [refer note 3.l(iv)]

c) l he Holding Company had paid under protest, countervailing duty (CVD) of Rs. 356.42 Lakhs (March 31,2024 Rs.356.42 lakh} on import of old used

tyres scrap used for m anufact

unng of crumb rubber and other products. The Holding Company had filed a Writ Petition with the Hon'ble High Court of

Delhi which was been decided in favour of the Holding Company vide order of t he Hon'ble High Court dated 03.05.2017. Subsequent to t he order of

the rlon'ble High Court the holding company has availed input tax credit of the CVD amount. The department has filed Special Leave Petition before

Hon' blc Supreme Court of India challenging the order of Hon' ble High Court. Hon' ble Supreme Court vide order dt. 23.07.2018 has di rected fresh

adJudicatlon by

Hon' ble High Court of Delhi .The Holding Company has filed early hearing application with Hon' ble High Court of Deihl and the matter

1s pending. No provision for the same has been made since the holding company expects no liability on this account.

36 Lease

i) The Holding Company has elected not to apply the requirements of Ind AS 116 on short•term leases (i.e., leases with a lease term of 12 months or less)

1n accordance with the recognition exemption provided under t he standard. Accordingly, lease payments associated with these leases are recognized

as an expense on a straight-line basis over the lease t erm.

i he total amount recognized in the statement of profit and loss for the year ended March 31, 2025, in respect of short-term leases amounts to Rs.

110.39 lakhs.(March 31,2024: Rs. 122. 79 lakhs)

i, ) The following is the carrymg value of lease liability and movement thereof during the year ended March 31, 2025:

articulars

Balance as

at April 1, 2023

Addit ions during t

he year

Additions through business

combinat ion

Finance cost accrued durmg the year

Deletions

Payment

of lease liabiht1es

Balance as at March 31, 2024

Additions during the year

Finance cost accrued during

the year

Deletions

Payment

of lease liabilit ies

Balance

as at March 31, 2025

Current mat

urities of lease liabilities

Non-cu

rrent lease liabilities

Amount

171.97

148.97

8.92

(171.97)

36.28

121.61

11nna Rubber and Infrastructure limited

Notes to consolidated financi al statements for the year ended March 31, 2025

All

amount in Rs. lakh, unless otherwise stated

37 Disclosures pursuant t o Ind AS - 19 "Employee Benefits" (specified under section 133 of the Companies Act, 2013, read w it h Rule 7 of Companies (Accounts}

Rules,

2015) are given below:

Defined C

ontribution Plan-Holding Company

Contribut

ion to Defined Contribut1on Plan, recognised as expense for the year is as under:

Employer's contribut i

on towards Provident Fund {PF) (including Administration Charges)

Employer's contnbution towards Pension Fund (PF)

Employer's contribution towards Employee State Insurance (ESI)

Defined Benefit Plan Holding Company

Gratuity (Unfunded)

For

thr year ended March For thr year ended March

31, 2025 31, 2024

119.45

104.33

51.00

274.78

.67

70.55

41.46

207.68

r he present value of obligation is determi ned based on actuarial valuation using the Project ed Unit Credit Method, which recognizes each period of services

as giving rise to addit ional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

a) Reconciliation

of openi ng and closing balances of Defined Benefit obligation

Present value of obligation at the beginning of the year

Current service cost

Interest cost

Acturial

{gain} /loss arising during the year

Past service cost

Benefit paid

Present value

of obligation at the end of the year

Current hab

1hty (short term)

Non~current liability (long term)

b) Reconciliation of openi ng and closing balances of fair value of plan assets

Fair value

of plan assets at beginning of the year

Expected return

on plan assets

Employer contribution

Remeasurement

of (gain)/loss in other comprehensive income

Return

on plan assets excluding interest income

Benefits paid

f a

ir value of plan assets at year end

c) Net asset/ (liability) recognised in the balance sheet

ra1r value of plan assets

Present value

of defined benefit obligation

Amount recognised in balance sheet-asset/ (Hability)

d) Expense recognised

in the statement of profit and loss during the year

Current service cost

Interest cost

Past service cost

c) Acturial (gain)/ loss recognised in other comprehensive i ncome during the year

- changes

in demographic assumptions

- changes m financial assumptions

- changes

in experience adjustments

Recognised

in other comprehensive income

f} Broad categories of plan assets as a percentage of total assets

Insurer managed funds

g) Actuarial assumptions

Mortality table (UC)

Withdrawal rate (per annum)

Discount rate (per annum)

Rate

of escalation in salary (per annum)

Year

ended Year en ded

March

31, 2025 March 31, 2024

305.25 246.84

53.75 37.61

21.

18.55

13.53

15.01

(7.76)

(12.76)

386

.73

305.25

96.58 68.99

290.15

236.26

386. 73 305.25

386. 73

305.25

Year ended

March 31, 2025

M arch 31, 2024

53.75 37.61

21.96 18.55

75.71

56.16

14.25

7.45

(0.73)

7.56

13.52

15.01

Nil

100%ol lALM

2012-14 2012-14

4.00%

6.75% 7.20%

5.00% 5.00%

5-1

Tinna Rubber and Infrastructure limited

Notes to consolidated financial statements for the year ended March 31, 2025

All

amount in Rs. lakh, unless otherwise stated

h) Quantitative sensitivity analysis for significant assumptions is as below:

Incre

ase/ (decrease) on present value of defined benefits obligations at the end of the year

Impact of change In discount rate

Impact due to increase by 1%

Impact due

to decrease by 1%

Impact of change in salary

Impact due to increase by 1%

Impact due to decrease by 1%

Impact of change in attrition rate

Impact due to increase by 50%

Impact due to decrease by 50%

i) Maturity profile of defined benefit obligation

Between 01 April 2023 to 31 March 2024

Between 0 1

April 2024 to 31 March 2027

llctween 01 April 2027 to 31 March 2033

01 April 2033 onwards

Total expected payments

(30.37)

35.70

33.85

(29.34)

6.96

(9.64)

96.58

91.93

128.28

500.02

816.81

j) fhc average duration of t he def med benefit plan obligation at the end of t he reporting period 1s 9 years.(Previous Year•S years)

(23.52)

27.57

26.66

(23.40)

7.54

(10.16)

68.99

85.76

107.54

414.21

676.50

k) fhe estimates of rate of escalation m salary considered in actuarial valuation are after taking into account inflation, seniority, promotion and o ther

relevant factors including supply and demand in the employment market. The above information is as certified by the Actuary.

I) Discount rate is based on the prevailing market yields of Indian Government securit ies as at the balance sheet date for the estimated term of the

obligations.

m) 1hc scns1t1vity analysis above have been determined based on a method that extrapolates t he impact on defined benefit obligation as a result of

reasonable changes m key assumptions occurring at the end of the reporting period.

38 Dunng the year, Holding Company has capitalised the following expenses of revenue nature to the property ,plant and equipment, being pre•operative

expenses related

to projects. Consequent ly, expenses disclosed under the respective note no.3.2 (a) are net of amounts capitali sed by the Group Company.

Balance

brought forward

Add: Expenses Incurred during the year:

Conveyance and

travelling expenses

Personnel cost

Power

Interest

Other expenses

Allocated

to property, plant & equipment, capital work•m• progress

Balance

carried forward

For the year ended

March 31, 2025

53.19

7.69

94.24

28.16

111.51

15.30

310.09

(S3.19)

256.90

For the year ended

March 31, 2024

114.87

89.01

6.11

43.29

66.02

319.30

(266. 11)

53.19

Tinna Rubber And Infrastructure Limited

Notes t o consolidated financial statements

for the year ended March 31, 2025

All amount

in Rs. lakh, unless otherwise stated

39 The

Holding Company has borrowings from banks on the basis of current assets. The Company has complied with the

requirement of filing of quarterly returns/statements of security of current assets with the banks or financial institutions,

as applicable, and these returns were in agreement with the books of accounts.

40 Segment Reporting

Segment information

is presented in respect of Holding Company's key operating segments. The operating segments are based on

Holding Company's management and internal reporting structure.

Operating

Segments

The Holding Company's Managing Director and Cheif Financial Officer has been identified as the Chief Operating Decision Maker

('CODM'), since Managing Director and Cheif Financial Officer are responsible for all major decision w .r

.t. the preparation and

execution

of business plan, preparation of budget and other key decisions.

Managing director reviews the operating result s

at The Group Company level to make decisions about The Group Company's

performance. Accordingly, management

has identified the business as single operating segment i.e. "Crumb Rubber, Crumb

Rubber Modifier, Modified Bitumen & Bitumen Emulsion and Allied Products". Accordingly,

there is only one Reportable Segment

for The Group Company i.e. "Crumb Rubber, Crumb Rubber Modifier, Modified Bitumen & Bitumen Emulsion and Allied

Products", hence no specific disclosures have been made.

a) Information about products and services

Please refer to note 22 of the financial statements.

bl Non-current

asset s (other than deferred tax assets and financial instruments

except i nve

stment in associates and Joint Venture) in Geograpgical Market

Within India

Outside India

TOTAL

c) Information about major customers

Customers contributing more than 10%

of The Group Company's total

revenue are as under:•

Year ended

March 31, 2025

18,554.90

1,433.76

19,988.66

Year ended

March 31, 2025

*There are no customers contributing

more than 10% of The Group Company's total revenue

41 Related

party transactions

Year ended

March 31, 2024

13,422.59

1,247.20

14,669.

Year ended

March 31, 2024

The related parti

es as per the terms of Ind AS-24,"Related Party Disclosures", (specified under section 133 of t he Companies Act,

2013, read

with Rule 7 of Companies (Accounts) Rules, 2015) are disclosed below:

A Names of r elated parties and description of relationship:

Holding Company

Tinna Rubber And Infrastructure Limited

Associate of Holding Company

TP Buildtech Private Limited

Joint Venture

Mbodla Investments (Pty) Ltd (w.e.f February 28,2025)

Tinna Rubber And Infrastructure Limited

Notes to consolidated financial statements for the year ended March 31, 2025

/\II amount in

Rs. lakh, unless otherwise stated

B Names

of other related parties wit h whom transactions have taken place during the year:

(i) Enterprises in which directors and relative of such directors are interested

Fratelli Vineyards Limited (earlier known

as Fratelli Vineyards Limited)

B.G.K. Shipping LLP

Fratelli Wines Private Limited

Kriti Estates Private Limited

Aditya Farms & Nurseries

Puja lnfratech

LLP

Chinmin Developers Private Limited

Aasakti Estate Private Limited

Tinna Tradefin Limited (earlier known

as Tripat Ventures Limited)

BGK lnfratech Private Limited

Bee Gee

Ess Farms And Properties Private Limited

(ii) Key

Management Personnel

Mr. Bhupinder Kumar Sekhri (Managing Director)

Mr. Gaurav Sekhri ( Joint Managing Director)

Mr. Ravindra Chhabra (Chief financial officer)

Mr. Vaibhav Pandey (Company Secretary)(Till 28.02.2024)

Mr. Sanjay Rawat (Company Secretary)(w.e.f. 03.05.2024)

Mr. Subodh Shamra (Whole Time Director)

(iii)

Non-Executive Directors

Mr. Ashok Kumar Sood (Independent Director) (Till 28.09.2024)

Mr. Sanjay Kumar Jain (Independent Director)

Mrs. Bharati Chaturvedi (Independent Director)

(w.e.f 24.05.2023)

Mr. Kri shna Prapoorna Biligiri (Independent Director) (w.e.f 24.05.2023)

Mr. Vaibhav Dange (Independent Director) (w.e.f 03.05.2024)

(iv) Relatives

of Key Management Personnel having transaction during the year

Mrs. Shobha Sekhri

Mr. Gautam Sekhri

Mrs. Neerja Sharma

C Transactions d

uring the year:

(i) Loans taken from

Enterprises in which directors and relative of such directors are interested

Bee Gee Ess Farms And Properties Private Limted

Key

Management Personnel

Mr. Bhupinder Kumar Sekhri

Mr. Gaurav Sekhri

(ii) Loans repaid

Key

Management Personnel

Mr. Bhupinder Kumar Sekhri

Mr. Gaurav Sekhri

Year ended

March 31, 2025

215.00

3,208.63

1,000.00

4,423.63

2,950.50

1,000.00

,950.50

Year

ended

March 31, 2024

80.00

Tinna Rubber And Infrastructure limited

Notes

to consolidated financial statements for the year ended March 31, 2025

All

amount in Rs. lakh, unless otherwise stat ed

(iii) Interest expense

Enterprises in which directors and relative of such directors are

Bee Gee Ess Farms And Properties Private Limited

Key

Management Personnel

Mr. Bhupinder Kumar Sekhri

Mr. Gaurav Sekhri

(iv)

Rent received

Associate

Holding Company

TP Buildtech Private Limited

Enterprises

in which directors and relative of such directors ar e

interested

Fratelli Vineyards Limited

(v) Reimbursement of expenses Paid

Enterprises

in which directors and relative of such directors are

interested

Fratelli Vineyards Limited

B.G.K. Shipping LLP

Fratelli Wines Private Limited

(vi) Reimbursement received

of expenses incurred

Associate Holding Company

TP Buildtech Private Limited

Tinna Tradefin Limited

Enterprises

in which directors and relative of such directors are

interested

Fratelli Vineyards Limited

(vii) Advance to employee

Key Management Personnel

Mr. Vaibhav Pandey

Relatives

of key management personnel

Mr. Gautam Sekhri

(viii) Repayment received of advance given

Key

Management Personnel

Mr. Bhupinder Kumar Sekhri

Relatives of Key Management personnel

Mr. Gautam Sekhri

Key

Management Personnel

Mr. Vaibhav Pandey

6.33

67.16

24.39

97.88

1.36

18.44

4.09

6.70

24.82

35.60

3.50

48.88

2.50

51.38

1.36

2.40

3.76

4.44

0.12

10.50

3.33

30.70

34.03

1.50

67.50

2.50

70.00

Tinna Rubber And Infrastructure Limited

Notes to consolidated financial statements for the year ended March 31, 2025

All amount in Rs. lakh, unless otherwise stated

(ix) Service received

Enterprises in which directors and relative of such directors are

interested

B.G.K. Shipping LLP

Chinmin Developers Privat e Limited

(x) Sale

of goods

Associate of Holding Company

TP Buildtech Private Limited

Joint Venture

Mbodla Investments (Pty) Ltd- Fixed Assets & Other Items

Enterprises in which directors and relative of such directors are

interested

Fratelli Vineyards Limited

(xi)-(a) Purchase of goods

Enterprises

in which directors and relative of such directors are

interested

Fratelli Vineyards Limited

B.G.K. Shipping L.L.P

TP Buildtech Private Limited

Ti nna Tradefin Limited

(xi)-(b) Purchase

of business promotion goods

Fratelli Wines Private Limited

(xii) Rent paid

Enterprises in which directors and relative of such directors are

interested

Chinmin Developers Private Limited

(xiii) Investment

Enterprises in which directors and relative of such directors are

Joint Venture

Mbodla Investments (Pty) Limited

(xiv)

Remuneration

Key management personnel

Mr. Bhupinder Kumar Sekhri

Mr. Gaurav Sekhri

M r. Ravindra Chhabra

Mr. Sanjay Kumar Rawat

Mr. Vaibhav Pandey

Mr. Subodh Sharma

Relatives

of key management personnel

M r

s. Shobha Sekhri

Mr. Gautam Sekhri

Mrs. Neerja Sharma

498.10

337.99

25.87

29.51

523.97 367.50

211.28

59.63

107.67

937.00

167.31

1,148.28

225.06 1,041.05

137.08

178.61

0.28

362.42

1,219.94

1.61

6.00 6.00

6.00

116.94

420.00

360.00

290.00

30.00

50.03 43.12

16.1 8

12.11

53.71

46.83

42.00 30.00

30.00

15.

24.90 16.70

926.82 553.76

Tinna Rubber And Infrastructure Limited

Notes

to consolidated financial statements for the year ended March 31, 2025

All

amount in Rs. lakh, unless otherwise stat ed

Consultancy charges

Non-Executive Directors

r. Sanjay Kumar Jain

(xv) Sitting fee

Non-Executive Directors

Mr. Sanjay Kumar Jain

Mrs. Bharati Chaturvedi

Mr. Vaibhav Dange

Mr. Krishna Prapoorna Biligiri

(xvi) Advance Received

Enterprises in which directors and relative of such directors

are interested

Frat elli Vineyards Limited

(xvi) Refund of Advance

Enterprises in which directors and relative of such directors

are interested

Fratelli Vineyards Limit ed

10.00

2.80

2.00

1.60

0.80

7.20

480.

480.00

(xix) Transactions between Global Recycle LLC and Mbodla Investments (pt y) Limited

Purchase of Machinery & Spares

Mbodla Investments (Pty) Limited

D Balances

at the year end

(i) Amount receivables

Associate of Holding Company

TP Buildtech Private Limited

Joint Venture

Mbodla Investments (Pty) Limited

Advance to vendors

Mbodla Investments (Pty) Limited

Enterprises in which directors and relative of such directors are

interested

Tinna Tradefin Limited

Key Management Personnel

Mr. Bhupinder Kumar Sekhri

Mr. Subodh Sharma

Mr. Gaurav Sekhri

Relatives of key management personnel

Mr. Gautam Sekhri

(ii) Amount payables

Enterprises in which directors and relative of such directors are

B.G.K. Shipping LLP

Fra

telli Vineyards Limited

Tinna Tradefin Limited

Bee Gee

Ess Farms And Properties Private Limited

Mbodla Investments (Pty) Limited

Key management personnel

Mr. Bhupinder Kumar Sekhri

Mr. Ravindra Chhabra

Mr. Sanjay Kumar Rawat

Mr. Subodh Sharma

Mr. Gaurav Sekhri

Relatives

of key management personnel

61.01

March 31, 2025

0.35

59.63

43.28

2.00

9.25

1.00

115.51

150.34

0.33

216.56

69.24

286.82

0.40

1.20

As at

March 31, 2024

1.49

48.41

0.30

50.20

48.22

545.89

0.78

1.56

1.50

11.14

Tinna Rubber And Infrastructure Limi ted

Notes

to consolidated financial statements for the year ended March 31, 2025

All amount

in Rs. lakh, unless otherwise stated

Notes:

Mrs. Shobha Sekhri

Mrs. Neerja

Sharma

Mr. Gautam Sekhri

Non-Executive Directors

Mr. Sanjay Kumar Jain

Mrs. Bharati Chaturvedi

Mr. Krishna Prapoorna Biligiri

(iii)

Investment

Associate of Holding Company

TP Buildtech Private Limited

BGK lnfratech Private Limited

BGK lnfratech Private Limited(IND-AS fair Value Impact)

Keerthi International Agro Private Limited

Puja lnfratech L

Puja lnfratech LLP(IND-AS fair Value Impact)

Joint

venture

Mbodla Investments (Pty) Limited

(iv)

Corporate guarantee given to bank

Enterprises

in which directors and relative of such directors are interested

Fratelli Vineyards Limited

2.73

.73

1.89

746.01

741.25

643.35

1,916.65

11.01

37.

145.96

116.94

3,612.45

2.50

0.83

2.50

0.40

616.12

741.25

643.35

1,516.17

11.01

37.29

145.96

3,095.03

6,065.00

a) (i) The transactions with related parties are made on terms equivalent to those that prevail in arm's length transactions.

Outstanding

balances at the year-end are unsecured and interest free (other than borrowings taken by the Holding

Company).

{ii) F

or the year ended March 31, 2025, the Company has not recorded any impairment of receivables relating to amounts

owed by related

parties. Thi s assessment is undertaken each financial year by examining the financial position of the

related party and the market in which the related party operates.

b ) All

the lia bi lities for post retirement benefits being 'Gratuity' and 'Leave Encashment' are provided on an act uarial basis

fo r the C

ompany as a whole, the amount pertaining t o Key management personnel are not included above.

As per the section 149(6) of the Companies Act, 2013, Independent Directors are not considered as "Key Managerial

Personnel" , however

to comply w ith the disclosure requirements of Ind AS-24 on "Related party transactions" they have

been disclosed

as "Key Managerial Personnel".

"This space has been intentionally left blank"

Tinna Rubber and Infrastructure limited

Notes t o consolidated financial statements for t he year ended March 31, 2025

/Ill amount in Rs. lakh, unless otherwise stated

42 The Group Company had entered

into an agreement on 25.02.2010 with Riveria Builder Private limited and Viki Housing Development Private limited for sale

of 89,993 equity shares of Rs.100/-each of Gautam Overseas Limited for Rs.90 lakhs. The Holding Company has received the sales consideration of Rs.90 lakhs

in the

F.Y 2009-10 which has been duly accounted for. The Holding Company Law Board has vide order dated 28.06.2010 restrained The Holding Company from

transferring

of said shares, which has been upheld by the Hon'ble High Court of Delhi. The Holding Company has filed a Special Leave Petition (SLP) before the

Hon'ble Supreme Court

of India, which was decided vide order dated september 27,2024 & now t he shares have been transfered.

43 fhe Group Company had purchased land at Delhi in 2013-14. In the Master Plan for Delhi - 2007 the said land is notified as Public-Semi Public Utility Corridor.

The Holding Company

has filed petition with the Hon'ble High Court of Delhi to seek the benefit of Section 24(2) of the Right to Fair compensation and

I ransparency in

Land Acquisition, Rehabilitation and Resettlement Act, 2013 and to declare acquisition proceedings initiated as lapsed. The Hon'ble High Court

of Delhi in Judgment dated 25 & 26 May 2015 and 9 February 2016 declared that acquisition process initiated deemed to have been lapsed. The Hon'ble

Supreme Court

of India pursuant to Appeal filed by Delhi Development Authority and Land & Building Authority of NCT of Delhi has also upheld t hat acquisition

proceeding initiated deemed to have been lapsed vide

their orders dated 31.08.2016 and 04.05.2017. In 2019, the Government has declared the area as Urban,

however the final notice

for the mutation is pending from their side, hence the Registration process is pending. The process of mutation of land, the land use

conversion from agricultural

to other use is yet to be done in accordance with the applicable Laws.The Holding Company will get the land registered with

appropriate authority,mutation and change of land use etc upon issue of requisit e Notification by the Government .

Fair value measurements

Set

out below, is a comparison by class of the carrying amounts and fair value of The Group Company's financial inst ruments, other than those with carrying

amounts

that are reasonable approximations of fair values:

Financia l ins t r uments

by category

Carrying Value

Fair Value

As at

As at As at

As at

March 31, 2025

March 31, 2024

March 31, 2025

March 31, 2024

Financial assets at amortized cost

Investments (non-current)'

2,194.16

2,473.78

2,194.

16 2,473.78

Other financial

assets (non-current)

278.98

239.67

278.98 239.67

Tra

de receivables (current)

4,123.04 2,986.27

4,123.04

2,986.27

Cash and cash equivalents

211.08 37.28

211.08

37.28

Other bank balances

173.48

139.86 173.48

139.86

Loans and advances (current)

30.81

73.18

30.81 73.18

Other financial

assets (current)

281.24

146.01

281.24 146.01

7,292.79

096.05

7,292.

79 6,096.05

Financial Liabilities at amo rtized cost

Borrowings (non-current)

6,572.30

4,664.70 6,572.30

4,664.70

l!orrow,ngs (current)

6,818.67

3,812.14

6,818.67 3,812.14

ease Liabilites (non-current)

65.27 93.33

65.27 93.

Lease Liabilites (current)

30.63 28.28

30.63

28.28

r rade payables (current)

4,690.92

3,392.04 4,690.92

3,392.04

Other financial liabilities (current ) 652.49

391.44

652.49

391.44

18,830.28

12,381.

18,830.28 12,381.93

('excluding investments in associates & Joint Venture)

The fair value

of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current transaction between

willing parti

es, other than in a forced or liquidation sale. The following methods and assumptions were used to estimate t he fair values:

1) The fair value of unquoted instruments, loans from banks and other financial liabilities, as well as other non-current financial liabilities is estimated by

discounting future cash flows using rates currently available

for debt on similar t erms, credit risk and remaining maturities. In addition to being sensitive

to a reasonably possible change in the forecast cash flows or the discount rate, the fair value of the equity inst ruments is also sensitive to a reasonably

possible change in the growth rates. The valuation requires management

to use unobservable inputs in the model, of which the significant unobservable

inputs are disclosed in the tables below. Management regularly

assesses a range of reasonably possible alternatives for those significant unobservable

inputs and determines the

ir impact on the total fair value.

2) The fair values of The Holding Company's interest-bearing borrowings and loans are determined by using Discounted cash flow method using discount

rate that reflects the issuer's borrowing rate

as at the end of the reporting period. The own non- performance risk as at March 31, 2025 was assessed to

be insignificant.

Long-term receivables/ payables are evaluated by The Holding Company based on parameters such as interest rates, risk factors, individual

creditworthiness

of the counterparty and the risk characteristics of the financed project. Based on this evaluation, allowances are taken into account for

the expected credit losses of these receivables.

4) The significant unobservable inputs used

in the fair value measurement categorized within Level 1 and Level 3 of the fair value hierarchy together with a

quantitative sensitivity analysis

as at end of each year, are as shown below:

Tinna Rubber and Infrastructure Limited

Notes

to consolidated financial statements for the year ended March 31, 2025

/Ill amount in Hs. lakh, unless otherwise stated

Fair value hierarchy

The Holding Company uses

the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:

Level 1: quoted (unadjusted) prices in active markets

for identical assets or liabilities

Level 2 : other techniques for which all inputs that have a significant effect on the recorded fair value are observable, either directly or indirectly

Level 3: techniques

that use inputs that have a significant effect on the recorded fair value that are not based on observable market data

Quantitative disclosures of fair value measurement hierarchy for assets as on March 31, 2025

Assets carried

at amortized cost for

which fair value are disclosed

Investments (non-current)

Investments (current)

Car rying Value

2,194.16

560.09

2,754.25

Level 1

Quantitative disclosures of fair value measurement hierarchy for assets as on March 31, 2024

Level 2 Lev

el 3

2,194.16

560.09

2,754.25

Carrying

Value ________ L_e_v_e_l _1 _________ Le_v_e_l_2 ________ L_e_v_e_l -3

Assets carried

at amortized cost for

which fair value are disclosed

Investments (non-current)

Note:

2,473.78

The management assessed

that cash and cash equivalents, trade receivables, trade payables, bank overdrafts and other current liabilities approximate

the

ir carrying amounts largely due to the short-term maturities of these instruments.

Tinna Rubber and Infrast ructure Limited

Notes

to consol idated financial statement s for t he year ended March 31, 2025

/\II amount in

Rs. lakh, unless otherwise stated

45 Financial risk management objectives and policies

l he Holding Company's principal financial li abilit ies, other than derivatives, comprise loans and borrowings, trade and other payables. The main purpose of

these financial liabilities is to finance The Holding Company's operations. The Group Company's principal financial assets include loans, trade and other

receivables, and cash and cash equivalents that are derived directly from its operations.

The Holding Company's financial risk management is

an integral part of how to plan and execute its business strategies. The Group Company is exposed to

market risk, credit risk and liquidity risk.

I he Holding Company's senior management oversees the management of these risks. The senior professionals working to manage t he financial risks and

the appropriate financial risk governance framework for The Holding Company are accountable to the Board of Directors and Audit Committee. This

process provides assurance

to Company's senior management t hat The Holding Company's financial risk-t aking activities are governed by appropriate

policies and procedures and

that financial risk are identified, measured and managed in accordance w ith Holding Company policies and Company risk

objective.

The Board of Directors reviews and agrees policies for managing each of these risks which are summarized as below:

(a ) Mark

et 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

prices comprises three types

of risk: currency rate risk, interest rate risk and other price risks, such as equity price risk and commodity price risk.

Financial instruments affected by market risks include loans and borrowings, deposits, investments, and foreign currency receivables and

payables. The sensitivity analysis in

the following sections relate to the position as at March 31, 2025. The analysis exclude the impact of

movements in market variables on: the carrying values of gratuity and other post-retirement obligations; provisions; and the non-financial assets

and liabilities. The sensitivity

of the relevant Profit and Loss item is the effect of the assumed changes in the respective market risks. This is based

on the financial assets and financial liabilities held

as of March 31, 2025.

(i) Foreign currency risk

Foreign currency risk is

the risk that the fair value or fut ure cash flows of a financial instrument will fluctuate because of changes in

foreign exchange rates. The Group Company's exposure

to the risk of changes in foreign exchange rates relates primarily to The Holding

Company's operating

act ivities (when revenue or expense is denominated in foreign currency). Foreign currency exchange rat e exposure

is partly balanced by purchasing of goods from the respective countries. The Group Company evaluates exchange rate exposure arising

from foreign currency transactions and follows established risk management policies.

Foreign currency risk sensit ivit y

The following tables demonstrate the sensitivity to a reasonably possible change in USO, AED & Euro exchange rates, wit h all other

variables held constant. The

impact on The Group Company profit before tax is due to changes in the fair value of monetary assets and

liabilities. Foreign currency exposures recognised by The Holding Company t hat have

not been hedged by a derivative instrument or

otherwise are as under:

Currency

Change in United States Dollar Rate

Export trade receivables

Trade payables

Change in Euro Rate

Export trade receivables

Trade payables

Capital advances

Change in AUD Rat e

Export trade receivables

Trade payables

Buyers Credit

Currency

Sy mbol

€

AU$

March 31, 2025

Foreign

Indian Rupees

Currency

8.13

696.31

0.84 71.64

0.32 29.34

1.47

136.30

0.13

11.95

0.08 4.19

3.01 162.25

Gain/ (lo

ss) Impact on profit/ (loss)

before t ax and

equity

1% increase 1% decrease

6.96 (6.96)

0.72

(0.72)

0.29

(0.29)

1.36

(1.36)

0.12

(0.12)

0.04

(0 .04)

1.62

(1.62)

Tinna Rubber and Infrastructure Limited

Notes to consolidated financial statem ents for the y ear ended March 31, 2025

/\II amount in

Rs. lakh, unless otherwise stated

Currency

Symbol

Change

in United States Dollar Rate $

Export trade receivables

Trade payables

Change in Euro Rate

(

Export trade receivables

Trade payables

Change in AUD Rate

AU$

Expo

rt trade receivables

Trade payables

(ii) Commodity Price

Risk

March 31, 2024

Gain/ (loss) I

mpact on profit/ (loss)

Foreign

before

tax and equity

Currency

Indian Rupees

1% increase 1% decrease

6.58 541.72

5.42 (5.42)

0.02

0.17 0.00

(0.00)

0.59

52.70 0.53

(0.53)

2.10 193.88

1.94 (1.94)

0.34 18.52 0.19 (0.19)

1.39

75.60 0.76 (0.76)

!'he Group Company is exposed to the risk

of price fluctuation of raw material as well as finished goods. The Group Company manages its

commodity price risk by maintaining adequate inventory

of raw materials and finished goods considering future price movement. To

counter raw material risk, The Group Company works wit h various suppliers working in domestic and international market with the

objective to moderate raw material cost, enhance application flexibility and increased product functionality and also invests

in product

development and innovation. To counter finished goods ris

k, The Group Company deals with wide range of vendors and manages these

risks through inve

ntory management and proactive vendor development practices. The Group Company also passes on the Commodity

price hike in case of several customers. When Company have fixed price contracts,fixed price contracts are enetered into after due

consideration

of the Commodity price volatility•during the delivery/ contract period.

(b) Credit

Risk

Credit Hisk is the risk that the counter party will not meet its obligation under a financial instrument or customer contract, leading to a financial

loss. The Holding Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities,

including deposits

with banks, foreign exchange t ransactions and other financial instruments.

(i) Trade Receivables

Customer credit risk is managed by

each business unit subject to The Holding 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 cust omer receivables are regularly monitored.There

arc

no customer contibuting more than 10% of total trade receivables.

l\n impairment analysis

is performed at each reporting date on trade receivables by lifetime expected credit loss method based on

provision matrix.

The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets. The

Holding Company docs

not hold collateral as security. The Holding Company evaluates t he concentration of risk with respect to trade

receivables

as low, as its customers are located in several jurisdictions and industries and operate in largely independent markets.

(ii) Financial instruments and

cash deposits

Credit risk from balances

with banks and financial instit utions is managed by The Holding Company's treasury in accordance with The

Molding Company's policy. Investments

of surplus funds are made in bank deposits and other risk free securities. The limits are set to

minimise the concentration of risks and therefore mitigate financial loss through counterparty's potential failure to make payments.

The Molding Company's

maximum exposure to credit risk for the components of the balance sheet at March 31, 2025 is the carrying

amounts. The Molding Company's maximum exposure relating to financial instrument is noted in liquidity table below.

Trade Receivables and other financial

assets are written off when there is no reasonable expectation of recovery, such as debtor failing to

engage in the repayment plan with The Holding Company.

Tinna Rubber and Infrastructure limited

Notes to consolidated financial statements for the year ended March 31, 2025

/\II amount

in Rs. lakh, unless otherwise stated

Financial assets

for which allowance is measured using 12 months Expected Credit

Loss Method (ECL)

Other financial assets (non-current)

Cash and cash equivalents

Other bank balances

Loans and advances (current)

Other financial

assets (current)

Financial assets

for which allowance is measured using life time Expected Credit Loss

Method (ECL)

l rade receivables (current)

As at

March 31, 2025

278.98

211.08

173.48

30.81

281.24

975.59

4,140.78

As at

March 31, 2024

239.67

37.28

139.86

73.18

146.01

636.00

3,410.32

(d)

Liquidity risk

is defined as the risk that The Group Company will not be able to settle or meet its obligations on time or at reasonable price. The

Group Company's objective is

to at all times maintain optimum levels of liquidity to meet its cash and liquidity requirements. The Group Company

closely monitors its

liquidity position and deploys a robust cash management system. It maintains adequate source of financing through the use

of short term bank deposits and cash credit facility. Processes and policies related to such risks are overseen by senior management. Management

monitors The Group Company's liquid

ity position through rolling forecasts on the basis of expected cash flows.

