RED HERRING PROSPECTUS

Dated: August 22, 2025

Please read section 32 of the Companies Act, 2013
100% Book Built Issue
(Please scan the QR to
view the Red Herring Prospectus)

AMANTA HEALTHCARE LIMITED

CORPORATE IDENTITY NUMBER: U24139GJ1994PLC023944

REGISTERED AND CONTACT PERSON EMAIL AND WEBSITE

CORPORATE OFFICE TELEPHONE
8th Floor, Shaligram Corporates,
Nikhita Dinodia Email: cs@[Link]
C.J. Marg, Ambli, Ahmedabad – [Link]
Company Secretary and Compliance Officer Tel: 079 67777600
380058, Gujarat, India
PROMOTERS OF OUR COMPANY: BHAVESH PATEL, VISHAL PATEL, JAYSHREEBEN PATEL,
JITENDRAKUMAR PATEL AND MILCENT APPLIANCES PRIVATE LIMITED
DETAILS OF THE ISSUE TO THE PUBLIC
TYPE FRESH ISSUE OFFER TOTAL ELIGIBILITY AND SHARE RESERVATION AMONG
SIZE FOR ISSUE QIBs, NIIs AND RIIs
SALE SIZE
SIZE
Up to Not Up to The Issue is being made in terms of Regulation 6(1) of the
1,00,00,000 applicable 1,00,00,000 Securities and Exchange Board of India (Issue of Capital and
Equity Shares Equity Disclosure Requirements) Regulations, 2018 (“SEBI ICDR
Fresh Issue aggregating up Shares Regulations”). For details, see “Other Regulatory and Statutory
to ₹ [●] lakhs aggregating Disclosures – Eligibility of the Issue” on page 494. For details
up to ₹ [●] in relation to share reservation among QIBs, NIIs, and RIIs, see
lakhs “Issue Structure” on page 514.
OFFER FOR SALE
Not Applicable
RISKS IN RELATION TO THE FIRST ISSUE
This being the first public issue of Equity Shares of our Company, there has been no formal market for the Equity Shares of our
Company. The face value of each Equity Share is ₹ 10. The Floor Price, the Cap Price and the Issue Price, as determined by our
Company in consultation with the Book Running Lead Manager, in accordance with the SEBI ICDR Regulations, and on the basis of
the assessment of market demand for the Equity Shares by way of the Book Building Process, as stated in “Basis for Issue Price” on
page 259, should not be taken to be indicative of the market price of the Equity Shares after the Equity Shares are listed. No assurance
can be given regarding an active and/or sustained trading in the Equity Shares of our Company, or regarding the price at which the
Equity Shares will be traded after listing.
GENERAL RISK
Investments in equity and equity-related securities involve a degree of risk and investors should not invest any funds in this Issue unless
they can afford to take the risk of losing their entire investment. Investors are advised to read the risk factors carefully before taking
an investment decision in this Issue. For taking an investment decision, investors must rely on their own examination of our Company
and the Issue, including the risks involved. The Equity Shares in the Issue have not been recommended or approved by the Securities
and Exchange Board of India (“SEBI”), nor does SEBI guarantee the accuracy or adequacy of the contents of this Red Herring
Prospectus. Specific attention of the investors is invited to “Risk Factors” on page 29.
ISSUER’S ABSOLUTE RESPONSIBILITY
Our Company, having made all reasonable inquiries, accepts responsibility for and confirms that this Red Herring Prospectus contains
all information with regard to our Company and the Issue, which is material in the context of the Issue, that the information contained
in this Red Herring Prospectus is true and correct in all material aspects and is not misleading in any material respect, that the opinions
and intentions expressed herein are honestly held and that there are no other facts, the omission of which makes this Red Herring
Prospectus as a whole or any of such information or the expression of any such opinions or intentions, misleading in any material
respect.
LISTING
The Equity Shares, once issued through this Red Herring Prospectus are proposed to be listed on the Stock Exchanges being BSE
Limited and National Stock Exchange of India Limited. For the purposes of the Issue, the Designated Stock Exchange is National
Stock Exchange of India Limited.
BOOK RUNNING LEAD MANAGER
Name and Logo of the BRLM Contact Person Email and Telephone
 Email: mb@[Link]
Nikhil Shah Telephone: +91 79491 85784

BEELINE CAPITAL
ADVISORS PRIVATE
LIMITED
REGISTRAR TO THE ISSUE
Name of Registrar Contact Person Email and Telephone

MUFG INTIME INDIA Shanti Gopalkrishnan E-mail:

PRIVATE LIMITED [Link]@[Link]
(FORMERLY LINK INTIME Telephone: +91 8108114949
INDIA PRIVATE LIMITED)
BID/ISSUE PROGRAMME
ANCHOR
Monday, BID/ISSUE
INVESTOR Friday, August Wednesday, September 03,
BID/ISSUE OPENS ON* September CLOSES
BIDDING 29, 2025* 2025
01, 2025* ON^
DATE*
* Our Company may, in consultation with the Book Running Lead Manager, consider participation by Anchor Investors in accordance
with the SEBI ICDR Regulations. The Anchor Investor Bidding Date shall be one Working Day prior to the Bid/Issue Opening Date.
^UPI mandate end time and date shall be at 5:00 p.m. on the Bid/Issue Closing Date.
 RED HERRING PROSPECTUS
Dated: August 22, 2025
Please read section 32 of the Companies Act, 2013
100% Book Built Issue
(Please scan the QR to
view the Red Herring Prospectus)

AMANTA HEALTHCARE LIMITED

Our Company was originally incorporated on December 21, 1994 as Marck Parenterals (India) Limited with RoC, Gujarat, at Ahmedabad by converting the existing
Partnership firm “Marck Parenterals (India)” under Part IX of the Companies Act, 1956 and received the Certificate for Commencement of Business on January
06, 1995. Subsequently, the name of our Company was changed to “Marck Biosciences Limited” pursuant to a special resolution passed by our shareholders on
October 29, 2005. The fresh certificate of incorporation consequent upon change of name was granted on November 05, 2005 by the Registrar of Companies,
Gujarat at Ahmedabad. Subsequently, the name of our Company was changed to “Amanta Healthcare Limited” pursuant to a special resolution passed by our
shareholders on June 12, 2014, and a fresh certificate of incorporation dated June 24, 2014 issued by the Registrar of Companies Gujarat at Ahmedabad. For
further details of the history of our company, kindly refer to section “History and Certain Corporate Matters” beginning on page 353 of this Red Herring Prospectus.

Registered and Corporate Office: 8th Floor, Shaligram Corporates, C.J. Marg, Ambli, Ahmedabad – 380058, Gujarat India |Tel: 079 67777600 |
Contact Person: Nikhita Dinodia, Company Secretary and Compliance Officer | E-mail: cs@[Link] | Website: [Link]
Corporate Identity Number: U24139GJ1994PLC023944
PROMOTERS OF OUR COMPANY: BHAVESH PATEL, VISHAL PATEL, JAYSHREEBEN PATEL, JITENDRAKUMAR PATEL AND
MILCENT APPLIANCES PRIVATE LIMITED
INITIAL PUBLIC OFFERING OF UP TO 1,00,00,000 EQUITY SHARES OF FACE VALUE OF ₹ 10 EACH (“EQUITY SHARES”) OF OUR
COMPANY FOR CASH AT A PRICE OF ₹ [●] PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF ₹ [●] PER EQUITY SHARE) (“ISSUE
PRICE”) AGGREGATING UP TO ₹ [●] LAKHS (THE “ISSUE”) COMPRISING OF OUR POST-ISSUE PAID-UP EQUITY SHARE CAPITAL OF
OUR COMPANY.

THE FACE VALUE OF THE EQUITY SHARE IS ₹ 10 EACH AND THE ISSUE PRICE IS [●] TIMES THE FACE VALUE OF THE EQUITY
SHARES. THE PRICE BAND AND THE MINIMUM BID LOT SIZE WILL BE DECIDED BY OUR COMPANY AND THE PROMOTER IN
CONSULTATION WITH THE BRLM AND WILL BE ADVERTISED IN ALL EDITION OF FINANCIAL EXPRESS (A WIDELY CIRCULATED
ENGLISH NATIONAL DAILY NEWSPAPER), ALL EDITIONS OF JANSATTA (A WIDELY CIRCULATED HINDI NATIONAL DAILY
NEWSPAPER) AND AHMEDABAD EDITIONS OF FINANCIAL EXPRESS (A WIDELY CIRCULATED GUJARAT DAILY NEWSPAPER,
GUJARATI BEING THE REGIONAL LANGUAGE OF GUJARAT, WHERE OUR REGISTERED OFFICE IS LOCATED), AT LEAST TWO
WORKING DAYS PRIOR TO THE BID/ ISSUE OPENING DATE AND SHALL BE MADE AVAILABLE TO THE STOCK EXCHANGES FOR
UPLOADING ON THEIR RESPECTIVE WEBSITES IN ACCORDANCE WITH THE SEBI ICDR REGULATIONS.
In case of any revision to the Price Band, the Bid/Issue Period will be extended by at least three additional Working Days after such revision in the Price Band,
subject to the Bid/Issue Period not exceeding 10 Working Days. In cases of force majeure, banking strike or similar circumstances, our Company may, in
consultation with the BRLM, for reasons to be recorded in writing, extend the Bid / Issue Period for a minimum of three Working Days, subject to the Bid/ Issue
Period not exceeding 10 Working Days. Any revision in the Price Band and the revised Bid/Issue Period, if applicable, shall be widely disseminated by notification
to the Stock Exchanges, by issuing a public notice, and also by indicating the change on the website of the BRLM and at the terminals of the Syndicate Member(s)
and by intimation to the Designated Intermediaries and the Sponsor Bank, as applicable.
This is an Issue in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended (the “SCRR”), read with Regulation 31 of the SEBI
ICDR Regulations. The Issue is being made through the Book Building Process in terms of Regulation 6 (1) of the SEBI ICDR Regulations, wherein not more
than 50% of the Issue shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs and such portion, the “QIB Portion”),
provided that our Company, in consultation with the BRLM, may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis (“Anchor
Investor Portion”), out of which one-third shall be reserved for domestic Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or
above the price at which allocation is made to Anchor Investors (“Anchor Investor Allocation Price”), in accordance with the SEBI ICDR Regulations. In the
event of under-subscription, or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the Net QIB Portion. Further, 5% of
the Net QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the Net QIB Portion shall be available
for allocation on a proportionate basis to all QIB Bidders, including Mutual Funds, subject to valid Bids being received from them at or above the Issue Price.
However, if the aggregate demand from Mutual Funds is less than 5% of the Net QIB Portion, the balance Equity Shares available for allocation in the Mutual
Fund Portion will be added to the remaining Net QIB Portion for proportionate allocation to QIBs. Further, not less than 15% of the Issue shall be available for
allocation to Non-Institutional Bidders (“Non-Institutional Portion”) of which one-third of the Non-Institutional Category shall be available for allocation to
Bidders with an application size of more than ₹ 200,000 and up to ₹ 1,000,000 and two-thirds of the Non-Institutional Category shall be available for allocation
to Bidders with an application size of more than ₹ 1,000,000 and under-subscription in either of these two sub-categories of Non-Institutional Category may be
allocated to Bidders in the other sub-category of Non-Institutional Category in accordance with the SEBI ICDR Regulations, subject to valid Bids being received
at or above the Issue Price. Further, not less than 35% of the Issue shall be available for allocation to Retail Individual Investors (“Retail Category”), in
accordance with the SEBI ICDR Regulations, subject to valid Bids being received from them at or above the Issue Price. All Bidders (except Anchor Investors)
shall mandatorily participate in this Issue only through the Application Supported by Blocked Amount (“ASBA”) process and shall provide details of their
respective bank account (including UPI ID (defined hereinafter) in case of UPI Bidders (defined hereinafter) in which the Bid Amount will be blocked by the
Self Certified Syndicate Banks (“SCSBs”) or the Sponsor Bank(s), as the case may be. Anchor Investors are not permitted to participate in the Anchor Investor
Portion through the ASBA process. For details, see “Issue Procedure” beginning on page 518.
RISKS IN RELATION TO THE FIRST ISSUE
This being the first public issue of Equity Shares of our Company, there has been no formal market for the Equity Shares of our Company. The face value of the
Equity Shares is ₹ 10 each. The Floor Price, the Issue Price or the Price Band as (determined by our Company in consultation with the BRLM, in accordance
with the SEBI ICDR Regulations and on the basis of the assessment of market demand for the Equity Shares by way of the Book Building Process, as stated
under “Basis for Issue Price” on page 259 should not be taken to be indicative of the market price of the Equity Shares after the Equity Shares are listed. No
assurance can be given regarding an active or sustained trading in the Equity Shares of our Company, or regarding the price at which the Equity Shares will be
traded after listing.
GENERAL RISKS
Investments in equity and equity-related securities involve a degree of risk and investors should not invest any funds in the Issue unless they can afford to take
the risk of losing their investment. Investors are advised to read the risk factors carefully before taking an investment decision in the Issue. For taking an
investment decision, investors must rely on their own examination of our Company and the Issue, including the risks involved. The Equity Shares in the Issue
have not been recommended or approved by the Securities and Exchange Board of India (“SEBI”), nor does SEBI guarantee the accuracy or adequacy of the
contents of this Red Herring Prospectus. Specific attention of the investors is invited to “Risk Factors” on page 29.
OUR COMPANY’S ABSOLUTE RESPONSIBILITY
Our Company, having made all reasonable inquiries, accepts responsibility for and confirms that this Red Herring Prospectus contains all information with regard
to our Company and the Issue, which is material in the context of the Issue, that the information contained in this Red Herring Prospectus is true and correct in
all material aspects and is not misleading in any material respect, that the opinions and intentions expressed herein are honestly held and that there are no other
facts, the omission of which makes this Red Herring Prospectus as a whole or any of such information or the expression of any such opinions or intentions
misleading in any material respect.
LISTING
The Equity Shares, once offered through the Red Herring Prospectus are proposed to be listed on the Stock Exchanges. Our Company has received ‘in-principle’
approvals from BSE and NSE for the listing of the Equity Shares pursuant to letters each dated March 10, 2025, respectively. For the purposes of the Issue, the
Designated Stock Exchange shall be National Stock Exchange of India Limited. A signed copy of the Red Herring Prospectus and the Prospectus shall be filed
with the RoC in accordance with Sections 26(4) and 32 of the Companies Act, 2013. For further details of the material contracts and documents available for
inspection from the date of the Red Herring Prospectus until the Bid/ Issue Closing Date, see “Material Contracts and Documents for Inspection” on page 599.
BOOK RUNNING LEAD MANAGER REGISTRAR TO THE ISSUE
 Beeline Capital Advisors Private Limited MUFG Intime India Private Limited (formerly Link intime India Private
B 1311-1314 Thirteenth Floor Shilp Corporate Park, Rajpath Rangoli Road Limited)
Thaltej, Ahmedabad 380054, Gujarat C-101, 1st Floor, 247 Park, L.B.S. Marg
Telephone: +91 79 4918 5784 Vikhroli (West), Mumbai 400 083, Maharashtra
E-mail: mb@[Link] Telephone: +91 8108114949
Investor grievance e-mail: ig@[Link] E-mail: [Link]@[Link]
Website: [Link] Investor grievance e-mail: [Link]@[Link]
Contact person: Nikhil Shah Website: [Link]
SEBI Registration No.: INM000012917 Contact person: Shanti Gopalkrishnan
SEBI registration number: INR000004058
BID/ISSUE PROGRAMME
ANCHOR INVESTOR BIDDING DATE* Friday, August 29, 2025*
BID/ISSUE OPENS ON* Monday, September 01, 2025*
BID/ISSUE CLOSES ON Wednesday, September 03, 2025^
* Our Company may, in consultation with the BRLM, consider participation by Anchor Investors in accordance with the SEBI ICDR Regulations. The Anchor
Investor Bidding Date shall be one Working Day prior to the Bid/Issue Opening Date.
^UPI mandate end time and date shall be at 5:00 p.m. on the Bid/issue Closing Date.

(This page is intentionally left blank)

 TABLE OF CONTENTS

SECTION I – GENERAL ...................................................................................................................................................................... 1

DEFINITIONS AND ABBREVIATIONS ............................................................................................................................................ 1
CERTAIN CONVENTIONS, PRESENTATION OF FINANCIAL, INDUSTRY AND MARKET DATA AND
CURRENCY OF PRESENTATION .................................................................................................................................................... 16
FORWARD LOOKING STATEMENTS ............................................................................................................................................ 19
ISSUE DOCUMENT SUMMARY....................................................................................................................................................... 20

SECTION II – RISK FACTORS ....................................................................................................................................................... 29

SECTION III – INTRODUCTION ................................................................................................................................................... 70

THE ISSUE ............................................................................................................................................................................................... 70
SUMMARY FINANCIAL INFORMATION ..................................................................................................................................... 72
GENERAL INFORMATION ................................................................................................................................................................ 80
CAPITAL STRUCTURE ....................................................................................................................................................................... 88
OBJECTS OF THE ISSUE.................................................................................................................................................. 135
BASIS OF ISSUE PRICE 259
STATEMENT OF POSSIBLE SPECIAL TAX BENEFITS ......................................................................................................... 268

SECTION IV – ABOUT THE COMPANY .................................................................................................................................. 274

INDUSTRY OVERVIEW .................................................................................................................................................................... 274
OUR BUSINESS.................................................................................................................................................................................... 313
KEY REGULATIONS AND POLICIES........................................................................................................................................... 345
HISTORY AND CERTAIN CORPORATE MATTERS ................................................................................................................ 353
OUR MANAGEMENT ........................................................................................................................................................................ 358
OUR PROMOTERS AND PROMOTER GROUP .......................................................................................................................... 379
OUR GROUP COMPANY .................................................................................................................................................................. 386
DIVIDEND POLICY ............................................................................................................................................................................ 387

SECTION V – FINANCIAL INFORMATION ........................................................................................................................... 389

OTHER FINANCIAL INFORMATION ........................................................................................................................................... 459
RELATED PARTY TRANSACTIONS ............................................................................................................................................ 461
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
................................................................................................................................................................................................................... 462
CAPITALISATION STATEMENT ................................................................................................................................................... 482
FINANCIAL INDEBTEDNESS ......................................................................................................................................................... 483

SECTION VI – LEGAL AND OTHER INFORMATION ....................................................................................................... 485

OUTSTANDING LITIGATION AND MATERIAL DEVELOPMENTS .................................................................................. 485
GOVERNMENT AND OTHER APPROVALS............................................................................................................................... 491
OTHER REGULATORY AND STATUTORY DISCLOSURES ................................................................................................ 494

SECTION VII – ISSUE RELATED INFORMATION .............................................................................................................. 507

TERMS OF THE ISSUE ...................................................................................................................................................................... 507
ISSUE STRUCTURE............................................................................................................................................................................ 514
ISSUE PROCEDURE ........................................................................................................................................................................... 518
RESTRICTIONS ON FOREIGN OWNERSHIP OF INDIAN SECURITIES ........................................................................... 539

SECTION VIII – DESCRIPTION OF EQUITY SHARES AND TERMS OF THE ARTICLES OF ASSOCIATION
................................................................................................................................................................................................................... 541

SECTION IX – OTHER INFORMATION................................................................................................................................... 599

MATERIAL CONTRACTS AND DOCUMENTS FOR INSPECTION ..................................................................................... 599
DECLARATION ................................................................................................................................................................................... 602
 SECTION I – GENERAL

DEFINITIONS AND ABBREVIATIONS

This Red Herring Prospectus uses certain definitions and abbreviations which, unless the context otherwise indicates or
implies, or unless otherwise specified, shall have the meaning as assigned below. References to statutes, rules, regulations,
guidelines and policies will, unless the context otherwise requires, be deemed to include all amendments, modifications
and replacements notified thereto, as of the date of this Red Herring Prospectus, and any reference to a statutory provision
shall include any subordinate legislation made from time to time under that provision. In case of any inconsistency between
the definitions given below and the definitions contained in the General Information Document (as defined below), the
definitions given below shall prevail.

Unless the context otherwise indicates, all references to “the Company” or “our Company” or “Issuer”, are references
to Amantha Healthcare Limited, a public limited company incorporated under the Companies Act, 1956 and having its
Registered and Corporate Office at 8th Floor, Shaligram Corporates, C.J. Marg, Ambli, Ahmedabad – 380058, Gujarat,
India. Furthermore, unless the context otherwise indicates, all references to the terms, “we”, “us” and “our” are to our
Company (as defined below), as applicable.

The words and expressions used in this Red Herring Prospectus but not defined herein, shall have, to the extent applicable,
the meanings ascribed to such terms under the Companies Act, the SEBI ICDR Regulations, the SCRA, the Depositories
Act or the rules and regulations made thereunder.

The terms not defined herein but used in “Objects of the Issue”, “History and Certain Corporate Matters”, “Financial
Indebtedness”, “Basis of Issue Price”, “Statement of Special Tax Benefits”, “Industry Overview”, “Key Regulations
and Policies”, “Financial Information”, “Outstanding Litigation and Other Material Developments” “Issue
Procedure” and “Description of Equity Shares and Terms of Articles of Association”, on pages 135, 353, 483, 259, 268,
274, 345, 389, 485, 518 and 541 respectively, will have the meaning ascribed to such terms in those respective sections.

General Terms

Term Description
our Company / the Amanta Healthcare Limited, a public limited company incorporated under the Companies Act,
Company / the Issuer 1956 and having its Registered and Corporate Office at 8th Floor, Shaligram Corporates, C.J.
Marg, Ambli, Ahmedabad – 380058, Gujarat India
we / us / our Unless the context otherwise indicates or implies, refers to our Company, on a basis as on the
date of this Red Herring Prospectus.

Company Related Terms

Term Description
Articles of Articles of association of our Company, as amended from time to time
Association / Articles
/ AoA
Audit Committee Audit committee of our Board. For more details see “Our Management – Corporate
Governance” on page 364
Auditors / Statutory The statutory auditors of our Company, currently being Price Waterhouse Chartered
Auditors Accountants LLP.
Board / Board of The board of directors of our Company, as constituted from time to time or any duly constituted
Directors committee thereof. For details see “Our Management – Board of Directors” on page 358
Chairman and Chairman and managing director of our Company, namely Bhavesh Patel. For details, see “Our
Managing Director Management” on page 358.
Chief Financial The chief financial officer of our Company, namely Paras Mehta. For details, see “Our
Officer / CFO Management – Key Managerial Personnel” on page 376
Company Secretary The company secretary and compliance officer of our Company, namely Nikhita Dinodia. For
and Compliance details, see “Our Management – Key Managerial Personnel” on page 376
Officer
Corporate Social The corporate social responsibility committee of our Company. For details see “Our
Responsibility Management – Corporate Governance” on page 364
Committee / CSR
Committee

1
 Term Description
CRISIL/ CRISIL CRISIL Market Intelligence & Analytics, a division of CRISIL Limited
MI&A
CRISIL Report Report titled “Assessment of the Indian pharmaceuticals industry” dated June, 2024 read with
addendum dated August, 2025 prepared and issued by CRISIL.
Director(s) The director(s) on the Board of Directors, as appointed from time to time
Dun & Bradstreet Dun & Bradstreet Information Services India Private Limited
Equity Shares The equity shares of our Company of face value of ₹ 10 each
Executive Director(s) Executive director(s) on our Board. For further details of the Executive Director, see “Our
Management” on page 358
Group Companies The group companies of our Company in accordance with the SEBI ICDR Regulations and the
Materiality Policy of our Company. For details see “Group Companies” on page 386
Independent The independent chartered accountants in relation to the Issue being S G D G & Associates
Chartered Accountant LLP
Independent The non-executive, independent Director(s) on our Board appointed as per the Companies Act,
Director(s) 2013 and the Listing Regulations. For details of our Independent Directors, see “Our
Management-Board of Directors” on page 358
IPO Committee The IPO committee of our Board. For details see “Our Management – Corporate Governance”
on page 364
Key Managerial Key managerial personnel of our Company. For details see “Our Management – Key
Personnel / KMP Managerial Personnel” on page 376
Materiality Policy The materiality policy adopted by our Board pursuant to a resolution of our Board dated July
17, 2025 for identification of the material: (a) material outstanding material litigation
proceedings; (b) Group Companies; and (c) material creditors, pursuant to the requirements of
the SEBI ICDR Regulations and for the purposes of disclosure in the Draft Red Herring
Prospectus, this Red Herring Prospectus and the Prospectus.
Memorandum of The memorandum of association of our Company, as amended
Association /
Memorandum/ MoA
Nomination and The nomination and remuneration committee of our Board constituted in accordance with the
Remuneration Companies Act, the SEBI Listing Regulations. For details see “Our Management – Corporate
Committee / NRC Governance” on page 364
Committee
Non – Executive A Director, not being an Executive Director. For details, see “Our Management” on page 358.
Director(s)
Project Cost Vetting Report titled “Project Cost Vetting Report” dated August 22, 2025 issued by Dun & Bradstreet
Report Information Services India Private Limited.
Promoter(s) The promoters of our Company namely, Bhavesh Patel, Vishal Patel, Jayshreeben Patel,
Jitendrakumar Patel and Milcent Appliances Private Limited. For details see in “Our Promoters
and Promoter Group” on page 379
Promoter Group Such individuals and entities constituting the promoter group of our Company, pursuant to
Regulation 2(1)(pp) of the SEBI ICDR Regulations and as disclosed in “Our Promoters and
Promoter Group” on page 379
Registered and The Registered and Corporate Office of the Company is located at 8th Floor, Shaligram
Corporate Office/ Corporates C.J. Marg, Ambli, Ahmedabad – 380058, Gujarat, India.
Registered Office
Registrar of Registrar of Companies, Gujarat at Ahmedabad, India. For further information, see “General
Companies / RoC Information” on page 80.
Restated Financial The restated financial information of our Company comprising of the restated statement of
Information assets and liabilities as at March 31, 2025, March 31, 2024 and March 31, 2023 the restated
statement of profit and loss, the restated statement of cash flows, the restated statement of
changes in equity for the financial years ended March 31, 2025, March 31, 2024 and March 31,
2023, the basis of preparation, material accounting policies, notes to the restated financial
information and, Statement of Adjustments to Audited Financial Statements as at and for the
year ended March 31, 2025, March 31, 2024 and March 31, 2023 prepared in accordance with
the requirements of Section 26 of the Companies Act, paragraph (A) of Clause 11 (I) of Part A
of Schedule VI of the SEBI ICDR Regulations and the Guidance Note on ‘Reports in Company
Prospectuses’ (Revised 2019) issued by the Institute of Chartered Accountants of India, as
amended from time to time. for details see “Financial Information” on page 389.

2
 Term Description
Senior Management / Senior management of our Company in terms of Regulation 2(1)(bbbb) of the SEBI ICDR
SMP Regulations, as disclosed in “Our Management” on page 358.
Shareholders The holders of the Equity Shares of our Company from time to time whose names are entered
into (i) the register of members of our Company; or (ii) the records of a depository as a
beneficial owner of Equity Shares.
Stakeholders’ The stakeholders’ relationship committee of our Company. For details see described in “Our
Relationship Management – Corporate Governance” on page 364
Committee

Issue Related Terms

Term Description
Abridged Prospectus A memorandum containing such salient features of a prospectus as may be specified by SEBI
in this regard
Acknowledgement Slip The slip or document issued by the relevant Designated Intermediary(ies) to a Bidder as proof
of registration of the Bid cum Application Form
Allot / Allotment Unless the context otherwise requires, allotment of Equity Shares issued pursuant to the Fresh
/Allotted Issue
Allotment Advice Note or advice or intimation of Allotment sent to the Bidders who have been or are to be
Allotted the Equity Shares after the Basis of Allotment has been approved by the Designated
Stock Exchange
Allottee A successful Bidder to whom the Equity Shares are Allotted
Anchor Investor(s) A Qualified Institutional Buyer, applying under the Anchor Investor Portion in accordance
with the requirements specified in the SEBI ICDR Regulations and the Red Herring
Prospectus
Anchor Investor Price at which Equity Shares will be allocated to Anchor Investors in terms of the Red Herring
Allocation Price Prospectus and the Prospectus, which will be decided by our Company and in consultation
with the BRLM during the Anchor Investor Bidding Date
Anchor Investor Application form used by an Anchor Investor to make a Bid in the Anchor Investor Portion
Application Form and which will be considered as an application for Allotment in terms of the Red Herring
Prospectus and the Prospectus
Anchor Investor The day, being one Working Day prior to the Bid/Issue Opening Date, on which Bids by
Bid/Issue Period or Anchor Investors shall be submitted, prior to and after which the BRLM will not accept any
Anchor Investor Bids from Anchor Investors, and allocation to Anchor Investors shall be completed
Bidding Date
Anchor Investor Issue Final price at which the Equity Shares will be issued and Allotted to Anchor Investors in
Price terms of the Red Herring Prospectus and the Prospectus, which price will be equal to or higher
than the Issue Price but not higher than the Cap Price. The Anchor Investor Issue Price will
be decided by our Company and in consultation with the BRLM
Anchor Investor Pay-In With respect to Anchor Investor(s), it shall be the Anchor Investor Bidding Date, and in the
Date event the Anchor Investor Allocation Price is lower than the Issue Price, not later than two
Working Days after the Bid/Issue Closing Date
Anchor Investor Up to 60% of the QIB Portion which may be allocated by our Company and in consultation
Portion with the BRLM, to Anchor Investors on a discretionary basis, in accordance with the SEBI
ICDR Regulations.