Maturity profile of financial liabilities

rhe table below provides

the details regarding the remaining contractual maturities of financial liabilities at the reporting date based on

contractual undiscounted payments.

As at March 31, 2025

Less than 1 year More than 1 year

Total carrying value

Borrowings (non-current)

6,572.30 6,572.30

Borrowings (current)

6,818.67

Lease liabilites ( non-current)

65.27 65.27

Lease liabilites ( current)

30.63

Trade payables (curren

4,690.92

Other financial liabilities (current)

652.49 652.49

As at March 31, 2024

Less than 1 year More than 1 year

Total carrying value

Borrowings (non-current)

4,664.70 4,664.70

Borrowings (current)

3,812.14

I case liabilites ( non- current )

93.33 93.33

ease liabilites ( current )

28.28 28.28

I radc payables (current)

3,392.04 3,392.04

Other financial liabilit

ies (current)

391.

391.44

Interest rate risk

Interest rate risk is the risk that the lair value or future cash flows of a financial instruments will fluctuate because of changes in market interest

rates. rhe

Holding Company's exposure to the risk of changes in market interest rates relates primarily to The Holding Company's borrowings

obligations in

the form of cash credit carrying floating interest rates.

Fixed rate borrowing

Vanable rate borrowing

March 31, 2025

559.21

12,831.

13,390.97

As at

March 31, 2024

117.65

8,359.19

8,476.84

Tinna Rubber and Infrastructure Limited

Notes

to consolidated financial statements for the year ended March 31, 2025

/\II amount i~

Hs. lakh, unless otherwise stated

Sensitivity analysis: For floating rates liabilities,

the analysis is prepared assuming t he amount of the liability outstanding at the end of the

reporting period was outstanding for the whole year.

Sensitivity on variable rate borrowings

Impact

on statement of profit and loss

Interest rate incr

ease by 0.25%

Interest rate decrease by 0.25%

(e)

Equity price risk

Year

ended

March 31, 2025

(33.48)

33.48

Year ended

March 31, 2024

(21.19)

21.19

The Holding Company's listed equity securities

if any susceptible to market price risk arising from uncertainties about future values of the

investment securities. At the reporting date, the exposure to unlisted equity securities at fair value was Rs. 2,194.16 lakhs as on 31 March 2025

(March 31, 2024:

Rs. 2,473.78 lakhs).

46 The following table summarises movemnt in indebtedness as on the reporting date :

Change in liabilities arising

from financing activites

Particulars

As on April

Long

term borrowings

Secured

Term loan

from bank

Finance lease obligations

• From banks

• From others

Short term borrowings

Secured

Cash credit facility from bank

Buyer's credit facility from bank

Unsecured

1, 2024

4,879.50

633.12

47.70

2,916.52

Net cash

flow

1,878.24

237.88

109.74

2,176.86

40.16

Foreign

exchange

management

Transfer Other

adjustments

As on March 31,

2025

6,757.74

871.00

157.44

5,093.38

40.16

Loan from directors and related party _____________ 4...:7..:1:c.2::.:5:....., ________________________ 4_7 ___ 1...:.2c::5_

Particulars

long term borrowings

Secured

l erm loan from bank

iluyer's credit facility from bank

I mance lease obligations

From banks

From others

Unsecured

Term lo

ans from others parties

Short

term borrowings

Secured

ash credit facility from bank

Buyer's credit facility

from bank

Unsecured

Loan from Helated Parties

Loan from others

47 Capital M anagement

8,476.83

As on April

1, 2023

2,745.77

149.56

51.63

2,283.96

636.62

5,867.54

4,914.14 13,390.97

Net cash

flow

2,133.73

483.56

(3.93)

632.56

(636.62)

2,609.30

Foreign

exchange

management

Transfer

Other

adjustments

As on March 31,

2024

4,879.50

633.12

47.70

2,916.52

8,476.84

I-or the purposes of Holding Company's capital management, Capital includes equity attributable to the equity holders of The Holding Company and all

other equity reserves. rhe primary objective

of The Holding Company's capital management is to ensure that it maintains an efficient capital structure and

max1mi1e shareholder value. The Holding Company manages its capital structure and makes adjustments in light of changes in economic conditions and the

requirements of the financial covenants. To maintain or adjust the capital structure, The Holding Company may adjust the dividend payment to

shareholders or issue new shares. The Group Company is not subject to any externally imposed capital requirements. No changes were made in the

obJectives, policies or processes for managing capital during the year ended March 31, 2023 and March 31, 2024.

Tinna Rubber and Infrastructure limited

Notes to consolidated financial statements for the year ended March 31, 2025

/\II amount

in Rs. lakh, unless otherwise stated

The capital structure

of The Group Company is based o n the management's judgement of its strategic and day-to-day needs with a focus on total equity so

as to maintain investors, creditors and market confidence. The calculation of the capita l for the purpose of capital management is as below:

Particulars

Borrowings

Cash and cash equivalents

et debt

Equity share capital

Other equity

Tota l capital

Capital and net debt

Gearing ratio (net debt/capital and debt)

48 Dividend received

Particu

lars

Dividend received on equity shares held as non t rade, non current investments

Dividend received on equity shares held

as trade, current investments

49 Dividend paid and proposed

Particulars

Dividend paid on equity shares :

I he board

of directors are Holding Company during the year approved and paid an interim

dividend

of Rs. 3 per equity share of Rs. 10 reach fully Paid up.

Proposed dividend on equity shares :

rinal dividend recommended by the board of directors for the year ended March 31 ,2025 Rs. 4

per share

of Re. 10 each ( March 31,2024 : Rs. 2 per share of Rs. 10 each ) subject to approval of

shareholders in

the ensuring annual general meeting.

te Proposed dividends on equity share are subject to approval at the annual general

meeting and are

not recognised as liability as at reporting date.

As at

March 31, 2025

13,390.97

(211.08)

13,179.89

1,712.95

16,102.74

17,815.69

30,995.58

42.52%

Year ended

March 31, 2025

Year ended

March 31, 2025

685.18

As at

March 31, 2024

8,476.83

(37.28)

8,439.55

1,712.95

11,064.73

12,777.68

21,217.23

39.78%

Year ended

March 31, 2024

Year ended

March 31, 2024

513.89

342.59

856.48

Tinna Rubber and Infrastructure Limited

Notes

to consolidated financial statements for the year ended March 31, 2025

J\11 amount in Rs. lakh, unless ot herw ise stated

50 Disclosures pursuant

to Securities and Exchange Board of India (Listi ng Obligations and Disclosure Requirements) Regulations, 2015 and Section 186 of

the Companies Act, 2013:

(i)

Particulars of investments made:

Opening

Outstanding

balance Investment

Impact

of fair Investment

S. No

Name

of the investee balance (March 31

(April

01, made value sold/written off

, 2025)

2024)

1 TP Buildtech Privat e Limited 741.25

741.25

Keerthi International A~ro Private Limit ed

11.01

BGK lnfratech Private Limited 2,159.52

400.47

2,560.00

4 Puia lnfratech LLP

183.25

Mbodla

Investments (otvl Ltd

116.94 116.94

6 Inda

Ent erprises Privat e limited (refer not e 54) 120.00 (120.00)

Total 3,215.03 116.94

400.47 (120.00)

3,612.45

Opening

Outstanding

balance Investment Impact of fair

5. No

Name of the investee

nvestment sold

balance

(March 31

(April 01, made value

, 2024)

2023)

TP Buidtech Pri vate Limit ed

741.25

2 Keerthi In

ternational Agro Private Limited 11.01

11.01

3 BGK lnfratech Private Limited 2,080.72 78.80 2,159.52

4 Puja lnfratech LLP 177.47 5.78

183.25

Inda Enterprises Private Limited

120.00 120.00

Total 3,130.45 84.58 3,215.03

(ii) Particulars

of corporate guarantee outstanding:

S.No

Particulars

Purpose

As at March 31, As at March 31,

2025 2024

The Group Company has given corporate gurantee for credit facility t aken by

For

working 6,065.00

Tinna Trade Limited

from State Bank of India. capital limits

Total

6,065.00

51 Share based payment expenses

a) Description of share based payment arrangements

I he Company

hils following share based payment arrangement for employees:

I he Holding Company has implemented Employee Stock Option Plan 2023 ("ESOP 2023") as approved by the shareholder on EGM held on September 18 , 2024. The

scheme entitles employees of the Holding Company to purchase shares in the Holding Company at the st ipulat ed exercise price, subject t o compliance with vest ing

conditions. The vesting conditions arc mix of service and performance based conditions.

Stock based payment expenses recorded in these restated consolidated financial st at ements is based on f air value of stock option which is measured using the Black-

Scholes-Merton formula.

The number and reconciliation of the options under the "ESOP 2023" plan are as follows:

b) Rec

onciliation of outstanding share

opti ons

Outstanding at t

he beginning

Granted during the year

Exercised during the year

Forfeited and expired during the period/year

Outstanding at the end

Exercisable at the end

J\s at March 31,

2025

S9,880.00

59,880

.00

c) The fair values per option for options granted during the year is measured based on the Black•Scholes model, which is as below:

I Scheme Number of Fair value

o tions er o tion

l"SOP 2023

59,880

517.31

The fair value of options mentioned above are calculated on the grant date using the Black-Scholes-Merton Model using the following assumptions:

For the year

For

the year

d) Assumptions

ended ended

March 31, 2025 M arch 31,

2024

Risk free interest rate 7.28%

Expected volatili

ty 66.30%

Expected life 3.00

Dividend yi eld

0.56%

c) Durmf! the period, the Holding Company has recorded a share based payment expense of Rs. 'olidat ed statement of

profit and loss account.

Tinna Rubber and Infrastructure Limited

Notes to consolidat ed financial st atements for the year ended March 31, 2025

1111 amount in Rs. lakh, unless otherwise stated

52 rhe Holding Company has set up Solar Power Plant at Plants situated at Valliage Pali & Varle, Ta Iuka Wada, Distt Palghar(Maharashtra). During the year power units

S,69,432 (previous year Nil) were consumed internally and 64,213 units (Rs. 66.11 lakhs) (previous year Nil) were sold.The same are netted in t he Power and Fuel

expenses.

53 In the earlier year, the Company had incorporated Tinna Rubber 8.V. Netherland a wholly owned subsidiary company with an Authorised Capital of Euro 10,000

(divided into

1000 equity shares of Euro 10 each) with the objective to carry on business of waste recycling, end of life tyre recycling and trading of waste

mat erial/scrap.The Company is in the process o f winding up.

S4 The Holding Company has done the asssessment of the recoverability of the preference share and based on the assessment, the Holding Company is not expected to

recover the amount from the lndo Enterprises Private Limited. Accordingly the amonut of Rs. 120 lakhs has been written off during the year and has been shown under

exceptional items in the statement of profit and loss.{refer note 7.l (b))

55 Additional regulatory information required by Schedule Ill of Companies Act, 2013:

Ii) Details of Benami Properties:

No proceedings have been initiated or are pending against The Group Company for holding any Bena mi

property under the Benami Trasactions (prohibition) Act,1988 (45 of 1988) and the rules made thereunder.

(ii) Utilization

of borrowed funds and share premium:

(I) The Group Company has

not advanced or loaned or invested funds to any person(s) or entity(ies), including foreign entitites

(intermediaries)

with the understanding that the shall:

(a) Directly

or indirectly lend or invest in other persons or entities identified in any manner w hatsoever by or on behalf of The Group

Company (Ultimate Beneficiaries) or;

(b) Provide any guarantee, secur

ity or the like to or on behalf of the ultimate beneficiaries.

(II) The Group Company has not received any fund from any person(s) or entity(ies) , including foreign entities (funding party) with the

understanding (w hether recorded in writing or otherwise ) that The Group 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 f unding

Party (Ultimate Beneficiaries)

(b) Provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.

(iii) Investment made by The Group Company

during the year is complied with the requirements of section 186 of Companies Act 2013.

livl Undisclosed Income: There is no income undisclosed or surrendered as income during the current or previous year in the tax assessments

under

the Income Tax llct,1961, that has not recorded in the books of accounts.

lvl Crypto Currency or Virtual Currency: The Group Company has not traded or invested in crypto currency or virtual currency during the

current or previous year.

lvil Valuations of PPE, Intangible assets :The Group Company has not revalued its property, plant and equipment or intangible assets or both

during the current or previous year.

(vii) The Group Company has

not granted any loans or advances in t he nature of loans repayable on demand.

{v111) I he Holding Company has used an accounting software for maintaining its books of account for the financial year ended March 31, 2025 which has a

feature of reco

rding audit trail (edit log) facility and the same has been operating for all relevant transactions recorded in t he software throughout

the year except that no audit trail enabled at the data base level. Further, we did not come across any instance of the audit trail feature being

tampered with except

at data base level for such accounting software to log any direct data changes which is maintained by a t hird party software

service provider.

In case of the financial statements of three subsidiary and one joint venture incorporated outside India, t he reporting requirement under Rule 11 (g)

of the Companies (Audit and Auditors) Rules, 2014 is not applicable.

Further, the audit trail

has been preserved by the Company as per the statutory requirements for record ret ention.

--\.1

_s::,

Ti nna

Rubb

er and

Infrastru

cture

ted

'\Jotes

conso

dated

fina

ncia

l sta

tements

for

the

y ear

ended

Mi.lrch

31.

2025

amoun

. l akh,

unl

ess

otherw

e s

tat

dditional

informa

required

under

paragraph

2 o f t he

general

instruc

tions

for

prepa

ing

conso

ated

financials

statem

schedule

Ill

mpanies

Act

2013

and

for

the

ear

t he

year

ended

Marc

h 31,

2025

entity

Hold

ing

Tinna

Rubber

and

Infras

t ructure

limited

Subsidiaries

Global

Rec

ycle

LLC

(OMAN)

Tinn

a Rubber

B V

, (Neitherlands)

Tinna

Arabia

limi

ted

sociate

Buildtech

Private

ited

Joint

venture

Mbodla

Investments

(Pty)

Ltd

nsolidation

adj

stment

and

elimination

Tota

Net

Assets

i.e,

total

assets

inus

tota

liabili

ties

As % of co

ida

t ed

t a

sse

t s

96.58

8.90

(0.31

0.00

(5.17%)

100.0

Amount(~

lakh)

17,206.94

1,585.47

(55.64)

(921.09)

17,815

.69

Shar

profit

o r l

oss

As %

consolida

ted

profit

87.43

4.3

0.06

(1.14

9.30

(0.19%)

0.24

100

.00

Amount(~

lakh)

4227.86

208

.19

2.74

(55.09)

449.47

(8.98)

11.38

4,835.57

other

comprehensive

income

consolidated

other

compreh

ensi

incom

91.28%

0.00% 0.00% 0.73

0.00

8.00%

100.00

Amount(~

lakh)

362.51

2.88

31.77

397

total

comprehensive

income

consolidated

total

com

preh

ens

i ve

income

3.98

0.05

(1.05

8.64%

(0.

17%)

82%

100

.00%

Amount(~

lakh)

4,590.37

208.19

2.74

(55.09)

452.35

(8 .98)

43.15

5,232.73

Additiona

information

required

under

paragr

the

general

str

uctions

for

par

ing

consolidated financials

statement

schedule

Ill

Companies

Act

2013

and

for

the

year

the

year

ended

March

31,

2024

Name

the

ity

Parent

Tinna

Rubber

and

Infrastructure

Limited

Subsidiaries

Global

Recycle

LC,OMAN

Tinna

Rubbe

r B

Netherlands

Associ

Buil

dtec

ivate

limit

Consoli

atio

n adjust

m ent

and

eliminatio

Total

Net

Assets

i.e

tota

l assets

minus

total

liabilities

consolidated

net

assets

100.26%

10.50

(0.02%)

(10.74)

Amount(~

lakh)

811.12

1342.

(2.7

(1,372.83)

12777.68

profit

loss

consolidated

profit

loss

94.04%

1.36%

(0.07%)

5.40

4%)

100

Amount(~

lakh)

3788.656

54.856

(2.71)

217.61

(29.66)

4028

.752

other

comprehensive

come

total

comprehensive

income

con

solid

ated

Amount(~

lakh)

consolidat

Amount(~

lakh)

other

comprehensive

total

comprehensive

income

81.97%

.52

93.8

3863

.18

0.00

1.33%

54.86

0.00%

0.004

(0.07%)

(2.71)

3.21%

2.92

5.35%

220.53

.81%

13.46

(0.39%)

(16.20)

100

90.908

100

4119.66

Tinna Rubber and Infrastructure Limited

Notes

to consolidated financial statements for the year ended March 31, 2025

A ll

amount in Rs. lakh, unless otherwise stated

57 The List

of subsidiaries and associates/joint ventures in the consolidated financial statements are as under:

Particulars Country of Principal activity of

incorporation business

Subsidiaries

Global

Recycle LLC

Oman Manufacturing business

Tinna Rubber Arabia

limited Saudi Arabia

Manufacturing business

Tinna Rubber

B.V

Netherlands

Manufacturing business

Associates

TP Buildtech Private Limited India

Manufacturing business

Joint Ventures

Mbodla Investments (Pty) ltd

South Africa

Manufacturing business

of shareholding

as at March as at March

31,2025

31,2024

99% 99%

0% 0%

49.42% 49.42%

49% 0%

58 Pursuant to para B14 of Ind AS 112, Disclosure of interest in other entities, following is the disclosure relating to joint ventures and associate of the Company:

(a) Associates:TP

Buildtech Private Limited

(i) The Company

has no material associate. The summarised financial information in respect of the Company's not material associate that are accounted is set forth below:

Particulars

Carrying a

mount of the Company's interest in associate

Particulars

Company's share of profit in associate

Company's share

of other comprehensive income in associate

Company's share

of total other comprehensive income in associate

(b) Joint venture:

Mbodla Investments (pty) Limited

As at As at

March 31, 2025 March 31, 2024

1,121.23 671.86

As at As at

March 31, 2025 March 31, 2024

449.47

2.88

452.35

217.61

2.92

220.53

(i)

the aggregate summarized financial information in respect of Company's not material joint ventures that are accounted is set forth below:

Particulars

Carrying amount

of t he Company's interest in joint venture

Particulars

Company's share

of profit in joint venture

Company's share

of other comprehensive income in joint ventures

Company's share

of total other comprehensive income in joint ventures

59 Subsequent events after the reporting period

As at As at

March 31, 2025 March 31, 2024

107.96

As at

March 31, 2025

(11.86)

As at

March 31, 2024

The Holding Company has evaluated all the subsequent events through May 23,2025 which is the date on which these standalone financial statements were issued, and

no events have occurred from the balance sheet date through that date except for matters that havealready been considered in the consolidated financial statements.

60 Note No. 1

to 59 form integral part of the balance sheet and statement of profit and loss.

The accompanying notes are an integral

part of these consolidated financial statements.

As per our report of even date attached

For S S Kothari

Mehta & Co LLP

Chartered Accountants

Firm Registration No.: 000756N/N500441

---==--

Sunil Wahal

Partner

M. No.: 087294

Place: New Delh i

Date: May 23,2025

Company Secretary

M. No.: A-23729

o~~:ta

h1ef Financial

FCA:089206

S S KOTHARI MEHTA

-& CO.LLP

CHARTERED ACCOUNTANTS

Independent Auditors' Report

To the Members ofTinna Rubber and Infrastructure Limited

Report on the Audit

of the Standalone Financial Statements

Opinion

We have audited the standalone financial statements of Tinna Rubber and Infrastructure Limited (the

'Company') which comprise the standalone balance sheet as at March 3 1, 2025, and the standalone

statement

of profit and loss (including other comprehensive income), st andalone statement of changes in

equity and standalone statement

of cash flows for the year then ended, and notes to the standalone financial

statements, including summary

of material accounting policies and other explanatory information

(hereinafter referred to as the " standalone financial statements"

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid

sta

ndalone financial statements give the information required by the Companies Act, 2013 (' Act' ) in the

manner so required and give a true and fair vi

ew in conformity with the accounting principles generall y

accepted in India,

of the state of affairs of the Company as at March 31, 2025, and its profit and other

comprehensive income, changes in equity and its cash flows fo r the year

ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section

143(10)

of the Act. Ou; responsibilities under those SAs are further described in the " Auditor's

Responsibilities for the Audit of the standalone 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 together with the ethical requirements that are relevant to our audit of the standalone

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 Code of Ethics. We believe that

the audit

evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the

standalone

financial statements.

Key Audit Matter

Key audit matters are those matters that, in our professional judgment, were of most significance in our

audit of the standalone financial statements of the current period. T hese matters were addressed in the

context

of our audit of the st andalone financial statements as a whole, and in fonning our opinion thereon,

we do not provide a separate opinion on these matters.

We have determined that there are no key audit matters to be communicated in our report.

Plot No. 68, 01<:hlil induilrir1I Ari.r1, Phaie-III, N'?w Cl'?lhi-110020

Page 1 of 17

Tel : +91- 11-4670 8888 E-mail: contact@sskmin.com

www.sskmin.com

S S KOTHARI MEHTA

& CO. LLP

CHARTERED ACCOUNTANTS

Information Other than the Standalone Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the other information. The other information

comprises the information included in the annual report, but does not include the standalone financial

statements a nd a uditor' s report thereon. The annua l report is expected to be made ava

ilable to us after the

date

of this a uditor' s report.

Our opinion on the standalone financial statements does not cover the other information and we will not

express any form

of assurance conclusion thereon. In connection with our audit of the standalone 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 standal

one

financial statements or our knowledge obtained in the audit, or otherwise appears to be materially m isstated.

When

we read the Compa ny's annua l r eport, ifwe conc lude that there is a material misstatement there in,

we are required to communicate the matter to those charged with governance.

Management's Responsibilities for the Standalone Financial Statements

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 standalone financial statements that give a true and fair v iew of the

financial position, financia l performance, including other co

mprehensive income, changes in equity and

cash flows

of the Company in accordance with the accounting principles generally accepted in India,

including the Indian Accounting Standards (Ind AS) specified under Section 133

of the Act.

This responsibility a lso includes maintenance of adequate accounting records in accordance with the

provisi

ons of the Act for safeguarding of the assets of the Company and fo r preventing and detecting frauds

and other irregularities;

selection and application of appropriate accounting policies; making judgements

and estimates that are reasonable and prudent; and design, implementation and maintenance

of adequate

internal financial controls, th

at were operating effectively for ensuring the accuracy an d completeness of

the accounting records, relevant to the preparation and presentation of the standalone financial statements

that

give a true and fair view and are free from m aterial misstatement, whether due to fraud or error.

In preparing the standalone

financ ia l statements, the management is responsible for assessing the

Company ' s ability to continue

as a going concern, disclosing, as applicable, matters re lated 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 .

Those Board of Directors is a lso responsible for overseein g the Company's financia l reporting process.

Auditor's responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a

who le are free fro m material misstatement, wh

ether due to fraud or error, and to issue an auditor's report

at 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 a lways detect a material misstatement when it exists.

Misstatements can

arise from fraud or err

S S KOTHARI MEHTA

& CO. LLP

CHARTERED ACCOUNTANTS

they could reasonably be expected to influence the economic deci sions of users taken on the basis of these

standalone

financial statements.

As pa1t

of an audit in accordance with SAs, we exercise professional judgment and maintain professional

skepticism

throughout the audit. We a lso:

• Identify and assess the risks

of material misstatement of the standalone financial statements, whether

due to fraud

or error, design and pe1forn1 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 mat

erial misstatement resulting from fraud is higher than for one resulting from error, as fraud may

involve collusion, forgery, intentional omission

s, misrepresentations, or the ove1Tide of internal

contro

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures

that are appropriate in the circumstances. Under section l 43(3)(i)

of the Act, we are also responsible

for expressing our opinion

on whether the Company has adequate internal financial controls with

reference to standalone 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

conditions that may cast sig nificant 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 standalone 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 condit ions may cause the Company to cease to continue as

a going concern.

• Evaluate the overall presentation, structure and content

of the standalone financial statements,

including the disclosures, and whether the standalone financial statements represent the underlying

transactions and events in a manner that achieves fair presentation.

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 them all relationships and other

matters that may reasonably

be thought to bear on our independence, and where applicable, related

safeguards.

From the matters communicated with those charged with governance,

we detennine those matters that were

of most significance in the audit of the standalone financial statements of the current period and are

therefore the key audit matter

s. We describe these matters in our auditor' s report unless law or regulation

precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that

a matter should not

be communicated in our report because the adverse consequences of doing so would

reasonably be expected to outweigh the public interest benefits

of such communication.

Page

3 of 17

S S KOTHARI MEHTA

& CO. LLP

CHARTERED ACCOUNTANTS

Report on Other Legal and Regulatory Requirements

I. As required by the Companies (Auditor's Repo11) 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 the paragraph 3 and 4

of the Order.

As required by Section 143(3) of the Act, we report that:

We have sought and obtained all the info1mation 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 except the data backup of the books and accounts

in electronic mode has been kept on server physica

lly located outside India and for the matters

stated in paragraph 2(i)(vi) below on reporting under Rule

11 (g) of the Companies (Audit and

Auditors) Rules, 2014.

The standalone balance sheet, the standalone statement of profit and loss (including other

comprehensive income), the standalone statement

of changes in equity and the standalone cash

flow statement dealt with by this report

are in agreement with the books of account.

d) In

our opinion, the aforesaid standalone financial statements comply with the Indian Accounting

Standards specified under Section 133

of the Act, read with relevant rules issued thereunder.

On the basis of the written representations received from the directors as on April 01, 2025, and

taken on record by the Board

of Directors, none of the directors is disqualified as on

March 31, 2025, from being appointed as a director in terms

of Section 164 (2) of the Act.

The modifications relating to the maintenance of accounts and other matters connected therewith

are as stated in the paragraph 2(b) above on reporting under Section 143(3)(b)

of the Act and

paragraph 2(i)(vi) below on reporting under Rule 11 (g)

of the Companies (Audit and Auditors)

Rules, 2014.

g) With respect to the adequacy

of the internal financial controls with reference to these standalone

financial statements and the operating effectiveness

of such controls, refer to our separate report in

" Annexure B" to this repo1t.

Our report expresses an unmodified opinion on the adequacy and

operating effectiveness

of the Company's internal financia l controls with refere nce to standalone

financial statements.

h) In our opinion, and according to the information and explanations given to us, the managerial

remuneration paid

by the Company to its director during the current year is in accordance w ith the

requisite approvals mandated by the provisions

of section 197 read with Schedule V of the Act.

i) 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:

Page 4 of 17

S S KOTHARI MEHTA

& CO. LLP

CHARTERED ACCOUNTANTS

1. The Company has disclosed the impact of pending litigations on its financial position in its

standalone financial statements. Refer note 32 to the standalone financial statements.

11. The Company did not have any long-term contracts including derivative contracts for which

there were any material foreseeable losses;

111. There has been no delay in transferring amounts required to be transferred to the Investor

Education and Protection Fund by the Company except an amount

of Rs 2.36 Lakhs related

to the financial year ending March

31, 2015, has been deposited in the Investor Education

and Protection Fund during the year.

1v. (a) The management has represented that, to the best of its knowledge and belief, other than

as disclosed in note 59 to the standalone 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"), w ith 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

Beneficia

ries" ) 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 the note

59 to the standalone financial statements, no funds have been received

by the Company from any person(s)

or entity(ies), including foreign entities ("Funding

Parties"), w ith the understand

ing, 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 mann

er 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

appropriate in the circumstances, nothing has come to our notice that has caused us to believe

that the representations under sub-clause iv (a) and iv (b) above contain any material

misstatement.

The final dividend paid by the Company during the year, in respect of the same declared for

the previous year, is in accordance with Section 123

of the Act to the extent it applies to

payment

of d ividend. As stated in Note 51 to the standalone financial statements, the Board

of Directors of the Company have proposed final dividend for the year, which is subject to

the approval

of the members at the ensuing Annual General Meeting. The dividend declared

is in accordance with Section 123

of the Act to the extent it applies to declaration of dividend.

v1. As stated in Note 59 to the standalone financial statements a nd 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 been operated throughout the year for all relevant transactions recorded in the

software, except that, audit trail feature was not enabled at database level for such accounting

Page

5 of 17

S S KOTHARI MEHTA

& CO. LLP

CHARTERED ACCOUNTANTS

software to log any direct data changes whic h is maintained by a third party software service

provider. The • Inde pendent Service Auditor's Assurance Report ('Ty pe 2 report' issued in

accordance with ISAE 3000 (Revised), Assurance Engagements Other than A udits or

Reviews of Historical Financial Information)' and other infonnation made available, d id not

include

infonnation on existence of audit trail (edit logs) at database level. Further, during

the co

urse of our audit we did not come across a ny instance of audit trail feature be ing

tampered

with in respect of the accounting software where such feature is enabled."

Additionally, the audit trail has been preserved by the Company as per the statutory

requirements for record retention.

For S S KOTHARI MEHTA & CO. LLP

Chartered Accountants

Firm's Registration No. 000756N/N500441

Sunil Wahal

Partner

Membership No. 087294

P lace:

New Delhi

Date:

May 23, 2025

UDIN: 25087294BMLBJL8408

Page

6 of 17

S S KOTHARI MEHTA

& CO. LLP

CHARTERED ACCOUNTANTS

Annexure A to the Independent Auditor's Report to the Members of Tinna Rubber and

Infrastructure Limited dated May 23, 2025.

Report on the matters specified

in paragraph 3 of the Companies (Auditor's Report) Order, 2020

(the "Order") issued by the Central Government

of India in terms of section 143(11) of the

Companies Act, 2013 (the "Act") as referred to

in paragraph 1 of 'Report on Other Legal and

Regulatory Requirements' section.

1. (a)(A) The Company has maintained proper records showing full particulars, including

quantitative details and situation

of property, plant and equipment.

(a)(B)

The Company has maintained proper records showing full particulars of intangible assets.

(b) According to the information

and explanations given to us and on the basis of our

examination of the records of the Company, the Company has a regular program of physical

verification

of its property, plant and equipment by which all property, plant and equipment

are verified in a phased manner over a period of three years. In accordance with this program,

certain property, plant

and equipment were verified during the year. In our opinion, this

periodicity of physical verification is reasonable having regard to the size of the Company

and the nature of its assets. No material discrepancies were noticed on such verification.

ording to the information and explanations given to us and on the basis of our

examination of the records of the Company, the title deeds of immovable properties ( other

than properties where the company is the lessee and the lease agreements are duly executed

in favor

of the lessee), disclosed in the standalone financial statements included under

property, plant and equipment and investment property are held in the name of the Company

as at the balance sheet date, except mentioned below:

Description

Gross Net

Held in name

Whether Period held Reason for

of property carrying

carrying

promoter,

-indicate

not being

value

director

range, held

in the

(Rs. in (Rs. in

or their

where name

lakhs) lakhs)

relative appropriate

Company

employee

Land

192.66 192.66

Tinna Overseas

Since

Due to a

Limited

December

change

in the

2012 name of the

Company

from Tinna

Overseas

Limited

Tinna Rubber

and

Infrastructure

Limited

Land

114.37 114.37 ►

Shri

Since June Due to

Jaswant

2013

Government

Boderam

directions

►

Jai

pending for

Narayan

registration/

► Veer

mutation.

Naraa

Mukhtiyar

Sin h

Page 7 of 17

Land

S S KOTHARI MEHTA

& CO. LLP

CHARTERED ACCOUNTANTS

►

Nara yan

►

Sat Veer

Singh

► Mahavir

Singh

► Azad

Singh

208.01

►

Shri

Ishaaq

► Fazru

►

Atta

►

Nurdin

►

Rehmat

►

Rukan

►

Hukumdin

208.01 208.01 ► Shri

Saddiq

►

Bhuttu

►

Harun

► Idu

Sin

ce June Due to

2013 Government

directions

pending

for

registration/

mutation.

Since June

Due to

2023 Government

directions

pending for

registration/

mutation.

(d) According to the information and explanations given to us, the Company has not revalued

any

of its property, plant and equipment (including right of use assets) and intangible assets

during the year. Hence reporting under clause 3(i)(d)

of the Order is not applicable to the

Company.

(e) According to the information and explanations given to us and on the basis

of our

examination

ofrecords of the Company, no proceedings have been initiated during the year

or are pending against the Company as at March 31, 2025, for holding any benami property

under the Benami Transactions (Prohibition) Act, 1988 ( 45

of 1988) and rules made

thereunder.

ii. (a) According to the infonnation and explanations given to us and

on the basis of our

examination

of records of the Company, physical verification of the inventory has been

conducted at reasonable intervals during the year. In

our opinion the coverage and the

procedure

of such verification by the management is appropriate and no discrepancies of

10% or more in the aggregate for each class of inventory were noticed on such physical

verification when compared with books

of account.

(b) According to the information and explanations given to us and on the basis

of our

examination

of the records of the Company, the Company has been sanctioned working

capital limits in excess

of five crore rupees, in aggregate, from banks or financial institutions

on the basis

of security of current assets. In our opinion, the quarterly returns or statements

filed by the Company with such banks

or financial institutions are in agreement with the

audited books

of accounts of the Company.

iii. (a) Based on the audit procedures carried on by us and as per the information and explanations

given to us, the Company has not provided loans, advance

in nature of loans, stood

guarantee, and provided security to companies, firms, limited liability partnership

or any

other parties except mentioned below:

Page

8 of 17

(b)

(c)

(d)

(e)

(f)

IV.