One-third of the Anchor Investor Portion shall be reserved for domestic Mutual Funds,
subject to valid Bids being received from domestic Mutual Funds at or above the Anchor
Investor Allocation Price, in accordance with the SEBI ICDR Regulations
Application Supported An application, whether physical or electronic, used by ASBA Bidders to make a Bid and
by Blocked Amount / authorize an SCSB to block the Bid Amount in the ASBA Account and will include
ASBA applications made by RIIs using the UPI Mechanism where the Bid Amount will be blocked
upon acceptance of UPI Mandate Request by RIIs using the UPI Mechanism
ASBA Account A bank account maintained by ASBA Bidders with an SCSB and specified in the ASBA Form
submitted by such ASBA Bidder in which funds will be blocked by such SCSB to the extent
of the specified in the ASBA Form submitted by such ASBA Bidder and includes a bank
account maintained by a Retail Individual Investor linked to a UPI ID, which will be blocked

3
 Term Description
by the SCSB upon acceptance of the UPI Mandate Request in relation to a Bid by a Retail
Individual Investor Bidding through the UPI Mechanism
ASBA Bidders All Bidders except Anchor Investors
ASBA Form An application form, whether physical or electronic, used by ASBA Bidders to submit Bids
which will be considered as the application for Allotment in terms of the Red Herring
Prospectus and the Prospectus
Banker(s) to the Issue Collectively, the Escrow Collection Bank(s), Refund Bank(s), Sponsor Bank and Public Issue
Account Bank(s), as the case may be
Basis of Allotment Basis on which Equity Shares will be Allotted to successful Bidders under the Issue, as
described in “Issue Procedure” on page 518.
Bid An indication to make an issue during the Bid/Issue Period by an ASBA Bidder pursuant to
submission of the ASBA Form, or during the Anchor Investor Bidding Date by an Anchor
Investor, pursuant to submission of the Anchor Investor Application Form, to subscribe to or
purchase the Equity Shares at a price within the Price Band, including all revisions and
modifications thereto as permitted under the SEBI ICDR Regulations.

The term “Bidding” shall be construed accordingly.

Bid Amount The highest value of optional Bids indicated in the Bid cum Application Form and, in the
case of RIBs Bidding at the Cut off Price, the Cap Price multiplied by the number of Equity
Shares Bid for by such Retail Individual Bidder and mentioned in the Bid cum Application
Form and payable by the Bidder or blocked in the ASBA Account of the Bidder, as the case
may be, upon submission of the Bid, as applicable
Bidding Centres Centres at which the Designated Intermediaries shall accept the ASBA Forms, i.e.,
Designated Branches for SCSBs, Specified Locations for the Syndicate, Broker Centres for
Registered Brokers, Designated RTA Locations for RTAs and Designated CDP Locations for
CDPs
Bid cum Application Anchor Investor Application Form or the ASBA Form, as the context requires
Form
Bid Lot [●] Equity Shares and in multiples of [●] Equity Shares thereafter
Bid/Issue Closing Date Except in relation to any Bids received from the Anchor Investors, the date after which the
Designated Intermediaries will not accept any Bids, which shall be notified in all edition of
Financial Express (a widely circulated English national daily newspaper), all editions of
Jansatta (a widely circulated Hindi national daily newspaper) and Ahmedabad editions of
Financial Express (a widely circulated Gujarat daily newspaper, Gujarati being the regional
language of Gujarat, where our Registered Office is located), and in case of any revision, the
extended Bid/Issue Closing Date shall also be widely disseminated by notification to the
Stock Exchanges by issuing a press release and also by indicating the change on the website
of the BRLM and at the terminals of the Members of the Syndicate and by intimation to the
Designated Intermediaries and Sponsor Bank(s), as required under the SEBI ICDR
Regulations.
Bid/ Issue Opening Except in relation to any Bids received from the Anchor Investors, the date on which the
Date Designated Intermediaries shall start accepting Bids, which shall be notified in all edition of
Financial Express (a widely circulated English national daily newspaper), all editions of
Jansatta (a widely circulated Hindi national daily newspaper) and Ahmedabad editions of
Financial Express (a widely circulated Gujarat daily newspaper, Gujarati being the regional
language of Gujarat, where our Registered Office is located), and in case of any revision, the
extended Bid/ Issue Period also be widely disseminated by notification to the Stock
Exchanges by issuing a press release and also by indicating the change on the website of the
BRLM and at the terminals of the Members of the Syndicate and by intimation to the
Designated Intermediaries and Sponsor Bank(s), as required under the SEBI ICDR
Regulations.
Bid/ Issue Period Except in relation to Anchor Investors, the period between the Bid/ Issue Opening Date and
the Bid/ Issue Closing Date, inclusive of both days, during which Bidders (excluding Anchor
Investors) can submit their Bids, including any revisions thereof in accordance with the SEBI
ICDR Regulations and the terms of the Red Herring Prospectus.

Provided that the Bidding shall be kept open for a minimum of three Working Days for all
categories of Bidders, other than Anchor Investors.

4
 Term Description
Bidder / Applicant Any prospective investor who makes a Bid pursuant to the terms of the Red Herring
Prospectus and the Bid cum Application Form and unless otherwise stated or implied,
includes an ASBA Bidder and an Anchor Investor.
Book Building Process The book building process as described in Part A, Schedule XIII of the SEBI ICDR
Regulations, in terms of which the Issue is being made.
Book Running Lead The book running lead manager to the Issue, namely Beeline Capital Advisors Private
Manager / BRLM Limited
Broker Centre Broker centres notified by the Stock Exchanges where ASBA Bidders can submit the ASBA
Forms, provided that RIBs may only submit ASBA Forms at such broker centres if they are
Bidding using the UPI Mechanism, to a Registered Broker and details of which are available
on the websites of the respective Stock Exchanges. The details of such Broker Centres, along
with the names and the contact details of the Registered Brokers are available on the
respective websites of the Stock Exchanges ([Link] and [Link]) and
updated from time to time.
Bidding Centres Centres at which the Designated Intermediaries shall accept the Bid cum Application Forms,
i.e., Designated SCSB Branches for SCSBs, Specified Locations for Members of the
Syndicate, Broker Centres for Registered Brokers, Designated RTA Locations for RTAs and
Designated CDP Locations for CDPs.
CAN or Confirmation The notice or advice or intimation of allocation of the Equity Shares sent to Anchor Investors
of Allocation Note who have been allocated Equity Shares on / after the Anchor Investor Bidding Date.
Cap Price The higher end of the Price Band, i.e. ₹ [●] per Equity Share, above which the Issue Price
and the Anchor Investor Issue Price will not be finalised and above which no Bids will be
accepted. The Cap Price shall be at least 105% of the Floor Price and less than or equal to
120% of the Floor Price.
Cash Escrow and The agreement dated August 22, 2025 entered into between our Company, the Registrar to
Sponsor Bank the Issue, the BRLM, the Syndicate Member, the Banker(s) to the Issue, inter alia, for the
Agreement appointment of the Sponsor Bank in accordance with the UPI Circular, for the collection of
the Bid Amounts from Anchor Investors, transfer of funds to the Public Issue Account and
where applicable, refunds of the amounts collected from Bidders, on the terms and conditions
thereof.
Client ID Client identification number maintained with one of the Depositories in relation to the
Bidder’s beneficiary account.
Collecting Depository A depository participant as defined under the Depositories Act, 1996 registered with SEBI
Participant or CDP and who is eligible to procure Bids at the Designated CDP Locations in terms of circular no.
CIR/CFD/POLICYCELL/11/2015 dated November 10, 2015, issued by SEBI, as per the list
available on the websites of BSE and NSE, as updated from time to time.
Cut-off Price The Issue Price, as finalised by our Company, in consultation with the BRLM which shall be
any price within the Price Band. Only Retail Individual Bidders are entitled to Bid at the Cut-
off Price.
QIBs (including Anchor Investors) and Non-Institutional Bidders are not entitled to Bid at
the Cut-off Price
Cut-Off Time For all pending UPI Mandate Requests, the Sponsor Bank(s) shall initiate requests for
blocking of funds in the ASBA Accounts of relevant Bidders with a confirmation cutoff time
of 5:00 pm on after the Bid/Issue Closing Date.
Demographic Details Details of the Bidders including the Bidder’s address, name of the Bidder’s father/ husband,
investor status, occupation, PAN, DP ID, Client ID and bank account details and UPI ID,
where applicable.
Designated CDP Such locations of the CDPs where Bidders can submit the ASBA Forms, a list of which, along
Locations with names and contact details of the Collecting Depository Participants eligible to accept
ASBA Forms are available on the websites of the respective Stock Exchanges
([Link] and [Link]) as updated from time to time.
Designated Date The date on which funds are transferred from the Escrow Account to the Public Issue Account
or the Refund Account, as appropriate, or the funds blocked by the SCSBs are transferred
from the ASBA Accounts to the Public Issue Account, as the case may be, in terms of the
Red Herring Prospectus and the Prospectus, after the finalisation of the Basis of Allotment in
consultation with the Designated Stock Exchange, following which the Board of Directors or
IPO Committee may Allot Equity Shares to successful Bidders in the Issue.

5
 Term Description
Designated In relation to ASBA Forms submitted by RIBs with an application size of up to to ₹2,00,000
Intermediaries and Non-Institutional Bidders Bidding with an application size of up to ₹5,00,000 (not using
the UPI mechanism) by authorising an SCSB to block the Bid Amount in the ASBA Account,
Designated Intermediaries shall mean SCSBs.

In relation to ASBA Forms submitted by UPI Bidders where the Bid Amount will be blocked
upon acceptance of UPI Mandate Request by such UPI Bidders using the UPI Mechanism,
Designated Intermediaries shall mean Syndicate, sub-syndicate/agents, Registered Brokers,
CDPs, SCSBs and RTAs.

In relation to ASBA Forms submitted by QIBs and Non-Institutional Bidders, Designated

Intermediaries shall mean Syndicate, Sub-Syndicate/ agents, SCSBs, Registered Brokers, the
CDPs and RTAs.
Designated RTA Such locations of the RTAs where Bidders can submit the ASBA Forms to RTAs, a list of
Locations which, along with names and contact details of the RTAs eligible to accept ASBA Forms are
available on the respective websites of the Stock Exchanges ([Link] and
[Link]) and updated from time to time.
Designated SCSB Such branches of the SCSBs which shall collect ASBA Forms, a list of which is available on
Branches the website of the SEBI at
[Link]
and updated from time to time, and at such other websites as may be prescribed by SEBI from
time to time.
Designated Stock National Stock Exchange of India
Exchange
Draft Red Herring The draft red herring prospectus dated February 03, 2025 issued in accordance with the SEBI
Prospectus or DRHP ICDR Regulations, which does not contain complete particulars of the Issue, including the
price at which the Equity Shares will be Allotted and the size of the Issue.
Eligible FPIs FPIs that are eligible to participate in the Issue in terms of applicable law and from such
jurisdictions outside India where it is not unlawful to make an issue/ invitation under the Issue
and in relation to whom the Bid cum Application Form and this Red Herring Prospectus
constitutes an invitation to purchase the Equity Shares issued thereby.
Eligible NRIs NRI(s) eligible to invest under the relevant provisions of the FEMA Rules, on a non-
repatriation basis, from jurisdictions outside India where it is not unlawful to make an issue
or invitation under the Issue and in relation to whom the Bid cum Application Form and the
Red Herring Prospectus will constitute an invitation to purchase the Equity Shares
Escrow Account(s) Accounts opened with the Escrow Collection Bank(s) and in whose favour Anchor Investors
will transfer money through direct credit/ NEFT/ RTGS/NACH in respect of Bid Amounts
when submitting a Bid
Escrow Collection The banks which are clearing members and registered with SEBI as Bankers to an issue under
Bank(s) the BTI Regulations, and with whom the Escrow Account(s) will be opened, in this case being
Axis Bank Limited
First Bidder The Bidder whose name shall be mentioned in the Bid cum Application Form or the Revision
Form and in case of joint Bids, whose name shall also appear as the first holder of the
beneficiary account held in joint names
Fraudulent Borrower Fraudulent borrower as defined under Regulation 2(1)(lll) of the SEBI ICDR Regulations
Fugitive Economic A fugitive economic offender as defined under the Fugitive Economic Offenders Act, 2018
Offender
Floor Price The lower end of the Price Band, i.e. ₹ [●] subject to any revision(s) thereto, at or above
which the Issue Price and the Anchor Investor Issue Price will be finalised and below which
no Bids, will be accepted
General Information The General Information Document for investing in public issues, prepared and issued in
Document or GID accordance with the SEBI circular no. SEBI/HO/CFD/DIL1/CIR/P/2020/37 dated March 17,
2020 and the UPI Circulars, as amended from time to time. The General Information
Document shall be available on the websites of the Stock Exchanges and the BRLM
Issue The initial public offer of up to 1,00,00,000 Equity Shares at ₹ [●] per Equity Share (including
a premium of ₹ [●] per Equity Share) aggregating up to ₹ [●] lakhs by our Company

6
 Term Description
Issue Agreement The agreement dated February 03, 2025 entered amongst our Company and the Book
Running Lead Managers, pursuant to the SEBI ICDR Regulations, based on which certain
arrangements are agreed to in relation to the Issue.
Issue Proceeds The proceeds of the Issue which shall be available to our Company. For further information
about use of the Issue Proceeds, see “Objects of the Issue” on page 135.
Issue Price ₹ [●] per Equity Share, being the final price within the Price Band, at which the Equity Shares
will be Allotted to successful Bidders other than Anchor Investors. Equity Shares will be
Allotted to Anchor Investors at the Anchor Investor Issue Price in terms of the Red Herring
Prospectus.

The Issue Price will be decided by our Company in consultation with the BRLM, in
accordance with the Book Building Process on the Pricing Date and in terms of the Red
Herring Prospectus.
Monitoring Agency CRISIL Ratings Limited, being a credit rating agency registered with SEBI
Monitoring Agency The agreement dated August 21, 2025 entered into between and amongst our Company and
Agreement the Monitoring Agency prior to filing of this Red Herring Prospectus
Mutual Fund Mutual funds registered with SEBI under the Securities and Exchange Board of India (Mutual
Funds) Regulations, 1996
Mutual Fund Portion Up to 5% of the Net QIB Portion, or [●] Equity Shares, which shall be available for allocation
to Mutual Funds only, on a proportionate basis, subject to valid Bids being received at or
above the Issue Price
Net Proceeds The Gross Proceeds less our Company’s share of the Issue-related expenses applicable to the
Fresh Issue. For further details about use of the Net Proceeds and the Issue related expenses,
see “Objects of the Issue” on page 135.
Net QIB Portion QIB Portion, less the number of Equity Shares Allotted to the Anchor Investors
Non-Institutional All Bidders, that are not QIBs or Retail Individual Bidders and who have Bid for Equity
Investors or NII(s) or Shares for an amount of more than ₹ 2,00,000 (but not including NRIs other than Eligible
Non-Institutional NRIs)
Bidders or NIB(s)
Non-Institutional The portion of the Issue being not less than 15% of the Net Issue comprising of [●] Equity
Portion Shares which shall be available for allocation to NIIs in accordance with the SEBI ICDR
Regulations, to Non-Institutional Bidders, subject to valid Bids being received at or above
the Issue Price.