S S KOTHARI MEHTA

& CO. LLP

CHARTERED ACCOUNTANTS

(Amount int lakbs)

Particulars

Loans given Investment

Aggregate amount granted/ provided during the

year-

Joint venture:

Mbodla Investments (Pty) Ltd

116.94

Others

50.36

Balance outstanding as at balance sheet date in

respect

of above cases-including opening

balances

I.Joint venture:

Mbodla Investments (Pty) Ltd

J J 6.9L

Others

30.81

According to the information and explanations given to us and based on the audit procedures

conducted by us,

in our opinion investments made, and grant ofloans provided to employees

are not prejudicial to the interest

of the Company. The Company has not given any security

and guarantee during the year.

According to the information and explanations given to us and on the basis

of our

examination

of the records of the Company, in the case of loans given, in our opinion the

repayment

of principal has been stipulated. However, the loan given to employee is interest

free as per the Company policy. The receipts have been regular.

According to the information and explanations given to us and on the basis

of our

examination

of the records of the Company, there is no overdue amount for more than ninety

days in respect

of loans given.

According to the information and explanations given to us and on the basis

of our

examination of the records of the Company, there is no loan or advance in the nature of loan

granted falling due during the year, which has been renewed or extended

or fresh loans

granted to settle the overdue

of existing loans given to same parties.

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 to companies, firms,

Limited Liability Partnerships

or any other parties. Accordingly, the requirement to report

on clause 3(iii)(f)

of the Order is not applicable to the Company.

According to the information and explanations given to us and on the basis

of our

examination

of records of the Company, in respect of investment made, loan given, and

guarantee provided by the Company, the provisions

of Section 185 and 186 of the Act have

been complied. The Company has not provided any security and guarantees as specified

under section 186

of the Act.

According to the information and explanation given to us, and on the basis

of our

examination

of records of the Company, the Company has neither accepted any deposits

from the public, nor accepted any amounts

which are deemed to be deposits within the

meaning

of sections 73 to 76 of the Act and the rules made thereunder, to the extent

applicable. Accordingly, the require

·c;.----=--=-....__,.. on clause 3(v) of the Order is not

applicable to the Company.

Page 9

of 17

S S KOTHARI MEHTA

& CO. LLP

CHARTERED ACCOUNTANTS

v1. We have broadly reviewed the books of account maintained by the Company pursuant to the

rules made by the Central Government

for the maintenance of cost records under section

148(1)

of the Act and are of the opinion that prima facie, the prescribed accounts and records

have been made and maintained. We have not made a detailed examination of the cost

records with a vi

ew to detem1ining whether they are accurate or complete.

v11. (a) According to the information a nd explanations given to us and on the basis of examination

of the records of the Company, the Company is generally regular in depositing w ith

appropriate authorities undisputed statutory dues including goods and services tax, provident

fund, employees' state

insurance, income-tax, sales-tax, service tax, duty of customs, duty

of excise, value added tax, cess and other statutory dues applicable to it. According to the

information and explanations given to us and based on audit procedures performed

by us, no

undisputed amounts payable in respect

of these statutory dues were outsta nding, at the year

end, for a period

of more than six months from the date they became payable.

(b) According to the informa

tion and explanations given to us and on the basis of our

examination

of the records of the Company, there are no statutory dues relating to Excise

Duty, Value Added

Tax, Sales Tax, Service Tax, Goods and Service Tax, Provident Fund,

E mployees State Insurance,

Income-Tax, Duty of Customs or Cess whic h have not been

deposited on account

of a ny dispute except the following:

Period to which

Amount Amount paid

Nature

of the Nature of

Forum where

the amount

statute dues

dispute

is pending relates (financial

(Rs.in under protest

ear)

Lacs) (Rs. in Lacs)

Excise Duty

Custom, Excise and

Central Excise (excluding Service Tax

2010-11 to 2

011-

5.50 0.55

Act, 1944 interest a nd

Appellate Tribunal,

Ahmedabad

uty

Commissioner

Central Excise ng

Central Excise 20 11-12

1.45

0.05

Act, 1944

(Appeals), Mumbai

Excise

Duty

Customs, Excise &

Service

Tax

2012-13 to 2013-

Central Excise (excluding

Appellate Tribunal,

14 (up to 71.26

5.35

Act, 1944 interest and

enalty)

West Zonal Bench,

December 2014)

Chandi arh

Excise Duty

Customs, Excise &

Central

Excise (excluding

Service

Tax

2014-15

92.12 9.21

Act, 1944

interest and Appellate Tribuna l,

Chandi arh

Appeal Filing is in

Excise Duty

process before

Central Excise (excluding

Customs, Excise &

2015-16

75.

88 7.59

Act, 1944 interest and Service

Tax

penalty) Appellate Tribunal,

Chandioarh

Page

10 of 17

Nature of the

statute

Central Excise

Act, 1944

Custom

Act,

1962

Custom Act,

1962

Custom Act,

1962

Centra l Sales

Tax Act,

1956

Central Sales

Tax Act, 1956

CGST Act,

2017

CGST Act,

2017

Central Excise

Act, 1944

CGST Act,

2017

CGST Act,

2017

S S KOTHARI MEHTA

& CO. LLP

CHARTERED ACCOUNTANTS

Period to which

Nature

Forum where

the amount

dues

dispute is pending

relates (financial

year)

Excise Duty

Custom

Excise &

(excluding

Service Tax

1-04-2015 to

interest and

Appell ate, Chennai

30-06-2017

penalty)

CVD on

20 13-14 to 2016-

Custom duty

Hon'ble High Court

17 and (up to

on import

of of Delhi

June 2017)

tyre

Customs, Excise &

Fine and

Service Tax

I Sep 2015 to

penalty

Appellant Tribunal

3 1 Oct 20

Allahabad

Commissione r

1 October 2015

Custom duty

Central Excise

to 30 June 20

(Appeals), Thane,

Mumbai

Central Sales

Maharashtra Sales

1st April ,201 7 to

Tax

Tax Tribunal

30th June ,2017

Mumbai

Central Sales

Maharashtra Sales

Tax

Tax Tribunal

2016

-17

Mumbai

Commissioner

Central Goods &

Penalty

Service Tax

(Appeal) Thane,

July 2017 to

Mumbai

March 2019

Disall owan

Commissione r of

Input Tax

Central Goods &

July 2017 to

Credit

Service Tax

March 2019

(Excluding

(Appeal) Thane,

penalty)

Mumbai

Service Tax

April, 2016 to

on Freight

June 2027

recovered

Commissioner

from

Appeal (CE,GST)

customers in

Sonipat

excess

freight paid

Addittional

2016-17

Fine and

Commissioner,

penalty

Chennai

Fine and

Tribunal Court 20

16-17

pena lty

Kolkata Salt Lake

~~\MEH7;,;

~~ <f

~~ ~

en rJ

cn ~ ELHJ ';

* *

q '

'"'

~l"I, _,,:/

f!red Ace ~ .,.

Amount

Amount paid

(Rs.in

under protest

Lacs) (Rs.

in Lacs)

153.38

12.45

356.42

5.00

6.69 0.50

7.63

1.92

38.87

7.86

0.25

13.36

2.67

0.96 0.07

4.48

2.39 2.39

Page

11 of17

S S KOTHARI MEHTA

& CO. LLP

CHARTERED ACCOUNTANTS

Period to which

Amount

Amount paid

Nature

of the

Nature

Forum where the amount

(Rs.in under protest

statute

dues dispute is pending

relates (financial

year)

Lacs) (Rs. in Lacs)

Tax Due to

Income Tax

201 7-18 &2021-

Income Tax

Disallowance 22

Act

1961 of PF & EST

Appellant Tribunal

17.51

late deposited

Delhi

Tax Due to

2018-19, 2019-

Income Tax

Disallowance

Joint Commissioner

20 &2020-21

23.18

Act

1961 of PF & EST

(Appeals)

late deposited

Disallowance

Commissioner

of FY 2020-2 1 &

CGST Act, GST, Bhawan, New

2021-22

2017

of Input tax

C.G.O complex

261.42

credit

Faridabad

Customs Excise & Dec'2015 to June

Central Excise

Service tax Service Tax 2017

18.33

Act, 1944

CGST Act,

2017

IX. (a)

(b)

(c)

(d)

(e)

demand Appellate Tribunal,

Manglore

Commissioner

of 2018-19

Disallowance

Central Goods &

of Input Tax

Service

18.15 1.82

Credit Tax(Appeal)

Panipat

According to the information and explanations given to us and on the basis

of our

examination of the records of the Company, the Company has not surrendered or disclosed

any transactions, previously unrecorded as income in the books

of account, in the tax

assessments under the Income Tax Act, 1961, as income during the year. Accordingly, the

requirement to report on clause 3(viii)

of the Order is not applicable to the Company.

According to the infonnation and explanations given to us and on the basis

of our

examination

of the records of the Company, the Company has not defaulted in regular

repayment

of loans and borrowing or in the payment of interest thereon to any lender.

According to the information and explanations given to us and on the basis

of our

examination

of the records of the Company, the Company has not been declared a willful

defaulter by any bank

or financial institution or government or government authority.

According to the information and explanations given to us and on the basis

of our

examination of the records of the Company, term loans were applied for the purpose for

which the loans were obtained.

According to the information and explanations given to us and on an overall examination

standalone financial statements of the Company, we report that no funds raised on short-

term basis have been used for long-term purposes by the Company

According to the information and explanations given to us and on an overall examination of

the standalone financial statements of the Company, we report that the Company has not

taken any funds from any entity

or person on account of or to meet the obligations of its

subsidiaries, associates and joint vent • \ under the Act.

~v:'.\>,>.;.;..-r,,...:~ cf Cl_

C) 0

Page 12 of17

S S KOTHARI MEHTA

& CO. LLP

CHARTERED ACCOUNTANTS

(f) According to the information and explanations given to us and procedures performed by us,

we report that the Company has not raised loans during the year on the pledge

of securities

held

in its subsidiaries, associate and joint venture.

X. (a)

According to the information and explanations given to us and on the basis

of our

examination of the records of the Company, the Company has not raised any money during

the year by way

of initial public offer I further public offer (including debt instmments).

Accordingly, the requirement to report on clause 3(x)(a)

of the Order is not applicable to the

Company.

(b) According to the information and explanations given to us and on the basis of our examination

of the records of the Company, the Company has not made any preferential allotment or

private placement

of shares /fully or partially or optionally convertible debentures during the

year under audit. Accordingly, the requirement to report on clause 3(x)(b)

of the Order is not

applicable to the Company.

xi. (a) Based on examination

of the books and records of the Company and according to the

information and explanations given to us, no fraud by the Company

or on the Company has

been noticed

or reported during the year.

(b) According to the information and explanations given to us and on the basis

of our

examination

of the records of the Company, no report under sub-section (12) of section 143

of the Act, has been filed by cost auditor/ secretarial auditor or by us in Form ADT-4 as

escribed under Rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central

Government.

( c) According to the informati

on and explanations given to us and on the basis of our examination

of the records of the Company, there are no whistle blower complaints received by the

Company during the year.

x11. According to the information and explanations given to us, the Company is not a Nidhi

Company as

per the provisions of the Act. Therefore, the requirement to report on Clause

3(xii)

of the Order is not applicable to the Company.

xiii . According to the information and explanations given to us, and on the basis

of our

examination

of the records of the Company, the transactions with related parties are in

compliance with Section 177 and 188

of the Act, where applicable, and the details of the

related party transactions have been disclosed in the standalone financial statements as

required by the applicable accounting standards.

xiv. (a) Based on information and explanations provided to us and o

ur audit procedures, in our

opinion, the Company has an internal audit system commensurate with the size and nature

of its business.

(b)

We have considered the internal audit reports of the Company issued till date for the period

under audi

xv. In our opinion and according to the information and explanations given to us, the Company

has not entered into any non-cash transactions with its directors

or persons connected to its

directors and hence, provisio

C)!-:~~lll 192 of the Act are not applicable to the Company.

7;q

cf 0.

Page 13 ofl7

S S KOTHARI MEHTA

& CO. LLP

CHARTERED ACCOUNTANTS

xv1. (a) The Company is not required to be registered under Section 45-IA of the Reserve Bank of

India Act, 1934. Accordingly, clause 3(xvi)(a) of the Order is not applicable.

(b) The Company has not conducted non-ba11king financial/ housing finance activities during the

year. Accordingly, the reporting under clause 3(xvi)(b)

of the Order is not applicable to the

Company.

(c)

The Company is not a Core Investment Company (CIC) as defined in the regulations made

by the Reserve Bank

of India. Accordingly, the reporting under clause 3(xvi)(c) of the Order

is not app

licable to the Company.

( d) Based on the infonnation and explanations provided by the management

of the Company,

the Group (as defined in the

Core Investment Companies (Reserve Bank) Directions, 2016)

does not have

any CI Cs, which are part of the Group. We have not, however, separately

evaluated whether the

infomrntion provided by the management is accurate and complete.

Accord

ingly, the reporting under clause 3(xvi)(d) of the Order is not applicable to the

Company.

xv1

1. The Company has not incurred cash losses in the current and in the immediately preceding

financial year.

u1. There has been no resignation of the statutory auditors during the year. Accordingly, the

requirement to report on Clause 3(xviii) of the Order is not applicable to the Company.

xix. According to the information and explanations given to us and on the basis of the financial

ratios refer note no. 39 of the standalone financial statement, ageing and expected dates of

realization of fi nancial assets and payment of financial liabilities, other information

accompanying the standalone financial statements, our knowledge

of the Board of 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 any material

uncertainty exists as on the date

of the audit report that the Company is not capable of

meeting its liabilities existing at the date of 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 fu1ther state that our reporting is

based on the facts up to 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 Company has fu lly spent the required amount towards Corporate Social Responsibility

(CSR) and there are no unspent

CSR amount for the year requiring a transfer to a Fund

specified in Schedule VII to the Companies Act

or special account in compliance with the

provision

of sub-section (6) of section 135 of the said Act. Accordingly, reporting under

clause (xx)

of the Order is not applicable for the year.

~\ t--.\EHr,.q

A...~~ cf c

~ <?

Page 14 of 17

S S KOTHARI MEHTA

& CO. LLP

CHARTERED ACCOUNTANTS

xx1. The repo11ing under clause 3(xxi) of the order is not applicable in respect of audit of

standalone financial statement. Accordin gly, no comment in respect of the said clause has

been included in this r

epo11.

For S S KOTHARI MEHTA & CO. LLP

Chartered Accountants

Firm

's Registration No. 000756N/N50044 l

Sunil Wahal

Partner

Membership No. 087294

Place: New Delhi

Date:

May 23, 2025

UDIN:25087294BMLBJL8408

Page15of17

S S KOTHARI MEHTA

& CO. LLP

CHARTERED ACCOUNTANTS

Annexure B to the Independent Auditor's Report to the Members of Tinna Rubber and

Infrastructure Limited dated May 23, 2025.

Report on the Internal Financial Controls under Clause (i)

of Sub-section 3 of Section 143 of the Act

as referred to in paragraph 2(g)

of 'Report on Other Legal and Regulatory Requirements' section

We have audited the internal financial controls with refere nce to financial statements of the Tinna Rubber

and Infrastructure Limited

(the 'Company' ) as of March 3 1, 2025, in conjunction with our audit of the

standalone financial statements

of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management 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 oflnternal Financial Controls

Over Financial Reporting issued by the Institute

of Chartered Accountants of India ("!CAI"). These

responsibilities include the design, implementation

and maintenance of adequate internal financial controls

that were operating effectively fo r ensuring the orderl y 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

the standalone financial state ments based on our audit.

conducted our audit in accordance w ith the Guidance Note on Audit of Internal Financial Controls

Over F inancial 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 ICAI.

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 a

nd maintained and if such controls operated effectively in all material

respects.

Our audit involves perforn1ing procedures to obtain audit evidence about the adequacy of the internal

finan cial controls with refere n

ce 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 ri sk that a material weakness

exists,

and testing and evaluating the design and operating effectiveness of internal control based on the

assessed ri sk.

The procedures selected depend on the auditor's judgement, including the assessment of the

risks

of material misstatement of the standalone 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 o pinion on the

Compa ny ' s interna l financial contro ls with reference to standalone financial

statements.

Page

16 of 17

S S KOTHARI MEHTA

& CO. LLP

CHARTERED ACCOUNTANTS

Meaning of Internal Financial Controls with Reference to Standalone Financial Statements

A company's internal financial controls with reference to standalone financial statements 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 controls with reference to sta

ndalone financial statements include those

policies and procedures that (I) 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 pennit preparation

of standalone financia l

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.

Inherent Limitations of Internal Financial Controls with Reference to Standalone Financial

Statements

Because of the inherent limitations of internal financial controls with reference to standalone financial

statements, 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 with reference to financial statements to future periods are subject to the risk

that the internal financial controls with reference to financial statements 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 with

reference to standalone financial statements and such internal financial controls with reference to

standalone financial statements were operating effectively as at March 31, 2025, based on the criteria for

internal financial controls with reference to standalone financial statements established by the Company

considering the essential components

of internal control stated in the Guidance Note.

For S S KOTHARI MEHTA & CO. LLP

Chartered Accountants

rm's Registration No. 000756N/N50044 l

Sunil Wahal

Partner

Membership No. 087294

Place: New Delhi

Date: May 23, 2025

UDIN: 25087294BMLBJL8408

ge 17 of 17

Tinna Rubber and Infrastructure Limited

Standalone balance sheet

as at March 31, 2025

All amount in Rs, lakh, unless otherwise stated

Particulars

Note

ASSETS

1 Non-current assets

Property, plant and equipment 3,1

Capital work-in-progress

3,2

Investment property

Intangibl e assets

Financial assets

(i) Invest ments in subsidiaries

(ii) Inves

tments in associate & Joint venture 6

(iii) Investments 7,1

(iv) O

ther financial assets 7,2

Other non-current assets

Total non-current assets

Current assets

Inventories 9

Fi nancial assets 10

(i) Invest ments 10,1

(ii) Trade receivables

10.2

(iii)

Cash and cash equivalents

10.3

(iv) Other bank bal

ances other t han (iii) above 10.4

(v) Loans 10.5

(vi) Other financial assets 10.6

Ot her current assets 11

Total

current assets

Assets held for sale 12

Total a ssets

EQUITY AND LIABILITIES

1 Equity

Equity share capital

Other equ

ity

2 Liabilities

Non

-current liabilit ies

Financial liabilities

(i) Borrowing 15

Provisions 16

Deferred tax liabilities (net)

Total non-current

liabilities

Current liabilities

Financial liabilities

(i) Borrowings

18.1

(ii) Trade payable 18.2

Total outstanding dues

of micro enterprises and small ent erprises

Total outstanding dues

of creditors other t han micro enter prises and

small enterprises

(iii) Other financial liabilities 18.3

Other current liabilities 19

Provisions 20

Current tax liabilities (net)

Total current liabilities

Total

equity and liabilities

Summary

of mat erial accounting policies 2

The accompan

ying notes are an integral part of these standalone financial statements.

As per our report of even date attached

For S S

Kothari Mehta & Co. LLP

Chartered Accountants

Firm Registration No.: 000756N/N500441

Partner

M. No.: 087294

Place: New Delhi

Date: May 23, 2025

As at As at

March 31, 2025 March 31, 2024

16,S9S,28 11,241,67

1,032.94

642,14

530.39

530,39

10,99

12,24

1,273,77 1,273,77

858,19 741.25

2, 194,16

2,473,78

278,98 239,61

385,30 324,

23,160.00 17,479.14

6,058.08 4,174.49

560,09

3,981.02 3, 116.49

203.71 27,82

173

.48 139,86

30,81 73,18

270.45 146,01

3,021.63

1,419,36

14,299.27 9,097.21

106.94

37,459.27 26,683.29

1,712.95 1,712.95

15,493.99 11,098.17

17,206.94 12,811.12

6,553.47 4,660.32

391.69 303.55

590,78

377.21

7,535.94 5,341.08

6,801.76

3,808,00

387.14 162,08

4,111.57 3,378.14

652.49 263,

363,13 568,32

151.88 110.45

248.42 240.47

12,716.39 8,531.09

37,459,27

26,683.29

Tinna Rubber and Infrastructure Limited

Standalone

statement of profit and loss for the year ended March 31, 2025

All amount

in Rs. lakh, unless otherwise stated

Particulars

Note

Income

Revenue from operations

22.

Other income 23

Total Income

Expenses

Cost of materials consumed

Purchase

of stock in trade

Changes

in inventories of finished goods, work in progress and Stock in trade

Employee benefits expense 27

Finance costs

Depreciation and amortisation expense

Other expenses

Total Expenses

Ill Profit before exceptional item and tax

Less : Exceptional items 57

IV Profit before tax

V Tax expenses

Current tax

Deferred tax

Income tax of ealier years

Total Tax Expenses

V I Profit after tax

VII Other comprehensive income

Items that will not be reclassified to profit & loss

Re-measurement gains/(losses) on defined benefit liabilities

ii) Changes

in fair value of equit y instrument through other comprehensive

income

iii) Income tax relating to above items

Other comprehensive income for the year

V II I

Total comprehensive i ncome for the year

IX Earnings per equity share

(Face value

of share Rs.10/·)

Basic (Rs.)

Diluted (Rs.) 31

Summary

of mat erial accounting policies 2

The accompanying notes are an integral

part of these standalone financial statements.

As per our report of even date attached

For S S Kothari

Mehta & Co. LLP

Chartered Accountants

Partner

M. No.: 087294

Place: New Delhi

Date: May 23, 2025

For

the year ended For the year ended

March 31, 2025 March 31, 2024

50,499.33

36,413.15

444.

09 132.37

50,943.42 36,545.52

21,333.16 13,264.60

8,824.79 7,587.07

(504.23)

271.95

4,892.31 3,187.58

1,080.61 690.98

816.27 558.98

8,707.09 5,960.42

45,150.00 31,521.58

793.42 5,023.94

120.00

5,673.42 5,023.94

1,277.90

1,228.95

162.

10 6.33

5.56

1,445.56 1,235.28

4,227.86 3,788.66

13.52 15.01

400.47 84.58

(51.48) (25.06)

362.51 74.53

,590.37 3,863.19

24.68

22.12

24.65 22.12

the Board of Directors

structure Limited

DIN: 00087088

Sanjay Rawat

Company Secretary

M. No.: A-23729

~fvQrd~ab;a

FCA:089206

Tinna Rubber and Infrastructure Limited

Standalone

cash flow statement for the year ended March 31, 2025

All amount in Rs. lakh, unless otherwise stated

rticulars

A. Cash

flows from operating activities

Net profit before tax after exceptional item

Adjustments for

Exceptional item

Depreciation and amortisation expense

Loss/(gain) on disposal

of property, plant and equipment

Unrealised foreign exchange gain

Rental income

Provision for expected credit loss

Expenses on employees stock options scheme

Excess provision written back

Finance cost

Finance income

Cash generated

from opretalon before working capital changes

Adju stment for

(Increase)/ decrease in inventories

(Increase)/ decrease in t

rade receivables

(Increase)/ decrease in other financial assets

(Increase)/ decrease in ot

her assets

Increase/ (decrease) in trade payables

Increase/ (decrease) in ot

her financial liabilities

Increase/ (decrease) in ot

her liabilities

Increase/ (decrease) in provisions

Cash

flows generated from operations

Income tax paid (net of refunds)

Net cash I

nflow generated from operating activities (A)

B . Cash

flows from investing activities

Purchase of property plant & equipment including (net

of capital advances and capital

payables)

Proceeds from sale

of property, plant and equipment

Rental income

Investments in subsidiary

Investments in joint venture

Loan received back

Interest received

Redemption/(lnvesting in) of term deposit

Net cash lnnows/(used In) Investing

activities (B)

C. Cash

flows from financing activit ies

Proceeds

of long term borrowings

Repayment of long term borrowings

Proceeds/(repayment)

of short term borrowings

Dividend

paid

Interest paid

Net cash

Innows/(u sed In) nnanclng activities (C)

Net

Increase/ (decrease) In cash and cash equivalents (A+B+C)

Cash and cash equivalen

ts at the beginning of the year

Cash and cash

cqulvahmts at the end of the year

Notes :

For the year ended For the year ended

March 31 2025

Morch

31 2024

5,673.42 5,023.94

120.00

816.27 558.99

(207. 03) 5.57

(8.29)

( 1.36) (5.

92)

78.37

56.04

148.04

(14.64) (24.56)

1,08

0.61 690.98

(30.13) (34.42)

655.26 6 270.63

(1,883.59)

(498.

72)

(942.30)

(4288)

(178.45) (26.15)

(

1,571.42) (363.66)

974.36 1,409.05

275.12 61.

45.04 135.06

143.10

94.

4 517.12

7 039.24

(1,275.51) (1,160.21)

241.60 5 879.03

(6,545.90) (6,595.67)

186.

91 110.47

1.36

5.92

(686.69)

(116.94)

42.38 48.

21.20

33.19

(7.70)

06.60

(6,418.69) (6,978.10)

3,098.45 3, 165.10

(899.82)

(542.89)

2,689.10 (21.45)

(342.59)

(932.75)

(1,192.14) (711.94)

353.00 956.06

175.89 (143.01)

27.82 170.83

203.

27.82

1 The above cash flow statement has been prepared under the "Indirect Method" as set out in Indian Accounting Standard-7, "Statement of Cash Flows".

Components

of cash and cash equivalents .-

Cash

and cash equivalents

Balances with banks

-Current accounts

Cash on hand

Fixed deposits held as margin money against ba

nk guarantees having a original

maturity period less than three months

As per our report of even date attached

For S S Kothari Mehta & Co. LLP

Chartered Accountants

Finn

Registration No.: 000756N/N500441

___s; ~"~

Sunll Wahal

Partner

M. No .. 087294

Place: New Dclhl

Date:

May 23, 2025

March 31, 2025

B pl er

Managing Director

Sanjay

Rawat

Company Secretary

No: A-23729

90.72

11.55

101.44

203.71

Asat

March 31, 2024

20.58

7. 24

27.82

/ ~~rm•

IN: 08947098

avl

ndr~• -

Chief Financial Officer

FCA:089206

Tinna Rubber and Infrastructure Limited

Statement

of changes i n equity for the year ended March 31, 2025

All amount in

Rs. lakh, unless otherwise stated

(A) Equity share capital

Balance at the beginning of the year

Change in equity share capit

al during the year

Balance at the end of the year

(

BJ Other equity

As at March 31, 2025

Number of

1,71,29,500

Amount

1,712.95

Reserves and surplus

As at March 31, 2024

Number of shares

85,64,750

1, 71,29,500

Equi

ty instruments

Particulars

Securities

Share based payment

through other

General reserve

Retained earnings

premium

As at April 1, 2023

1,156.61

169.68 5,530.08

Profit for the year

3,788.66

Other comprehensive income

for the year

11.23

Dividend paid

during the year

(942.13)

Issue of bonus shares

(856.48)

at March 31, 2024

300.13 169.68 8,387.85

Profit for the year

4,227.86

Other comprehensive i ncome

for the year (Net

of tax) 10.12

Expenses on employee st

ock option scheme

Dividend paid during the year

(342.59)

As at March 31, 2025

300.13 169.68 12, 283.24

Summary of material accounting policies 2

The accompanying notes are an integral part of these standalone financial stat ements.

As per our report of even date attached

For S S Ko

thari Mehta & Co. LLP

Chartered Accountants

Firm

Regist ration No.: 0007S6N/N500441

Sunil Wahal

Partner

M . No.: 087294

Place: New Delhi

Date: May

23, 2025

For and

on behalf of the Board of Directors

Tin

na Rubber And Infrast ructure Limited

Sanjay Rawat

Company Secretary

M . No.: A-23729

reserve

comprehensive income

2,177.22

63.30

2,240.52

352.39

148.04

148.04 2,592.91

Director

DIN: 08947098

\/"'-I" ,, '

Ravindr~

Chief Financial Officer

Amount

856.48

1,712.95

Total

9,033.59

3,788.66

. 74.53

(942.13)

(856.48)

11,098.17

4,227.86

362.51

148.04

(342.59)

15,493.99

Tinna Rubber and Infrastructure Limited

Notes

to standalone financial statements for the year ended March 31, 2025

All amount in

Rs. lakh, unless ot herwise stated

CORPORATE INFORMATION

Tinna Rubber and Infrastructure Limited (the Company) CIN-L51909DL1987PLC027186 was incorporated on 4th March 1987 under the

erstwhile Companies Act, 1956 and

now being governed under the Companies Act, 2013 ("Act"). The Company is a public limited

Company incorporated and domiciled

in India and has its registered office at Delhi, India. The Company is listed on BSE Limited and

National Stock Exchnage ("Stock Exchnage").

The Company is primarily engaged in recycling of the waste tyres/end of life tyres (ELT) and

manufacture

of value added products. The Company manufactures crumb rubber, crumb rubber modifier (CRM), crumb rubber modified

bitumen

(CRMB), polymer modified bitumen (PMB), bitumen emulsion, reclaimed rubber/ ultrafine crumb rubber compound, cut wire

shots, polymer composites etc. The products are primarily

used for making/ repair of road, tyres and auto part industry. The Company's

manufacturing units are located at Panipat in Haryana, Wada & Varle in Maharashtra, Haldia in West Bengal, Gummidipundi

in Tamil Nadu.

2 MATERIAL ACCOUNTING POLICIES

2.1 Statement of compliance

The standalone financial statements of the Company have been prepared in accordance with Indian Accounting Standards

(referred

to as Ind AS) notified under Companies (Indian Accounting Standards) Rules, 2015.

The standalone financial statements were authorised for issue by the Company's Board of Directors on May 23, 2025.

2.2

Basis of preparation

These standalone financial statement s have been prepared in accordance with the Indian Accounting Standards (referred to as Ind

AS) as prescribed under section 133 of the Companies Act, 2013 read with companies (Indian Accounting Standards) Rules as

amended from time to time.

The standalone financial statements of the Company are consistently prepared and presented under historical cost convention on

an accrual basis in accordance with Ind AS except following financial assets and financial liabilit ies that are measured at fair values:

Items Measurement basis

Certain financial assets and liabilities Fair Value

Net defin

ed benefit (asset)/ liability Fair value of plan assets less present value of defined benefit obligations

The Company's functional currency and presentation currency is Indian National Rupees. All amounts disclosed in the standalone

financial statements and notes have been rounded

off to the nearest Lakhs, except otherwise stated.

The company presents its assets and liabilities in the balance sheet based on current/non-current classification.

An asset is treated as current when it is :-

a) expected to be realized or intended to be sold or consumed in normal operating cycle;

b) hel d primarily for the purpose of trading;

c) expected to be realized within twelve months after t he reporting period; or

d) cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months

after the reporting period.

All other assets are classified

as non-current

A liability

is treated as current when it is:

a) expected to be settled in normal operating cycle;

b) held primarily for the purpose of trading;

c) due

to be settled within twelve months after the reporting period; or

d) there is no unconditional right to defer t he settlement of t he liability for at least twelve months after the reporting period.

All

other liabilities are classified as non-current.

Based on t he nature of products and the time between the acquisition of.assets for processing and their realization in cash and

cash equivalents, the Company has ascertained its operating cycle being a period w ithin twelve months for the purpose of current

and non-current classification

of assets and liabilities. The statement of cash flows has been prepared under indirect method.

Tinna Rubber and Infrastructure Limited

Notes to standalone financial statements for the year ended March 31, 2025

All amount in

Rs. lakh, unless otherwise stated

2.3

Use of estimates and judgments

The preparation

of the standalone financial statements in conformity with Ind AS requires t he management to make estimates,

judgments and assumptions. These estimates, judgments and assump

tions affect the application of accounting policies and the

reported amounts

of assets and liabilities, the disclosures of cont ingent assets and liabilities at the date of t he standalone financial

statements and reported amounts

of revenues and expenses during the period. Accounting estimates could change from period

to period. Actual results could differ from those estimates. Appropriate changes in estimates are made as management becomes

aware

of changes in circumstances surrounding the estimates. Changes in estimates are reflected in the standalone financial

statements in the period in w hich changes are made and,

if material, their effects are disclosed in the notes to the standalone

financial statements.

2.4 Property,

plant and equipment

Property, plant and equipment including capital work in progress are stated at cost, less accumulated depreciation and

accumulated impairment losses,

if any. The cost comprises of purchase price, taxes, duties, freight and other incidental expenses

directly

attributable and related to acquisition and inst allation of the concerned assets and are further adjusted by the amount of

input tax credit availed wherever applicable. When significant parts of plant and equipment are required to be replaced at

intervals, the Company depreciates

them separately based on their respective useful lives. Likewise, when a major inspection is

performed, its cost is recognised in the carrying amount of the plant and equipment as a replacement if t he recognition criteria

are satisfied. All other repair and maintenance costs are recognised in profit

or loss as incurred. The present value of the expected

cost for the decommissioning

of an asset after its use is included in the cost of the respective asset if the recognition crit eria for a

provision are met.

An item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal or when no

future econom

ic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as

the difference between the net disposal proceeds and the carrying amount of the asset) is included in the income statement when

the asset

is derecognised.

Capital work-in-progress includes cost

of property, plant and equipment under installation / under development as at the

balance sheet date.

Depreciation on property, plant and equipment

is provided on prorata basis on straight-line method using t he useful lives of the

assets estimated by management and in the manner prescribed in Schedule II of the Companies Act 2013. The useful lives are as

follows:

Assets

Office building

Factory building

Leasehold improvements

Fence well, tube wells

Carpeted road-Other than

RCC

Plant and machinery

lectric fittings and equipment

Generators

Furniture and fixtures

Vehicles

Office equipment

Computers

Useful l ife (in years)

Components relevant t o fixed

assets, where significant, are separately depreciated on straight line basis in terms of their life span

assessed by technical evaluation in item specified context.

Lease hold improvements are depreciated on straight line basis over their initial agreement period.

Plant and Machinery, Tools and Equipment and

Elect rical fittings and installations in Crumb Rubber Plant, Steel Plant, Cut Wire

Shot Plant and

Reclaim/Ultrafine Crumb Rubber Compound Plant are depreciated over the estimated useful life of 20 years, which

re different than those indicated in Schedule II of Companies Act, 2013. Based on technical assessment, the Management

believes

that the useful lives as given above best represent the period over which the Management expects to use these assets.

The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year

end and adjusted prospectively, if appropriate.

Tinna Rubber and Infrast ructure Limited

Notes to standalone financial s

tatements for the year ended March 31, 2025

All amount

in Rs. lakh, unless otherwise stated

2.5 Invest ment properties

Property that is held

for long term rental yields or for capital appreciation or for both, and that is not occupied by the Company, i s

classified

as investment property. Investment property is measured initially at its cost, including related transaction cost and

where applicable borrowing costs. Subsequent expenditure

is capitalised to assets carrying amount only when it is probable that

future economic benefits associated with the expenditure will flow to the Company and the cost of the item can be measured

reliably. All other repair and maintenance cost are expensed when inc

urred. When part of an invest ment property is replaced, the

carrying amount

of t he replaced part is derecognised.

Investment property consist

of land which is carried at Cost.

An investment property is derecognised upon disposal or when the investment property is permanently wit hdrawn from use and

no future economic benefits are expected from the disposal. Any gain or loss arising on derecognition of property is recognised in

the Statement

of Profit and Loss in the same period.

2.6

Financial instruments

A financial instrument is any contract t hat gives rise to a financial asset of one entity and a financial liability or equity instrument of

another entity.

I Financial A

ssets

The Company classifies its financial assets in the following measurement categories:

(a) Those

to be measured subsequently at fair value (either through other comprehensive income, or through

profit & loss).

(b) Those measured

at amortised cost.

itial r ecognition and measurement

Financial assets are recognised initially at fair value plus, in the case of financial assets not recorded at fair value through

profit and loss, transaction costs that are directly attributable to the acquisition of financial assets. Purchase or sale of

financial asset that require delivery of assets within a time frame established by regulation or conversion in the market

place (regular way trades) are recognised on the trade date, i.e

., the date that the Company commits to purchase and

sell the assets.

Subseque

nt measurement

For purposes of subsequent measurement financial assets are classified in following categories:

(a) Debt instruments at amortized cost

(b) Debt instruments at fair value through

other comprehensive income (FVTOCI)

(d) Equity instruments measured at fair value through other comprehensive income (FVTOCI)

(e) Equity instruments measured at fair value through profit and loss (FVTPL)

Tinna Rubber and Infrastructure Limited

Notes

to standalone financial statements for the year ended March 31, 2025

All amount in

Rs. lakh, unless otherwise stated

Where assets are measured at fair value, gains and

losses are either recognized entirely in the statement of profit and

loss (i.e. fair value through profit or loss), or recognized in ot her comprehensive income (i.e. fair value through other

comprehensive income). For investment in

debt instruments, this will depend on the business model in which the

investment

is held. For investment in equity instruments, this will depend on whether the Company has made an

irrevocable election at the time of initial recognition to account for equity instruments at FVTOCI.

Investment in associates and subsidiaries

The investment in subsidiaries and associate are carried

at cost less impairment if any,except in case investment are held for sale

in the near future shall be accounted at fair value in accordance with IND AS 105 when they are classified as held for sale and

Investment carried

at cost is tested for impairment as per IND AS 36.

A Debt instruments at amortized cost

A Debt instrument is measured at amortized cost if both the following conditions are met:

(i) Business

Model Test: The asset is held within a business model whose objective is to hold

assets

for collecting contractual cash flows, and

(ii)

Cashflow Characteristics Test: Contractual terms of asset give rise on specified dates to

cash flows that are solely payments of principal and interest (SPPI) on principal amount

outstanding.

After initial measurement, such financial assets are subsequently measured at amortized cost using the

Effective Interest

Rate (EIR) method. Amortised cost is calculated by taking into account any discount or

premium on acquisition and fees or costs that are an integral part of EIR. The EIR amortization is included in

finance income

in st atement of profit or loss. The losses arising from impairment are recognized in the

stat ement of profit or loss. This category generally applies to trade, other receivables, loans and other

financial assets.

B Debt instruments at fair value through Other Comprehensive Income (FVTOCI)

A 'debt instrument' is classified as at the FVTOCI if both of the following criteria are met:

(i)

Business Model Test: The obj ective of the business model is achieved by both collecting

contractual

cash flows and selling financial assets, and

(ii)

Cashflow characteristics Test: The asset's contractual cash flows represent SPPI.

Debt instrument included within the FVTOCI category are measured initially as well as at each reporting

date

at fair value. Fair value movements are recognized in the Other Comprehensive Income (OCI).

However, the Company recognises interest income, impairment losses and reversals and foreign exchange

gain

or loss in the statement of profit and loss. On derecognition of the asset, cumulative gain or loss

previously recognized in OCI is reclassified from the equity to statement of profit & loss. Interest earned

whilst holding

FVTOCI debt instrument is reported as interest income using the EIR method.

Debt instruments at FVTPL

FVTPL is a residual category for debt instruments. Any debt instrument, which does not meet the criteria for

categorization as at amortized cost or as FVTOCI, is classified as at FVTPL.

In addition, the Company may elect to designate a debt instrument, which otherwise meets amortised cost

or FVTOCI criteria, as at FVTPL. However, such election is allowed only if doing so reduces or eliminates a

measurement

or recognition inconsistency (referred to as 'accounting mismatch'). The Company has not

designated any debt instrument as at FVTPL.

Equity investments of other entities

All equity investments in scope

of IND AS 109 are measured at fair value. Equity instruments which are held

for trading are classified as at FVTPL. For all other equity instruments, the Company may make an

irrevocable election to present in other comprehensive income all subsequent changes in the fair value. The

Company makes such election on an instrument-by-instrument basis. The classification is made on initial

recognition a

nd is irrevocable.

case of equity instruments classified as FVTOCI, then all fair value changes on the instrument, excluding

dividends, are recognized in the Other Comprehensive Income. There

is no recycling of the amounts from

OCI to statement of profit and loss, even on sale of investment. However, the Company may transfer the

cumulative gain

or loss within equity.

Equity instruments included within the

FVTPL category are measured at fair value with all changes

recognized

in the Statement of Profit and loss.

Tinna Rubber and Infrastructure Limit ed

Notes t o standalone financial statements for the year ended March 31, 2025

All amount

in Rs. lakh, unless otherwise stated

Derecognition

A financial

asset (or ,where applicable, a part of a financial asset or part of group of similar financial assets) is primarily

de recogni

sed when:

(a)

The right to receive cash flows from the assets have expired, or

(b) T

he Company has transferred its rights to receive cash flows from the asset or. has assumed an obligation to

pay the received cash flows in full without material delay to a t hird party under a "pass through"

arrangement and either:

(I) the Company

has transferred substantially all the risks and rewards of the asset, or

(ii) the Company has neither transferred nor retained substant ially all the risks and rewards of

the asset,

but has transferred control of t he asset.

Where the Company has transferred its rights to receive cash flows from an asset or has entered into a passthrough

arrangement,

it evaluates if and to what extent it has retained the risks and rewards of ownership. Where it has neither

t ransferred

not retained substantially all of the risks and rewards of the assets, nor t ransferred control o f the assets, t he

Company

continues to recognise the t ransferred assets to the extent of t he Company's continuing involvement. In that

case, the Company also recognises an associated liability. T he t ransferred asset and the associated liability are measured

on a basis

that reflects the rights and obligations that the Com pany has retained.

Impai

rment of financial assets

In accordance with IND AS 109, the Company applies Expected Credit Losses (ECL) model for measurement and

recognition

of impairment loss on the following financial asset and credit risk exposure:

(a) Financial assets measured at amortized cost e.g. loans, debt securities, deposits, trade receivables and bank

balance;

(b)

Financial assets measured at FVTOCI;

or any contractual right to receive cash or another financial asset that result from

transactions that are within the scope

of Ind AS 24

(d) Financial guarantee contracts which are not measured at FVTPL

The Company follows "simplified approach" for recognition of impairment loss allowance on:

(a) Trade receivables

or contract revenue receivables;

(b) All lease receivables

resulting from the t ransact ions within the scope of IND AS 116

The application of simplified approach does not require t he Company to track changes in credit risk. Rather, it recognizes

impairment

loss allowance based on lifetime ECLs at each reporting date, right from its initial recognition.

For recognition

of impairment loss on other fi nancial assets and risk exposure, the Company determines whether there

as been a significant increase in the credit risk since initial recognition. If credit risk has not increased significantly, 12-

month

ECL is used to provide for impairment loss. However, if credit risk has increased significantly, lifetime ECL is used.

If, in subsequent period, credit quality

of the instrument improves such that t here is no longer a significant increase in

credit risk since initial recognit io

n, t hen the entity reverts t o recognizing impairment loss allowance based on 12- mont hs

CL.

Lifetime ECL are the expected credit losses resulting from all possible default events over the expected life of a financial

instrument. The 12-month

ECL is a portion of the lifetime ECL which results from default events t hat are possible w ithin

12 months after

the reporting date.

ECL is the difference between all contractual cash flows that are due to t he Company in accordance wit h the contract and

all the

cash flows that t he entity expects to receive (i.e., all cash shortfalls), discounted at t he original EIR. When

estimating the

cash flows, an entity is required to consider:

(a) Financial

assets measured as at amortised cost, contractual revenue receivables and lease receivables: ECL

is presented as an allowance, i.e., as an integral part of t he measurement of those assets in the balance

sheet. The allowance reduces the net carrying amount. Until the asset meet s writ e-off criteria, t he Company

does

not reduce impairment allowance from the gross carrying amount.

{b) De

bt instruments m easured at FVTOCI: Since financial assets are already reflected at fair value, impairment

allowance

is not further reduced from its value.

For

assessing increase in credit risk and impairment loss, the Company combines financial instruments on the basis of

shared credit nsk characteristics with the objective of facilitating an analysis that is designed to enable~nif1cant

'"""'" m ccedi< "'' ,o be;''""''' o", Umely baso,. ~

Tinna Rubber and Infrastructure limited

Notes

to standalone financial statements for the year ended March 31, 2025

All amount in

Rs. lakh, unless otherwise stated

II Financial liabi

lities:

Initial r ecognition and measurement

Financial liabilities are classified

at init ial recognition as financial liabilities at fair value through statement of profit or loss,

loans and borrowings, and payables, as appropri ate.

All financial liabilities are recognised initially

at fair value and in case of loans, borrowings and payables, net of directly

attributable transaction costs.

The Company's financial liabilities include trade and other payables, loans and borrowings including bank overdrafts.

Subsequent measurement

The measurement

of financial liabilities depends on their classification, as described below:

Trade Payables

These amounts represents liabilities for goods and services provided to the Company prior to the end of financial year

which are unpaid. The amounts are unsecured and are usually paid within 120 da

ys of recognition. Trade and other

payables are presented

as current liabilities unless payment is not due within 12 months after t he reporting period. They

are recognized initially

at fair value and subsequently measured at amortized cost using EIR method.

Financial liabilities at fair value through profit or loss

Financial liabilities at fair value through statement of profit or loss include financial liabilit ies held for trading and financial

liabilities designated upon initial recognition

as at fair value through statement of profit or loss. Financial liabilities are

classified

as held for trading if they are incu rred for the purpose of repurchasing in t he near term.

Gains or losses on liabilities held for trading are recognized in the statement of profit and loss.

Financial liabilities designated upon initial recognition at fair value through statement of profit or loss are designated as

such at the initial date of recognition, and only if the criteria in IND AS 109 are satisfied. For liabilities designated as

FVTPL, fair value gains/ losses attributable to changes in own credit risk are recognized in OCI. These gains/ loss are not

subsequently transferred to profit and loss. However, the Company may transfer the cumulative gain or loss within

equity. All other changes in fair value

of such liability are recognized in the statement of profit or loss. The Company has

not designated any financial liability as at fair value through profit and loss.

Loans and borrowings

Borrowings are initially recognised at fair value, net of transaction cost incurred. After initial recognition, interest-bearing

loans and borrowings are subsequently measured at amortized cost using the

EIR method. Gains and losses are

recognized in statement

of profit or loss when the liabilities are derecognised as well as through the EIR amortization

process.

Amortised cost

is calculated by taking into account any discount or premium on acquisition and fees or costs that are an

integral part of the EIR. The EIR amortization is included as finance costs in the statement of profit and loss.

Financial guarantee contracts

Financial guarantee contracts issued by the Company are those contracts that require a payment to be made to

reimburse the holder for a loss it incurs because the specified debtor fails to make a payment when due in accordance

with the terms

of a debt instrument. Financial guarantee contracts are recognized initially as a liability at fair value,

adjusted for transaction costs

that are directly attributable to the issuance of the guarantee. Subsequently, the liability is

measured at the higher of the amount of loss allowance determined as per impairment requirements of IND AS 109 and

the amount recognized

less cumulative amortization.

De recognition

A financial liability is derecognised when the obligat ion under the liability

is discharged or cancelled or expires. When an

existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an

existing liability are substantially modified, such an exchange or modificat ion is treated as the derecognition of the

original liability and the recognition

of a new liability. The difference in the respective carrying amounts is recognized in

the Statement

of Profit and Loss.

Tinna Rubber and Infrastructure limited

Notes t o standalone financial statem ents for the year ended March 31, 2025

All amount in

Rs. lakh, unless otherwise stated

Reclassification o f financial a ssets:

The Company determines classification of financial assets and liabilities on initial recognition. After initial recognition, no

reclassification

is made for financial assets which are equity instruments and financial liabilities. For financial assets which

are debt instruments, a reclassification is made only if there is a change in the business model for managing those assets.

Changes

to the business model are expected to be infrequent. The Company's senior management determines change in

the business model as a result of external or int ernal changes which are significant to the Company's operat ions. Such

changes are evident to ext ernal parties. A change in the business model occurs when the Company either begins o r

ceases to perform an activity that is significant to its operations. If the Company reclassifies financial assets, it applies the

reclassification prospectively from the reclassification date which is the first day of the immediately next reporting period

following

the change in business model. The Company does not restate any previously recognised gains, losses (including

impairment gains

or losses) or interest.

Original classification

Amortised cost

FVTPL

Amortised cost

FVTOCI

FVTPL

FVTOCI

Offsetting of financial instruments:

Revised classific; Accounting treatment

FVTPL Fair value is measured at reclassification date. Difference

between previous amortized cost and fair value

is recognised

in st atement of profit and loss.

Amortised cost

Fair value at reclassification date become it s new gross

carrying amount. EIR is calculated based on t he new gross

carrying amount.

FVTOCI Fair value is measured at reclassification date. Difference

between previous amortised cost and fair value is recognised

in OCI. No change in EIR due to reclassification.

Amortised cost Fair value at reclassification date becomes its new amortised

cost carrying amount. However, cumulative gain

or loss in

OCI is adjusted against fair value. Consequent ly, the asset is

measured as if it had always been measured at amortised

cost .

FVTOCI

FVTPL

Fair value at reclassification date becomes its new carrying

amount. No other adjustment is required.

Assets

continue to be measured at fair value. Cumulative

gain or loss previously recognized in OCI is reclassified t o

statement of profit and loss at the reclassification date.

Financials assets and financial liabilities are offset and

the net amount is reported in the balance sheet if there is a

currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to

realize the assets and settle the liabilities simultaneously.

Tinna Rubber and Infrastructure Limited

Notes to standalone financial statement s for the year end ed March 31, 2025

All amount

in Rs. lakh, unless otherwise stated

2. 7 Inventories

(a) Basis of valuation

(i)

Raw materials, packing materials and stores and spare parts are valued at lower of cost and net realizable value.

Materials and

other items held for use in the production of inventories are not written down below cost, if the finished

products in which they will be incorporated are expected

to be sold at or above cost. Raw Material, packing materials,

stores and spares and raw material contents

of work in progress are valued by using the First in First Out (FIFO} method.

(ii) Finished goods, t raded goods and

work in progress are valued at cost or net realizable value whichever is lower.

(iii) Inventory

of scrap materials have been valued at net realizable value.

(b} M ethod of Valuation

(i) Cost of raw materials has been determined by using FIFO method and comprises all costs of purchase, duties, taxes

(other than those subsequently recoverable from tax authorities) and all

other costs incurred in bringing the inventories

to their present location and condition.

(ii) Cost

of finished goods and work-in progress includes direct labour and an appropriate share of fixed and variable

production overheads. Fixed production overheads are allocated on the basis

of normal capacity of production facilities.

Cost

is determined on weighted average basis.

(iii) Cost

of traded goods has been determined by using FIFO method and comprises all costs of purchase, duties, taxes

(other than those subsequently recoverable from tax authorities) and all

other costs incurred in bringing the inventories

to their present location and condition.

(iv) Net realizable value

is the estimated selling price in the ordinary course of business, less estimated costs of completion

and estimated costs necessary

to make the sale.

2.8 Provisions and contingent liabilities

Provisi

ons

A provision is recognized when the Company has a present obligation (legal or constructive} as a result of 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. These estimates are reviewed at each reporting date and adjusted to reflect the current

best estimates.

If the effect of time value of money is material, provisions are discounted using a current pre - tax rate that reflects, when

appropriate, the ri

sks specific to the liability. When discounting is use, the increase in the provision due to the passage of time is

recognised as a finance cost.

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 standalone financial statements unless the

probability

of outflow of resources is remote.

Provisions, contingent liabilitie

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

2.9 Taxes

Income tax expenses comprise current tax expenses and the net change in the deferred tax asset or liabilities during the year.

Direct Tax

(a) Current tax

i) Current income tax, assets and liabilities are measured at the amount expected

to be recovered from or

paid to the taxation authorities in accordance with the Income Tax Act, 1961. The tax rates and tax laws

used to compute the amount are those that are enacted or substantively enacted, at the reporting date in

India

as per Income Computation and Disclosure Standards (ICDS) where the Company operates and

generates taxable income.

ii) Current income tax relating to item recognized outside the statement of profit and loss is recognized

outside profit or loss (either in other comprehensive income or equity).Current tax items are recognized in

correlation

to the underlying transactions either in statement of profit and loss or directly in equity.

Management periodically evaluates positions taken in the tax returns

with respect to situations in which

applicable

t<;1x regulations are subject to interpretation and establishes provisions where appropriate.

Tinna Rubber and Infrastructure Limited

Notes to standalone financial statements for the year ended March 31, 2025

All amount

in Rs. lakh, unless otherwise stated

(b) D

eferred tax

Deferred tax

is provided using the liability method on temporary differences between the tax bases of assets and

liabilities and their carrying amounts

for financial reporting purposes at the reporting date.

Deferred tax assets and liabilities are recognized

for all deductible temporary differences, the carry forward of unused tax

credits and any unused tax

losses. Deferred tax assets are recognized to the extent that it is probable that taxable profit

will be available against which the deductible temporary differences, and the carry forward of unused tax credits and

unused tax

losses can be utilized, except:

(a) When the deferred tax asset relating

to the deductible temporary difference arises from the initial

recognition

of an asset or liability in a transaction that is not a business combination and, at the time of the

transaction, affects neither the accounting profit nor taxable

profit or loss.

(b) In respect of deductible temporary differences associated with investments in subsidiaries, deferred tax

assets are recognised only

to the extent that it is probable that the temporary differences will reverse in the

foreseeable

future and taxable profit will be available against which the temporary differences can be

utilised.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no

longer probable

that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized.

Unrecognized deferred tax

assets are re-assessed at each reporting date and are recognized to the extent that it has

become probable

that future taxable profits will allow t he deferred tax asset to be recovered.

Deferred tax assets and liabiliti

es are measured at the tax rates that are expected to apply in t he year when the asset is

realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the

reporting date.

Deferred tax relating

to items recognized outside the statement of profit and loss is recognized outside the statement of

profit and loss (either in other comprehensive income or in equity). Deferred tax items are recognized in correlation to

the underlying transaction either in OCI or direct in equity.

Deferred

Tax includes Minimum Alternat e Tax (MAT) 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. The Company reviews the "MAT credit entitlement" asset at each

reporting date and writes down t

he asset to the extent the Company does not have convincing evidence that it will pay

normal tax during the specified period.

Deferred tax assets and deferred

tax liabilities are offset if a legally enforceable right exists to set off current tax assets

against current tax liabilities and the deferred taxes rela

te to the same taxable entity and the same taxation authority.

2.10 Revenue

from contracts with customers

The company derives its

revenue from sale of manufactured goods i.e. crumb rubber, crumb rubber modifier (crm), crumb rubber

modified bitumen (crmb), polymer modified bitumen (pmb), bitumen emulsion, reclaimed

rubber/ ultrafine crumb rubber

compound, cut wire shots etc. primarily manufactured from waste tyres/end

of life tyres (elt) and traded goods. the products are

primarily

used for making/ repair of road, tyres and auto part industry. The company disaggregates the revenue based on nature

of products.

The Company assesses its revenue arrangements against specific criteria in order to determine if it is acting as principal or agent,

the Company

has concluded t hat it is acting as a principal in all of its revenue arrangements, since it is the primary obliger in all the

revenue arrangements

as it has pricing latitude and is also exposed to inventory and credit risks. The specific recognition criteria

described below must also

be met before revenue is recognised.

(a) Sale

of goods

Revenue from sale

of goods is recognised when control of the products being sold is transferred to our customer and when there

are no longer any unfulfilled obligations.

The Performance Obligations in our contracts are fulfilled at the time of dispatch, delivery

or upon formal customer acceptance depending on customer terms.

Revenue

is measured on the basis of contracted price, after deduction of any trade discounts, volume rebates and any taxes or

duties collected on behalf of the Government such as goods and services tax, etc. Accumulated experience is used to estimate the

provision

for such discounts and rebates. Revenue is only recognised to the extent t hat it is highly probable a significant reversal

will not occur.

Tinna Rubber and Infrastructure Limited

Notes

to standalone financial statements for the year ended March 31, 2025

All amount in

Rs. lakh, unless otherwise stated

(b) Rendering

of services

Revenue from service related activities is recognised as and when services are rendered and on the basis of contractual terms with

the parties.

Rental income arising from operating leases on investment properties

is accounted for on a straight-line basis over the lease

terms and

is included in other income in the statement of profit or loss due to its non-operating nature.

(d) Interest income

For all debt instruments measured either at amortised cost or at fair value through other comprehensive income, interest income

is recorded using the effective interest rate (EIR). EIR is the rate that exactly discounts the estimated future cash payments or

receipts over the expected life of the financial instrument or a shorter period, where appropriate, to the gross carrying amount of

the financial asset or to the amortised cost of a financial liability. When calculating the effective interest rate, the Company

estimates the expected

cash flows by considering all the contractual terms of the financial instrument (for example, prepayment,

extension, call and similar options)

but does not consider the expected credit losses. Interest income is included in other income in

the statement

of profit and loss.

(e) Dividend from investment in shares

Dividend Income

is recognized when the right to receive the payment is established which is generally when shareholders approve

the dividend.

(f) Claims

Claims are recognised when there exists reasonable certainty with regard

to the amounts to be realised and the ultimate

collection thereof.

g) Sale

of Extended Producer Responsibility (EPR) Credits

EPR Credits are recognised when there is reasonable certainty that the Company will comply with cond.itions stipulated as per

Regulatory requirements and amount will be received. The

revenue related to EPR Credits are shown under the head revenue

from operations.

2.11 Retirement and

other employee benefits

Short-term employee benefits and defined

contribution plans

All employee benefits payab

le/ available within twelve months of rendering the services are classified as short-term employee

benefits. Benefits such

as salaries, wages and bonus etc. are recognised in the Statement of Profit and Loss in the period in which

the employee renders the related services.

Provident fund

Retirement benefit

in the form of provident fund is a defined contribution scheme. The Company has no obligation, other than the

contribution payable

to the provident fund. The Company recognizes contribution payable to the provident fu nd scheme as an

expense, when an employee renders the related services. If the contribution payable to scheme for service received before the

balance sheet date exceeds the contribution already paid, the deficit payable

to the scheme is recognized as a liability after

deducting the contribution already paid.

If the contribution already paid exceeds the contribution due for services received before

the balance sheet date, then

excesses recognized as an asset to the extent t hat the prepayment will lead to , for example, a

reduction in future payment

or a cash refund.

Gratuity (unfunded)

Gratuity

is a defined benefit scheme. The cost of providing benefits under the defined benefit plan is determined using the

projected unit credit method.

The Company recognises termination benefit as a liability and an expense when the Company has present obligation as a result of

past events, 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. If the termination benefits fall due more t han 12 months after

the balance sheet date, they are measured

at present value of future cash flows using the discount rate determined by reference

to market yields at the balance sheet date on governments bonds.

Re-measurements, comprising of actuarial gains and losses, the effect of the asset ceiling, excluding amounts included in net

interest on the net defined benefit liability and the return on the planned

assets (excluding amounts included in net interest on

the net defined benefit liability), are recognised immediately in the balance sheet with a corresponding debit or credit to retained

earnings through

OCI in the period in which they occur. Re-measurements are not reclassified to profit or loss in subsequent

periods.

Tinna Rubber and Infrastructure Limited

Notes to standalone financial statements for the year ended March 31, 2025

All amount in

Rs. lakh, unless otherwise stated

Past service costs are recognised in profit or loss on the earlier of:

(a) The date of the plan amendment or curtailment, and

(b) The date

that the Company recognises related restructuring cost

Net interest

is calculated by applying the discount rate to the net defined benefit liability or asset.

The Company recognises the following changes in the net defined benefit obligation as an expense in the Statement of Profit and

Loss:

(a) Service costs comprising current service costs, past service costs, gains and losses on curtailments and

{b) Net interest expenses or income

Compensated absences

Accumulated leave, which

is expected to be utilised within next 12 months, is treated as short term employee benefit. The

Company measures the expected cost

of such absences as the additional amount that it expects to pay as a result of the unused

entitlement

that has accumulated at the reporting date.

The Company treats accumulated leave expected to be carried forward beyond 12 months, as long-term employee benefit for

measurement purposes. Such long-term compensated absences are provided for based on the actuarial valuation using the

projected

unit credit method at the period end. Re-measurement, comprising of actuarial gains and losses, are immediately taken

to the Statement of Profit and Loss and are not deferred. The Company presents the leave as a current liability in the balance

sheet

to the extent it does not have an unconditional right to defer its settlement for 12 months after the reporting date. Where

Company

has the unconditional legal and contractual right to defer the settlement for a period beyond 12 months, the same is

presented as non-current liability.

2.12 Borrowing costs

Borrowing cost includes interest and

other costs incurred in connection with the borrowing of funds and charged to statement of

profit and loss on the basis of EIR method. Borrowing cost also includes exchange differences to the extent regarded as an

adjustment to the borrowing cost.

Borrowing costs directly attributable

to the acquisition, construction or production of an asset that necessarily takes a substantial

period

of time to get ready for its intended use or sale are capitalised as part of the cost of the respective asset. All other

borrowing costs are recognised as expense in the period in which they occur.

2.13 Government grants

Government Grants are recognized at their fair value when there is reasonable assurance that the grant w ill be received and all

the attached conditions will

be complied with.

When the grant relates

to an expense item, it is recognized as income on a systematic basis over the periods that the related

costs,

for which it is intended to compensate, are expensed. When the grant relates to an asset, it is recognized as income in equal

amounts over the expected useful life

of the related asset.

When the Company receives grants

of non-monetary assets, the asset and grant are recorded at fair value amounts and released

to profit or loss over the expected useful life in a pattern of consumption of the benefit of the underlying asset.

2.14 Earnings

per share

Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders by the

weighted average number

of equity shares outstanding during the period. The weighted average number of equity shares

outstanding during the period

is adjusted for events such as bonus issue, bonus element in a rights issue, share split, and reverse

share split (consolidation of shares) that have changed the number of equity shares outstanding, without a corresponding change

in resources.

For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders

and the weighted average number

of shares outstanding during the period are adjusted for the effect of all potentially dilutive

equi

ty shares.

Tinna Rubber and Infrastructure Limited

Notes

to standalone financial statements for the year ended March 31, 2025

All amount in Rs. lakh, unless otherwise stated

2.15 Impa

irment of non-financial assets

The Company assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication

exists,

or when annual impairment testing for an asset is required, the Company estimates the asset's recoverable amount. An

asset's recoverable amount is the higher of an asset's or Cash-Generating Unit's (CGU) fair value less costs of disposal and its value

in use. Recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely

independent

of those from other assets or Company's of assets. Where the carrying amount of an asset or CGU exceeds its

recoverable amount, the asset

is considered impaired and is written down to it s recoverable amount.

assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that

reflects current market assessments

of the time value of money and the risks specific to the asset. In det ermining fair value less

costs of disposal, recent market transactions are taken into account, if available. If no such transactions can be identified, an

appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly

t raded companies or other available fair value indicators.

Impairment

losses including impairment on inventories, are recognized in the st atement of profit and loss. After impairment,

depreciation

is provided on the revised carrying amount of the asset over its remaining useful life.

Non-financial assets other than goodwill

that suffered an impairment are reviewed for possible reversal of t he impairment at the

end

of each reporting period.

An assessment is made at each reporting dat e to determine whether there is an indication that previously recognised impairment

losses no longer exist or have decreased. If such indication exists, the Company estimates the asset's or CGU's recoverable

amount. A previously recognised impairment

loss is reversed only if there has been a change in the assumptions used to

determine the asset's recoverable amount since the last impairment loss was recognised. The reversal is limited so that the

carrying amount

of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been

determined, net

of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised

in the statement of profit and loss.

2.16 Segment accounting:

Based on "Management Approach" as defined in Ind AS 108- Operating Segments, t he executive Management Committee

evaluates the Company's performance and allocates the resour

ces based on an analysis of various performance indicators by

business segments.

The Company prepares its segment information in conformity with the accounting policies adopted for preparing and presenting

the standalone financial statements

of the Company as a whole.

2.17 Foreign currencies

The Company's standalone financial statements are presented in Indian Rupee (INR) and Rounded off nearest to lakhs. Which is

also the Company's functional and present ation currency. Items included in the standalone financial st atements are measured

using the currency

of the primary economic environment in which the entity operates ( 'the functional currency').

Foreign currency transactions are recorded on initial on initial recognition in the functional currency, using the exchange rate

prevailing

at the date of transaction.

Measurement of foreign currency items at the balance sheet date

Non-monetary items that are measured in terms of historical cost in a foreign currency are t ranslated using the exchange rates at

the dates

of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the

exchan

ge rates at the date when the fair value is determined. The gain or loss arising on translation of non-monetary items

measured

at fair value is treated in line with the recognition of the gain or loss on t he change in fair value of the item (i.e.,

translation differences on items whose fair value gain or loss is recognized in OCI or profit or loss are also recognized in OCI or

profit or loss, respectively).

Exchange differences

Exchange differences arising on settlement or translation of monetary items are recognized as income or expense in the

statement

of profit and loss in the period in which they arise.

Bank guarantee and l

etter of credit

Bank guarantee and letter of credits are recognised at the point of negotiation with Banks and converted at the rates prevailing on

the date

of Negotiation. However, outstanding at the period end are recognised at the rate prevailing as on t hat date and total

sum

is considered as contingent liability.

Tinna Rubber and Infrastructure Limited

Notes

to standalone financial statements for the year ended March 31, 2025

All amount in

Rs. lakh, unless otherwise stated

2.18 Dividend d

istributions

The Company recognizes a liability to make payment of dividend to owners of equity when the distribution is authorized and is no

longer at the discretion of the Company and is declared by the shareholders . A corresponding amount is recognized directly in

equity.

2.19 Fair value measurement

The Company measures financial instruments at fair value at each balance sheet date.

Fair value

is the price that would be received t o sell an asset or paid to t ransfer a liability in an orderly transaction between market

participants at t he measurement date. The fair value measurement

is based on the presumption that the transaction to sell the

asset or transfer the liability takes place either:

(i)

In the principal market for asset or liability, or

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

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

The fair value of an asset or liability is measured using the assumptions that market participants would use when pricing the asset

or liability, assuming

that market participants act in their economic best interest.

fair value measurement of a non-financial asset takes into account a market participant's ability to generate economic benefits

by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest

and best

use.

The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to

measure fair value, maximising the use of relevant observable inputs and minimizing the use of unobservable inputs.

All

assets and liabilities for which fair value is measured or disclosed in the standalone financial statements are categorized within

the fair

value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a

whole:

Level

1 -

Level 2 -

Level 3 -

Quoted(unad

justed) market prices in active markets for identical assets or liabilities

Valuation techniques for which the lowest level input that is significant to the fair value measurement is

directly or indirectly observable

Valuation techniques

for which the lowest level input that is significant to the fair value measurement is

unobservable

For assets and liabilities that are recognized in the standalone financial statements on a recurring basis, the Company determines

whether t ransfers have occurred between levels in the hierarchy by re-assessing categorization ( based on the lowest level input

that

is significant to fair value measurement as a whole) at the end of each reporting period.

For the purpose of fair value disclosures, the Company has determined classes of assets and liabilities on the basis of the nature,

characteristics and risks

of the asset or liability and the level of the fair value hierarchy as explained above.

.20 Leases

The Company assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right t o

control the

use of an identified asset for a period of time in exchange for consideration.

The Company

as a lessee

The Company applies a single recognition and measurement approach for all leases, except for short-term leases and leases of

low-value assets. The Company recognises lease liabilities to make lease payments and right-of-use assets representing the right

to use the underlying assets.