The allocation to the NIIs shall be as follows:

a) One-third of the Non-Institutional Portion shall be reserved for applicants with an

application size of more than ₹ 2,00,000 up to ₹ 10,00,000; and

b) Two-thirds of the Non-Institutional Portion shall be reserved for applicants with an

application size of more than ₹10,00,000.

Provided that the unsubscribed portion in either of the sub-categories specified in clauses (a)
or (b), may be allocated to applicants in the other sub-category of non-institutional investors
Non-Resident or NRI A person resident outside India, as defined under FEMA
Price Band Price band of a minimum price of ₹ [●] per Equity Share (Floor Price) and the maximum
price of ₹ [●] per Equity Share (Cap Price) and includes any revisions thereof.

The Price Band and the minimum Bid Lot for the Issue will be decided by our Company in
consultation with the Book Running Lead Manager, and which shall be notified all edition of
Financial Express (a widely circulated English national daily newspaper), all editions of
Jansatta (a widely circulated Hindi national daily newspaper) and Ahmedabad editions of
Financial Express (a widely circulated Gujarat daily newspaper, Gujarati being the regional
language of Gujarat, where our Registered Office is located), each with a wide circulation, at
least two Working Days prior to the Bid/Issue Opening Date, with the relevant financial ratios
calculated at the Floor price and at the Cap Price, and shall be available to the Stock
Exchanges for the purpose of uploading on their respective websites

7
 Term Description
Pricing Date The date on which our Company and in consultation with the BRLM, will finalise the Issue
Price
Prospectus The prospectus to be filed with the RoC, in accordance with the Companies Act, 2013 and
the SEBI ICDR Regulations containing, amongst other things, the Issue Price that is
determined at the end of the Book Building Process, the size of the Issue and certain other
information, including any addenda or corrigenda thereto
Public Issue Account The banks which are clearing members and registered with SEBI under the BTI Regulations,
Bank(s) with whom the Public Issue Account(s) will be opened for collection of Bid Amounts from
Escrow Account(s) and ASBA Accounts on the Designated Date, in this case being Axis
Bank Limited.
Public Issue Bank account to be opened in accordance with the provisions of the Companies Act, 2013,
Account(s) with the Public Issue Account Bank(s) to receive money from the Escrow Accounts and from
the ASBA Accounts on the Designated Date.
QIB Portion The portion of the Issue (including the Anchor Investor Portion) being not more than 50% of
the Issue, consisting of [●] Equity Shares which shall be allocated to QIBs, including the
Anchor Investors (which allocation shall be on a discretionary basis, as determined by our
Company and in consultation with the BRLM up to a limit of 60% of the QIB Portion) subject
to valid Bids being received at or above the Issue Price or Anchor Investor Issue Price.
“Qualified Institutional A qualified institutional buyer, as defined under Regulation 2(1)(ss) of the SEBI ICDR
Buyers” or “QIBs” Regulations. However, non-residents which are FVCIs and multilateral and bilateral
development financial institutions are not permitted to participate in the Issue.
Red Herring This red herring prospectus dated August 22, 2025, including any corrigenda or addenda
Prospectus or RHP thereto, to be issued in accordance with Section 32 of the Companies Act, 2013 and the
provisions of SEBI ICDR Regulations, which will not have complete particulars of the price
at which the Equity Shares will be issue and the size of the Issue, including any addenda or
corrigenda thereto. This red herring prospectus will be filed with the RoC at least three
working days before the Bid/ Issue Opening Date and will become the Prospectus upon filing
with the RoC after the Pricing Date.
Refund Account(s) The ‘no-lien’ and ‘non-interest bearing’ account to be opened with the Refund Bank, from
which refunds, if any, of the whole or part, of the Bid Amount to the Anchor Investors shall
be made
Refund Bank(s) The Banker(s) to the Issue with whom the Refund Account(s) will be opened, in this case
being Axis Bank Limited.
Registered Broker Stockbrokers registered with the stock exchanges having nationwide terminals other than the
members of the Syndicate, and eligible to procure Bids in terms of the SEBI ICDR Master
Circular and other applicable circulars issued by SEBI.
Registrar Agreement The agreement dated February 03, 2025 entered amongst our Company and the Registrar to
the Issue in relation to the responsibilities and obligations of the Registrar to the Issue
pertaining to the Issue
Registrar and Share Registrar and share transfer agents registered with SEBI and eligible to procure Bids at the
Transfer Agents or Designated RTA Locations as per the lists available on the website of BSE and NSE, and the
RTAs UPI Circulars
Registrar, or Registrar The Registrar to the Issue namely MUFG Intime India Private Limited.
to the Issue
Resident Indian A person resident in India, as defined under FEMA
Retail Individual Individual Bidders (including HUFs applying through their Karta and Eligible NRIs and does
Bidders or RIB(s) or not include NRIs other than Eligible NRIs) who have Bid for the Equity Shares for an amount
Retail Individual not more than ₹ 2,00,000 in any of the Bidding options in the Issue
Investors or RII(s)
Retail Portion The portion of the Issue being not less than 35% of the Net Issue consisting of [●] Equity
Shares which shall be available for allocation to Retail Individual Bidders in accordance with
the SEBI ICDR Regulations, subject to valid Bids being received at or above the Issue Price
Revision Form Form used by the Bidders to modify the quantity of the Equity Shares or the Bid Amount
in any of their ASBA Form(s) or any previous Revision Form(s), as applicable

QIB Bidders and Non-Institutional Bidders are not allowed to withdraw or lower their Bids
(in terms of quantity of Equity Shares or the Bid Amount) at any stage. Retail Individual

8
 Term Description
Bidders Bidding in the Retail Portion can revise their Bids during the Bid/Issue Period and
withdraw their Bids until Bid/Issue Closing Date
RTAs/Registrar and The Registrar and Share Transfer agents registered with SEBI and eligible to procure Bids at
Share Transfer Agents the designated RTA Locations as per the list available on the websites of BSE and NSE
through the UPI circulars.
SCORES Securities and Exchange Board of India Complaints Redress System, a centralized web-based
complaints redressal system launched by SEBI
Self-Certified The banks registered with SEBI, issuing services: (a) in relation to ASBA (other than using
Syndicate Bank(s) or the UPI Mechanism), a list of which is available on the website of SEBI at
SCSB(s) [Link]
and
[Link]
as applicable or such other website as may be prescribed by SEBI from time to time; and (b)
in relation to ASBA (using the UPI Mechanism), a list of which is available on the website
of SEBI at
[Link]
or such other website as may be prescribed by SEBI from time to time.

Applications through UPI in the Issue can be made only through the SCSBs mobile
applications (apps) whose name appears on the SEBI website. A list of SCSBs and mobile
application, which, are live for applying in public issues using UPI Mechanism is provided
as Annexure ‘A’ to the SEBI circular number SEBI/HO/CFD/DIL2/CIR/P/2019/85 dated
July 26, 2019. The said list is available on the website of SEBI at
[Link]
as updated from time to time.
Specified Locations The Bidding centres where the Syndicate shall accept Bid cum Application Forms from
relevant Bidders, a list of which is available on the website of SEBI ([Link]) and
updated from time to time.
Sponsor Bank(s) The Banker(s) to the Issue registered with SEBI which is appointed by the Company to act
as a conduit between the Stock Exchanges and the National Payments Corporation of India
in order to push the UPI Mandate Requests and / or payment instructions of the RIBs using
the UPI Mechanism and carry out any other responsibilities in terms of the UPI Circulars, in
this case being Axis Bank Limited.
Stock Exchanges Collectively, BSE Limited and NSE Limited
Syndicate Agreement Agreement dated August 22, 2025 entered into among our Company, the BRLM, and the
Syndicate Members in relation to collection of Bid cum Application Forms by Syndicate
Syndicate Members Intermediaries (other than BRLM) registered with SEBI who are permitted to accept bids,
applications and place orders with respect to the Issue and carry out activities as an
underwriter namely, Spread X Securities Private Limited.
Syndicate or members Together, the BRLM and the Syndicate Members
of the Syndicate
Systemically Important Systemically important non-banking financial company as defined under Regulation
Non-Banking Financial 2(1)(iii) of the SEBI ICDR Regulations
Company or NBFC-SI
Underwriters [●]
Underwriting The agreement dated [●] entered into amongst the Underwriters and our Company on or
Agreement after the Pricing Date, but prior to filing of the Prospectus
UPI Unified Payments Interface, which is an instant payment mechanism developed by NPCI
UPI Bidders Collectively, individual investors applying as RIBs in the Retail Portion, and individuals
applying as Non-Institutional Investors with a Bid Amount of up to ₹ 5,00,000 in the Non-
Institutional Portion and Bidding under the UPI Mechanism through ASBA Form(s)
submitted with Syndicate Members, Registered Brokers, Collecting Depository Participants
and Registrar and Share Transfer Agents.

Pursuant to SEBI circular no. ICDR Master Circular, all individual investors applying in
public issues where the application amount is up to ₹ 5,00,000 shall use UPI and shall provide
their UPI ID in the bid-cum-application form submitted with: (i) a syndicate member, (ii) a
stock broker registered with a recognized stock exchange (whose name is mentioned on the

9
 Term Description
website of the stock exchange as eligible for such activity), (iii) a depository participant
(whose name is mentioned on the website of the stock exchange as eligible for such activity),
and (iv) a registrar to an issue and share transfer agent (whose name is mentioned on the
website of the stock exchange as eligible for such activity).
UPI Circulars Collectively, SEBI circular number SEBI/HO/CFD/DIL2/CIR/P/2019/85 dated July 26,
2019, the SEBI RTA Master Circular and SEBI ICDR Master Circular, along with the circular
issued by the National Stock Exchange of India Limited having reference no. 25/2022 dated
August 3, 2022 and the circular issued by BSE Limited having reference no. 20220803-40
dated August 3, 2022, and any subsequent circulars or notifications issued by SEBI and Stock
Exchanges in this regard.
UPI ID ID created on UPI for single-window mobile payment system developed by the NPCI
UPI Mandate Request A request (intimating the UPI Bidder by way of a notification on the UPI application, by way
of a SMS directing the UPI Bidder to such UPI application) to the UPI Bidder initiated by the
Sponsor Bank to authorise blocking of funds on the UPI application equivalent to Bid Amount
and subsequent debit of funds in case of Allotment
UPI Mechanism The Bidding mechanism that may be used by a UPI Bidder to make a Bid in the Issue in
accordance with the UPI Circulars
UPI PIN Password to authenticate UPI transaction
UPI Streamlining SEBI circular no. SEBI/HO/CFD/DIL2/CIR/P/2021/2480/1/M dated March 16, 2021 as
Circular amended pursuant to SEBI circular no. SEBI/HO/CFD/DIL2/P/CIR/2021/570 dated June 2,
2021, SEBI circular no. SEBI/HO/CFD/DIL2/CIR/P/2022/51 dated April 20, 2022 and SEBI
circular no. SEBI/HO/CFD/TPD1/CIR/P/2023/140 dated August 9, 2023.
Wilful Defaulter or A wilful defaulter or fraudulent borrower, as defined under the SEBI ICDR Regulations
Fraudulent Borrower
Working Day All days, on which commercial banks in Mumbai are open for business; provided however,
with reference to (a) announcement of Price Band; and (b) Bid/Issue Period, Working Day
shall mean all days except all Saturdays, Sundays and public holidays on which commercial
banks in Mumbai are open for business and (c) the time period between the Bid/Issue Closing
Date and the listing of the Equity Shares on the Stock Exchanges, “Working Day” shall mean
all trading days of Stock Exchanges, excluding Sundays and bank holidays in India, as per
the circulars issued by SEBI, including the SEBI UPI Circulars

Technical/ Industry Related Terms

Term Description
ABFS Aseptic Blow-Fill-Seal
ANDA Abbreviated New Drug Application
API Active Pharmaceutical Ingredient
ARPOB Average Revenue Per Occupied Bed
BFS Blow Fill Seal
CAGR Compounded Annual Growth Rate
CGHS Central Government Health Scheme
cGMP Good Manufacturing Practices
CHE Current Healthcare Expenditure
CPC Central Pay Commission
DALY Disability-Adjusted Life Years
DNV Det Norske Veritas
DPCO Drug Price Control Order
EN Enteral Nutrition
ESIS Employee State Insurance Scheme
F&D Formulation and Development
FFS Form Fill Seal
GDP Gross Domestic Product
GDUFA Generic Drug User Fee Amendments
Gm Gram
GMP Good Manufacturing Practices
IM Intramuscular
IMF International Monetary Fund

10
 Term Description
IPD Inpatient Department
IRDA Insurance Regulatory and Development Authority
ISBM Injection Strech Blow Moulding
IV Basic Intravenous
IV set Intravenous
LDPE Low Density Polyethylene
LVPs Large Volume Parenterals
Mg milligram
MI&A Market Intelligence & Analytics
Ml Millilitre
NDDS Novel Drug Delivery Systems
NLEM National List of Essential Medicines
NNI Net National income
NS Normal Saline
NSO National Statistics Office
OPD Out-Patient Department
OPF Otsuka Pharmaceutical Factory, Inc.
OPI Otsuka Pharmaceutical India Private Limited
PET Positron Emission Tomography
PFCE Private Final Consumption Expenditure
PFS Pre-Filled Syringes
PHC Primary Healthcare Center
PIC Pharmaceutical Inspection Convention
PMBJP Pradhan Mantri Bhartiya Janaushadhi Pariyojana
PP Post-Prandial
QA/QC Quality Assurance / Quality Control
RL Lactated Ringer's
RO Reverse osmosis
RSBY Rashtriya Swasthya Bima Yojana
SBU Strategic Business Unit
SC Subcutaneous
Steriport Brand name used for large volume parenterals
SVPs Small Volume Parenterals
UK United Kingdom
UNFPA United Nations Population Fund
US United States
USFDA United States Food and Drug Administration
WFI Water For Injection
WHO World Health Organization

Conventional and General Terms or Abbreviations

Term Description
“₹” or “Rs.” or Indian Rupees
“Rupees” or “INR”
A/c Account
Adjusted Expense Adjusted Expense means total expenses, finance costs, depreciation and amortization
expense and exceptional items.
AGM Annual general meeting
AIF An alternative investment fund as defined in and registered with SEBI under the SEBI AIF
Regulations
AS Accounting standards issued by the Institute of Chartered Accountants of India, as notified
from time to time.
BSE BSE Limited
Basic EPS Basic EPS is calculated by dividing the net profit or loss for the year attributable to equity
shareholders (after deducting attributable taxes) by the weighted average number of equity
shares outstanding during the year.

11
 Term Description
SEBI BTI Regulations Securities and Exchange Board of India (Bankers to an Issue) Regulations, 1994.
CAGR Compounded Annual Growth Rate
Calendar Year / year Unless the context otherwise requires, shall refer to the twelve-month period ending
December 31
Category I AIF AIFs registered as “Category I alternative investment funds” under the SEBI AIF
Regulations
Category I FPIs FPIs registered as “Category I foreign portfolio investors” under the SEBI FPI Regulations
Category II AIF AIFs registered as “Category II alternative investment funds” under the SEBI AIF
Regulations
Category II FPIs FPIs registered as “Category II foreign portfolio investors” under the SEBI FPI Regulations
Category III AIF AIFs registered as “Category III alternative investment funds” under the SEBI AIF
Regulations
CDSL Central Depository Services (India) Limited
CIN Corporate Identity Number
CIT Commissioner of Income Tax
Companies Act, 1956 Companies Act, 1956, and the rules, regulations, notifications, modifications and
clarifications made thereunder, as the context requires
Companies Act, 2013 / Companies Act, 2013 and the rules, regulations, notifications, modifications and
Companies Act clarifications thereunder
CSR Corporate social responsibility
Consolidated FDI The consolidated FDI Policy, effective from October 15, 2020, issued by the DPIIT, and any
Policy amendments or substitutions thereof, issued from time to time
Contract Labour Act The Contract Labour (Regulation and Abolition) Act, 1970.
CSR Corporate social responsibility
Demat Dematerialised
Depositories Act Depositories Act, 1996 read with the rules and regulations thereunder
Depository / NSDL and CDSL
Depositories
Diluted EPS Diluted earnings per share is calculated by dividing the Restated Profit for the year by the
number of equity shares outstanding at the year end as adjusted for the effects of all dilutive
potential Equity Shares outstanding at the year end, if any for all years presented.
DGFT Director General of Foreign Trade, Ministry of Commerce
DIN Director Identification Number
DP ID Depository Participant’s Identification Number
DP / Depository A depository participant as defined under the Depositories Act
Participant
DPIIT The Department for Promotion of Industry and Internal Trade, Ministry of Commerce and
Industry, Government of India
EBITDA Earnings before interest, tax, depreciation and amortisation
EBITDA Margin EBITDA margin is an indicator of the operational profitability and financial performance of
our Company. This is calculated through EBITDA divided by total income of our Company.
EGM Extraordinary general meeting
EPS Earnings per share
FAQs Frequently asked questions
FCNR Foreign currency non-resident account
FDI Foreign direct investment
FDI Circular or The Consolidated Foreign Direct Investment Policy bearing DPIIT file number 5(2)/2020-
Consolidated FDI FDI Policy dated October 15, 2020, issued by the Department of Promotion of Industry and
Policy Internal Trade, Ministry of Commerce and Industry, Government of India, and any
modifications thereto or substitutions thereof, issued from time to time
FEMA Foreign Exchange Management Act, 1999, including the rules and regulations thereunder
FEMA Regulations Foreign Exchange Management (Transfer of Issue of Security by a Person Resident outside
India) Regulations, 2017
FEMA Rules Foreign Exchange Management (Non-debt Instruments) Rules, 2019
Financial Year / Fiscal Period of twelve months ending on March 31 on that particular year, unless stated otherwise
/ FY / F.Y.
FI Financial institutions

12
 Term Description
FII Foreign Institutional Investor (as defined under SEBI FII (Foreign Institutional Investors)
Regulations, 1995, as amended from time to time) registered with SEBI under applicable
laws in India
FPI(s) A foreign portfolio investor who has been registered pursuant to the SEBI FPI Regulations
FVCI Foreign Venture Capital Investors (as defined under the Securities and Exchange Board of
India (Foreign Venture Capital Investors) Regulations, 2000) registered with SEBI
FVCI Regulations Securities and Exchange Board of India (Foreign Venture Capital Investor) Regulations,
2000
Fugitive Economic An individual who is declared a fugitive economic offender under Section 12 of the Fugitive
Offender Economic Offenders Act, 2018.
GAAP Generally Accepted Accounting Principles
Central Government / Government of India
GoI
GST Goods and service tax
HR Human resources
HUF Hindu undivided family
IT Information technology
IT Act The Information Technology Act, 2000
I.T. Act The Income Tax Act, 1961
ICAI The Institute of Chartered Accountants of India
IFRS International Financial Reporting Standards of the International Accounting Standards Board
Ind AS Accounting Standards notified under Section 133 of the Companies Act, 2013, as amended
read with the Companies (Indian Accounting Standards) Rules, 2015
Indian GAAP Generally Accepted Accounting Principles in India, being, accounting principles generally
accepted in India including the accounting standards specified under Section 133 of the
Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014, as
amended
IRDAI Insurance Regulatory and Development Authority of India
IST Indian Standard Time
IT Information technology
KPI Key Performance Indicator
MCA Ministry of Corporate Affairs, Government of India
MCLR Marginal Cost of Funds based Lending Rate.
MEIS Merchant Export from India Scheme
MSME Micro, Small or a Medium Enterprise
N.A / NA Not applicable
NACH National Automated Clearing House
National Investment National Investment Fund set up by resolution F. No. 2/3/2005-DD-II dated November 23,
Fund 2005 of the GoI, published in the Gazette of India
NAV Net asset value
NBFC Non-Banking Financial Companies
NBFC - SI Systemically important non-banking financial company as defined under Regulation 2(1)(iii)
of the SEBI ICDR Regulations.
NCLT National Company Law Tribunal
NECS National electronic clearing service
NEFT National electronic fund transfer
Negotiable Instruments The Negotiable Instruments Act, 1881
Act
Net worth Net Worth has been defined under Regulation 2(1)(hh) of the SEBI ICDR Regulations as the
aggregate value of the paid-up share capital and all reserves created out of the profits and
securities premium account and debit or credit balance of profit and loss account, after
deducting the aggregate value of the accumulated losses, deferred expenditure and
miscellaneous expenditure not written off, as per the audited balance sheet, but does not
include reserves created out of revaluation of assets, write-back of depreciation and
amalgamation.
Non-Resident A person resident outside India, as defined under FEMA
NPCI National payments corporation of India

13
 Term Description
NRE Account Non-resident external account established in accordance with the Foreign Exchange
Management (Deposit) Regulations, 2016
NRI/ Non-Resident A person resident outside India who is a citizen of India as defined under the Foreign
Indian Exchange Management (Deposit) Regulations, 2016 or is an ‘Overseas Citizen of India’
cardholder within the meaning of section 7(A) of the Citizenship Act, 1955
NRO Account Non-resident ordinary account established in accordance with the Foreign Exchange
Management (Deposit) Regulations, 2016
NSDL National Securities Deposit Limited
NSE National Stock Exchange of India Limited
OCB/ Overseas A company, partnership, society or other corporate body owned directly or indirectly to the
Corporate Body extent of at least 60% by NRIs including overseas trusts in which not less than 60% of the
beneficial interest is irrevocably held by NRIs directly or indirectly and which was in
existence on October 3, 2003, and immediately before such date had taken benefits under the
general permission granted to OCBs under the FEMA. OCBs are not allowed to invest in the
Issue
ODI Offshore derivative instruments.
p.a. Per annum
P/E Ratio Price/earnings ratio
PAN Permanent account number allotted under the I.T. Act
PAT Profit After Tax
R and D Research and development
RBI Reserve Bank of India
Regulation S Regulation S under the U.S. Securities Act
RoE Return on Equity. Return on Equity has been taken from the Restated Financial Information
for the respective year ended and return of equity has been calculated from Profit after tax
divided by the average of equity of our Company.
RoCE Return on Capital Employed. Return on Capital employed has been taken from the Restated
Financial Information for the respective year ended and return on capital employed has been
calculated from profit before interest, tax and exceptional items for the year and divided by
the average of capital employed of our Company.
RoNW Return on Net Worth. Return on Net Worth means the net profit after tax attributable to
owners of our Company, as restated divided by restated net worth at the end of the year.
Rs. / Rupees/ ₹ / INR Indian Rupees
RTGS Real time gross settlement
SCORES SEBI Complaints Redress System
SCRA Securities Contracts (Regulation) Act, 1956
SCRR Securities Contracts (Regulation) Rules, 1957
SEBI Securities and Exchange Board of India constituted under the SEBI Act
SEBI Act Securities and Exchange Board of India Act, 1992
SEBI ICDR Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)
Regulations Regulations, 2018.
SEBI Listing Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations Regulations, 2015
SEBI AIF Regulations Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012
SEBI BTI Regulations Securities and Exchange Board of India (Bankers to an Issue) Regulations, 1994
SEBI FPI Regulations Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019
SEBI FVCI Securities and Exchange Board of India (Foreign Venture Capital Investors) Regulations,
Regulations 2000
SEBI ICDR Master SEBI master circular bearing reference number SEBI/HO/CFD/PoD-1/P/CIR/2024/0154
Circular dated November 11, 2024
SEBI Insider Trading Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015
Regulations
SEBI Master Circular SEBI master circular bearing reference number SEBI/HO/CFD/PoD-2/P/CIR/2023/00094
dated June 21, 2023.
SEBI Merchant Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992
Bankers Regulations
SEBI Mutual Funds Securities and Exchange Board of India (Mutual Funds) Regulations, 1996
Regulations

14
 Term Description
SEBI RTA Master SEBI master circular bearing number SEBI/HO/MIRSD/POD-1/P/CIR/2024/37 dated May
Circular 7, 2024.
SEBI RTA Master SEBI master circular bearing number SEBI/HO/MIRSD/POD-1/P/CIR/2024/37 dated May
Circular 07, 2024.
SEBI Takeover Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers)
Regulations Regulations, 2011
SEBI VCF Regulations Securities and Exchange Board of India (Venture Capital Fund) Regulations, 1996 as
repealed pursuant to SEBI AIF Regulations
Segment For the purposes of this Red Herring Prospectus, the word segment refers to the product
classification.
Specified Securities Equity shares and/or convertible securities
STT Securities transaction tax
TAN Tax deduction account number
TDS Tax deducted at source
U.S. Securities Act United States Securities Act of 1933, as amended
U.S. GAAP Generally Accepted Accounting Principles in the United States of America
USA/ U.S/ US The United States of America
USD/ US$/ $ United States Dollars
VAT Value added tax
VCFs Venture capital funds as defined in, and registered with SEBI under, the SEBI VCF
Regulations
Wilful Defaulter or Wilful defaulter or a fraudulent borrower as defined under Regulation 2(1)(III) of the SEBI
Fraudulent Borrower ICDR Regulations.

Key Performance Indicators

KPI Explanation
Total Income: Total Income represents the scale of our business and provides information of our
Company’s operating and non-operating income
Total revenue from Revenue from Operations is used by our management to track the revenue profile of
operation the business and in turn helps assess the overall financial performance of our Company
and size of our business.
EBITDA: EBITDA provides information regarding the operational efficiency of the business of
our Company and enables comparison of year-on-year performance of our business.
EBITDA Margin: EBITDA Margin is an indicator of the operational profitability of our business before
interest, depreciation, amortisation, and taxes.
PAT: PAT represents the profit / loss that our Company makes for the financial year. It
provides information regarding the profitability of the business of our Company.
PAT Margin: PAT Margin provides the financial benchmarking against peers as well as to compare
against the historical performance of our business.
Return on Net Worth Return on Net Worth is an indicator of our Company’s efficiency as it measures our
Company’s profitability, and is indicative of the profit generated by our Company
against the equity contribution
RoE(%) RoE provides how efficiently the Company generates profits from shareholders’ funds.
RoCE (%) ROCE provides how efficiently the Company generates earnings from the average
capital employed in the business.
Debt Equity Ratio Debt-equity ratio is a gearing ratio which compares shareholder’s equity to company
debt to assess the company’s amount of leverage and financial stability.
Operating Cash Flows Operating cash flows provides how efficiently our company generates cash through its
core business activities.
Workforce Strength Workforce strength shows the Employees strength of our Company.
Contribution to revenue This metric enables us to track the contribution of our key customers to our revenue
from operations of top 1, 3, and also assess any concentration risks.
5, and 10 customers
Contribution to purchase This metric enables us to track the contribution of our key suppliers to our purchases
material of top 1, 3, 5 and 10 and also assess any concentration risks.
suppliers

15
 CERTAIN CONVENTIONS, PRESENTATION OF FINANCIAL, INDUSTRY AND MARKET DATA AND
CURRENCY OF PRESENTATION

Certain Conventions

All references to “India” in this Red Herring Prospectus are to the Republic of India and its territories and possessions and
all references herein to the “Government”, “Indian Government”, “GoI”, “Central Government” or the “State Government”
are to the Government of India, central or state, as applicable. All references in this Red Herring Prospectus to the “US”,
“U.S.” “USA” or “United States” are to the United States of America and its territories and possessions.

Unless otherwise specified, any time mentioned in this Red Herring Prospectus is in Indian Standard Time (“IST”). Unless
indicated otherwise, all references to a year in this Red Herring Prospectus are to a calendar year.

Unless stated otherwise, all references to page numbers in this Red Herring Prospectus are to the corresponding page
numbers of this Red Herring Prospectus.

Financial Data

Our Company’s Financial Year commences on April 1 and ends on March 31 of the next year. Accordingly, all references
in this Red Herring Prospectus to a particular Financial Year or FY or Fiscal, unless stated otherwise, are to the 12-month
period ended on March 31 of that particular calendar year.

Unless stated otherwise or the context otherwise requires, the financial data and financial ratios in this Red Herring
Prospectus are derived from the Restated Financial Information of our Company.

The restated financial information of our Company comprising of the restated statement of assets and liabilities as at March
31, 2025, March 31, 2024 and March 31, 2023 the restated statement of profit and loss, the restated statement of cash flows,
the restated statement of changes in equity for the financial years ended March 31, 2025, March 31, 2024 and March 31,
2023, the basis of preparation, material accounting policies, notes to the restated financial information and, Statement of
Adjustments to Audited Financial Statements as at and for the year ended March 31, 2025, March 31, 2024 and March 31,
2023 prepared in accordance with the requirements of Section 26 of the Companies Act, paragraph (A) of Clause 11 (I) of
Part A of Schedule VI of the SEBI ICDR Regulations and the Guidance Note on ‘Reports in Company Prospectuses’
(Revised 2019) issued by the Institute of Chartered Accountants of India, as amended from time to time for details see
“Summary of the Issue Document - Summary of Restated Financial Information” and “Financial Information” on pages 20
and 389, respectively.