(a) 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 depreciated on a straight-line basis over the shorter of the lease term and the estimated useful

lives

of the building (i.e. 30 and 60 years)

If ownership of the leased asset transfers to the Company at the end of the lease term or the cost reflects the exercise of a

purchase option, depreciation

is calculated using the estimated useful life of the asset. The right-of-use assets are also subject to

impairment. Refer to the accounting policies in section 'Impairment of non-financial assets'.

Tinna Rubber and Infrastructure Limited

Notes

to standalone financial statements for the year ended March 31, 2025

All amount in

Rs. lakh, unless otherwise stated

(b)

Lease liabilities

At the commencement date of the lease, the Company recognises lease liabilities measured at the present value of lease

payments

to be made over the lease term. The lease payments include fixed payments (including in substance fixed payments)

less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid

under residual value guarantees. The lease payments also include the exercise price

of a purchase option reasonably certain to be

exercised by the Company and payments of penalties for terminating the lease, if the lease term reflects the Company exercising

the

option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless

they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs.

In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the lease commencement

date because the interest rate implicit in the lease

is not readily determinable. After the commencement date, the amount of

lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying

amount

of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments

(e.g., changes

to future payments resulting from a change in an index or rate used to determine such lease payments) or a change

in the assessment

of an option to purchase the underlying asset.

The Company applies the short-term lease recognition exemption to its short-term leases (i.e., those leases that have a lease term

of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value

assets recognition exemption to leases that are considered to be low value. Lease payments on short-term leases and leases of

low-value assets are recognised as expense on a straight-line basis over the lease term.

The Company

as a lessor

Leases for which the Company is a lessor is classified as finance or operating lease. Leases in which the Company does not transfer

substantially all the risks and rewards incidental

to ownership of an asset are classified as operating leases. Rental income arising

is accounted

for on a straight-line basis over the lease terms. Initial direct costs incurred in negotiating and arranging an operating

lease are added

to the carrying amount of the leased asset and recognised over the lease term on the same basis as rental

income. Contingent rents are recognised

as revenue in the period in which they are earned.

2.21 Significant accounting judgement

s, estimates and assumptions

The preparation

of the Company's standalone financial statements requires management to make judgments, 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 the asset or liability affected in future periods.

Judgments

In the process of applying the Company' s accounting policies, management has made the following judgments, which have the

most significant effect on the amounts recognized in the standalone financial statements.

(a) Opera

ting lease commitments -Company as lessee

The Company

has taken various commercial properties on leases. The Company has determined, based on an evaluation

of the terms and conditions of the arrangements, such as the lease term not constituting a substantial portion of the

economic life

of the commercial property, and that it does not retain all the significant risks and rewards of ownership of

these properties and accounts for the contracts as operating leases.

(b) Assessment of lease contracts

Significant judgment is required to apply lease accounting rules under Appendix C to IND AS 116 : determining whet her

an Arrangement contains a Lease. In assessing the applicability to arrangements entered into by the Company,

management

has exercised judgment to evaluate the right to use the underlying assets, substance of the t ransaction

including legally enforced arrangements and

other significant terms and conditions of the arrangement to conclude

whether the arrangements meet the criteria under Appendix C

to IND AS 116.

Tinna Rubber and Infrastructure Limited

Notes

to standalone financial statements for the year ended March 31, 2025

All amount

in Rs. lakh, unless otherwise stated

Estimat

es 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 standalone financial

statements we

re prepared. Existing circumstances and assumptions about future developments, however, may change due to

market changes or circumstances arising beyond the control of the Company. Such changes are reflected in the assumptions when

they occur.

a) Revenue

from contracts with customers

The Company applied the following judgements that significant ly affect the determination of the amount and timing of

revenue from contracts with customers:

termining method to estimate variable consideration and assessing the constraint

In estimating the variable consideration, the Company is required to use either the expected value method or the most

likely amount method b

ased on which method better predicts the amount of consideration to which it will be entitled.

The Company determined that the expected value method is the appropriate method to use in estimating the variable

consideration

for revenue from operation, given the large number of customer contracts that have similar

characteristics. Before including any amount

of variable consideration in the transaction price, the Company considers

whether the amount

of variable consideration is constrained. The Company determined that the estimates of variable

consideration are

not constrained based on its historical experience, business forecast and the current economic

conditions. In addition, the uncertainty

on the variable consideration will be resolved wit hin a short t ime frame.

(b)

Taxes

Uncertainties exist with respect to the interpretation of complex tax regulat ions, changes in tax laws, and the amount

and timing

of future taxable income. Given the wide range of business relationships and the long-term nature and

complexi

ty of existing contractual agreements, differences arising between the actual results and the assumptions made,

or future changes

to such assumptions, could necessitate future adjustments to tax income and expense already

recorded. T

he Company establishes provisions, based on reasonable estimates. The amount of such provisions is based

on various factors, such as experience of previous tax audits and differing int erpretations of tax regulations by the

taxable entity and the respons

ible tax authority. Such differences of int erpretation may arise on a wide variety of issues

depending on the conditions prevailing in the respective domicile of the companies.

Deferred tax assets are recognised

for unused tax losses to the extent t hat it is probable that taxable profit will be

available against which the losses can be utilised. Significant management judgement is required to determine the

amount

of deferred tax assets that can be recognised, based upon the likely timing and the level of future t axable profits

together

with future tax planning strategies.

The cost of defined benefit plans (i.e. Gratuity benefit) and the present value of the gratuity obligation are determined

using actuarial valuations.

An actuarial valuation involves making various assumptions which may differ from actual

developments

in the f uture. 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 for the plans

operated

in India, management considers the interest rates of long term government bonds w ith extrapolated maturity

corresponding

to the expected duration of the defined benefit obligation.

The mortality rate is based on publicly available mortality tables for the specific countries. Those morality tables tend to

change only at interval in response to _demographic changes. Future salary increases and pension increases are based on

expected fut ure inflation rates

for the respective countries.

Further details about the assumptions used, including a sensitivity analysi

s, are given in note no. 33(6).

(d) Fair value measurement of financial

instrument

When the fair value of financial assets and financial liabilities recorded in the balance sheet cannot be measured based

on quoted prices in active markets, their fair value is measured using valuation techniques including the Discounted Cash

Flow (DCF) model. The inputs to these models are taken from observable markets where possible, but where this is not

feasible, a degree of judgment is required in establishing fair values. Judgments include considerations of inputs such as

liquidity nsk, credit risk and volatility. Changes in assumptions about these factors could affect the reported fair Q:

fioao,,al los<,,meo,s. See oo<e oo. 33(18) to, f,rthe, dodos,,es ,~

Tinna Rubber and Infrastructure Limited

Notes

to standalone financial statements for the year ended March 31, 2025

All amount

in Rs. lakh, unless otherwise stated

(e) Impairment of financial assets

The impairment.provisions of financial assets are based on assumptions about risk of default and expected loss rates. the

Company

uses judgment in making these assumptions and selecting the inputs to the impairment calculation, based on

Company's past history ,existing market conditions

as well as forward looking estimates at the end of each reporting

period.

(f) Impairment

of non-financial assets

The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If any

indicat ion exists,

or when annual impairment t esting for an asset is required, the Company estimates the asset's

recoverable amount.

An assets recoverable amount is the higher of an asset's CGU'S fair value less cost of disposal and its

value in use. It

is determined for an individual asset, unless the asset does not generate cash inflows that are largely

independent

of those from other assets or Company's of assets. Where the carrying amount of an asset or CGU exceeds

its recoverable amount, the asset

is considered impaired and is written down to its recoverable amount.

In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount

rate

that reflects current market assessments of the time value of money and the risks specific to the asset. In

determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions

can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, or

other fair value indicators.

(g) Impairment of Goodwill

Determining whether goodwill is impaired requires an estimation of value in use of the cash generating units to which

goodwill

has been allocated. The value in use calculation requires the direction to est imate the future cash flows

expect

ed to arise from the cash-generating unit and a substable discount rate in order to calculate present value. Where

(h) Expected Credit

Loss

The Company has used a practical expedient by computing the expected credi\ loss allowances for trade receivables

based

on a provision matrix takes it accounts historical credit loss experience and adjusted for forward looking

informa

tion. The expected credit loss allowance is based on the ageing of the day of the receivables are due and the

rates are given in the provision matrix.

(i) Share-based payments

Estimating fair value for share-based payment transactions

requires determination of the most appropriate valuation

model, which

is dependent on the terms and conditions of the grant. This estimation requires determination of the most

appropriate inputs

to the valuation model including the expected life of the share option, volatility and dividend yield and

making

assumptions about them. The Black Scholes valuation model has been used by the Management for share based

payment transactions.

Tinna Rubber and Infrastruct ure Limit ed

Notes

to st andalone financial st at ements for the year ended March 31, 202S

All amount in Rs. lakh, unless otherwise stated

2.22 Share-b

ased payments

Employees

of the Company and its subsidiaries also receive remuneration in the form of stock options (ESOP) and stock

appreciation rights

(SAR) as share based payment transactions under the Company's Employee Stock Option Plan and

Employee Stock Benefit Scheme. Both

of these are equity settled sharebased payment transactions.

The cost of equity settled transactions is determined based on the fair value at the date when the grant is made using an

ppropriate valuation model.

That cost

is recognised, together w ith a corresponding increase in share-based payment reserves (SBP) in equity, over

the period

in which the performance and/ or service conditions are fulfilled in employee benefits expense. The

cumulative expense recognised for equity settled transaction at each reporting date until the vesting date reflects the

extent to w hich the vesting period

has expired and the Company's best estimate of the number of equity instruments

that w ill ultimately vest. The statement

of profit and loss expense or credit for a period represents the movement in

cumulative expense recognised as at the beginning and end of that period and is recognised in employee benefits

expense.

Servi

ce and non-market performance conditions are not taken into account when determining the grant date fair value

of awards, but the likelihood of the conditions being met is assessed as part of t he Company's best estimate of the

number

of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant

date fair value. Any

other conditions attached to an award, but w ithout an associated service requirement, are

considered

to be non-vesting conditions. Non-vesting conditions are reflected in the fair value of an award and lead to an

immediate expensing of an award unless there are also service and/or performance conditions.

No expense

is recognised for awards that do not ultimately vest because non-market performance and/or service

conditions have

not been met. Where awards include a market or non-vesting condition, the transactions are treated as

vested irrespective of whether the market or non-vesting condition is satisfied, provided that all other performance

and/or service conditions are

sat isfied.

When t he terms of an equity-settled award are modified, the minimum expense recognised is the expense had the terms

not been modified, if the original terms of the award are met. An additional expense is recognised for any modification

that increases the

total fair value of the sharebased payment transaction, or is ot herwise beneficial to the employee as

measured at the date of modification. Where an award is cancelled by the entity or by the counterparty, any remaining

element of the fair value of the award is expensed immediat ely t hrough profit or loss.

The dilutive effect of outstanding options is reflected as additional share dilution in the computation of diluted earnings

per share.

2.23

Recent account ing pronouncements and changes in accounting st andards

Recently issued accounting pronouncements

As on March 31, 2025, there are no new standards or amendments to the

existing standards applicable

to the Company which has been notified by Ministry of Corporate Affairs.

Tinn

a R

ubber

and

Infr

astru

cture Limited

Notes

standalo

ne financia

l st at em

ents

r t he

year

ended

rch

,2025

All

amount

Rs.

lakh,

ess

otherwise

stated

3.1 P

roperty,

plan

t an

d e

qui

Fre

ehold

rti

ars

land

her

Buildin

Office

t han

cto

bui

ldin

Lea

ld impr

o vements

uilding

ame

Gro

arr

ing

mou

(At cost)

ril

, 2023

192

5.16

925

Additions

1,099.73

7.45

1,547

.75

Disposals

(28.18)

(162.52)

As at

rch

2024

1,2

64 .2 1

113

5.16

4,310.45

9 8.63

Additions

3.25

1,653.35

Disposals

(1.53)

As a

t March

31,

2025

1,264

.21

113

962

. 27

98.63

Accumulated

depreci

ation

ril

, 2023

.21

0.83

825

.3 1

Charge

for

the

year

0.78

0.16

93.

Disposals

(84

As at

Marc

2024

834.49

Cha

rge

for

the

year

149.55

Disposals

March

, 2025

4 .

984.04

93.70

Net

rrying

amount

As at

March

31,

2024

1, 264

. 21

101.38

4.17

3,475.96

4.93

As at

March

31,

2025

1,264

.21

101.38

978.2

4.93

Note

s: ·

Plant

and

rpe ted

equipment

Fen

ce,

tub

road

oth

ewell

than

RCC

23.36

96.05

85.51

1,771

.69

(4.20)

(159.75)

19.16

9 6.05

9,597

3,358.39

(89.22)

.16

12,866

48.4

4, 337.24

0.18

17.78

281.6

(3.50)

(62.04)

.74

4, 556.82

17.73

424.71

(9.

41)

.74

4,972.

0.42

5,04

0 .63

0.42

7,894.50

(i)

hicle

& plant

d equipment

are

hypotheca

t ed

agains

sec

ured loan

taken

from

bank

and

financi

insti

t utions.(

Refer

note

(ii)

Impai

rme

osses

recognised

statement

profi

t or

in acco

rdance

with

the

Ind

are

. Nil

(March

31,

2024:

Nil).

(al

First

charge

plant

and

machinery,

furnitur

e and

ure,

gener

ators,

office

equi

pment,

compu

rs and w

k in

progress

(b) Equita

ble mortgage

land

and

building

at :

•

land

and

ilding

located

Refin

ery

Road,

Villag

e Rajapur,

Tehsil

and

Dis

t ric

t Panipat

- 132103

• Farm

House

at No.6,

Sultanpur,

Mandi Road,

hrauli,

New

Delhi·

110030

• Land

and building

located

Village

Pali,

Taluka

a, District

-Thane,

Maharashtra.

•

land

d b

uilding

located

at No.17

ithur

m Village,

Gummidi

pundi

Tal

uk, Thiruv

all

Dist,

milnadu.

• Land

and b

uilding

located

Village

Pali,Varle,

Taluka

Wada,

District-Thane,

Mahara

Ele

Furn

iture

Office

fittings

Gene

rator

Vehi

cles

fixt

ure s

pment

put

Tota

equi

ment

803.30

58.

90.5

489

.04

124.4

.62

13,076

316.54

19.00

11.37

401.73

26.21

12.75

5, 214 .

(7.50)

(1.13)

(3.91)

(2.47)

.42)

(371

.08)

1,119.84

6 1

00.76

886.86

148

.21

89.95

17,919.71

785.93

69.88

390.01

39.05

13.20

313

.06

(18

.00)

(119.75)

(1.57)

(230.07)

1,887.77

.61

170.64

185

103.15

002

.7 0

516.25

40.83

74.4

198.45

6,31

25.63

1.71

74.23

10.63

8.62

(0.9

(3.70)

(2.34)

(1.45)

(158.40)

42.54

76.48

268

101

.89

678

56.05

1.41

7.31

119.86

17.35

12.42

810

(11.36)

(59.32)

(0.80)

(80

.89)

586.57

43.9

329.52

118.44

407

.41

577.96

.07

617

46.32

26.67

, 241.67

1,301.21

25.66

827

67.26

27.44

,595.28

ii) The

t le

respect

sel

f-constructe

d buildings

d t

le deeds

all

her

immovable

properti

es (other

than

propert

w here

t he Company

t he l

essee

the

lease

agreements

are

duly

executed

in f

our

t he

less

ee),

disclosed

the

financial

statements

included

und

er propert

y, plant

and eq

uipm

ent are

held

t he name

of t he Compan

the

balance

sheet

date

. However,

the

nam

t he

Company

was

change

fro

Tin

na Overseas

Limite

Tinna

Rub

ber

and Infrastructure

Limited

ith

effect

19th

December,2012.

The

land

situated

at locations

dipundi,

Wada,

Delhi

(H.O)

& Panipa

t continues

the

name

Tinn

a Overseas

limited,

the

erstwhile

name

the

Company

iv) The

Compa

ny's

plan

t at

Pan

i pat

has

been

t ified

be covered

under

the

industrial

HSIIDC,

Panipa

t and

the

procedural

imp

lementation

acquisiit

ion

/subse

quent

rel

ease

progress

and

t he

pla

at Panipat

fully

operat

iona

l.[Refer

note

no.

35[d)]

Tinn a Rubber and Infrastructure Limited

Notes

to standalone financial statements for the year ended March 31,2025

All amount in Rs. lakh, unless otherwise stated

3.2 Capital

work in progress

(a) Capital

Work in Progress:

Amount Rs.

As at April 01,2023

33.15

Addition:

675.89

Capitalisation: • (66.90)

at March 31,2024

642.14

Addition:

1,271.45

Capitalisation: • (880.65)

As at March 31,2025

1,032.94

*Adjust

ment in capital work in progress is in respect of Panipat, Varale and Gumuddipundi units completed during the current and previous year which has been transferred under

the following heads:

Particulars

Factory building

Plant and machinery

Total

(b) Ageing

of capital work in progress

at March 31,2025

CWIP

Project in progr

ess

Project temporarily suspended

As at March 31,2024

CWIP

Project in progress

Project temporarily suspe

nded

Fo the year

ended March 31,

2025

101.18

779.47

880.65

Less than 1 year

1,032.94

Less than 1 year

642.14

Fo the year ended March

31,2024

66.90

Amount in CWIP for a period of

1-2 years 2-3 years

Amount in CWIP for a period of

1-2 years

2-3 years

More than

Total

3 years

1, 032.94

More than

Total

3 years

642.14

Tinna Rubber and Infrastructure Limited

Notes

to standalone financial statements for the year ended March 31,2025

All amount in

Rs. lakh, unless otherwise stated

4 Investment property (at cost)

Particulars

Gross carrying amount

Opening balance

Addition during the year

Balance

as at

Accumulated depreciation

Opening balance

Depreciation for the year

Balance

as at

Net carrying amount

Amount recognised

in the statement of profit and loss for investment property

Rental income derived from investment property

Direct operating expenses (including repairs and maintenance) that did not generate rental

Profit arising from investment

property before depreciation

Less: depreciation for the year

Profit arising

from investment property

Fair value of investment property (refer note (ii) below)

Notes:

As at

March 31, 2025

530.39

1.36

1,291.00

i) Investment property represents land

at village satbari,tehsil Saket, Delhi given on lease w.e.f. September 01,2018.

As at

March 31, 2024

530.39

5.92

1,291.00

ii)

(a) The Company had obtained independent valuation of Rs. 1291 lakh from certified valuer for its investment property as at March 31,2025 is

consistent with

that of the previous year March 31, 2024 and has reviewed the fair valuation based on best evidence of fair value determined using

the market research method

as the best evidence of fair value is current prices in an active market for similar properties. Fair market value is the

amount expressed in terms

of money that may be reasonably be expected to be exchanged between a willing buyer and willing seller or equity or

both. The valuation by the valuer assumes that the company shall continue to operate and run the assets to have economic utility. The fair value is

on 'as is where" basis.

(b) The fair value of investment property is based on the valuation by registered valuer as defined under rule 2 of Companies (Registered Valuers

and Valuation) Rules, 2017.

iii) There

is no contractual obligation to purchase, construct or develop investment property or for repairs, maintenance and enhancement thereof and

there are no restriction on remittance

of income and proceeds of disposal.

iv) The investment property is la nd purchased through assignment deed. The formalities of registrat ion of sale deed and mutation are pending. (refer

note no.45)

v) Title deeds of Immovable properties not held in name of t he Company due to Government directions pending for registration/ mutation.

Description of item

of property

Land

Gross carrying

value

114.37

208.01

Title deeds held in the

name of

Shri Jaswant Boderam

Jai Narayan

Veer Naraain

Mukhtiyar

Singh

Om Narayan

Sat Veer

Singh

Mahavir Singh

Azad Singh

Shri lshaaq

Fazru

Atta

Nurdin

Rehmat

Rukan

Hukumdin

Shri Saddiq

Bhuttu

Harun

ldu

Whether title deed holder

is a promoter, director or

relative of

promoter/director or

N.A

Property held since (date)

27th June, 2013

4th June, 2013

Remarks

Refer note no. 45

Tinna Rubber and Infrastructure Limited

Notes

to standalone financial statements for the year ended March 31,2025

All amount in Rs. lakh, unless otherwise stated

5 Intangible assets

Particulars

Gross carrying amount (at cost)

As at April 01, 2023

Additions

Disposals

As at March 31, 2024

Additions

Disposals

As at March 31, 2025

Accumulated amortization

As at April 01, 2023

Charge for the year

Disposals

As at March 31, 2024

Charge for the year

Disposals

As at March 31, 2025

Net carrying amount

As at March 31, 2024

As at March 31, 2025

Computer software

85.95

90.70

68.19

5.50

73.70

6.01

79.71

12.24

10.99

Notes:

( i)

Impairment losses recognised in statement of profit and loss in accordance with the Impairment of Assets

{Ind AS 36) are Rs. Nil (March 31, 2024: Nil).

(ii)

Refer accounting policy

for amortization of intangible assets.

Tinna Rubber and Infrastructure Limited

Notes

to standalone financial statements for the year ended March 31, 2025

All amount in Rs. lak:h, unless otherwise stated

6 Inves

tments In asso ciates, subsidiaries and joint venture

Inv estments ln equity Instruments (unquoted) non-

trade, (valued at cost)

Investments in

Subsidiary (unquoted)

Global Recycle LLC

5,94,000 (March 31, 2024: 5,94,000) equity shares of OMR.1/· each fully paid up

Investments in associate and joint venture

TP Buildtech Private Limited - Associate

74,12,500 (March 31, 2024: 74,12,500) equity shares of Rs.10/· each fully paid up

Mbodla Investments (Pty) Limite d -Joint ve nture

24,50,490 (March 31, 2024: Nil) equity shares of Rand.1/· each fully paid up

Aggregate amount of unquoted investments In associates and joint venture

Aggregate amount of impairment on value of investments

Notes:

(i) Refer note no. 42 for information about related party transactions.

7 Non-current financial

assets

7.1 Inves

tments

(a) Investments in equity instruments (unquoted), non trade

Valued at fair value through Other Comprehensive Income (FVTOCI)

Keerthi International Agro Private limited (refer note 35(b))

11,000 (March 31, 2024 : 11,000) equity shares of Rs.100/· each fully paid up

BGK lnfratech Private limited !refer note 34)

5,00,489 (March 31, 2024: 6,40,656) equity shares of Rs.10/· each fully paid up

Puja lnfratech LLP (refer not e 35(c))

1,24,000 (March 31, 2024: 1,24,000) equity shares

of Rs.10/-each fully paid up

(b} Investments in preference Instruments (unquoted), non trade

Valued at amortised cost

lndo Enterpr

ises Privat e limited

(i) 40,000 (Previous Year 40,000) 6% Non-Cumulative redeemable nominal value of Rs.10/-each optionally

convertible preference shares at a premium of Rs. 90/-each.

(ii) 80,000 (Previous Year 80,000) 8% Non-Cumulative redeemable nominal value of Rs.10/· each

optionally convertible preference shares at a premium of Rs. 90/-each.

Total

less: Impairment loss (refer note 57)

Aggregate

amount of Investments

Aggregate amount of unquoted Investments (FVTOCI)

Aggregate amount of unquoted Investments [Amortised cost]

Notes:

(i) Refer note no.46 for fair valuation of financial instruments.

As at

March 31, 2025

1,273.77

1,27

3.77

741.25

116.94

858,19

As at

March 31, 2025

11.01

1,999.90

183.25

2,194.16

40.

80.00

120.00

2,194.

2,194.16

As at

March 31,2024

1,273.77

741.25

As at

March 31,2024

11.0 1

2,159.52

183.25

2,353.78

40.00

80.

120.00

2,473.78

2,353.78

120.00

Tlnna Rubber and Infrastructure limited

Notes to standalone financial statements for the year ended March 31,2025

All amount in Rs. lakh, unless otherwise stat ed

7.2

Other non·current financial assets

(Valued

at amortised cost)

(Unsecured, considered

good unless otherwise stated)

Security deposits

Notes:

(i) Refer note no.47

for information about credit risk & market risk for security deposit.

8 O

ther non current assets

(Unsecured, considered good unless otherwise s

tated)

Capital advances

Notes:

Deposits

with Statutory/ Government authorities

Prepaid expenses

As at As at

March

31, 2025

March 31,2024

278.98

239.61

278.98 239.61

As at

March

31, 2025 March 31,2024

376.33

316.98

0.20 0.20

8.77

7.11

385.30 324.29

(i) No amounts are due from directors or other officers of the Company either severally or jointly with any other person. Nor amounts are due from firms or private companies

respectively

in which any director is a partner, a director or a member.

(ii) Deposits with Statutory/ Government authorities includes deposits with value added tax (VAT) department of different states of India.

9 Inven

tories

(Valued

at lower of cost and net realisable value unless otherwise stated)

Raw materials

Notes:

Work in progress.

Finished goods

St ock

in trade (Tra ded Goods)

St ores and spares

Packing materials

Steel scrap

(i) The above includes goods

in transit as under:

Raw materials

(ii) In

ventories are hypothecated with the banks against working capital limits. (refer note no. 18.l(i)(a})

(iii) Refer accounting policy no.

2. 7 for Inventories.

10 Current financial assets

10.1 I

nvestment

Investments In equity Instrum ents (unquoted), non trade

Valued at Fai r Value through Other Comprehensive Income (FVTOCI)

BGK lnfrat ech Private Limit ed (refer note 36)

1,40,167 (March 31, 2024: NIL)

equity shares of Rs.10/-each fully paid up

Note:

As at

March 31, 2025

2,978.39

627.56

932.67

687.18

554.83

148.21

129.24

6,058.08

1,488.55

As at

March 31, 2025

560.09

As at

March 31,2024

1,752.74

365.93

669.31

794.61

461.89

87.44

42.57

4, 174.49

755.86

As at

March 31,2024

The Company received a let

ter of offer dated April 01, 2025 from M/s. BGK lnfratech Private Limited ("BGK") for buyback of upto 1,45,000 fully paid-up equity shares having the face

value

of Rs. 10/-each ("Equity Share"), at a price of Rs. 400 per Equity Share. The Board of Directors of Company in its meeting held on April 19, 2025, approved and offered upto 1,45,000

fully paid•up equity shares held by

the Company, for buyback by BGK, subject to compliance of applicable laws in accordance wit h the letter of offer.

BGK considered the Company's offer and accepted to buyback 1,40,167 equity shares out of 1,45,000 equity shares tendered by the Company on proportionate basis for a price of Rs.

399.59 per equity shares. Accordingly the Company has shown the amount of Rs. 560.09 lakhs as current investment.

10.2 Trade receivables

(a) Trade receivables considered good·Secured

(b} Trade receivables considered good-Unsecured

(c} Trade receivables w hich ha

ve significant increase ln credit risk

(d) Trade receivables •Credit impaired

Less: Impairment allow ance

for trade receivables

otes:

{i) Refer note•47

for information about credit risk & market risk for trade receivable.

(1i) Trade receivables are usually non•int erest bearing and are on trade terms of Oto 90 days.

As at

March 31, 2025

3,981.

17.74

(17.74)

3,981.02

As at

March 31,2024

3,116.

293.83

(293.83)

3,116.49

(iii) No trade receivables are due from directors or other officers of the Company either severally or jointly with any other person. Trade receivables due from firms or private

companies respectively in which any dire

ctor is a partner, a director or a member are as under:

TP Buildtech Private Limited

Global Recycle

LLC

Mbodla Investments (Pty) Ltd

(iv)

The movement In Impairment allowance as per ECL model Is as under:

Opening balances

Additions

Balance written

off

Closing balances

As at

March 31, 2025

44.04

59.63

293.83

72.71

(348.80)

17.74

Asal

March 31,2024

1.49

91.39

237.80

56.03

293.83

Tinna Rubber and Infrastructure Limited

Notes

to standalone f inancial statements for the year ended March 31,2025

All amou

nt in Rs. lakh, unless otherwise stated

10.2 Trade receivabl

es aolno schedule as at March 31 2025

Parti

culars

(i) Undisp

uted trade receivables - considered good

(ii) Undisputed trade receivables - w hich have

si"nificant

increase in credit risk

(iii) Undisp

uted Trade receivables - credit

impaired

(iv) Disputed trade recei

vables-considered good

(v)Disputed trade

receivables -w hich have

sianificant inc

rease in credit risk

(vi)Disputed trade receiva

bles-credit impaired

Total

Less: Allowance for trade receivable

otal

Trade

receivables ai:rini:r schedule as at March 31 2024

Particulars

(i)Undisputed trade receivables - considered good

(ii)Undisput

ed trade receivables - which have

significant increase in credit risk

(iii)Undisputed trade re

ceivables - credit impaired

(iv)Oisputed trade receivables - considered good

(v)Disputed trade recei

vables - w hich have

sil'!nificant increase in credit risk

(vi)Disput

ed trade receivables - credit impaired

Total

Less: Allowance for trade receivable

Total

0.3 Cash and cash equivalents

Balances w ith banks:

- Current accounts

c·

ash on hand

Unbilled

dues

Unbilled

Dues

Not due

2,402.85

2 402.85

Not Due

1,723.00

723.00

l 723.00

fi)(ed deposits held as margin money against bank guarantees having a original

maturity period

less than three months

Notes:

Outstanding

for following periods from due date of payment

Less than 6 months

1-2

6 months •l year

vears

1,468.84 53.99 36.16

6.00 6.38

1 468.84

59.99 42.54

6.00 6.38

1 468.84

53.99 36.16

Outstanding for following peri ods from due date of payment

Less than 6 months

6 months

-1 year

1-2

vears

1,209.04 59.28 36.43

6.59 6.43

1,209.04 65.87

42.86

6.59 6.43

l 209.04 59.28 36.43

(i) There are no restrictions with regard to cash and cash equivalents as at the end of the reporting period.

2-3 years

19.18

4.79

23.97

4.79

19.18

2-3 years

1.8 4

0.46

1.84

More than 3 years

0.57

More than 3 years

280.35

86.90

367.25

280.35

86.90

Asat

March 31, 2025

90.72

11.55

101.44

203.71

Total

3,981.02

17.74

3 998,76

17.74

3 981.02

Total

3,029.59

293.83

86.90

3 410.32

293

.83

3 116.49

As at

March 31

2024

20.58

7.24

27.82

(ii) As on March 31,2025. The Company has four bank accounts having balance Rs.0.53 lakh that has not been used for any transact ion during t he year.The Company has intiated the necessary process for closure of

these accounts.

Tinna Rubber and Infrastructure Limited

Notes

to standalone financial statements for the year ended March 31,2025

All amount

in Rs. lakh, unless otherwise stated

10.4 Other bank balances

other than cash & cash equivalents

Unpaid dividend

{Refer Note (i))

Fixed deposits having a original

maturity period of more than three months but less than twelve months

{Refer Note (ii))

Notes:

(i) The Company can utilize the balance only towards settlement of unclaimed dividend.

As at

March 31, 2025

21.98

151.49

173.48

As at

March 31,2024

19.64

120.22

139.86

(ii) The deposits maintained by the Company w ith banks comprise of time deposits made of varying periods between t hree months to twelve months

and earn interest at the respective short term deposit rates.

10.5 Loans

(Valued

at amortised cost)

(Unsecured, considered good unless otherwise stated)

Loans to related parties (refer note 42)

loans to employees•

Notes:

As at

March 31, 2025

30.81

As at

March 31,2024

48.88

24.31

73.18

(i) No loans and advances are due from firms or private companies respectively in which any director is a partner, a director or a member or other

officers of the Company either severally or jointly with any other person.

(ii) • Represents interest free loans given

to employees that are genearally recovered within a period of 12 months.

10.6 Other financial assets

(Valued

at amortised cost)

(Unsecured, considered good, unless

otherwise stated)

Security deposits

Other receivables

Fixed deposits having a original maturity period of more than three months but less than twelve months

Notes:

(i) Security deposits include deposits

with material suppliers.

(ii) Other receivables include receivables

of incentives and other miscellaneous receivables.

As at

March 31, 2025

29.77

221.05

19.63

270.45

As at

March 31,2024

22.44

123.57

146.01

(iii) No amounts are due from directors or other officers of the Company or any of them either severally or jointly with any other person.

11 Other current assets

(Unsecured, considered good,

unless otherwise stated)

Advances

to related parties (Refer note 42)

Advances against materials and services

Pre-deposits with Government departments under protest

Balance with government authorities

Prepaid expenses

Extended Producer Responsibility

(EPR) credits realizable

Other advances

- Considered good

- Considered doubtful

Less: Provision for impairment allowances

Total

12 Assets held

for sale

Land and building

Notes:

As at As at

March 31, 2025 March 31,2024

65.38 4.64

682.63 395.06

68.59 58.05

72.08 112.41

272.97

143.45

1,793.36 660.00

66.62 45.75

2.00 2.00

3,023.63 1,421.36

2.00 2.00

3,021.63 1,419.36

As at

March 31, 2025 March 31, 2024

106.94

In the previous year, the Company has entered into agreement to sell land and building situated at Kalamb with Ruchira Papers Limited("Buyer") for

consideration of Rs.325 lakhs. The Company has received an advance of Rs.293 lakhs. During the year ended March 31,2025, the Company has given the

physical possession

of the land and building to the buyer. However, the registration of sales deed in the name of buyer is pending and the Company has

booked a profit of Rs. 218 lakhs in the statement of profit and loss.

Tinna Rubber and Infrastructure Limited

Notes

to standalone financial statements for the year ended March 31,2025

ll amount in Rs. lakh, unless otherwise stated

13 Equity share capital

a) Authorized

200,00,000

equity shares of Rs.IO/-each (March 31,2024: 200,00,000 equity shares of Rs.10/-each)

Issued, subscribed and

fully paid up

171,29,500 equity

shares of Rs.10/-each (March 31, 2024: 171,29,500 equity shares of Rs.10/· each)

b) Reconclllatlon of the number of shares

Particulars

Balance at the beginning

of the year

Add:

Equity shares issued during the year

Balance

at the end of the year

c} Terms/rights attached to equity shares

March 31, 2025

No. of shares

1,71,29,500

Amount In lakhs

1,712.95

As at

March 31, 2025

2,000.

1,712.95

Asal

March 31, 2024

2,000.00

1,712.95

March

31, 2024

No. of shares

85,64,750

1,71,29,500

Amount in lakhs

856.48

1,712.95

i} The Company has only one class of equity shares having a par value of Rs.10/-per share (March 31,2024: Rs.10/-per share). Each holder of equity shares ls entitled to one vote per share.

ii)

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.

d} Details of shareholders holding more than 5% shares In the Company ls set out below (representing l egal and beneficial ownership):

Name

of Shareholders

As at March 31, 2025 As at March 31, 2024

No. of shares

% holdln; No. of shares % holdin;

Mrs. Puja Sekhri

36,14,232

21.

10 36,14,232 21.10

Mrs. Shobha Sekhri

32,72,686 19.11 32,72,686 19.11

Mrs. Aarti Sekhri

28,81,832 16.82 28,81,832 16.82

As per the records of the Company, including its register of shareholders/members and other declarat ions received from shareholders regarding beneficlal interest, the above share holding represents

both legal and beneficial ownership of shares.

c) Aggregate number of shares bought back, or Issued as fully pald up pursuant to contract without payment being received in cash or by way of bonus shares during the period of five years immediately

preceeding

the date of balance sheet:

quity shares allotted as fully paid-up pursuant to contracts for consideration other than cash.

Equi

ty shares allotted as fully paid up bonus shares by capitalisation of securities premium account and general reserve.

Equi

ty shares bought back

f) Details of Shareholding of promoters in the Company:

Shares held by the promoters at the end of the year

Name

of the Promoter

1 Bhupinder Kumar Sekhri Karta-Bhupi nder And Kapil HUF

2 Bhupinder Kumar Sekhri Karta• BK Sekhri And Sons HUF

3 Mr. Gaurav Sekhri

4 Mrs. Shobha Sckhri

Mr. Bhupinder Kumar Sckhri

Mrs. Aarti Sekhri

Mrs. Puja Sekhri

Mr. Krishnav Sekhri

Mr. Arnav Sekhri

Mr. Aditya Brij Sckhri

11 Sek.hri Family Annuity Trust

Total

As at Much 31, 2025

Number of shares

1,02,511

1,32,600

32,72,686

4,04,924

28,81,832

36,14,232

6,00,000

5,55,000

11,341

1,21,75,126

of holding

0.00%

0.60%

0.77%

19.11%

2.36%

16.82%

21.10%

3.50%

3.24%

0.07%

71.08%

As at

March 3 1, 2025

No. of shares

Nil

NII

As at March 31, 2024

Number of shares % of holding

12,020

5,24,600

1,32,600

32,72,686

4,04,924

28,81,832

36,14,232

6,00,000

5,55,000

1,25,

97,894

0.07%

3.06%

0.77%

19.11%

2.36%

16.82%

21.10%

3.50%

3.24%

73.54%

As at

March 31, 2024

No. of shares

Nil

85,64,750

Nil

% change during

the year

0.07%

2.5%

(0.07%)

46%

Tinna Rubber and Infrastructure Limited

tes t o standalone financial statements for the year ended March 31, 2025

All amount in Rs. lakh, unless otherwise stated

14 Other equity

Securities premium account

Gener

al reserve

Retained earnings

Equity instruments through ot

her comprehensive income (OCI)

Share based payment reserve

otes:

(a) Securities premium reserve

Opening balance at the begning

of the year

Less: Issue

of bonus shares

Closing balance at the end of the year

(b) General r eserve

Opening balance

at the begning of t he year

Add: during the year

Closing balance at the end of the year

Opening balance at the begning of the year

Profit for the year

Comprehensive income

for the year

Dividend paid

during the year

Closing balance at the end of the year

(d) Equity instruments

through Other Comprehensive Income

Opening balance at the begning of the year

Add:Re-mesurement gains on investments [FVTOCI)

Gains on de-recognition of Investments [FVTOCI)

Closing balance at the end of the year

(e) Share based payment reserve

Opening balance at the begning of the year

Addition during the year

Closing balance at the end of the year

(f) Nature and purpose of reserves

Securities premium

As at As at

March 31, 2025 March 31, 2024

300.13

169.68

12,283.

24 8,387.85

2,592.91 2,240.52

148.04

15,493.99

11,098. 17

300.13 1,156.61

856.48

300.13 300.13

169.68 169.68

8,387.85

5,530.08

4,227.86 3,788.66

10.12 11.23

(342.59) (

942.12)

12,283.24 8,387.85

2,240.52 2,177.22

352.39 63.30

2,592.91 2, 240.52

148.04

The amount received in excess of face value of t he equity shares is recognised in securities premium. In case of equity sett led share based payment

transactions, the difference between fair value on

grant date and nominal value of share is accounted as securities premium reserve. The reserve

can be utilised only for limited purposes such as issuance of bonus shares in accordance with the provisions of the Companies Act, 2013.

General reserve

The general reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the general reserve is

created by a transfer from one component of equity to another and is not an item of other comprehensive income, items included in general

reserve will not be reclassified subsequently to profit and loss.

Retained earnings

Retained earnings are profit the Company has earned till date less transfer to general reserve, dividend or other distribution or transaction with

shareholders.

Equity instruments through other comprehensive income

The said portion of equity represents excess/(deficit) of investment valued at fair value through other comprehensive income in accordance with

Ind AS 109 "Financial Instruments" as specified under section 133 of the Act, read with Rule as amended and the Companies (Indian Accounting

Standards) Rules, 2015.

Share based payment reserve

The employee share based payment reserve is used to recognise the compensation related to share based awards issued to employees under

Company's share based payment scheme.

"This space has been intentionally left blan '

Tinna Rubber and Infrastructure Limited

otes t o standalone f inancial statements for the year ended March 31,2025

All amount in

Rs. lakh, unless otherwise stated

15 Non current financial l iabilities

Long term borrowings

Secured

a) Term loan

from Bank s

Canara Bank

State Bank

of India

b) Vehicle Loan

From Banks

HDFC Bank Limited

Canara Bank Limited

Kotak Mahindra Bank Limited

Bank

of Baroda Limited

SVC CO-OPERATIVE

ii) From Others

BMW Financial Services

Daimler India Financial Private

Limited

Notes:

A) Guaranteed Emergency Credit Line-GECL- 2. 0 - Canara Bank

Non-Current

As at

March 31, 2025

144.38

5,677.11

7.98

265.57

35.99

332.39

78.60

11.46

6,553.47

As at

March 31, 2024

380.62

3,787.72

16.67

207.35

32.57

209.58

25.81

4,660.32

Current

As at

March 31, 2025

236.25

700.00

13.37

136.21

22.82

56.68

17.29

14.35

1,196.97

As at

March 31, 2024

236.25

474.90

5.50

17.

97.91

15.65

29.98

13.

891.48

(a) Working capital term loan from Canara Bank under GECL 2.0 scheme and is taken for a sum of Rs. 630 lakh at an interest rate of 9.25% p.a,

to build up current aseets and to meet operational liabilities, make statutory payments and meet liquidity mismatch arising out of COVID 19

outbreak in the business.

(b) (i) Pri

mary security

The assets created out of the facility so extended i.e. pari-passu 1st charge on the entire current assets of the Company.

(ii) Co

llat eral securities

The additional WCTL sanctioned under GECL 2.0 scheme shall rank second charge with the existing credit facilities with charge on the

assets financed

under the scheme to be created on or before June 30, 2021or date of NPA, whichever is earlier.

(iii) Terms

of repayment are as under:-

The balance outstanding as on March 31, 2025 Rs. 170.56 lakh is payable in 13 monthly instalments of Rs. 13.12 lakh (plus interest)

each, last installment falling due

on April 08, 2026.

B) GECL-2.0 (Extension)-Canara Bank

(a) Working capital term loan (WCTL) from Canara Bank under GECL 2.0 (extension) scheme is taken for a sum of Rs. 315 lakh at an interest rate

of 9.25% p.a., to build up current assets and to meet operational liabilities.

(b) The said loan is secured

by way of the assets creat ed out of the credit facility so extended. The additional WCTL facility granted under GECL

1.0 (extension)/GECL 2.0(Extension)/GECL 3.0 (Extension) shall rank second charge with the existing credit facilities.

The balance outstanding

as on March 31,2025 Rs. 209.92 Lakhs is payable in 32 monthly instalments of Rs. 6.56 lakh plus interest and last

installment fa lli ng

due on 12.11.2027.

(d) There are no defaults

of repayments of principal and interest during the year.

C) Term loan from State Bank of India:

The Company has been sanctioned a

term loan from State Bank of India for a sum of Rs. 2545 lakh at an interest rate of 9.65% p.a. for the

purpose of establishement of Varle Plant. The said loan is secured by way of hypothecation of plant and machinery purchased out of the

bank's finance and Exclusive charge by way of equitable mortgage over factory land & building bearing Survey no. 7 & 71/2, Varle, Wada,

Palgarh.

II Collateral securities

Equitable mortgage over residential building bearing Survey Number : kh no. 448,449,450 & 451, situated at farm house with commercial

conversion bu

ilt on khasra no. 448,449,450 & 451 Chin Min Farm ,Village Satbari, Chat tarpur, Mehrauli New Delhi 110074 measur ing total

area 13569.23 Sq mtrs in t he name of Chin Min Developers Private Limited.

Ill Term loan outstanding

balance of Rs. 2345 lakhs is to be paid in 57 monthly installments, 2 monthly Installment having principal amount

Rs.20 lakhs plus interest,54 monthly installment having principal amount of Rs. 42 lakhs plus interest & last 57th installment havi ng

principal amount

of Rs. 37 lakhs plus interest and last installment falling due on December 20 ,2029.

IV There are no defaults of repayments of principal and interest during the year.

V Personal Guarantee

of Mr. Bhupinder Kumar Sekhri & Mr. Gaurav Sekhri {directors of th

Tinna Rubber and Infrastructure Limited

Notes to standalone finan

cial statements for the year ended March 31,2025

All amount in Rs. lakh, unless otherwise stated

DJ Term loan from State Bank of India:

The Company

has been sanctioned a term loan from State Bank of India for a sum of Rs. 2250 lakh at an interest rate of 9.65% p.a. for the

purpose

of taking over of earlier term loan taken from India Bulls Commercial Credit Limited (IBCCL). The said loan is secured by way of

hypothecation of plant and machinery purchased out of the bank's finance.

II Collateral securities

Equitable mortgage over residential building bearing survey number: kh no. 448,449,450 & 451,

Sit uated at farm house with commercial

conversion built on khasra no. 448,449,450 & 451 Chin

Min Farm ,Village Satbari, Chattarpur, Mehrauli New Delhi 110074 measuring total

area 13569.

23 Sq mtrs i n the name of Chin Min Developers Private Limited

Ill Terms of repayment are as under:-

Term loan outstanding balance of Rs. 1450 lakhs is to be paid in 72 installments, in which 71 monthly installment having principal amount

of Rs. 20 lakhs plus interest and last 72nd installment having principal amount of Rs. 30 lakhs plus interest and last installment falling due

on March

25, 2031.

IV There are no defaults of repayments of principal and interest during the year.

V Personal Guarantee of Mr. Bhupinder Kumar Sekhri & Mr. Gaurav Sekhri (directors of the Company)

E) Term loan from State Bank of Indi a:

I The Company

has been sanctioned a term loan from State Bank of India for a sum of Rs. 2734 lakh at an interest rate of 9.65% p.a. for the

purpose

of establishment of Varle Plant. The said loan is secured by way of hypothecation of plant and machinery purchased out of the

bank's finance and Exclusive charge by way of equitable mortgage over factory land & building bearing Survey no. 7 & 71/2, Varle, Wada,

Palgarh.

II Collateral securities

Equitable mortgage over residential building bearing Survey Number :

kh no. 448,449,450 & 451, Situated at farm house with commercial

conversion built on khasra no. 448,449, 450 & 451 Chin Min Farm ,Village Satbari, Chattarpur, Mehrauli, New Delhi - 110074, measuring

total area 13569.23

sq. mtrs in the name of Chin Min Developers Private Limited

Ill Term loan outstanding balance of Rs. 2542.66 lakhs and Rs.211.03 drawn subsequent to the balance sheet date is to be paid in 96 monthly

installments, after 12 Month moratorium .

IV There are no defaults of repayments of principal and interest during the year.

V Personal Guarantee of Mr. Bhupinder Kumar Sekhri & Mr. Gaurav Sekhri (directors of the company)

F) Others

i) Vehicl

es and equipment loans are secured against the respective assets and interest is in the range of 7.90% p.a to 9.55% p.a.

ii) The loans are repayable in range of 23-84 monthly installments and last installment falling due on May 31, 2031.

16 Non current provisions

Provision

for employee benefits (refer note 37)

- Gratuity

Leave encashment

17 Deferred tax liabilities (net)

Tax expenses

Particulars

Amount recognised in statement

of profit and loss

Current tax

Tax related to earlier years

Deferred tax

charge/ (credit)

Tax expenses

for the year

As at

March 31, 2025

290.16

101.53

391.69

For the year ended

March 31, 2025

1,277.90

5.56

162.10

1,445.56

As at

March 31,2024

236.26

67.29

303.55

For

the year

ended

March 31, 2024

1,228.95

6.33

1,235.28

Tinna Rubber and Infrastructure Limited

Notes

to standalone financial statements for the year ended March 31,2025

All

amount in Rs. lakh, unless otherwise stated

Particulars

Amount recognised in other comprehensive income

Tax on remeasurement of defined benefit plan charge/ (credit)

Tax

on fair valuation gain on investment in equity instr uments

Tax expenses for the year

Particulars

Accounting

profit/ (loss) before income tax (A)

Applicable tax rate (B)

Computed tax expense at statutory rate (C = A

Adjusted to taxable profit

i) Tax effect on non deductible expenses

ii) Other

iii) Effect

of tax on capital gain

iv)

Tax related to earlier years

Income tax expense reported

in to the statement of profit and loss (D)

Effec

tive tax rate (E=D/ A)

For

the year ended

March 31, 2025

(3.40)

(48.08)

(51.48)

For

the year ended

March 31, 2025

5,673.42

25.17%

1,427.89

(18.31)

(0.76)

31.18

5.56

1,445.56

25.48%

For

the year

ended

March 31, 2024

(3.78)

(21.28)

(25.06)

For

the year

ended

March 31, 2024

5,023.94

25.17%

1,264.43

(35.48)

6.34

1,235.29

24.59%

·~

Tinna Rubber and Infrastructure Limited

otes to standalone financial statements for the year ended March 31, 2025

All amount in

Rs. lakh, unless otherwise stated

(d)

Particula

Def erred tax liabilities/(assets) com prises:

Temporary difference arising

from depreci

Expenses allowable on payment basis

Balance sheet

As at March 31,2025

804.36

(213.58)

590.78

Statement

of profit & loss

As at M arch For the year For the year

31, 2024 ended March 31, ended March 31,

557.08

(179.8

377.21

2025 2024

247.28

(85.18)

162.10

8.45

(2.1

6.33

Other comprehensive income

For

the year For the year

ended

March 31, ended March 31,

2025 2024

(51.48) (25.06)

18 Current financial liabilities

18.1 Short

term borrowings

Secured (at amortised cost)

Repayable

on demand

As at

March 31, 2025

As at

M arch 31, 2024

Cash credit facility -Canara Bank

3,243.50 2,458.47

Cash credit facility-State Bank of India

Cash credit facility-HDFC

979.67

870.22

458.05

Buyers credit facility-Canara Bank 40.15

Current maturities

of long-term borrowings (refer not e 15)

Unsecured

1,196.97 891.48

Unsecured loan

from Directors and its relatd party (ref er point ii below)

471.25

Note

(i) (a)

6,801.76 3,808.00

Working Capital Limit (CC and Buyers credit facility)

The Company

has availed working capital limits of Rs.4400 lakh (March 31, 2024 Rs.3500 lakh) from Canara Bank at an interest rat e of 9.25% p.a.

which is secured by hypothecation

of invent ories of raw mat erials, work-in-progress, finished goods, and trade receivables arising out of business

transactions. In addition, the borrowings are further secured by equitable mortgage of industrial land and buildings located at (i) Plot No. 6, Khasra No.

267 min and 269, Village Sultanpur, Tehsil Hauz

Khas, New Delhi (measuring 2.05 bighas), (ii) 14,000 sq. met ers at Village Pali Jawahar Vikramgad Road,

Taluka Wada, District Thane,

Maharashtra, bearing Gut No. 113/2 and 114/2, and (iii) 236,136 sq. ft. (a pprox. 5.44 acres) at Village Chitur Natham,

Gummidipundi Taluk, Thiruvallur District, Tamil Nadu, under Survey Nos. 64

/2, 64/3, 64/4, 73/5, 73/6, 73/7, and 73/9-all in the name of t he Company.

The borrowings are also additionally

secured by a proposed lien over mutual f unds and/or fixed deposits in t he name of t he Company or Trust , and by

hypothecation

of all present and future movable fixed assets of the Company, excluding those financed t hrough exclusive term loans from State Bank of

India or other financial institutions.

(

b) The Company has availed a working capital limit of Rs. 1,000 lakhs (March 31, 2024: Rs.1,000 lakhs) from State Bank of India at an interest rate of 9.65%

p.a .. The facility

is secured by way of first pari passu charge on hypothecation of inventories, including raw materials, stock-in-process, finished goods

(present and future), packing materials, internal stores, spares, consumables, book debts, receivables, and goods in transit.

(

c) The Company has availed working capital limit of Rs.1000 from HDFC at an interest rate of 9.25% p.a. and are secured by a first pari passu charge by way

of hypothecation on current assets including stock and receivables, both present and f uture, shared with existing lenders. Additionally, a pari passu charge

as been created on the Company's immovable properties, which include: (i) Land and Building at Plot No. 6, Khasra No. 267 min (0-10) and 269 (1-11),

Village Sult anpur, Tehsil Hauz Khas, New Delhi; (ii) Land and Building at Refinery Road, Village Rajapur, Panipat; (iii) Land and Building at Village Pali,

Jawahar Vikramgad Road, Talu

ka Wada, Maharashtra; and (iv) Land and Building measuring 5.44 acres at Village 17, Chitur Natham, Gummidipundi Taluk,

Thiruvallur District, Tamil Nadu, under Survey Nos. 64/2, 64/3, 64/4, 73/5, 73/6, 73/7,

and 73/9-all in the name of the Company. Further, the borrowings

are supported by personal guarantees of the Promoter Directors, Mr. Bhupinder Sekhri and Mr. Gaurav Sekhri.

(d)(i) Aggregate amount

of Canara Bank working capital limits secured by way of personal guarantees of Bhupinder

Kumar Sekhri and Gaurav Sekhri, Directors

of the Company, Puja Sekhri, Aarti Sekhri & Shobha Sekhri relative of

director

(d)(ii) Aggregate amount

of State Bank of India working capital limits secured by way of personal guarantees of

Bhupinder Kumar Sekhri and Gaurav Sekhri, Directors of the Company.

(d)(iii) Aggregate amount of

HDFC working capital limits secured by way of personal guarantees of Bhupinder Kumar

Sekhri and Gaurav Sekhri, Directors

of t he Company.

3,283.65

979.67

870.

2,458.47

458.05

(i i) The Company

has availed unsecured loan of Rs. 254.69 lakhs and Rs. 216.56 lakhs from Bhupinder Kumar Sekhri and Gaurav Sekhri, Directors of the Company and

Bee Gee Ess Farms and Properties Private Limit ed at the rate of interest of 10% p.a.

(iii) There are

no default in the repayment of borrowings and interests as on the date of the balance sheet.

Tinna Rubber and Infrastructure Limited

Notes

to standalone financial statements for the year ended March 31,2025

All amount in Rs. lakh, unless otherwise stated

18.2 Trade payables

Particulars

Total outstanding dues of micro enterprises and small enterprises

Total outstanding dues

of creditors other than micro enterprises and small enterprises

Trade payables ageing schedule for the year ended as on March 31 2025 •

Outstanding for following periods from due date of payment

Particulars

Not due Less than 1 Years 1-2 years 2-3 years

(i) Undisputed-MSME 387.14

(ii) Undisputed-Others 2,436.

61 1,563.50 62.15

29.69

(iii) Disputed dues - MSME

(iv)Disputed dues - Others

Total

2,823.74

1,563.50 62.15 29.69

Trade payables ageing schedule for the year ended as on March 31, 2024:

Outstanding

for following periods from due date of payment

Particulars

Not due

Less than 1 Years 1-2 years 2-3 years

(i) Undisputed-MSME

162.08 --

(ii) Undisputed-Others 1,182.43 1,915.15

29.12 228.65

(iii) Disputed dues - MSME

(iv)Disputed dues - Others

Total

1,344.51 1,915.15 29.12 228.65

Notes:

a) Refer note no. 42 for outstanding balances pertaining to related parties.

b) The amounts are unsecured and are usually paid within 120 days

of recognition.

Asat

March 31, 2025

387.14

4,111.57

4,498.71

More than 3

years

19.63

More than 3

vears

22.79

As at

March 31,2024

162.08

3,378.14

3,540.22

Total

387. 14

4,111.57

4,498.71

Total

162.08

3,378.14

3,540.22

c) Information as required to be furnished as per section 22 of the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act) for the year

ended March 31, 2025

is given below. This information has been determined to the extent such parties have been identified on the basis of information

available

with the Company.

Particulars

Year ended Year ended

March 31, 2025

March 31, 2024

(i)

Principal amount and interest due thereon remaining unpaid

to any supplier covered under MSMED Act:

Principal 387.14 162.08

Interest

The amount of interest paid by the buyer in terms of section 16, of the MSMED Act, 2006 along with the amounts

Nil

(ii)

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 Nil Nil

(iii)

beyond

the appointed day during the year) but without adding the interest specified under MSMED Act.

(iv)

The amount of interest accrued and remaining unpaid at the end of each accounting year.

(v)

The amount of further interest remaining due and payable even in the succeeding years, until such date when Nil Nil

the interest dues

as above are actually paid to the small enterprise for the purpose of disallowance as a

deductible expenditure

under section 23 of the MSMED Act, 2006

(d)

The information in respect of party determined under the MSMED Act 2006, has been identified on the basis of information available with the Company.

(e)

The total dues of M icro and Small Enterprises which were outstanding for more t han stipulated period were at Rs.Nil (March 31, 2024 Rs.Nil)

(fl The provision of interest payable in terms of Section 16 of MSMED Act has been made of Rs.Nil (March 31, 2024 Rs.Nil).

Tinna Rubber and Infrastructure Limited

Notes

to standalone financial statements for the year ended March 31,2025

All amount

in Rs. lakh, unless otherwise stated

18.3 Other financial liabilities

Unpaid dividend (refer note no. (i) below)

Interest accrued

but not Due on borrowing

Others

-Credit o

rs for capital goods

-Employee benefit expenses

-Other payables

Notes:

As at As at

March 31, 2025 March 31,2024

30.90

19.64

6.06

5.23

270.90

4.87

336.68

226.12

7.77

652.49

263.63

(i) Investor education and protection fund is being credited by the amount of unclaimed dividend after seven years from the due date. The Company has

transferred NIL (March 31,2024:NIL) out of unclaimed dividend to Investor Education and Protection Fund of Central Government in accordance with the

provisions

of section 124 of the Companies Act,2013, except an amount of Rs 2.36 Lakhs related to the financial year ending March 31, 2015, has been

deposited in

the Investor Education and Protection Fund during the previous year.

(ii) Employees benefit expenses include payable

to directors.

(iii) Other payables are in respect

of staff imprest and other miscellaneous liabilities payable.

19 Other current liabilities

Advance

from customers

Statutory dues

- Goods and Service T

ax (GST)

- Others statutory dues (refer note (i) below)

Other liabilities (refer note (ii) below)

Notes:

36.15

As at

March 31, 2025

40.06

131.37

104.90

86.80

363.13

(i) Other statutory dues are in respect of tax deduct at source, tax collect at source, provident fund, employees estate insurance and

professional tax payable.

(ii) Other liabilities are in respect

of deposits against C Forms, interest on statutory dues and other miscellaneous liabilities.

20 Current provisions

Provi

sion for employee benefits (refer not e 37 (a))

- Gratu

ity

-Leave encashment

21 Current

tax liabilities (net)

Income tax {Net

of TDS and Advance Tax Rs.1087.71 lakh (March 31,2024 Rs.1033.33 lakh)}

"This space

has been intentionally left blank."

As at

March 31, 2025

96.58

55.30

151.88

As at

March 31, 2025

248.42

13.42

As at

March 31,2024

61.41

24.58

97.96

384.37

568.32

As at

March 31,2024

68.99

41.46

110.45

As at

March 31,2024

240.47

st{

Tinna Rubber and Infrastructure Limited

Notes to standalone financial statements for the year ended March 31,2025

All amount in

Rs. lakh, unless otherwise stated

22 Revenue

from operations

Sale of products (refer note below)*

Finished goods

Traded goods

Sa le of services

Other operating revenues

Sale

of EPR Credit

Notes:

(i) Timing

of revenue recognition

Goods transferred at a

point in time

Services transferred over of period of time

Total revenue from contract with customers

(ii) Disaggr

egation of revenue based on products or service

a) Sale

of finished goods:

Road sector:

Crumb rubber

modifier (CRM)

Emulsion

Crumb rubber modified

bitumen (CRMB)

Crumb rubber

Rubber parings

Non-road sector:

Crumb rubber

Reclaimed rubber

Others:

Steel scrap

Cut

wire shot

Polymer Composite

Sales others

b} Sale of traded goods:

Aqualoc-HW-4

Bitumen/Crumb Rubber

Modified Bitumen (CRMB)

Steel shot

Old Tyre Scrap-High

Sea

Crumb Rubber

steel scrap

Sales others

c) Sale

of services:

Modification

charges/ service i ncome

Equipment rental income (Mobile unit)

Other operating revenues:

Freight on sales recovered

e Sale

of EPR Credit

(

iii} Revenue by location of customers

India

Outside India

*Refer note no. 42

for transactions pertaining to related parties

For t he year ended For the year ended

March 31, 202S

March 31,2024

37,343.94

28,447.12

9,696.26

6,957.

439.67 252.88

63.03

96.12

2,956.43

660.00

50,499.33

36,413.15

50,059.66 36,160.27

439.67

252.88

50,499.33

36,413.

3,513.81

2,135.02

1,764.78 1,154.38

441.25 101.75

12,095.83

8,703.32

872.55

17,815.67 12,967.02

8,818.48

7,140.07

4,103.91 3,990.93

12,922.39 11,131.00

4,871.68 3,375.86

1,029.13

937.00

627.51

77.56 36.24

6,605.88

4,349.10

37,343.94

28,447.12

208.00

3,355.78 5,096.81

2,464.80

270.81

113.20

198.41

2,028.27

824.

1,588.00 230.62

146.21

127.79

9, 696.26 6,957.03

123.77

138.23

315.90 114.65

439.67 252.88

63.03

96.

63.03 96.12

2,956.43 660.00

2,956.43

660.

47,879.13

33,991.14

2,620.

20 2,422.01

50,499.33

36,413.15

Tinna Rubber and Infrastructure Limited

Notes to standalone financial statements for the year ended March 31,2025

All amount in

Rs. lakh, unless otherwise stated

23 Other i ncome

a) Interest received on financial assets carried at amortised cost:

- Interest income

from banks

- Interest income

from others

b) Other non-

operating income

- Rental income

- Foreign currency exchange fluctuations (Net)

- Profit on sale

of plant, property and equipment (net)

Excess provision written back

- Government

grant and assistance

- M iscellaneous income

For

the year ended

March 31, 2025

11.74

18.39

1.36

83.72

218.05

13.76

94.65

2.42

444.09

For the year ended

March 31,2024

7.80

26.62

5.92

6.58

8.14

19.95

54.43

2.93

132.37

Tinna Rubber and Infrastructure Limited

Notes

to standalone financial statements for the year ended March 31,2025

All amount in

Rs. lakh, unless otherwise stated

24 Cost of materials consumed

Used old tyre

Natural asphalt

Crumb rubber

Bitumen

Packing materials

Extended producer responsibility

(EPR)

Others

25 Purchase of stock in trade (traded goods)

Steel scrap

Bitumen/ Crumb Rubber Modified bitumen

Crumb Rubber

Aqualoc

Old Tyre Scrap

St eel shots

others

26 Change in inventories of finished goods, work-in-progress and traded goods

Inventories at the beginning of

the year

Semi-finished goods

Finished goods

Traded goods

Steel scrap

Inventories at the end of the year

Semi-finished goods

Finished goods

Traded goods

Steel scrap

(Increase)/ decrease in inventories

of finished goods, work-in-progress and

traded goods

For the year ended

March 31, 2025

15,819.55

481.79

532.15

1,456.10

579.67

407.94

2,055.96

21,333.16

For

the year ended

March 31, 2025

1,519.11

3,364.10

1,724.76

111.74

1,776.89

328.19

8,824.79

For

the year ended

March 31, 2025

365.93

669.31

794.61

42.57

1,872.42

627.56

932.67

687.18

129.24

2,376.65

(504.23)

For the year ended

March 31,2024

10,458.47

162.86

171.80

819.55

339.04

1,312.88

13,264.60

For the year ended

March 31,2024

221.52

5,076.35

696.67

205.33

205.30

1,0

23.06

158.84

7,587.07

For the year ended

March 31,2024

764.31

1,346.75

0.05

33.25

2,144.36

365.93

669.31

794.61

42.57

1,872.42

271.95

Tinna Rubber and Infrastructure Limited

Notes

to standalone financial statements for the year ended March 31,2025

All amount in

Rs. lakh, unless otherwise stated

27 Employee benefits expenses

Salary, wages, bonus and

other benefits

Contribution towards

PF and other fund

Gratuity and leave encashment (Refer

note no. 37)

Staff welfare expenses

Employee stock option expense (Refer

note no. 54)

Finance costs

Interest expense

Other borrowing costs

29 Depreciation

and amortisation expenses

Depreciation on property, plant and equipment

Amortisation

of right of use assets

Amortisation

of intangible assets

30 Other

expenses

Power and fuel

Job work charges

Rent

Repair & maintenance :

to buildings

to machinery

to others

Insurance expenses

Rates and taxes

Legal and professional charges

Travel, conveyance and vehicle maintenance

Telephone,

internet, postage & courier

Allowance

for expected credit loss provided

Loss on sale of property, plant and equipment

Payment

to auditors*

Commission

Freight and forwarding charges

Business promotion and marketing expenses

Bank charges

Corporate social responsibility expenses

Miscellaneous expenses

* Payment to Auditors

Audit fee

Limited review fee

Tax audit fee

Certificate & Other Charges

Reimbursement

of expenses

For the year ended For the year ended

March 31, 2025 March 31,2024

4,188.37 2,773.89

276.99 209.01

126.32 94.56

152.59 110.12

148.04

4,892.31 3,187.58

1,012.70 635.53

67.91 55.45

1,080.61

690.98

810.26

517.92

35.56

6.01 5.50

816.27 558.98

2,909.27 2,077.53

295.59 272.91

100.45 119.57

127.57 24.98

1,328.35 820.98

57.44

23.13

68.25

44.03

91.58 58.75

419.99 375.65

565.25

357.06

31.11 37.39

77.39

128.57

11.02 13.72

26.52 17.55

52.23 53.38

1,854.50 1,096.85

168.58

102.00

55.64

56.72

69.88 34.87

396.48

244.78

8,707.09

5,960.42

9.88 9.88

2.12

2. 12

2.00

9.16 0.57

3.36 2.98

26.52

17.55

Tinna Rubber and Infrastructure Limited

Notes to standalone financial statements for the year ended March 31, 2025

All amount in Rs. lakh, unless otherwise stated

31 Earnings per share

a) Basic earnings per share

Numerator for earnings per share

-Profit after tax

Denominator for earnings

per share

-Opening number

of equity shares

• Issue

of bonus shares

-Weighted number

of equity shares outstanding during the year

Earnings per share-basic (one equity share of Rs.10/-each)

b) Diluted earnings per share

Numerator for earnings per share

-Profit after tax

Denominator for earnings

per share

Opening number

of equity shares

Issued bonus shares

Weighted average

number of potentioal equity shares on account of employee stock option

Weighted number of equity shares outstanding during the year

Earnings per share-Diluted (one equity share o f Rs.10/- each)

(Rs. in l akh)

(Nos.)

(Rs.)

(Rs. in lakh)

(Nos.)

(Rs.)

For the year ended For the year ended

March 31, 2025 March 31, 2024

4,227.86 3,788.66

1,71,29,500 85,64,750

85,64,750

1,71,29,500 1,71,29,500

24.68 22.12

4,227.86 3,788.66

1,71,29,500 85,64,750

85,64,750

21,583

1,71,51,083 1,71,29,500

24.65 22.12

During

the previous year ended 31 March 2024, Company had issued bonus shares in the ratio of 1: 1 fully paid-up equity shares of Rs. 10/· (Rupees Ten) each in

proportion of 1 (Dne) new fully paid up equity shares of Rs. 10/-(Rupees Ten) for every 1 (One) existing fully paid-up equity shares of Rs. 10/-(Rupees Ten) each.