Our Company’s financial year commences on April 1 of the immediately preceding calendar year and ends on March 31
of that particular calendar year and accordingly, all references to a particular financial year are to the 12-month period
commencing on April 1 of the immediately preceding calendar year and ending on March 31 of that particular calendar
year.

Our Restated Financial Information have been prepared in accordance with Ind AS. Ind AS is significantly different from
International Financial Reporting Standards (“IFRS”) and Generally Accepted Accounting Principles in the United States
of America (“U.S. GAAP”). The degree to which the financial information included in this Red Herring Prospectus will
provide meaningful information is entirely dependent on the reader’s level of familiarity with Indian accounting policies
and practices, Ind AS, the Companies Act 2013, the SEBI ICDR Regulations and the Guidance Note on Reports in
Company Prospectuses (Revised 2019) issued by the Institute of Chartered Accountants of India. Accordingly, any reliance
by persons not familiar with Ind AS, the Companies Act 2013, the SEBI ICDR Regulations, the Guidance Note on Reports
in Company Prospectuses (Revised 2019) issued by the ICAI and practices on the financial disclosures presented in this
Red Herring Prospectus should accordingly be limited. We have not attempted to quantify the impact of IFRS or U.S.
GAAP on the financial information included in this Red Herring Prospectus, nor do we provide a reconciliation of our
financial information to those under U.S. GAAP or IFRS and we urge you to consult your own advisors regarding such
differences and their impact on our financial information. For details in connection with risks involving differences between
Ind AS, U.S. GAAP and IFRS see “Risk Factors - Certain non-GAAP financial measures and other statistical
information relating to our operations and financial performance have been included in this Red Herring Prospectus.
These Non-GAAP financial measures are not measures of operating performance or liquidity defined by Ind AS and
may not be comparable with those presented by other companies.” on page 60.

Certain figures contained in this Red Herring Prospectus, including financial information, have been subject to rounding
adjustments. All decimals, including percentages, have been rounded off to two decimal points. In certain instances, (i) the

16
sum or percentage change of such numbers may not conform exactly to the total figure given; and (ii) the sum of the
numbers in a column or row in certain tables may not conform exactly to the total figure given for that column or row.
However, where any figures that may have been sourced from third-party industry sources are rounded off to other than
two decimal points in their respective sources, such figures appear in this Red Herring Prospectus as rounded off to such
number of decimal points as provided in their respective sources.

Non-Generally Accepted Accounting Principles Financial Measures

In evaluating our business, we consider and use non-GAAP financial measures and key performance indicators, including
EBITDA Margin, Net Worth, Return on Net Worth, NAV, Net Debt – EBITDA, Total Debt – Equity, etc., which have
been included in this Red Herring Prospectus. The presentation of these non-GAAP financial measures and key
performance indicators is not intended to be considered in isolation or as a substitute for the financial information prepared
and presented in accordance with Ind AS. We present these non-GAAP financial measures and key performance indicators
because they are used by our management to evaluate our operating performance and formulate business plans.

These non-GAAP financial measures are not defined under Ind AS and are not presented in accordance with Ind AS. The
non-GAAP financial measures and key performance indicators have limitations as analytical tools. Further, these non-
GAAP financial measures and key performance indicators may differ from the similar information used by other
companies, including peer companies, and therefore their comparability may be limited. Therefore, these metrics should
not be considered in isolation or construed as an alternative to profit before tax, net earned premiums, gross earned
premiums or any other measure of performance or as an indicator of our operating performance, liquidity or profitability
or results of operations. In addition, non-GAAP financial measures used are not a standardised term, hence a direct
comparison of non-GAAP financial measures between companies may not be possible. Other companies may calculate
non-GAAP financial measures differently from us, limiting its usefulness as a comparative measure. For further details,
see “Management’s Discussion and Analysis of Financial Position and Results of Operations – Non-GAAP Financial
Measures” and “Risk Factor - Certain non-GAAP financial measures and other statistical information relating to our
operations and financial performance have been included in this Red Herring Prospectus. These Non-GAAP financial
measures are not measures of operating performance or liquidity defined by Ind AS and may not be comparable with
those presented by other companies.” on page 462 and 60.

Currency and Units of Presentation

All references to “Rupee(s)”, “Rs.”, “₹” or “INR” are to Indian Rupees, the official currency of the Republic of India. All
references to “$”, “US$”, “U.S. Dollars” or “USD” are to United States Dollars, the official currency of the United States
of America.

All the figures in this Red Herring Prospectus have been presented in “lakh” or “crore” or in whole numbers where the
numbers have been too small to present in lakh or crore, unless stated otherwise. The word lac/lakh represents 1,00,000
and the word crore represents 1,00,00,000.

Certain figures contained in this Red Herring Prospectus, including financial information, have been subject to rounding
adjustments. All figures in decimals have been rounded off to the second decimal. In certain instances, (i) the sum or
percentage change of such numbers may not conform exactly to the total figure given, and (ii) the sum of the figures in a
column or row in certain tables may not conform exactly to the total figure given for that column or row. However, figures
sourced from third-party industry sources may be expressed in denominations other than lakh or may be rounded off to
other than two decimal points in the respective sources, and such figures have been expressed in this Red Herring
Prospectus in such denominations or rounded-off to such number of decimal points as provided in such respective sources.

Exchange Rates

This Red Herring Prospectus contains conversion of certain other currency amounts into Indian Rupees that have been
presented solely to comply with the SEBI ICDR Regulations. These conversions should not be construed as a representation
that these currency amounts could have been, or can be converted into Indian Rupees, at any particular rate or at all.

The following table sets forth, for the dates indicated, information with respect to the exchange rate between the Rupee
and the other currencies used in the Red Herring Prospectus:
(in ₹)
Currency Exchange rate as on#
March 31, 2025 March 31, 2024 March 31, 2023
USD 85.58* 83.37 82.22

17
#
Source: [Link]
Note: Exchange rate is rounded off to two decimal point
*In the event that any of the aforementioned date is a public holiday, the previous calendar day not being a public holiday
has been considered. The exchange rate is rounded off to two decimal places.

Industry and market Data

Unless stated otherwise, industry and market data used in this Red Herring Prospectus, including in ‘Industry Overview’
and ‘Our Business’ on pages 274 and 313, respectively, has been obtained or derived from publicly available information
as well as a report titled ‘Assessment of the Indian pharmaceuticals industry’ prepared by CRISIL dated June, 2024 read
with addendum dated August, 2025 prepared and issued by CRISIL, appointed by us pursuant to an engagement letter
dated June 30, 2025, and exclusively commissioned and paid for by us in connection with the Issue.

A copy of the CRISIL Report is available on the website of our Company at [Link] (Please scan the QR code

to view the CRISIL Report: ). Further, CRISIL, through their letter dated August 22, 2025 has accorded their
no objection and consent to use the CRISIL Report, in full or in part, in relation to the Issue. CRISIL was appointed by our
Company and is not connected to our Company, our Directors, our Promoters, our Key Managerial Personnel, our Senior
Management or the BRLM. For risks in relation to commissioned reports, see ‘Risk Factor - Certain sections of this Red
Herring Prospectus contain information from the CRISIL Report which we have commissioned and purchased and any
reliance on such information for making an investment decision in the Issue is subject to inherent risks.’ on page 59.

Except for the CRISIL Report we have not commissioned any report for purposes of this Red Herring Prospectus and any
market and industry related data, other than that extracted or obtained from the CRISIL Report, used in this Red Herring
Prospectus has been obtained or derived from publicly available documents and other industry sources. The data used in
industry sources and publications may have been re-classified by us for the purposes of presentation. Data from these
sources may also not be comparable. The data used in the industry sources and publication involves risks, uncertainties
and numerous assumptions and is subject to change based on various factors, including those discussed in the ‘Risk Factors’
on page 29.

Accordingly, investors should not place undue reliance on, or base their investment decision on this information. Further,
the extent to which the market and industry data used in this Red Herring Prospectus is meaningful depends on the reader’s
familiarity with and understanding of the methodologies used in compiling such data. There are no standard data gathering
methodologies in the industry in which we conduct our business, and methodologies and assumptions may vary widely
among different industry sources. In addition, certain data in relation to our Company used in this Red Herring Prospectus
has been obtained or derived from the CRISIL Report which may differ in certain respects from our Restated Financial
Information as a result of, inter alia, the methodologies used in compiling such data. Accordingly, investment decision
should not be made based on such information.

Disclaimer of CRISIL

“CRISIL Market Intelligence & Analytics (CRISIL MI&A), a division of CRISIL Limited (CRISIL) has taken due care and
caution in preparing this report (Report) based on the Information obtained by CRISIL from sources which it considers
reliable (Data). However, CRISIL does not guarantee the accuracy, adequacy or completeness of the Data / Report and is
not responsible for any errors or omissions or for the results obtained from the use of Data / Report. This Report is not a
recommendation to invest / disinvest in any entity covered in the Report and no part of this Report should be construed as
an expert advice or investment advice or any form of investment banking within the meaning of any law or regulation.
CRISIL especially states that it has no liability whatsoever to the subscribers / users / transmitters/ distributors of this
Report. Without limiting the generality of the foregoing, nothing in the Report is to be construed as CRISIL providing or
intending to provide any services in jurisdictions where CRISIL does not have the necessary permission and/or registration
to carry out its business activities in this regard. Amanta Healthcare Limited will be responsible for ensuring
compliances and consequences of non-compliances for use of the Report or part thereof outside India. CRISIL MI&A
operates independently of, and does not have access to information obtained by CRISIL Ratings Limited, which may, in
their regular operations, obtain information of a confidential nature. The views expressed in this Report are that of CRISIL
MI&A and not of CRISIL Ratings Limited. No part of this Report may be published/reproduced in any form without
CRISIL’s prior written approval.”

18
 FORWARD LOOKING STATEMENTS

This Red Herring Prospectus contains certain statements which are not statements of historical facts and may be described
as “forward-looking statements”. These forward-looking statements generally can be identified by words or phrases such
as “aim”, “anticipate”, “are likely”, “believe”, “continue”, “expect”, “estimate”, “intend”, “will likely”, “likely to”,
“may”, “seek to”, “shall”, “objective”, “plan”, “project”, “propose”, “will”, “will continue”, “will pursue”, “will
achieve”, “can”, “could”, “goal” or other words or phrases of similar import. Similarly, statements that describe our
Company’s strategies, objectives, plans or goals are also forward-looking statements. All statements regarding our expected
financial conditions, results of operations, business plans and prospects are forward-looking statements. However, these
are not the exclusive means of identifying forward looking statements. These forward-looking statements include
statements as to our business strategy, plans, revenue and profitability (including, without limitation, any financial or
operating projections or forecasts) and other matters discussed in this Red Herring Prospectus that are not historical facts.
However, these are not the exclusive means of identifying forward looking statements.

These forward-looking statements are based on our current plans, estimates and expectations and actual results may differ
materially from those suggested by such forward-looking statements. All forward-looking statements are subject to risks,
uncertainties, expectations and assumptions about us that could cause actual results to differ materially from those
contemplated by the relevant forward-looking statement.

Actual results may differ materially from those suggested by the forward-looking statements due to risks or uncertainties
associated with our expectations with respect to, but not limited to, regulatory changes pertaining to the industry in which
our Company operates and our ability to respond to them, our ability to successfully implement our strategy, our growth
and expansion, technological changes, our exposure to market risks, general economic and political conditions in India and
globally which have an impact on our business activities, investments, or the industry in which we operate, the monetary
and fiscal policies of India, inflation, deflation, unanticipated turbulence in interest rates, foreign exchange rates, equity
prices or other rates or prices, the performance of the financial markets in India and globally, changes in domestic laws,
regulations, taxes, changes in competition in the industry in which we operate and incidents of any natural calamities and/or
acts of violence.

For further discussion of factors that could cause the actual results to differ from our estimates and expectations, see “Risk
Factors”, “Our Business” and “Management’s Discussion and Analysis of Financial Position and Results of
Operations” on pages 29, 313 and 462 respectively. By their nature, certain market risk disclosures are only estimates and
could be materially different from what actually occurs in the future. As a result, actual gains or losses could materially
differ from those that have been estimated.

We cannot assure investors that the expectations reflected in these forward-looking statements will prove to be correct.
Given these uncertainties, investors are cautioned not to place undue reliance on such forward-looking statements and not
to regard such statements as a guarantee of our future performance.

Forward-looking statements reflect the current views of our Company as of the date of this Red Herring Prospectus and
are not a guarantee of future performance. These statements are based on our management’s beliefs, assumptions, current
plans, estimates and expectations, which in turn are based on currently available information. Although we believe the
assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove
to be inaccurate, and the forward-looking statements based on these assumptions could be incorrect. Neither our Company,
our Directors, our Promoters, the Book Running Lead Manager, the Syndicate Members nor any of their respective
affiliates or advisors have any obligation to update or otherwise revise any statements reflecting circumstances arising after
the date hereof or to reflect the occurrence of underlying events, even if the underlying assumptions do not come to fruition.

In accordance with SEBI requirements and as prescribed under applicable law, our Company will ensure that investors in
India are informed of material developments pertaining to our Company and the Equity Share forming part of the Issue
from the date of this Red Herring Prospectus until the time of the grant of listing and trading permission by the Stock
Exchanges.

19
 ISSUE DOCUMENT SUMMARY

Our Company was originally incorporated on December 21, 1994 as Marck Parenterals (India) Limited with RoC,
Gujarat, at Ahmedabad by converting the existing Partnership firm “Marck Parenterals (India)” under Part IX of the
Companies Act, 1956 and received the Certificate for Commencement of Business on January 06, 1995. Subsequently, the
name of our Company was changed to “Marck Biosciences Limited” pursuant to a special resolution passed by our
shareholders on October 29, 2005. The fresh certificate of incorporation consequent upon change of name was granted on
November 05, 2005 by the Registrar of Companies, Gujarat at Ahmedabad. Subsequently, the name of our Company was
changed to “Amanta Healthcare Limited” pursuant to a special resolution passed by our shareholders on June 12, 2014,
and a fresh certificate of incorporation dated June 24, 2014 issued by the Registrar of Companies Gujarat at Ahmedabad.
For further details of the history of our company, kindly refer to section “History and Certain Corporate Matters”
beginning on page 353 of this Red Herring Prospectus.

The following is a general summary of the terms of the Issue included in this Red Herring Prospectus and is not exhaustive,
nor does it purport to contain a summary of all the disclosures in this Red Herring Prospectus when filed, or all details
relevant to prospective investors. This summary should be read in conjunction with, and is qualified in its entirety by, the
more detailed information appearing elsewhere in this Red Herring Prospectus, including the sections titled “Risk
Factors”, “The Issue”, “Capital Structure”, “Objects of the Issue”, “Industry Overview”, “Our Business”, “Our
Promoters and Promoter Group”, “Financial Information”, “Outstanding Litigation and Other Material
Developments” and “Issue Procedure” on pages 29, 70, 88, 135, 274, 313, 379, 389, 485 and 518 respectively of this Red
Herring Prospectus.