32 COMMITMENTS AND CONTINGENCIES

A Contingent liabilities (to the extent not provided for)

a) Claims filed against the Company not acknowledged as debts

(Advance paid

Rs. Nil (March 31, 2024: Rs. Nil)) (refer note below (i))

b) Bank guarantees obtained from banks

c) Disputed tax liabilities in respect of pending cases before Appellate Authorities (refer note below (ii})

(Advance paid Rs. 68.27 Lakh (March 31, 2024 Rs. 41.29 lakh))

d) Corporate guarantees (refer note 52(ii))

e) Custom

duty saved on machinery imported under Zero duty EPCG Scheme (Export Promotion Capital Goods Scheme),

for which Company has undertaken export obligation worth six times of the duty saved. (refer point (iii))

f) Custom duty saved on raw material under Zero Duty Advance license Scheme (refer note below (iv))

{The Company is reasonably certain to meets its export obligations, hence it does not anticipate a loss with respect to

these obligations and accordingly has not made any provision in its financial statements.)

g) Demand raised by TDS department (Tax Deduction at Source)

Notes:

(i) A claim

has been filed against the Company by a supplier for recovery which is pending before The VII Addi. City Civil

Court, Chennai which had been decreed by

the said court. The Company has filed appeal before Hon' ble High Court

Chennai.

Company has filed a case against a customer for recovery of Rs. 86.73 lakhs in the District Court Patiala House, New

Delhi. A counter claim has been filed against the Company by an associate of the customer for r ecovery w hich is

pending before The Civil Judge, (Howarh, West Bengal). The Company is contesting the same.

A claim has been filed against the Company by a supplier for recovery which is pending before The Civil Court,Panipat.

The Company is contesting the same.

As at

March 31, 2025

48.12

895.03

1,182.36

61.23

103.56

25.80

2,316. 11

17.77

25.50

4.85

As at

March 31, 2024

48.12

625.69

972.13

6,065.00

48.19

86.81

19.11

7 865.05

17.77

25.50

4.85

Tinna Rubber and Infrastructure limited

Notes to standalone financial statements for the year ended March 31, 2025

All amount in Rs. lakh, unless otherwise stated

(ii) The various disouted tax litie:ations are as under •

SI. Description Court/ Authority

a) Income Tax

Addition made by

Assessing Officer on account of

Commissioner of Income

(i) delay in payment of PF Rs.78.35 lakhs and others

disallowance Rs. 4.83 Lakhs.

Tax(Appeals) Delhi

(ii)

Tax due to disallowance of PF & ESI Income Tax Appellant Tribunal Delhi

(iii)

Tax due

to disallowance of PF & ESI Joint Commissioner (Appeals)

Excise Duty

Excise Duty Liability (excluding interest and penalty)

Customs, Excise & Service Tax

(i)

on account of differential duty on the intermediate

Appellate Tribunal, West Zonal

goods transferred from Silvassa unit to Kala•amb for

Bench, Ahmedabad

use in production.

• Customs,

Excise & Service Tax

(ii)

Excise Duty Liability (excluding interest and penalty) Appellate Tribunal, West Zonal

on account of duty on exempted Goods Bench, Ahmedabad

Excise Duty Liability (excluding interest and penalty)

Commissioner of Central Excise

(iii)

on account of differential duty on the machineries

transferred from

Mumbai unit to Panipat unit

(Appeals), Mumbai

Excise Duty Liability (excluding interest and penalty)

Customs, Excise & Service Tax

(iv)

on account of recovery of excise duty and reversal of Appellate Tribunal, West Zonal

CENVAT credit for input and input services Bench, Chandigarh

Excise Duty & Service Tax Liability (Excluding Interest

(v)

and Penalty on Excise Duty & Service Tax Liabili ty) on Customs, Excise & Service Tax

account of reversal of CENVAT credit for input and Appellate Tribunal, Chandigar h

input services

Excise Duty & Service Tax Liability (Excluding Interest

(vi)

and Penalty on Excise Duty & Service Tax Liability) on Customs, Excise & Service Tax

account

of reversal of CENVAT credit for input and Appellate Tribunal, Chandigarh

input services

Service Tax Liability (Excluding Interest and Penalty

(vii)

on Service Tax Liability) on account of reversal of Customs, Excise & Service Tax

CENVAT credit for input services & Service Tax

on Appellate Tribunal, Delhi

expenses reimbursed by Associates

Excise Duty & Service Tax Liability (Excluding Interest

(viii)

and Penalty on Excise Duty & Service Tax Liability) on

Commissioner of GST & Central

account

of reversal of CENVAT credit for input and Excise(Appeals-11), Chennai

input services

Excise Duty & Service Tax Liability (Excluding Interest

and Penalty on Excise Duty & Service Tax Liability) on

Customs, Excise & Service Tax

(ix)

account

of reversal of CENVAT credit for input and

Appellate Tribunal, Chennai

input services

Financial year to

Disputed Amount

Asat As at

which relates

March 31, 2024 March 31, 2025

2017-18

20.99

2017-18 & 2021-22

17.51

2018-19 ,2019-20 &

2020-21

23.18

2010-11

to 2011-12

5.S0 5.50

May, 2010 to July,

97.60

2012

2011-12

1.45 1.45

2012-13

to 2013-14

(upto December

71.26 71.26

2014)

2014-15

92.

12 92.12

2015-16

75.88

01.10.2016

8.12

30.06.2017

01.04.2015

165.99

30.06.2017

01.04.2015 to

153.38

30.06.2017

Ti nna Rubber and Infrastructure limited

Notes to standalone financial s tatements for t he year ended March 31, 2025

All amount in Rs lakh unless otherwise stated

Cust om

Duty

(i)

Counter Veiling Duty (

CVD) on Import of old used tyre

Hon'ble High Court of Delhi

scrap (refer

point (vii))

Redemption fine and penalty on import of old used Customs, Excise & Service Tax

(ii)

tyre scrap

Appellate Tribunal Allahabad

(iii)

Cenvat credit of special additional duty(SAD)

on Commissioner of Central

import of old used tyre scrap

Excise(Appeals), Thane, Mumbai

d) Sales

Tax

(i)

Central Sales Tax

Maharashtra Sales Tax Tri

bunal,

Mumbai

(ii) Central Sales Tax

Maharashtra

Sales Tax T ribunal,

Mumbai

(iii) Value Added Tax(VAT)

Additional Commissioner

(CT)

!{Revision Petition, Chennai}

(iv) Value Added Tax(VAT)

High Court Calcutta

e) Goods And

Servi ce Tax

(i) Penalty

Commissioner of Central Goods &

Service Tax(Appeal) Thane, Mumbai

(ii)

Disallowance

of Input Tax Credit (Excluding interest

Commissioner of Central Goods &

and penalty)

Service Tax(Appeal) Thane, Mumbai

(iii) Disallowance of Input Tax Credit

Commissioner

of Central Goods &

Service Tax(Appeal) Panipat

(iv)

Disallowance of Input Tax Credit

Commissi

oner of GST, Gurugram

f ) Service Tax

(i)

Demand of Service Tax on Operation & Maintenance

Commissi

oner of Central Excise &

Charges of Excisable product

Central Tax

Mans:!alore

(ii) Demand of Service Tax on Freight

Commi

ssioner of Centtral Excse &

Service Tax Panchkula

Total

2013-14

40.61

2014-15 110.97 110.97

2015-16 113.22 113.22

2016-17

85.48

April 2017

to June

6.14

2017

Sep 2015 t o 31

5.00 10.00

Oct 2015

1 October 2015

6.69 6.69

30 June 2017

1st April ,2017

7.63 7.63

30th June 2017

2016-17 38.

87 38.87

2016-

17 4.48

2016-17

2.39

July 2017

to March

0.25

2019

July 2017 t o March

13.36

2019

2018-19

18.15

FY 2020-21 & 2021-

261.42

Dec 2015 to June

18.33

2017

Oct 2016

to June

2017

0.96

1,182

.36 972.13

(iii)

The Company is under obligation to export goods within the period of 6 years from the date of issue of EPCG licenses (upto september 25,2030) in terms of

Chapter 5 of the Foreign Trade Policy 2023. As o n date of balance sheet, the Company is under obligation to export goods worth Rs. 367.38 lakhs {March 31,2024

Rs 289.18 lakhs) within the stipulated time as specified in the respective licenses. Till the year end Company has fulfilled export obligation Rs. 38.85 lakhs {March

31,2024 Rs.Nil).

Tinn a Rubber and Infrastructure limited

Notes to standalone financial statements for the year ended March 31, 2025

All amount in Rs. lakh, unless otherwise stated

v) The Company is under obligation to export goods within the period of 1.5 years from the date of issue of Advance licenses issued in terms of Chapter 4 of the

Foreign Trade

Policy 2015-20. As on date of balance sheet, the Company is under obligation to export goods worth Rs. 1434.90 lakhs (Crumb Rubber 3457 MT,

Reclaim Rubber 2752 MT.) {March 31,2024 Rs. 1390.62 Lakh 11125 MT Crumb Rubber and 3752 MT Reclaimed Rubber)} within the stipulated time as specified in

the respective licenses. Till the year end Company has fulfilled export obligation of Rs.745.54 Lakhs I Crumb Rubber Powder 203 MT & Reclaim Rubber 1301 MT) {

March 31, 2024 Rs.940.25 Lakhs {

NIL Crumb Rubber and 2259 MT Reclaimed Rubber)).

•1t is not possible to predict the outcome of the pending litigations with accuracy, the Company believes, based on legal opinions received, that it has meritorious

defenses

to the claims. The management believes the pending actions will not require outflow of resources and will not have a material adverse effect upon the results

of the operations, cash flows or financial condition of the Company.

8 Commitments

(i) Estimated amount of capital contracts remaining to be executed and not provided for (Net of advances Rs. 376.33

Lakhs (March 31, 2024: Rs. 316.98 Lakhs)

C leases

Operating lease commitments - Company

as lessor

The Company has given following properties on lease:-

(a) A part of the property situated at Gut No.113/2 & 114/2 Vill age-Pali,Taluka Wada,District-Thane,Maharashtra-421303.

{b) Land (Investment Property) situated

at Village Satbari, Tehsil Saket, Delhi.

As at

March 31, 2025

712.75

March 31, 2024

513.75

l e)

A part of the property situated at Village Rajpur, Refinery Road, Panipat, Haryana-132103, No. 17, Survey No. 64 & 73, Chithur Natham Village, Gummidipoondi,

Tamilnadu-601201; Mouza-Dighasipur,

P.O. Chakdwipa, P.S. Bhabhanipur, Haldia, West Bengal-721666.

(d) Present value of minimum rentals receivable under non~cancellable operating leases at March 31, 2025 are as follows.

(i) Within one year

(ii) After one year but not more than five years

(iii) more than five years

Present value

of minimum lease payments

Lease payments recognized in the statement of profit and loss as rent Income for the year

As at

March 31, 2025

1.36

March 31, 2024

2.71

8.44

5.92

Tinna Rubber and Infrastructure Limited

Notes t o standalone f inanci al statements

for the year ended March 31, 2025

All amount in

Rs. lakh, unless otherwise stated

33 In the opinion of the Board, current assets have a val ue on realization in the ordinary course of business at least equal to the amount at which they are stated.

34 a)Thc Company had Invested a sum of Rs. 643.36 lakhs In BGK lnfratech Private Limited ("BGK" ) {termed as Investee Company), as per IND AS 109"Financial

Instruments"

as specified under section 133 of the Act, is to be valued at fair value t hrough other comprehensive income (FVTOCI). Management has got the

same revalued from the Independent Valuer and fair value as at March 31, 202S Rs. is Rs. 2S60.00 lakhs.

b)The Company received a letter

of offer dated April 01, 2025 from BGK for buyback of upto 1,45,000 fully paid-up equity shares having the face value of Rs.

10/-each ("Equity Share"), at a price of Rs. 400 per Equity Share. The Board of Directors of Company In its meeting held on April 19, 2025, approved and

offered

upto 1,4S,000 fully paid-up equity shares held by the Company, for buyback by BGK, subject to compliance of applicable laws ln accordance with the

letter of offer.(Refer note -7.l(a))

3S a) The Company has signed a Joint Venture Agreement (uShareholders Agreement") dated August 30, 2024 with Uonshare Holdings (Pty) ltd (uJV

Partner") and Mbodla Investments (Pty) Ltd (NJVC''), Johannesburg, South Africa, for the purpose of Setting up of plant for recycling of waste tyres/

end of life tyres (ELT) and manufact uring and export of crumb rubber and other allied products, in which the Company will be holding 49%. At the time

of entering Shareholder agreement, paid capital of the JVC is 100 ordinary shares of Rand 1 each and held 100% by the JV Partner. Subsequent to the

JV Agreement, the Company has completed the acquisition of 49% stake i n aforesaid JV and made remittance on February 28, 2025 for Rs. 116.73

lakhs for 24,S0,490 ordinary shares@ Rand 1 each.

b) The Company has invested a s

um of Rs. 11.01 lakh in Keerthl International Agro Private Limited towards 11,000 equity shares of Rs.100/-each holding

29% stake in t he investee Company. The Company by itself or through its Directors does not exercise any significant influence or the controls of

decision of the investing "Ind AS 28 - Investments in Associates". Therefore the said Investee Company has not been treated as Associates in term of

"Ind AS 28 - Investment in Associate and Joint Venture" in Consolidated Financial Statements (specified under section 133 of Companies Act 2013) read

w ith relevant rules

as amended.

c) The Company had invested

into 1,24,000 equity shares of Rs.10/-each fully paid up in Puja lnfratech Private Limited. The said Company was converted

into limited Liability Partnership (LLP) under the name of Puja lnfratech LLP having LLP Identification No.: AAL-2641 vide Certificate of Registration on

Conversion dated

29t h November 2017 issued by Ministry of Corporate Affairs ("MCA"). The share of the Company as a designated partner in the total

capital of the LLP is 12.41% which amounts to a capital contribution of Rs.12.40 lakhs.The Company had invested a sum of Rs. 37 .29 lakhs.

The Company had

as per IND AS 109"Financial Instruments" as specified under section 133 of the Act, is to be valued at fair value through other

comprehensive income (FVTOCI). Management has got the same revalued from the Independent Valuer and fair value as at March 31, 2025 is

consistent

with t hat of the previous year March 31, 2024 ls Rs. 183.25 lakhs.

The Company had set up a plant at Panipat, Haryana on land measuring 34 kanals, 8 marlas. The land was notified as a part of Industrial area by

Haryana State Industrial and Infrast ructural Development Corporation Limited

(HSIIDC) ln the year 2006-07. In terms of applicable Government laws,

the Company flied an objection with the authority and land measuring 20 kanals and 12 marlas was released by HSIIDC which continues to be In

possession

of the Company till date and plant is operating continuously. However, HSllDC has erroneously served a demand of Rs.373.27 lakhs for

allotment of above land. Special leave partition (SLP) filed by the Comapny before Hon'ble Supreme Court is not accepted. The Company has filed a

representat ion dated 15.05.2025

to the Principal Secretary, Department of Industries, Government of Haryana Chandigarh for release of land from

acquisition proceeding as Company's plant ls existing their since year 2001-02 which Is much before the Notificatlon dated 16.06.2006 under land

Acquisition Act. (refer note 3.1 (iv))

e) The Company had paid under protest, countervailing

duty (CVD) of Rs. 356.42 lakhs (March 31,2024 Rs.356.42 lakh) on import of old used tyres scrap

used

for manufacturing of crumb rubber and other products. The Company had filed a Writ Petition with the Hon'ble High Court of Delhi which was

been decided in favor

of the Company vide order of the Hon'ble High Court dated 03.05.2017. Subsequent to the order of the Hon'ble High Court the

Company has availed input tax credit of the CVD amount. The department has filed Special Leave Petition before Hon' ble Supreme Court of India

challencing t he

order of Hon' ble High Court. Hon' ble Supreme Court vide order dt. 23.07.2018 has directed fresh adjudication by Hon' ble High Court

of Delhi .The Company has filed early hearing application with Hon' ble High Court of Delhi and the matter is pending. No provision for the same has

been made since

the Company expects no liability on this account.

36 Lease

i) The Company has elect

ed not to apply the requirements of Ind AS 116 on short-t erm leases (i.e., leases with a lease term of 12 months or less) in

accordance w i

th the recognition exemption provided under the standard. Accordingly, lease payments associated with these leases are recognized as

an expense on a straight-line basis over the lease term.

The total amount recognized in the statement of profit and loss for the year ended March 31, 2025, In respect of short•term leases amounts to Rs.

100.45 lakhs.(March 31,2024 : Rs. 119.57 lakhs)

1i) The followi ng is the carrying value of lease liability and movement thereof during the year ended March 31, 202S:

articulars

Balance

as at April 1, 2023

Additions

during the year

Finance cost accrued during the year

Deletions

Payment

of lease liabilities

Balan

ce as at March 31, 2024

Additions during t he year

Finance cost accrued during t he year

Deletions

Payment

of lease liabilities

Balance

as at March 31, 2025

Current maturities of lease liability

Non-current lease liability

Amount

171.97

(171.97)

Tinna Rubber and Infrastructure Limited

Notes

to standalone f inancial statements for the year ended March 31, 2025

All amount in Rs. lakh, unless otherwise stated

37 Disclosures pursuant

to Ind AS - 19 " Employee Benefits" (specified under section 133 of t he Companies Act, 2013, read w ith Rule 7 of Companies (Accounts)

Rules. 2015) are given below:

Defined Contribution Plan

Contri

bution to Defined Contribution Plan, recognized as expense for the year is as under:

Contribution

to Defined Contribution Plan, recognized during t he year are as under:-

Employer's contribution

towards Provident Fund (PF) (including Administration Charges)

Employer's contribution towards Pension Fund

(PF)

Employer's contribution towards Employee State Insurance (ESI)

Defined Benefit Plan

Gratuity (Unfunded)

For

the year ended

March 31, 2025

119.45

104.33

51.00

274.78

For

the year ended

March 31, 2024

95.67

70.55

41.46

207.68

The present value

of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of services as

Riving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

a) Reconciliation

of opening and closing balances of Defined Benefit obligation

Present

val ue of obligation at the beginni ng of t he year

Current service cost

Interest cost

Actuarial (ga

ln) / loss arising during t he year

Past service cost

Bene

fit paid

Present value

of obligation at the end of the year

Current liability (short

term)

Non•currcnt liability (long term)

b) Reconciliation of opening and closing balances of fair value of plan assets

Fair value of plan assets at beginning of the year

Expected

return on plan assets

Employer contribution

Remeasurement

of (gain)/loss in other comprehensive income

Return

on plan assets excluding interest income

Benefits paid

Fair value

of plan assets at year end

Net asset/ (liability) recognized In the balance sheet

Fair value

of plan assets

Present value

of defined benefit obligation

Amount recognized

in balance sheet-asset/ (liability)

d} Expense recognized in the statement of profit and loss during the year

Current service cost

Interest

cost

Past service cost

e) Actuarial (gain)/ loss recognized In other comprehensive Income during the year

- changes in demographic assumptions

- changes in financial assumptions

- changes in experience adjustments

Recognized in

other comprehensive income

f) Broad categories of plan assets as a percentage of total assets

Insurer managed funds

g) Actuarial assumptions

Mortality table (UC)

Withdrawal rate (per annum)

Discount rate (per annum)

Rate

of escalation in salary (per annum)

Vear ended Year ended

March 31, 2025

March 31, 2024

305.25 246.84

53.75 37.61

21.96 18.55

13.53 15.01

(7.76) (12.76)

386.73

305.25

96.58 68.99

290.15 236.26

386.73

305.25

386.73 305.25

Year ended Vear ended

March 31, 2025

March 31, 2024

53.75

37.61

21.96 18.55

75.71 56.16

14.25

7 .45

(0.73) 7.56

13.52 15.01

Nil

100%of IALM 100% of IALM

2012-14 2012-14

4.00% 4.00%

6.75% 7.20%

5.00% 5.00%

Tinna Rubber and Infrastructure Limited

Notes to standalone financial statements for the year ended March 31, 2025

All

amount in Rs. lakh, unless otherwise stat ed

h) Quantitative sensitivity analysis for significant assumptions Is as below:

Increase/ (decrease) on present value of defined benefits obligations at the end of the year

Impact of change in discount rate

Impact due to increase by 1%

Impact due to decrease by 1%

Impact of change In salary

Impa

ct due to increase by 1%

Impact due

to decrease by 1%

Impact of change in attrition rate

Impact due to increase by 50%

Impact due to decrease by 50%

Maturity profile of defined benefit obligation

Between 01 April 2025 to 31 March 2026

Between 01 April 2026

to 31 March 2030

Between 0 1 April 2030

to 31 March 2035

April 2035 onwards

Total expected payment s

(30.37)

35.70

33.85

(29.34)

6.96

(9.64)

96.58

91.93

128.28

500.02

816.81

j) The average duration of t he defined benefit plan obligation at the end of the reporting period is 9 years.(Previous Year-8 years)

(23.52)

27.57

26.66

(23.40)

.54

(10.16)

68.99

85.76

107.54

414.21

676.50

k) The estimates of rate of escalation in salary considered In actuarial valuation are after taking into account inflation, seniority, promotion and other

relevant factors including supply and demand in the employment market. The above information is as certified by the Actuary.

I) Discount rate

is based on the prevailing market yields of Indian Government securities as at the balance sheet date for the estimated term of t he

obligations.

m) The sensitivity analysis above have been determined based on a method t hat extrapolates the impact on defined benefit obligation as a result of

reasonable changes in key assumptions occurring at the end o f the reporting period.

38 During the year, the Company has capitalized the follow ing expenses of revenue nature to the property ,plant and equipment, being pre-operative expenses

to projects which has been shown as addittion o f expenses under capital work in progress. Consequently, expenses disclosed under the respective note

no.3.2 (a) are net of amounts capit alized by the Company.

Balance

brought forward

Add: Expenses incurred during the year:

Conveyance and travelling expenses

Personnel cost

Power

Interest

Other expenses

Allocated

to property, plant & equipment, Capital work ln progress

Balance carried

forward

''This space has been intentionally left blank"

For

the year ended

March 31, 2025

53.19

94.24

28.16

111.51

15.30

310.09

{53.19)

256.90

For the year ended

March 31, 2024

114.87

52.05

6.11

43.29

58.69

275.01

{221.82)

53.19

Tlnna Rubber and Infrastructure Uml1ed

Notes

to standalone financial statements for the year ended March 31, 202S

All amount In Rs.11th. unleu o~erwfse stated

39 Ratio anal~is·

Particulars

a)Current Ratio (times)= Current

Assets/ Current liabilities

(blDebt -

Equ11y Ratio (times),. To1al Borrowings/

Shareholder's eauitv

(c)Oebt· Service Coverage Ratio .. Net Operating Income/Total

Debt Service(refer note)

(d)Return on Equity

Ratio"., Net profits after taxes/ Average

Shareholder's Equity

(e)lnventory Turnover Ratio

{times)"' Revenue from

operations/ Average inventory

(f}Trade

Receivables Turnover Ratio (t imes)= Net credit

revenue from operations/ Average trade receivables

(gl

Tradc Payables Turnover Ratio {times)= Net purchases/

Average trilde pitybles

(hlNet Capital Turnover Ratio !times)" Revenue from

operations/ working capital

(i)Net

Profil Ratio"= Net profil / Revenue from operations

filReturn on Caoilal Em loved" :r EBIT / Caollal em loved

k)Return on lnvestmenl % = EBIT / Avera11te tolal assets

Notes:

2014-2S

Nume~tor Denominator

14,299.26 12.716.39

13,355.23 17,206.94

6,124.75 1.980.44

4,227.86 15,009.

50,499.33 S,116.28

50,499.33 3,548.76

31,444.36 4,019.46

S0,499.33 1,582.87

4,227.86 50,499.33

6,754.03 31,152.96

6,754.03 32,071.29

i) Debt service= lnletest & lease paymenls .. principal r epayments of long term borrowings

ii) Capital Employed ,. Tangible Net Worth .. ToIal Borrowings ,.. Deferred Tax Liability

iu} Tangible

Nel Worth is Computed as Tot al Assets• Total Liabilities.

• Borrowings does not includes Lease llabili ties

2023-24

Variance Reason

for variance

Ratio

Nume~tor Denominator Ratio If above 25%

1.12 9,204.15 8,531.10

N.A

1.08

...

0.78

8,468.

32 12,811.12

0.66

17%

N,A

N.A

3.09

S.038.61 1,233.87 4.08 •24%

N.A

28.17"

3,788.66 11.350.S9

33.38"

·16%

N.A

9.87

36,413.lS 3,9&S.04

9.14

.,.

N.A

14,23

36,413.15 3,159.34

11.53

23%

N.A

7.82

21,409.81 2,845.67

7.52

.,.

Due to Increase in

31.90

36,413.15 673.0S 54.10

-41"

revenue from

011eralions

8.37"

3,788.66 36,413.15

10.40%

·'""

N,A

21.68%

5,714.92 21,656.65

26.

39"

-18"

N.A

21.06%

5,714.92 23,134.08

24.70%

·15"

N.A

The CompI ny hn botrowinss from banli.s on the basis of current Inets. The CompIny hu complied wlth the requirement offltrng cf qu1rterfy returns/ll1tements of security of current Issets wit h the b1nk.s er

financial

fnS1itu1!ons. as app11cable, and u,ue returns wtre In agreement with the books of accounts.

41 Sesment Reporting

Segmenl i

nformation is presented In respect of the Company's key operating segmenu. The operating segments ue based on the Compan'('s managtment and internal reporting structure.

Operatinc Segments

The Company's M anaging Director and

CFO has been identified as t he Chief Operating Decision Maker ('CODM'), since Managing Director and CFO are responsi ble for all ma.lor decision w.r.t. the

prepaution and e,cecution of bus In en plan, prepilriltion of budget and other key decisions.

M~n1ging director reviews

1he operating results at the Company level to make decisions about the Company' s performance. Accordingly, Management has identified the business as single operating

segment I.e. ~

crumb Rubber, Crumb Rubber Modifier, Modified Bitumen & Bitumen Emulsion and Allied Products•. Accordingly, there is only one Reportable Segment lor the Company I.e. "Crumb

R:ibber, Crumb Rubber

Modifier, Modified Bitumen & Bitumen Emulsion and Allied Products" , hence no specific disclosures have been made.

lnfor~tlon about products :and services

Please refer

to note 22 of the standalone financial statements.

Non-current

:auets (other than def erred tu auets and finandal

Instruments) In Geo1~phlcal Market

Within India

Outside India

TOTAL

Information about major customers

Cuslomers

contributing more than 10% of the Company's

total revenue are as under:•

•there are no customers contributing more than 10% of the Company's total revenue

Year

ended

March 31, 202S

18,854.90

111S4.90

Year ended

March 31, 202S

Year

ended

March 31, 2024

13,491.99

13 491.99

Year

ended

March 31, 2024

Tinna Rubber and Infrastructure limited

Notes to standalone financial statements for the year ended March 31, 2025

All amount In

Rs. lakh, unless otherwise stated

42 Related

party transactions

The related parties as

per the terms of Ind AS-24,"Related Party Disclosures", (specified under section 133 of the Companies Act, 2013,

read

with Rule 7 of Companies (Accounts) Rules, 201S) are disclosed below:

A Names

of related parties and description of relationship:

Subsidiary Company

Global Recycle LLC (w.e.f. April 25,2023) (Oman)

Tinna Rubber 8.V (w.e.f. September 07,2021) (Netherland)

Tinna Rubber Arabia

limited (w.e.f June 24,2024) (Saudi Arabia)

Associate Company

TP Buildtech Private limited

Joint Venture

Mbod!a Investments (Pty) Ltd (w.e.f February 28,2025}

B Names

of other related parties with whom transactions have taken place during the year :

(i} Enterprises In which directors and relative

of such directors are interested having transaction during the year

Fratelli Vineyards Limited (earlier known as Tinna Trade

limited)

B.G.K. Shipping LLP

Fratelli Wines Private limited

Kriti Estates Private limited

Aditya Farms & Nurseries

Puja lnfratech

LLP

Chinmin Developers Private limited

Aasakti Estate Private limited

Tinna Tradefin limited (earlier known as Tri pat Ventures Limited)

BGK lnfratech Private limited

Bee Gee Ess Farms And Properties Private limited

Iii) Key Management Personnel

Mr. Bhupinder Kumar Sekhri (Managing Director)

Mr. Gaurav Sekhri ( Joint Managing Director)

Mr. Ravindra Chhabra (Chief financial officer)

Mr. Valbhav Pandey (Company Secretary)(Till 28.02.2024)

Mr. Sanjay Rawat (Company Secretary)(w.e.f. 03.05.2024)

Mr. Subodh Shamra (Whole Time Director)

(Iii) Non

•Executive Directors

Mr. Ashok Kumar Sood (Independent Director) (Till 28.09.2024)

Mr. Sanjay Kumar Jain (Independent Director)

Mrs. Bharat! Chaturvedi (Independent Director) (w.e.f 24.05.2023)

Mr. Krishna Prapoorna Biligiri {Independent Director) {w.e.f 24.05.2023)

Mr. Vaibhav Dange {Independent Director) (w.e.f 03.05.2024)

(iv) Relatives

of Key Management Personnel having transaction during the year

Mrs. Shobha Sekhri

Mr. Gautam Sckhri

Mrs. Neerja Sharma

C Transactions

during the year:

{i) loans taken from

Enterprises in which directors and relative of such directors are Interested

Bee Gee Ess Farms And Properties Private limited

Key Management Personnel

Mr. Bhupinder Kumar Sekhri

Executive Directors

Mr. Gaurav Sekhri

(ii) Loans repaid

Key Management Personnel

Mr. Bhupinder Kumar Sekhri

Executive Directors

Mr. Gaurav Sekhri

(iii) Interest expense

Enterprises In which directors and relative

of such directors are Interested

Bee Gee Ess Farms And Properties Private limited

Key Management Personnel

Mr. Bhupinder Kumar Sekhri

Executive Directors

Mr. Gaurav Sekhri

Year ended

March 31, 2025

215.00

3,208.63

1,000.00

4,423.63

2,950.50

1,000.00

3,950.50

6.33

67.16

24.39

97.88

Year ended

March 31, 2024

80.00

Tinna Rubber and Infrastructure Limited

Notes to standalone financial statements

for the year ended March 31, 2025

All amount

in Rs. lakh, unless ot herwise stated

(iv) Rent received

Associate Company

TP Buildtech Privat e limited

Enterprises

in which directors and relative of such directors are Interested

Frate

lli Vineyards Lim ited

(v) Reimbursement

of expenses paid

Enterprises

In which directors and relative of such directors are Interested

Fratelli Vine

yards limit ed

B.G.K. Shippi

ng LLP

Fratelli Wines Private Limited

(vi) Reimbursement received

of expenses incurred

Subsidiary Company

Global Recycle LLC

Tin

na Rubber B.V

Tin

na Rubber Arabia Limited

Associat e Company

TP Buildtech Private limited

Tinna Trade

fin limit ed

Enterprises

in which directors and relative of such directors are Interested

Frat elli Vineyards Limited

(vii) Balance recoverable

written off

Subsidiary Company

Tinna

Rubber 8.V

(viii) Advance t o employee

Key

management personnel

M r. Va

ibhav Pandey

Relatives

of key management personnel

Mr. Gautam Sekhri

(Ix) Repayment received

of advance given

Key

management personnel

Mr. Bhupinder Kumar Sekhri

Relatives

of Key management personnel

Mr. Gautam Sekhri

Key

management personnel

Mr. Vaibhav Pandey

lx} Service received

Enterorlses

in which d irectors and relative of such directors are Interested

B.G.K. Shipping LLP

Chinmin Developers Private limited

(,ci) Sale of goods

Subsidiary Company

Global Recycle

LLC -Raw material & packing material

Glo bal Recycle

LLC -Fixed assets & other Item s

Associate Company

TP Buildt ech Private limited

Joint Venture

Mbodla

Investments (Pty) Ltd-Fixed Assets & Ot her Items

Enterprises

in which directors and relative of such directors are Interested

Frat elli Vineyards Limited

(xiiHa) Purchase of goods

Subsidiary Company

Global Recycle L

Global Recycle LLC in Transit

Enterorlses i n

which directors and relative of such directors are Interested

Fratelli V

ineyards Limited

B.G.K. Shipping L.L.P

TP Buildtech Private limited

Tinna Trade

fin Limit ed

ii)-(b) Purchase of business promotion goods

Fratelli Wines Pvt. Ltd.

(,ciii} Rent paid

Entercrises

in which directors and relative of such directors are i nterested

Chinmin Dev elopers Private

limited

{,civ) Investment

Subsi

diary Company

Global Recycle LLC

1.36 1 .36

2.40

1.36 3.76

4 ,44

18.44 S.94

0 .

18.44

10.SO

96 18.67

0.98 1.06

7.90

4.09

3.33

.70

.82 30.70

Sl.44 53.76

3.81

I .SO

.50

3.SO I.SO

48.88 67.SO

2.50

51.38

70.00

498.10 337.99

25.87 29.Sl

523.97

367.50

52.71 46.04

21.04 206.60

173. 75 252.64

211.28

59.63

07.67 937.00

341,06 1,400.92

2,722.81 1,063.81

8,60

267.01

2,861.41 1,330.82

225.