Summary of Primary Business of our Company

We are a pharmaceutical company engaged in developing, manufacturing and marketing a diverse range of sterile liquid
products - parenteral products, being packed in plastic container with Aseptic Blow-Fill-Seal (“ABFS”) and Injection
Strech Blow Moulding (“ISBM”) technology. We manufacture large volume parenterals (“LVPs”) and small volume
parenterals (“SVPs”) in six therapeutic segments. In addition to that, we also manufacturer medical devices. We
manufacture fluid therapy - (IV Fluid), formulations, diluents, ophthalmic, respiratory care and irrigation solutions in
therapeutic segment and products like irrigation, first-aid solution, eye lubricants etc. in medical device segment. We offer
wide range of closure systems, such as nipple head, twist-off, leur-lock and screw types and container fill-volume ranging
from 2ml to 1000 ml. Our formulation and development operations help us to develop new formulation as well as modify
/ improve the formulation for our own brand as well as our customers for product partnering business. We have a dedicated
Formulation and Development (“F&D”) and quality control laboratory located at our manufacturing facility in Hariyala,
District Kheda, Gujarat, India. We have four LVPs manufacturing lines, which include two lines of conventional single
port containers with ABFS technology and two lines for SteriPort products with ISBM technology. Similarly, we have
three operational SVPs manufacturing lines, which includes two ABFS lines and one conventional three-piece container
filling lines. Our manufacturing facility has good manufacturing practices (“GMP”) certifications from the Food & Drugs
Control Administration, Gujarat, in conformity with the format recommended by the World Health Organization (the
“WHO”), the GMP for formulations from Cambodia, Sudan, Philippines, Zimbabwe. We also have certificate from DNV
for exports of medical device products. Our cGMP capabilities allow us to offer our customers various products of sterile
liquid form in product categories of quinolones, anti-biotics, anti-fungal, diuretic, anti-anaerobic, Ophthalmic, Respiratory
etc.

Summary of the Industry in which our Company operates

As per CRISIL Report, as per the International Monetary Fund’s (IMF) April 2025 update, global gross domestic product
(GDP) growth witnessed a growth of 3.3% in 2024 as signs of stabilization emerged- inflation came down from
multidecade highs, followed a gradual as well as labor markets normalized, with unemployment and vacancy rates
returning to pre pandemic levels, IV fluid market consisting of key products like normal saline, dextrose, lactate ringer and
electrolytes have seen traction in recent years owing to growth of overall healthcare system in India. Indian IV fluids
market is estimated to be valued at ~Rs 45-47 billion as of fiscal 2024, compared to ~Rs 29 billion in fiscal 2019. This
growth was supported by multiple factors including rising population, increasing prevalence of chronic diseases, and
growing demand for IV fluids in medical treatments due to fast acting way. Going ahead with growth of overall healthcare
delivery market in India and the factors outlined above the industry is estimated to register a CAGR of ~9-11% between
fiscals 2024- 2029 and reach Rs ~70-80 billion by fiscal 2029 owning to sustained demand from end use segments like
hospitals and clinics. The healthcare budget has seen increases on-year. Between FY11 and FY25, the budget for the
MoHFW clocked a CAGR of ~10%. In recent years, the utilisation rate has been 100% or above, as has been the case since
FY16. This, too, is a strong growth driver for the industry and particularly the PPP initiative from government so as to
achieve the government’s goal of providing healthcare services to all. (Source: CRISIL Report)

20
Our Promoters

Our Promoters are Bhavesh Patel, Vishal Patel, Jayshreeben Patel, Jitendrakumar Patel and Milcent Appliances Private
Limited. For further details, see “Our Promoters and Promoter Group” on page 379.

Issue Size

Issue of Equity
Up to 1,00,00,000 Equity Shares of ₹ 10 each, aggregating up to ₹ [●] lakhs
Shares*
Notes:
*The Issue has been authorized by a resolution of our Board dated August 24, 2024 and the Fresh Issue has been authorized
by a special resolution of our Shareholders dated August 28, 2024.

The Issue shall constitute [●] % of the post Issue paid up Equity Share Capital of our Company. For further details of the
issue, see “The Issue” and “Issue Structure” on pages 70 and 514, respectively.

Objects of the Issue

The Net Proceeds are proposed to be used by our Company in accordance with the details set forth below:

(₹ in lakhs)
Particulars Estimated Estimated amount
amount* as a percentage of
Net Proceeds (%)
Funding capital expenditure requirements for civil construction work and 7,000.00 [●]
towards purchase of equipment, plant and machinery for setting up new
manufacturing line of SteriPort at Hariyala, Kheda, Gujarat
Funding capital expenditure requirements towards civil construction work, 3,013.11 [●]
purchase of equipment, plant and machinery for setting up new manufacturing
line for SVP at Hariyala, Kheda, Gujarat
General corporate purposes* [●] [●]
Total Net Proceeds [●] [●]
Notes:
*To be finalised upon determination of the Issue Price and updated in the Prospectus prior to filing with the RoC. The
amount to be utilized for general corporate purposes will not exceed 25% of the Gross Proceeds.

For further details, see “Objects of the Issue” on page 135.

Aggregate Pre-Issue shareholding of our Promoters and the Promoter Group

The aggregate pre-Issue shareholding of our Promoters, as a percentage of the pre-Issue paid-up Equity Share capital of
our Company as on date of this Red Herring Prospectus is set out below:

Equity Shares of face value Percentage of pre-Issue paid-up

Name of the Shareholder
of ₹ 10 each equity share capital (%)
Promoters
Bhavesh Patel 62,49,593 21.68
Vishal Patel 39,05,288 13.55
Jayshreeben Patel 9,98,109 3.46
Jitendrakumar Patel 34,85,838 12.09
Milcent Appliances Private Limited 31,00,000 10.75
Total (A) 1,77,38,828 61.53
Promoter Group
Pravinchandra Mehta 19,82,763 6.88
Praful Patel 22,82,264 7.92
Niranjanbhai Patel 15,04,951 5.22
Kirit Desai 11,33,079 3.93
Darpana Patel 25,163 0.09

21
 Equity Shares of face value Percentage of pre-Issue paid-up
Name of the Shareholder
of ₹ 10 each equity share capital (%)
Sarala Desai 12,024 0.04
Veenaben Patel 1 Negligible
Manisha Patel 1 Negligible
Total (B) 69,40,246 24.07
Total (A + B) 2,46,79,074 85.60

A.Z Aggregate pre-Issue shareholding of our Promoters, our Promoter Group and the additional top 10 Shareholders
B.Z
C.Z The aggregate pre-Issue and post-Issue shareholding, of each of our Promoters, our Promoter Group and any other top 10
Shareholders (apart from Promoters) as on the date of this Red Herring Prospectus is set forth below:
D.Z
Pre-Issue as at the date of the Post-Issue shareholding as at Allotment**
Name price band advertisement* At the lower end of the price At the upper end of the price
band (₹ [●])(2) band (₹ [●])(2)
Number of Percentage of Number of Percentage of Number of Percentage of
Equity pre-Issue Equity post-Issue Equity post-Issue
Shares of Equity Share Shares of Equity Share Shares of Equity Share
face value of capital (%) face value of capital (%)(1) face value capital (%)(1)
(1)
₹10 each ₹10 each of ₹10 each
(1)

Promoters
Bhavesh Patel [●] [●] [●] [●] [●] [●]
Vishal Patel [●] [●] [●] [●] [●] [●]
Jayshreeben
[●] [●] [●] [●] [●] [●]
Patel
Jitendrakumar
[●] [●] [●] [●] [●] [●]
Patel
Milcent
Appliances [●] [●] [●] [●] [●] [●]
Private Limited
Total (A) [●] [●] [●] [●] [●] [●]
Promoter Group
Pravinchandra
[●] [●] [●] [●] [●] [●]
Mehta
Praful Patel [●] [●] [●] [●] [●] [●]
Niranjanbhai
[●] [●] [●] [●] [●] [●]
Patel
Kirit Desai [●] [●] [●] [●] [●] [●]
Darpana Patel [●] [●] [●] [●] [●] [●]
Sarala Desai [●] [●] [●] [●] [●] [●]
Veenaben Patel [●] [●] [●] [●] [●] [●]
Manisha Patel [●] [●] [●] [●] [●] [●]
Total (B) [●] [●] [●] [●] [●] [●]
Top 10 Shareholders other than the above
[●] [●] [●] [●] [●] [●] [●]
[●] [●] [●] [●] [●] [●] [●]
[●] [●] [●] [●] [●] [●] [●]
[●] [●] [●] [●] [●] [●] [●]
[●] [●] [●] [●] [●] [●] [●]
[●] [●] [●] [●] [●] [●] [●]
[●] [●] [●] [●] [●] [●] [●]
[●] [●] [●] [●] [●] [●] [●]
[●] [●] [●] [●] [●] [●] [●]
[●] [●] [●] [●] [●] [●] [●]
Total (C) [●] [●] [●] [●] [●] [●]

22
 Pre-Issue as at the date of the Post-Issue shareholding as at Allotment**
Name price band advertisement* At the lower end of the price At the upper end of the price
band (₹ [●])(2) band (₹ [●])(2)
Number of Percentage of Number of Percentage of Number of Percentage of
Equity pre-Issue Equity post-Issue Equity post-Issue
Shares of Equity Share Shares of Equity Share Shares of Equity Share
face value of capital (%) face value of capital (%)(1) face value capital (%)(1)
₹10 each ₹10 each (1) of ₹10 each
(1)

Total
[●] [●] [●] [●] [●] [●]
(A+B+C)
(1) To be updated in the Prospectus
(2) To be updated upon finalisation of Price Band
* To be updated in the Prospectus prior to filing with the RoC
** Subject to finalisation of the Basis of Allotment

Summary of Restated Financial Information:

(in ₹ lakhs except per share data)
As at and for the Fiscal As at and for the Fiscal As at and for the Fiscal
Particulars
ended March 31, 2025 ended March 31, 2024 ended March 31, 2023
Equity Share Capital 2,882.94 2,682.94 2,682.94
Net worth(1) 9,638.83 6,628.88 6,288.34
Revenue from operations 27,470.82 28,034.03 25,912.93
Restated Profit/(Loss) for the
1,050.07 363.32 (211.06)
year
Earnings/(loss) per equity
share [nominal value per
share: ₹ 10 (March 31, 2025, - - -
March 31, 2024 and March 31
2023: ₹ 10)]:
Basic earnings/(loss) per share
3.71 1.35 (0.79)
(restated) (2)
Diluted earnings/(loss) per
3.71 1.35 (0.79)
share (restated) (3)

Return on Net Worth (4) 10.89% 5.48% (3.36%)

NAV per equity share(5) 33.43 24.71 23.44

(6)
Total Borrowings 19,499.61 20,522.91 21,565.85
Notes:
1. Net worth = the aggregate value of the paid-up share capital and all reserves created out of the profits and securities
premium account and debit or credit balance of profit and loss account, after deducting the aggregate value of the
accumulated losses, deferred expenditure and miscellaneous expenditure not written off, as per the restated balance
sheet, but does not include reserves created out of revaluation of assets, capital reserve, write-back of depreciation
and amalgamation as per the SEBI ICDR Regulations financial year ended March 31, 2025, March 31, 2024 and
March 31, 2023.
2. Basic EPS (restated) (₹) = Basic earnings per share calculated by dividing the Restated Profit for the year by the
weighted average number of Equity Shares outstanding at the year-end for all years presented.
3. Diluted EPS (restated) (₹) = Diluted earnings per share is calculated by dividing the Restated Profit for the year by
the weighted average number of equity shares outstanding at the year end as adjusted for the effects of all dilutive
potential Equity Shares outstanding at the year end, if any for all years presented.
4. Return on Net worth (%) = Restated Profit/(loss) after tax for the year after exceptional item as a percentage of the
Net worth as at the end of the year.
5. NAV per Equity Share = Net worth divided by the number of equity shares outstanding at the end of the financial
year.
6. Total Borrowing= Non current and current borrowing

23
For further details, see “Other Financial Information” on page 459.

Qualifications of the Auditors which have not been given effect to in the Restated Financial Information

There are no qualifications from the Statutory Auditors in the auditors report that have not been given effect to in the
Restated Financial Information. For further details, see “Other Financial Information” on page 459.

Summary of Outstanding Litigation and Material Developments

A summary of outstanding litigation proceedings of our Company, Directors, Promoters as disclosed in “Outstanding
Litigation and Material Developments” on page 485, in terms of the SEBI ICDR Regulations and the materiality policy
approved by our Board pursuant to resolution dated July 17, 2025 as of the date of this Red Herring Prospectus is set forth
below:

Name of the Criminal Tax Statutory or Disciplinary Material Aggregate

Entity Proceedings Proceedings Regulatory actions by the Civil Amount
Proceeding SEBI or Stock Litigations Involved (₹
Exchanges in lakhs)
against our
Promoter
Company
By our Nil - - - Nil Nil
Company
Against our Nil 17 Nil - Nil 1476.41
Company
Directors (other than Promoters)
By our Nil - - - Nil Nil
Directors
Against our Nil Nil Nil Nil Nil Nil
Directors
Promoters
By our Nil - - - Nil Nil
Promoters
Against our Nil Nil Nil Nil Nil Nil
Promoters
Key Managerial Personnel
By our Key Nil N.A Nil N.A N.A Nil
Managerial
Personnel
Against our Nil N.A Nil N.A N.A Nil
Key
Managerial
Personnel
Senior Managerial Personnel
By our Senior Nil N.A Nil N.A N.A Nil
Managerial
Personnel
Against our Nil N.A Nil N.A N.A Nil
Senior
Managerial
Personnel
* In accordance with the Materiality Policy

For further details of the outstanding litigation proceedings, see “Outstanding Litigation and Material Developments”
beginning on page 485.

Risk Factors

24
Specific attention of the investors is invited to “Risk Factors” on page 29. Investors are advised to read the risk factors
carefully before taking an investment decision in the Issue. Investors are advised to read the risk factors carefully before
taking an investment decision in the Issue. Set forth below are the top 10 risk factors applicable to our Company:

1. Our Company’s entire manufacturing facility is located at a single location, and all of the Company’s
manufactured products are produced from such facility in village Hariyala, district Kheda, Gujarat. Any delay in
production at, or shutdown of, our manufacturing facility due to various factors such as shortage of electrical
power or water resources, political instability, industrial accidents or machinery breakdowns, severe weather
conditions, natural disasters, and outbreak of infectious diseases may in turn adversely affect our business,
financial condition and results of operations.

2. Any manufacturing or quality control concerns or our inability to deliver products on a timely basis, or at all,
could result in the cancellation of purchase orders, breaches of relevant agreements, and termination of agreements
by our clients and distributors, which could have an adverse effect on our business, results of operations, financial
condition and cash flows.