1,041.0S

137.08 178.61

0.28

3,223.83 2,550.76

1.61

6.00 6.00

00 6.00

1,273.77

Tlnna Rubber and Infrastructure limited

Notes to standalone financial statements for the year ended March 31, 2025

All amount

in Rs. lakh, unless otherwise stated

Joint

Venture

Mbodla Investments (Pty) Ltd

(xv) Remuneration

Key management personnel

Mr. Bhupinder Kumar Sekhri

Mr. Gaurav Sekhri

Mr. Ravindra Chhabra

Mr. Sanjay Kumar Rawat

Mr. Vaibhav Pandey

Executive Director

Mr. Subodh Sharma

Relatives of key management personnel

Mrs. Shobha Sekhri

Mr. Gautam Sekhri

Mrs. Neerja Sharma

Consultancy charges

Non-Executive Directors

Mr. Sanjay Kumar Jain

(xvii) Sitting fees

Non-Executive Directors

Mr. Sanjay Kumar Jain

Mrs. Bharati Chaturvedi

Mr. Vaibhav Oange

Mr. Krishna Prapoorna Biligiri

(xviii) Advance received against material supply

Enterprises In

which directors and relative of such directors are Interested

Fratelli Vineyards Limited

(xiv) Refund

of advance

Enterprises In

which directors and relative of such directors are interested

Fratelli Vineyards Limited

D Balances

at the year end

Ill Amount Receivables

Subsidiary Company

Global Recycle

LLC

Tinna Rubber B.V

Tinna Rubber Arabia Limited

Associate Company

TP Bulldtech Private Limited

Joint Ven

ture

Mbodla Investments (Pty) Ltd

Advance

to vendors

Mbodla Investments (Pty) Ltd

Tinna Rubber Arabia Limited

Enterprises

In which directors and relative of such directors are Interested

Tinna Tradefin Limited

Key Management Personnel

Mr. Bhupinder Kumar Sekhri

Mr. Subodh Sharma

Mr. Gaurav Sekhri

Relatives

of key management personnel

Mr. Gautam Sekhri

116.94

420.00

290.00

50.03

16.18

53.71

42.00

30.00

24.90

926.82

10.00

2.80

1.60

0.80

7.20

480.00

March 31, 2025

44.04

7.90

0.35

59.63

43.28

16.89

2.00

9.25

1.00

184.34

360.00

30.00

43.12

12.11

46.83

30.00

15.00

16.70

553.76

0.40

1.20

Asat

March 31, 2024

95.59

2.83

1.49

48.41

0.30

148.62

Tinna Rubber and Infrastructure Limited

Notes

to standalone financial statements for the year ended March 31, 2025

ll amount in Rs. fakh, unless otherwise stated

Notes:

(ii) Amount payables

Subsidiary Company

obal Recycle LLC

Enterprises In which directors and relative of such directors are Interested

8.G.K. Shipping

LLP

Fratelli Vineyards limited

Tinna Tradefin limited

Bee Gee

Ess Farms And Properties Private limited

Key management personnel

Mr. Bhuplnder Kumar Sekhri

Mr. Ravindra Chhabra

Mr. Sanjay Kumar Rawat

Executive Director

Mr. Subodh Sharma

Mr. Gaurav Sekhri

Relatives

of key management personnel

Mrs. Shobha Sekhri

Mrs. Neerja Sharma

Mr.

Gautam Sekhri

Non-Executive Directors

Mr. Sanjay Kumar Jain

Mrs. Bharat! Chaturvedi

Mr. Krishna Prapoorna Biligiri

(iii) Investment

Associate

Company

TP Buildtech Private Limited

BGK lnfratech Private limited

BGK lnfratech Private limited(INO-AS fair Value Impact)

Keerthi International Agro Private limi

ted

Puja lnfratech LLP

Puja lnfratech LLP(INO-AS fair Value Impact)

Joint

venture

Mbodla Investments (Pty) ltd

Subsidiary Company

Global Recycle

LLC

(iv) Corporate guarantee given to bank

Enterprises in which directors and relative of such directors are Interested

Fratclli Vineyards

limited

127.52

150.34

0.33

216.56

286.82

1.96

1.30

3.75

10.34

2.73

0.73

1.89

804.28

741.25

643.35

1,916.65

11.01

37.29

145.96

116.94

1,273.77

4,886.22

157.24

48.22

545.89

0.78

1.56

1.50

11.14

2.50

0.83

2.50

0.40

773.36

741.25

643.35

1,516.17

11.01

37.29

145.96

1,273.77

4,368.80

6,065.00

a\ (i) The transactions with related parties are made on terms equivalent to those that prevail In arm's length transactions.

Outstanding balances

at the year-end are unsecured and interest free (other than borrowings taken by the Company) and

settlement occurs in cash.

(ii) For the year e nded March 31, 2025, the Company has not recorded any impairment of receivables relating to amounts

owed by related parties. This assessment is undertaken each financial year by examining the financial position of the related

party

and the market in which the related party operates.

b) The Company has given a corporate guarantee of Rs. Nil (March 31,2024: Rs.6065 lakh) on behalf of Tinna Trade Limit ed

("Subsidiary Company"

up to 31.03.2016).

d All the liabilities for post retirement benefits being 'Gratuity' and 'Leave Encashment' are provided on an actuarial basis for the

Company as a whole, the amount pertaining to Key management personnel are not included above.

rll As per the section 149{6) of the Companies Act, 2013, Independent Directors are not considered as HKey Managerial

Personnel", however

to comply with the d isclosure requirements of Ind AS•24 on "Related party transactions" t hey have been

disclosed as "Key Managerial personnel".

''This space has

been intentionally left blank"

-:{o

Ti nna Rubber and Infrastructure Limited

Notes

to standalone financial statements for the year ended March 31, 2025

All amount in

Rs. lakh, unless otherwise stated

43 Cor

porat e Social Responsibility

As per Section 135 of the Companies Act, 2013, Company, meeting the applicability threshold, needs to spend at least 2% of it s average net profit for the

immediat ely preceding three financial years

on corporate social responsibilit y (CSR) activities. A CSR committee has been formed by t he Company as per the Act.

The funds were primarily allocated

to a corpus and utilized t hrough the year on these activities which are specified in ScheduleVII of the Companies Act, 2013:

Particulars

(i) Gross amount required to be spent by the Company during the year

(ii) Amount spent during t he period

(iii)

Shortfall/ (Excess) at the end of t he period

Year ended

March 31, 2025

66.91

69.88

(2.97)

Year ended

March 31, 2024

34.86

44 The Company had entered i

nto an agreement on 25.02.2010 wit h Riveria Builder Private Limited and Viki Housing Development Private Limited for sale of 89,993

equi

ty shares of Rs.100/-each of Gautam Overseas Limited for Rs.90 lakhs. The Company has received t he sales consideration of Rs.90 lakhs in the F.Y 2009-10

which

has been duly accounted for. The Company law Board has vide order dated 28.06.2010 rest rained the Company from transferring of said shares, which has

been upheld by the Hon'ble High Court of Delhi. The Company had filed a Special Leave Petition (5LP) before the Hon'ble Supreme Court of India, which was

decided vide

order dated 27.09.2024 & now t he shares have been t ransfered.

The Company had purchased land at Delhi in 2013-14 . In the Master Plan for Delhi - 2007 the said land is notified as Public-Semi Public Utility Corridor. The

Company has filed petition with the Hon'ble High Court of Delhi to seek the benefit of Section 24(2) of the Right to Fair compensation and Transparency in Land

Acquisition, Rehabilitation and Resettlement Act, 2013 and to declare acquisit ion proceedings initiated as lapsed. The Hon'ble High Court of Delhi in Judgment

dated

25 & 26 May 2015 and 9 February 2016 declared that acquisition process initiated deemed to have been lapsed. The Hon'ble Supreme Court of India

pursuant

to Appeal filed by Delhi Development Authority and land & Building Authority of NCT of Delhi has also upheld that acquisition proceeding initiated

deemed

to have been lapsed vide their orders dated 31.08.2016 and 04.0S.2017. In 2019, the Government has declared t he area as Urban, however the final

notice

for the mutation is pending from their side, hence the Registration process is pending. The process of mutation of land, the land use conversion from

agricultural to other use is yet to be done in accordance with the applicable Laws. The Company will get the land registered with appropriate authority,mutation

and change

of land use etc. upon issue of requisit e Notification by the Government.

46 Fair value mea surement s

Set out below, is a comparison by class of the carrying amounts and fair value of the Company's financial instruments, other t han those with carrying amounts

that are reasonable approximations

of fair values:

Financial instruments by category

Carrvim~: Value

Fair Value

As at As at

Asat

As at

March 31, 2025

March 31, 2024

M arch 31, 2025

March 31, 2024

Financial assets at amortized cost

Investments (non-current)•

2,194.16

2,473.78

2,194.16

2,473.78

Other financial

assets (non-current)

278.98

239.61 278.98

239.61

Investments (current)

560.09

frade receivables (current)

3,981.02

3,116.49 3,981.02

3,116.49

Cash and cash equivalents

203.71

27.82 203.71

27.82

Other bank balances

173.48

139.86

173.48 139.86

Loans and advances (current)

30.81

73.18

30.81

73.18

Other financial

assets (current)

270.45 146.01

270.45

146.01

7, 692.70 6, 216.75

7,692.70

6,216.75

Financial Liabili ties at amortized cost

Borrowings (non-current )

6,553.47

4,660.32

6,553.47 4,660.32

Borrowings (current)

6,801.76

3,808.00 6,801.76

3,808.00

Trade payables (current)

4,498.71

3,540.22

4,498.71

3,540.22

Other fi nancial liabilities (current)

652.49

263.63 6S2.49

263.63

18, 506.43

12, 272.17

18,506.43 12,272.17

(•excluding investments in associates, subsidiaries and joint venture)

Tinna Rubber and Infrastructure limited

Notes t o standalone financial statements for the year ended March 31, 2025

All amount

in Rs. lakh, unless otherwise stated

The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current transaction between willing

parties, ot her than

in a forced or liquidation sale. The following methods and assumptions were used to estimate the fair values:

1) The fair value

of unquoted instruments, loans from banks and other financial liabilities, as well as other non-current financial liabilities is estimated by

discounting future cash flows using rates currently available

for debt on similar terms, credit risk and remaining maturities. In addition to being sensitive to

a reasonably possible change in the forecast cash flows or the discount rate, the fair value of the equity inst ruments is also sensitive to a reasonably

possible change in

the growth rates. The valuation requires management to use unobservable inputs in t he model, of which the significant unobservable

inpu

ts are disclosed in the tables below. Management regularly assesses a range of reasonably possible alternatives for those significant unobservable

inputs and determines

their impact on the total fair value.

2) The fair values of the Company's interest-bearing borrowings and loans are determined by using Discounted cash flow method using discount rate that

reflects

the issuer's borrowing rate as at the end of the reporting period. The own non-performance risk as at 31 March 2025 was assessed to be

insignificant.

3) long-term receivables/ payables are evaluated by the Company based on parameters such as interest rates, risk factors, individual creditworthiness of the

counterparty and the risk characteristics of the financed project. Based on this evaluation, allowances are taken into account for the expected credit losses

of these receivables.

The significant unobservable inputs used in the fair value measurement categorized within level 1 and l evel 3 of the fair value hierarchy together with a

quantitative sensitivity analysis as at end of each year, are as shown below:

Fair value

hierarchy

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

level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities

level 2: other techniques for which all inputs t hat have a significant effect on the recorded fair value are observable, either directly or indirectly

level 3: techniques that use inputs that have a significant effect on the recorded fair value that are not based on observable market data

Quantitative disclosures

of fair value measurement hierarchy for assets as on March 31, 2025

Assets carried at amortized cost

for which fair value are disclosed

Investments (non-current)

Investments (current)

Carrying Value

2,194.16

560.09

2,754.

level 1

Quantitative disclosures

of fair value measurement hierarchy for assets as on March 31, 2024

Assets carried at amortized cost

for which fair value are disclosed

Investments (non-current)

Investments (current)

Note:

Carrying Value

Level 1

2,473.78

2,473,78

Level 2

Level 3

2,194.16

560.

2,754.25

Level 3

2,473.

2,473.78

The management assessed that cash and cash equivalents, trade receivables, trade payables, bank overdrafts and other current liabilities approximate their

carrying amounts largely due to the short-term maturities of these instruments.

Tinna Rubber and Infrastructure limited

Notes to standalone financial statements for the y ear ended March 31, 2025

All amount in

Rs. lakh, unless otherwise stated

47 Financial risk management objectives and policies

The Company's principal financial liabilities, ot her than derivatives, comprise loans and borrowings,

trade and other payables. The main purpose of these

financial liabilities is to finance the Company's operations. The Company's principal financial assets include loans, trade and other receivables, and cash

and cash equivalents that are derived directly from its operations.

The Company's financial risk management is an integral part of how to plan and execute its business strategies. The Company is exposed to market risk,

credit risk and liquidity risk.

The Company's senior management oversees the management of these risks. The senior professionals working to manage the financial risks and the

appropriate financial risk governance framework for the Company are accountable to the Board of Directors and Audit Committee. This process provides

assurance to Company's senior management that the Company's financial risk-taking activities are governed by appropriate policies and procedures and

that financial risk are identified, measured and managed in accordance with Company policies and Company risk objective.

The Board of Directors reviews and agrees policies for managing each of these risks which are summarized as below:

(a) M arket Risk

Market risk

is the risk that t he f air value o f future cash flows of a financial Instrument will fluctuate because of changes in market prices. Market

prices comprises three types of risk: currency rate risk, interest rate risk and other price risks, such as equity price risk and commodit y price risk.

Financial instruments affected

by market risks include loans and borrowings, deposits, investments, and foreign currency re ceivables and

payables. The sensitivity analysis in the following sections relate t o the position as at March 31, 2025. The analysis exclude t he impact of

movements in market variables on: the carrying values of gratuit y and other post-retirement obligations; provisions; and t he non-financial

assets and liabilities. The sensitivity of the relevant Profit and Loss it em is the effect of the assumed changes in the respective market risks. This

is based on t he financial assets and financial liabilities held as of March 31, 2025.

(I) For

eign currency risk

Foreign currency risk is

the risk t hat the fair value or future cash flows of a financial inst rument will fluctuate because of changes in

foreign exchange rates. The Company's exposure t o

the risk of changes in foreign exchange r ates relates primarily to the Company's

operating activities (w hen revenue

or expense is denominated in foreign currency). Foreign currency exchange rate exposure is partly

balanced by purchasi

ng of goods from the respective countries. The Company evaluates exchange rate exposure arising from foreign

currency transactions and follows established risk management policies.

Foreign currency risk sensitivity

The following tables demonstr ate the sensitivity to a reasonably possible change ,n USO, AED & Euro exchange rates, wit h all other

variables held constant. The impact on the Company

profit before t ax is due to changes in the fair value of monet ary asset s and liabilities.

Foreign currency exposures recognized by the Company

that have not been hedged by a derivative instrument or otherwise are as under:

Currency

March 31, 2025 Gain/ (loss) Impact on

profit/ ( loss)

Curre ncy

Symbol

Foreign

Indian Rupees

before tax and equity

Currency 1% Increase 1% decrease

Change In Un

ited States Dollar Rate s

Export trade receivables

7.89 675.31 6.75

(6.75)

Other receivables

0.09 7.90 0.08

(0.08)

Trade payables 0.84

71.64 0.72

(0.72)

Change In Euro

Rate €

Export trade receivables

0.32 29.34

0.29 (0.29)

Trade payables

1.15 106.43 1.06

(1.06)

Capital Advances

0.13 11.95 0.12

(0.12)

Change In

OMR Rate

-t-J

Other receivables

Change In AUD Rate

AU$

Export trade receivables

0.08 4.19

0.04

(0.04)

Trade payables

3.01 162.25 1.62

(1.62)

Tinna Rubber and Infrastructure Limited

Notes to standalone flnanclal statements for the y ear ended March 31, 2025

All amount in

Rs. lakh, unless otherwise stated

(11)

Currency

March 31, 2024 Gain/ (loss) Impact on profit/ (loss)

Currency

Symbo l

For ei gn

Indian Rupees

before t ax and equity

Currency

1% Increase

1% decrease

Change In United States Dollar Rat e

Export trade receivables

8.17 671.93

6.72

(6.72)

Trade payables 0.02

0.17 0.00 (0.00)

Change In Euro Rate €

Export trade receivables

0.59

52.70 0.53

(0.53)

Trade payables

2.10 193.88

1.94 (1.94)

Change in OMR Rate

-t·J

Other receivables

0.02 4.20 0.04

(0.04)

Change in AUD Rate

AU$

Export trade receivables

0.34

18.52

0.19 (0.19)

Trade payables

1.39 75.60

0.76

(0.76)

mmodity Price Risk

The Company is exposed to the risk of price fluctuation of raw material as w ell as finished goods. The Company manages its commodity

price risk by maintaining adequate inventory of raw materials and finished goods considering future price movement. To counter raw

material risk, the Company works with various suppliers working in domestic and international market with the objective to moderate

raw material cost, enhance application flexibility and increased product functionality and also invests in product development and

innovation. To counter finished goods risk, the Company deals wit h wide range of vendors and manages these risks through inventory

management and proactive vendor development practices. The Company also

passes on the Commodity price hike in case of several

customers. When Company have fixed price contracts, fixed price contracts are e

ntered into after due consideration of the Commodity

price volatility during

the delivery / contract period.

(b) Credit

Risk

Credit Risk is the risk that the counter party will not meet its obligation 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.

{i) Trad e 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. There ar e no

cust

omer whose contributing more t han 10% of total trade receivables.

An impairment analysis is performed at each reporting date on trade receivables by lifetime expected credit loss method based on

provision matrix. The maximum exposure t o credit risk at the report ing date is t he carrying value of each class of financial assets. The

Company does not hold collateral

as security. The Company evaluates the concentration of risk with respect to trade receivables as low,

as its customers are located in several jurisdictions and industries and operate in largely independent markets.

(ii) Financial i nstruments and cash deposits

Credit risk

from balances wit h banks and financial instit utions is managed by t he Company' s treasury in accordance with the Company's

policy. Investments of surplus funds are made in bank deposits and other risk free securities. The limits are set to mmlmize the

concentration of risks and therefore mitigate financial loss through counterparty's potential failure to make payments.

The Company's maximum exposure to credit risk

for the components of the balance sheet at March 31, 2025 is the carrying amounts. The

Company's maximum exposure relating

to financial instrument is noted in liquidity table below.

Trade Receivables and

other financial assets are wri tten off when there is no reasonable expectation of recovery, such as debtor failing to

engage in the repayment plan with the Company.

Financial assets for which allowance ls measured using 12 m onths Expected

Credi t Lo

ss Metho d {ECL)

Other financial assets (non-current)

Cash and cash equivalents

Other bank balances

Loans and advances (current)

ther financial assets (current)

As at

March

31, 2025

278.98

203.71

173.48

30.81

270.45

957.43

As at

March

31, 2024

239.61

27.82

139.86

73.18

146.01

626.48

Tinna Rubber and Infrastructure Limited

Notes to standalone financial statements for the year ended March 31, 2025

All amount in

Rs. lakh, unless otherwise stated

Financial assets

for which allowance Is measured using Life time Expected Credit

Loss Method (ECL)

Trade receivables (current)

Balances

with banks is subject to low credit risks due to good credit ratings assigned to these banks

3,998.77 3,410.32

Liquidity risk

is defined as the risk that the Company will not be able to settle or meet its obligations on time or at reasonable price. The

Company's objective

is to at all times maintain optimum levels of liquidity to meet its cash and liquidity requirements. The Company closely

monitors its liquidity position and deploys a robust cash management system. It maintains adequate source of financing through the use of

short term bank deposits and cash credit facility. Processes and policies related to such risks are overseen by senior management. Management

monitors the Company's liqui

dity position through rolling forecasts on the basis of expect ed cash flows. The Company assessed the

concentration of risk with respect to its debt and concluded it to below:

Maturity profile of financial llabllltles

The table below provides

the details regarding the remaining contractual maturities of financial liabilities at the reporting date based on

contractual undiscounted payments.

As at March 31, 2025 Less than 1 year More than 1 year Total carrying value

Borrowings (non-current)

6,553.47

Borrowings (current)

6,801.76 6,801.76

Trade payables (current) 4,498.71 4,498.71

Other financial liab

ilities (current) 652.49 652.49

As at March 31, 2024 Less than 1 year

More than 1 year

Total carrying value

Borrowings (non-current)

4,660.32 4,660.32

Borrowings (current) 3,808.00 3,808.00

Trade payables (current) 3,540.22 3,540.22

Ot her financial liabilities (current)

263.63

(d) Interest

rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instruments will fluctuate because of changes in market interest

rates.

The Company's exposure to the risk of changes in market interest rates relates primarily to the Company's borrowings obligations in the

form of cash credit carrying floating interest rates.

Fixed rate borrowing

Variable rate borrowing

As at

March 31, 2025

523.47

12,831.76

13,355.23

As at

March 31, 2024

109.13

8,359.19

8,468.32

Sensitivity analysis: For floating rates liabilities, t he analysis

is prepared assuming the amount of the liability outstanding at the end of the

reporting period

was outstanding for the whole year.

Sensitivity on variable rate borrowings

Impa

ct on statement of profit and loss

Interest rate increase by 0.

25%

Interest rate decrease by 0.25%

(e) Equity price risk

Year ended

March 31, 2025

(33.39)

33.39

Year ended

March

31, 2024

(21.17)

21.17

The Company's listed equity securities if any are susceptible to market price risk arising from uncertainties about future values of the

investment securities if any. At the reporting date, the exposure to unlisted equity securities at fair value was Rs. 2,194.16 lakhs as on 31 March

2025 (March 31, 2024: Rs. 2,473.78 lakhs).

Tlnna Rubber and Infrastructure Limited

Notes

to standalone financial statements for the year ended March 31, 2025

All amount in Rs. lakh, unless otherwise stated

48 The following table summarizes movement in indebtedness as on the reporting date:

Change in liabilities arising from financing activities

Particulars

Long term borrowings

Secured

Term loan from bank

Finance lease obligations

• From banks

From others

Short term borrowings

Secured

Cash credit facility from bank

Buyer's credit facility

from bank

Unsecured

Loan from related parties

Particulars

Long term borrowings

Secured

Term loan from bank

Finance lease obligations

From banks

From others

Short t erm borrowings

Secured

Cash credit facility from bank

Buyer's credit facility

from bank

49 Capital Management

As on April

1, 2024

4,879.50

633.12

39.18

2,916.52

8,468.32

As on April

1, 2023

2,745.77

149.56

51.63

2,283.96

636.62

5,B67.54

Net

cash flow Foreign

exchange

mana ement

1,878.24

237.88

82.52

2,176.86

40.16

471.25

4,886.92

Net

cash flow Foreign

exchange

mana ement

2,133.73

483.56

(12.45)

632.56

(636.62)

2,600.77

Transfer

Other

As on March 31,

adjustments 2025

6,757.74

871.00

121. 70

5,093.38

40.16

471.25

13,355.23

Transfer Other As on March 31,

djustments

2024

4,879.50

633.12

39.18

2,916.52

8,468.32

For the purposes

of Company's capital management, Capital includes equity attributable t o the equity holders of the Company and all ot her equity

reserves. The primary objective of the Company's capital management is to ensure that it maintains an efficient capital structure and maximize

shareholder value. The Company manages its capital struct ure and makes adjustments in light of changes in economic conditions and the requirements of

the financial covenants. To maintain

or adjust t he capital structure, the Company may adjust the dividend payment to shareholders or issue new shares.

The Company is not subject to any externally imposed capital requirements. No changes were made in the objectives, policies or processes for managing

capital during the year ended March 31, 2024 and March 31, 2025.

The capital structure

of the Company is based on the management's judgement of its strategic and day-to-day needs with a focus on total equity so as to

maintain investors, creditors and market confidence. The calculation of the capital for the purpose of capital management is as below:

Tlnna Rubber and Infrastructure Limited

Notes to standalone financial statements

for the year ended March 31, 2025

All amount in

Rs. lakh, unless otherwise st ated

Particulars

Borrowings

Cash and cash equivalents

Net debt

Equity share capital

Other equity

Total capital

Capital and

net debt

Gearing ratio (net debt/capital and debt)

50 Dividend received

Particulars

Dividend received on equity shares held as non trade, non current investments

Dividend received on equity shares held as trade, current investments

51 Dividend paid and proposed

Particulars

Dividend paid on equity shares:

The board

of directors during the year approved and paid an interim dividend of Rs. 3 per

equity share

of Rs. 10 reach fully Paid up.

Proposed dividend on equity shares:

Final dividend recommended by the board

of directors for the year ended March 31 ,2025

Rs. 4 per share of Re. 10 each ( March 31,2024 : Rs. 2 per share of Rs. 10 each ) subject to

approval of shareholders in the ensuring annual general meeting.

Note : Proposed dividends on equity share are subject

to approval at the annual general

meeting and

are not recognized as liability as at reporting date.

As at

March 31, 2025

13,355.23

(203.71)

13,151.53

1,712.95

15,493.99

17,206.94

30,358.47

43.32%

Year ended

March 31, 2025

Year ended

March 31, 2025

685.18

As at

March 31, 2024

8,468.32

(27.82)

8,440.50

1,712.96

11,098.17

12,811.13

21,251.

39.72%

Year ended

March 31, 2024

Year ended

March 31, 2024

513.89

342.59

856.48

52 Disclosures pursuant to Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Section 186 of

the Companies Act, 2013:

(I) Particulars

of Investments made:

Opening

Name

of the Investee balance (April

01, 2024)

TP Buildtech Private Limited 741.25

Keerthi International Arz.ro Private Limited 11.01

BGK lnfratech Private Limited 2,159.52

Puia lnfratech LLP 183.25

5 Global

Recvcle LLC 1,273.77

Mbodla Investments

lctvl Ltd

7 Inda Enterpri

ses Private Limited (refer 120.00

note 57)

Total 4,488.80

s. Name of the Investee

Opening

No balance (April

01, 2023)

1 TP Buildtech Private Limited 741.25

2 Keerthi International

ro Private Limited 11.01

8GK lnfratech Private Limited

2,080.72

Pu·a lnfratech LLP 177.47

Global Rec cle LLC

Inda Enter rises Private limited 120.00

Total 3,130.45

Investment

made

116.94

Investment

made

1,273.77

Impact

affair Investment

Outstanding

value sold/written

off

balance (March 31 ,

2025)

741.25

11.01

400.47

2,560.00

183.25

1,273.77

116.94

(120.00)

400.47

1120.001 4,886.22

Impact

of fair Investment sold Outstanding

value balance (March 31,

78.80

5.78

2024)

741.25

11.01

2,159.52

183.25

Tlnna Rubber and Infrastructure Limi ted

Not es

to standalone financial statements for the year ended March 31, 2025

All amount in Rs. lakh, unless otherwise stated

(ii) Part iculars of corporate guarantee outstanding:

5.No

Particulars

a) The Company has given corporate guarantee for credit facility

Tinna Trade Limited from State Bank of India.

Total

Purpose March 31, 2025 March 31, 2024

taken by

For working 6,065.00

capital limits

6,065.00

53 During t he previous year, the Company has incorporated nnna Rubber Arabia Ltd. in Saudi Arabia a w holly owned subsidiary company wit h Aut horised

Capital of Saudi Rials 68,00,000 (Rs. 1500 Lakhs) (divided into 1000 equity shares of Rial 6800 each) with the objective t o carry on business of processing

shredding and recycling

of w aste tyre.

54 Share based payment expenses

Description of share based payment arrangements

The Company has t he following share based payment arrangement for employees:

The Company has implemented Employee Stock Option Plan 2023 ("ESOP 2023") as approved by the sharehold er on September 18 , 2024. The scheme

entitles employees of the Company

to purchase shares in t he Company at t he stipulat ed exercise price, subject to compliance wit h vesting conditions. The

vesting conditions ar e mix

of service and performance based conditions.

Scheme

details Grant No. of Exercise Vesting period

date options price(~)

granted per option

Employee Stock Opt ion May 59,880 719.00 4 years

Plan 2023 (ESOP 2023) 03,2024

Stock based payment expenses recorded in t hese restated consolidated financial statements is based on fair value o f stock option which

is measured

using the Black-Scholes-Merton formula.

The number and reconciliation

of the options under the "ESOP 2023" plan are as follows:

b ) Reconciliation

of outstanding

share options

Outst anding at t he beginning

Grant ed during t he year

Exercised during the year

Forfeited and expired during t he period/year

Outstanding

at t he end

Exercisable at the end

at As at

March 31, March 31,

2025 2024

9,8BO

S9,880

c The

lair values er o tion for o tions ranted durin the ear Is measured based on the Black-Scholes model, which Is as below:

Scheme

Number of Fair value per

o !Ions

o t

lon

ESOP 2023 59,880

517.31

The

fair value of options mentioned abov e are calculated on the grant date using the Black-Scholes-Merton Model using the following assumptions:

For the

year For the year

d) A

ssumptions

ended ended

March 31, March 31,

2025

2024

Risk free interest rate 7.28%

Expected volatility 66.30%

Exoected

life

3.00

Dividend vield 0.56%

e) During the period, the Company has recorded a share based payment expense of Rs. 148.08 lakhs (March 31, 2024: Nil) in the standalone statement of

profit and loss account. (refer note 27).

Tinna Rubber and Infrastructure Limited

tes t o standalone financial statements for the year ended March 31, 2025

All amount in

Rs. lakh, unless otherwise stated

55 The Company has set up solar power plant situated at Valliage Pali & Varle, Ta Iuka Wada, Distt Palghar(Maharashtra). During the year pow er units

5,69,432 (March 31,2024 Nil) were consumed internally and 64,213 units(Rs. 7.86 lakhs) (March 31,2024 Nil) wer e sold.The same are

netted in the power

and fuel expenses.

56 In the earlier year, the Company had incorporated Tinna Rubber B.V. Netherland a wholly owned subsidiary company with an Authorised Capital of Euro

10,000 (divided

into 1000 equity shares of Euro 10 each) with the objective to carry on business of waste recycling, end of li fe tyre recycling and trading of

waste material/scrap. The Company is in the process of winding up.

57 The Company

has done the assessment of the r ecoverability of the preference share and based on the assessment, t he Company is not expected to

recover the amount from the Inda Enterprises Private Limited. Accordingly the amount of Rs. 120 lakhs has been written off during the year and has been

shown under exceptional items

in the statement of profit and loss. (refer note -7.l(b))

58 0uring the year ended March 31, 2025, the Company has availed the following borrowings from Kotak Mahindra Bank for financing construction

equipment. No charRe has been created on any

of the Company's assets in respect of these Loans:

Loan reference n umber Descrlotlon

Amount

CE-1335355 Bobcat CB Loader

28.59

CE-1557950

Construction eauioment

9.66

CE-1557964 Construction eauioment 9.66

CE-1558015 Construction equipment 11.20

Total

59.11

These borrowings were utilized for acquiring specific equipment for operational purposes. However, no charge has been registered with the Registrar of

Companies in respect of the above loans.

59 Additional regulatory Information required by Schedule Ill of Companies Act, 2013

(i) Details

of Benami Properties: No proceedings have been initiated or are pending against t he Company for holding any Bena mi property

under the

Bena mi Transactions (prohibition) Act,1988 (45 of 1988) and the rules made thereunder.

(ii) Utilization

of borrowed funds and share premium:

(I) The Company

has not advanced or loaned or invested funds to any person(s) or entity(ies), including for eign entities (intermediaries)

with the understandinR that the 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 u ltimate beneficiaries.

(II) The Company

has not received any fund from any person(s) or entity(ies) , including foreign entities (funding party) with the

understanding (whet her recorded in writing

or otherwise) that the Company shall:

(a) Directly

or indirectly lend or invest in ot her persons or entities identified in any manner whatsoever by or on behalf of the funding

Party (Ultimate Beneficiaries)

(b) Provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.

(iii) Investment made by the Company during the year is complied

with the requirements of section 186 of Companies Act 2013.

(iv) Undisclosed Income: There is no income undisclosed or surrendered as income during the current or previous year in the tax assessments

under the Income Tax Act,1961, that has not recorded in the books of accounts.

fvl Cryp

to Currency or Virtual Currency: The Company has not traded or invested in crypto currency or virtual currency during the current or

previous year.

(vi) Valuations of PPE, Intangible assets :The Company has not revalued its property, plant and equipment or intangible assets or both during

the current

or previous year.

(vii) The Company

has not granted any loans or advances in the nature of loans repayable on demand.

(viii)

Based on our examination, which included test checks, the Company has used an accounting software for maintaining its books of account

for the financial year ended March 31, 2025 which has a feature of recording audit trail (edit log) facility and the same has been oper ating

for all relevant transactions r ecorded in the software throughout the year except that no audit trail enabled at the data base level.

Furt her, during

the course of our audit we did not come across any instance of the audit trail feature being tampered with except at data

base level

for such accounting software to log any direct data changes which is maintained by a third party software service provider.

Further,

the audit trail has been preserved by the Company as per the statutory requirements for record retention.

Tlnna Rubber and Infrastructure Limited

Notes

to standalone financial statements for the year ended March 31, 2025

All amount in

Rs. lakh, unless otherwise stated

60 Subseq uont Events after tho reporting period

Tho Company has evaluated all the subsequent events through May 23,2025 which is tho date on which these standalone financial statements were approved for Issue,

and no events hove occurred from

the bal ance shoot date through that date except for matters that have already been considered in the standalone financial statements.

The accompanying notes are an integral part of these standalone financial statements.

As per our report of even date attached

For

S S Kothari Mehta & Co. LLP

Chartered Accountants

Firm

Regi stration No.: 000756N/NS

Sunil Wahal

Partner

M. No.: 087294

Place: New Delhi

Date:

May 23,2025

the

Board of Dlrecto~s ~

rastructure limited ~ /

/Y ','f:>

/1/.

. Q;;/ <.

'" Offiv

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