3. Our Company is involved in a certain material litigation and an adverse outcome in this proceeding may adversely
affect our business, financial condition and growth strategy.

4. We may not be able to improve our profit margins and profits in the future.

5. Our Company had issued Equity Shares to more than 49 investors in the past and as a matter of abundant caution
for better corporate governance, our Company has given an exit offer to the eligible shareholders.

6. Finance cost of the Company has been very high and finance cost of the company for the Fiscal 2025, Fiscal 2024,
and Fiscal 2023 constituted 45.78%, 57.25% and 62.64% of the Restated Earnings before interest, tax,
depreciation and amortization (EBITDA). If company is unable to control the finance cost in future, it may
adversely affect business, results of operations, financial condition and cash flows.

7. Our operations are labour intensive, and we may be subject to strikes, work stoppages or increased wage demands
by our employees, increase in minimum wages across various states and we may also be unable to engage new
employees at commercially attractive terms which could adversely affect our business, results of operations and
financial condition.

8. We rely on limited suppliers for our raw material i.e., LDPE (Low Density Polyethylene) and PP granules
(Polypropylene). The prices of LDPE and PP granules are volatile and largely linked to crude price volatility.
Loss of these suppliers, or any fluctuation in the prices of these raw materials may have an adverse effect on our
business, results of operations and financial conditions.

9. The Issue Price, market capitalisation to revenue multiple and price to earnings ratio of our Company based on
the Issue Price may not be indicative of the market price of our Company on listing or thereafter or indicative of
such multiples and ratios based on the market price of the Equity Shares on listing or thereafter.

10. Our manufacturing license has been suspended in the past and any such suspensions in the future could adversely
affect our business, results of operations, financial condition and cash flows.

Summary of Contingent Liabilities of our Company

For further details of the contingent liabilities (as per Ind AS 37) of our Company as on March 31, 2025
(₹ in lakhs)
Particulars As at March 31, 2025
Income Tax 11.19
Goods & Services tax 1,119.00
Drug Price Control Order, 1979 28.52
Total 1,158.71

For further details of contingent liabilities as at March 31, 2025 see “Restated Financial Information– Annexure V – Note
37– Contingent liabilities and commitments” on page 389.

Summary of Related Party Transactions

25
Summary of the related party transactions as per Ind AS 24 – Related Party Disclosures read with the SEBI ICDR
Regulations, derived from Restated Financial Information is as follows:

(In ₹ lakhs)
For the For the For the
year year year
Relationship of the
Particulars Nature of transaction ended ended ended
related parties
March 31, March 31, March 31,
2025 2024 2023
Chariman and Short-term employee 108.00
109.89 77.38
Managing Director benefits*
Bhavesh G. Patel (acquired significant Vehicle Lease Rent 28.80
- -
influence w.e.f. April paid
08, 2024) Advance Lease Rent# 72.00 - -
Short-term employee -
Nimesh P. Patel Non-Executive Director - 6.00
benefits
Shailesh M. Shah** Chief Financial Officer Compensation 100.50 151.05 84.99
Surendra Maneklal Independent Director 0.10
Directors sitting fees 0.50 0.58
Shah till June 11, 2024
Independent Director 2.85
Anjali Nirav Choksi Directors sitting fees - -
(w.e.f. May 24, 2024)
Pradyumn Independent Director 0.13
Directors sitting fees 0.38 0.50
Gaurishanker Shrotriya till June 11, 2024
Non Executive Director 1.25
Pratik Gandhi (w.e.f. August 12, Directors sitting fees
2024)
Independent Director 1.50
Nitin Jain (w.e.f. August 12, Directors sitting fees - -
2024)
Kshitij Manubhai Patel Independent Director Directors sitting fees 3.38 0.35 -
Note – Certain borrowings of the Company are secured by personal guarantees given by Mr. Bhavesh G. Patel (Managing Director).
*excluding provision for gratuity and leave encashment.
# pursuant to leasing arrangement in connection with agreement for transfer of vehicle and corresponding liability to Mr. Bhavesh G. Patel.
**Shailesh M. Shah was Chief Financial Officer upto May 17, 2025 and subsequently Paras Mehta was appointed as the Chief Financial Officer with
effect from May 26, 2025

For details of the related party transactions in accordance with Ind AS 24, see “Financial Information – Annexure V - Note
42 – Related Party Disclosures” beginning on page 389.

Financing arrangements

There have been no financing arrangements whereby our Promoters, members of the Promoter Group, our Directors and
their relatives (as defined in Companies Act, 2013) have financed the purchase of any securities of our Company by any
other person other than in the normal course of the business of the financing entity during a period of six months
immediately preceding the date of this Red Herring Prospectus.

Weighted average price at which the Equity Shares were acquired by our Promoters in the last one year preceding
the date of this Red Herring Prospectus

The weighted average price at which our Promoters acquired the Equity Shares in the last one year preceding the date of
this Red Herring Prospectus are as follows:

Name Number of Equity Weighted Average Price of

Shares acquired Equity Shares acquired (₹)^
Promoters
Bhavesh Patel 69,117 100.00
Vishal Patel 6,21,000 87.63
Jayshreeben Patel NIL NIL

26
 Name Number of Equity Weighted Average Price of
Shares acquired Equity Shares acquired (₹)^
Jitendrakumar Patel 4,22,000 100.00
Milcent Appliances Private Limited NIL NIL
^ As certified by S G D G & Associates LLP, Independent Chartered Accountant (peer reviewed), by way of their certificate
dated August 22, 2025.

Weighted average cost of acquisition of all shares transacted in the last one year, 18 months and three years
preceding the date of the Red Herring Prospectus:

Range of acquisition
Weighted average cost of Cap Price is ‘x’ times
price per Equity
Period acquisition per Equity the weighted average
Share: lowest price –
Share (in ₹)^ cost of acquisition*^
highest price (in ₹)^
Last one year preceding the date of 93.09 [●] NIL - ₹
this Red Herring Prospectus 130.00
Last 18 months preceding the date 32.26 [●] NIL - ₹
of this Red Herring Prospectus 130.00
Last three years preceding the date 30.83 [●] NIL - ₹
of this Red Herring Prospectus 130.00
^ As certified by S G D G & Associates LLP, Independent Chartered Accountant (peer reviewed), by way of their certificate
dated August 22, 2025.
* To be updated in the Prospectus, following finalisation of the Cap Price.

Average cost of acquisition of Equity Shares of our Promoters

The average cost of acquisition per Equity Share of the Equity Shares held by our Promoters, as at the date of this Red
Herring Prospectus, is set forth below:

Name Number of Equity Average cost of acquisition per

Shares Equity Share (₹)^
Promoters
Bhavesh Patel 62,49,593 23.48
Vishal Patel 39,05,288 13.93
Jayshreeben Patel 9,98,109 0.00
Jitendrakumar Patel 34,85,838 21.79
Milcent Appliances Private Limited 31,00,000 10.00
^ As certified by S G D G & Associates LLP, Independent Chartered Accountant (peer reviewed), by way of their certificate
dated August 22, 2025.

For further details of the acquisition of Equity Shares of our Promoters, see “Capital Structure – Details of Shareholding
of our Promoter, members of Promoter Group in our Company” at page 107.

Details of Pre-IPO Placement

Our Company has not undertaken a pre-IPO placement.

Issue of Equity Shares for consideration other than cash in the last one year

Our Company has not issued any Equity Shares for consideration other than cash in the one year preceding the date of this
Red Herring Prospectus.

Split or Consolidation of Equity Shares in the last one year

Our Company has not undertaken any split or consolidation of Equity Shares in one year preceding the date of this Red
Herring Prospectus.

Exemption from complying with any provisions of securities laws

27
Our Company has not made any application under Regulation 300(1)(c) of the SEBI ICDR Regulations for seeking an
exemption from complying with any provisions of securities laws by SEBI as on the date of this Red Herring Prospectus.

28
 SECTION II – RISK FACTORS

An investment in our Equity Shares involves a high degree of risk. You should carefully consider all the information in this
Red Herring Prospectus, including the risks and uncertainties described below, before making an investment in our Equity
Shares. The risks described below are not the only ones relevant to us or our Equity Shares, the industry and segments in
which we operate or to India. Additional risks and uncertainties, not presently known to us or that we currently deem
immaterial, may also impair our business, results of operations, financial condition and cash flows. If any of the following
risks, or other risks that are not currently known or are currently deemed immaterial, actually occur, our business, results
of operations, financial condition and cash flows could suffer, the trading price of our Equity Shares could decline, and
you may lose all or part of your investment. To obtain a complete understanding of our Company and our business, you
should read this section in conjunction with “Our Business”, “Industry Overview”, “Restated Financial Information”,
“Other Financial Information” and “Management’s Discussion and Analysis of Financial Condition and Results of
Operations” on pages 313, 274, 389, 459 and 462 respectively, as well as the other financial, statistical and other
information contained in this Red Herring Prospectus.

In making an investment decision, you must rely on your own examination of the terms of the Issue, the Company and its
business including the merits and risks involved. You should consult your tax, financial and legal advisors about the
particular consequences to you of an investment in our Equity Shares.

Prospective investors should pay particular attention to the fact that our Company is incorporated under the laws of India
and is subject to a legal and regulatory environment, which may differ in certain respects from that of other countries. This
Red Herring Prospectus also contains forward-looking statements that involve risks, assumptions, estimates and
uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a
result of certain factors, including the considerations described below and elsewhere in this Red Herring Prospectus. For
details, see “Forward-Looking Statements” on page 19.

Unless otherwise indicated, the industry-related information contained in this section is derived from the industry report
titled “Assessment of the Indian pharmaceuticals industry” dated June, 2024 read with addendum dated August, 2025
prepared by CRISIL Limited (the “CRISIL Report”). A copy of the CRISIL Report will be made available on the website

of our Company at [Link] (Please scan the QR code to view the CRISIL Report: ) from the date of
the Red Herring Prospectus till the Bid/Issue Closing Date and has also been included in “Material Contracts and
Documents for Inspection” on page 599. We have commissioned and paid for the CRISIL Report for the purposes of
confirming our understanding of the industry exclusively in connection with the Issue. We officially engaged CRISIL
Limited in connection with the preparation of the CRISIL Report pursuant to an engagement letter dated June 30, 2025.
The data included in this section includes excerpts from the CRISIL Report and may have been re-ordered by us for the
purposes of presentation.

1. Our Company’s entire manufacturing facility is located at a single location, and all of the Company’s manufactured
products are produced from such facility in village Hariyala, district Kheda, Gujarat. Any delay in production at,
or shutdown of, our manufacturing facility due to various factors such as shortage of electrical power or water
resources, political instability, industrial accidents or machinery breakdowns, severe weather conditions, natural
disasters, and outbreak of infectious diseases may in turn adversely affect our business, financial condition and
results of operations.

As our Company’s manufacturing facility which is owned by us is at single location, and all of the Company’s
manufactured products are produced from such facility in village Hariyala, Kheda, Gujarat. The geography and being at a
single location for our manufacturing facility heightens our exposure to any adverse developments and economic shifts
within this region. While we have not experienced of any instance(s) of such disruptions that had financial impact in the
three Fiscals i.e. Fiscal 2025, Fiscal 2024 and Fiscal 2023, any significant social, political or civil disruptions, or instances
of internal or external aggression or changes in the policies of state or local governments, shortage of electrical power or
water resources, industrial accidents or machinery breakdowns, severe weather conditions, natural disasters, and outbreak
of infectious diseases in Kheda, Gujarat in general, could have an adverse effect on our business, results of operations and
financial condition. If the Company experiences delays in production or shutdowns at this facility due to any reason,
including disruptions caused by disputes with its workforce or due to its employees forming a trade union, the Company’s
operations will be significantly affected, which in turn would have a material adverse effect on its business, financial
condition and results of operations.

29
Further, any major malfunction or breakdown of our machinery can also require us to incur significant repair and
maintenance costs and lead to slowdown or shutdown of our operations. Further, some of the products that we manufacture,
are permitted to be manufactured at only the specific manufacturing unit which has received the requisite approvals. Any
closure of such unit will result in us being unable to manufacture such product for the duration of the closure or until we
are able to secure the requisite approvals to manufacture that product at a different unit. While we did not face any instances
of slowdown of our operation during the Financial Years 2025, 2024 and 2023 pursuant to any shut down of our facility
including disruption in electrical power or water resources, political instability, industrial accidents or machinery
breakdowns, severe weather conditions, natural disasters, we cannot assure you that we may not need to incur any costs
due to any major malfunction or breakdown of our machinery, or experience a slowdown or shutdown in our manufacturing
facility in the future.

Due to the concentration of our manufacturing facility in Kheda, Gujarat, regulations and policies of Gujarat have a
significant effect on our business, results of operations and financial condition. Any significant change in existing policy
applicable to our operations could require us to incur additional capital expenditure. While we did not face any instances
of having to incur material capital expenditure during Financial Years 2025, 2024 and 2023 pursuant to any change in the
policies, we cannot assure you that we may not need to incur such costs in the future. Any such instances could adversely
affect our business, results of operations and financial condition.

2. Any manufacturing or quality control concerns or our inability to deliver products on a timely basis, or at all, could
result in the cancellation of purchase orders, breaches of relevant agreements, and termination of agreements by
our clients and distributors, which could have an adverse effect on our business, results of operations, financial
condition and cash flows.

We market our products through product partnering with various foreign and Indian pharmaceutical companies. Our
product partnering business include commercial large-scale manufacturing of generic products. Our operations are subject
to government policies, international standards and prescribed client quality norms. We typically enter into contracts with
other pharmaceutical companies to provide manufacturing solutions. These contracts typically range from a period of two
to five years and are renewable by us as per mutually agreeable terms.

We face inherent business risks of exposure to product liability or recall claims in the event that our products fail to meet
the required quality standards or are alleged to result in harm to customers. Although we have not experienced any such
deviation due to human error in the past, we cannot assure you that this will not occur in the future. Further, certain of our
other raw materials and our products are required to be stored, handled and transported at specific temperatures and under
certain safety conditions. Such risks may be controlled, but not eliminated, by adherence to good manufacturing practices
and finished product testing. We have little, if any, control over proper handling once our products are shipped to our
customers. We face the risk of legal proceedings and product liability claims being brought by various entities, including
consumers, distributors and government agencies for various reasons including for defective or contaminated products sold
or services rendered. If we experience a product recall or are a party to a product liability case, we may incur considerable
expense in litigation. In the past, we have had three instances of products being recalled from markets.

The details of the three instances of products being recalled from markets which are set forth below:

Year of Product No. of Reason for Recall Recall by Product meant

Manufacture Batches for
2011 Sterile water for One Sterility Failure Regulators Domestic
injection Market
2017 Compound Sodium One Mould formation Voluntary Export Market
Lactate BP 1000 ml issue. Reject by
customer.
2019 DNS 500 ml One Not of Standard Regulators Domestic
quality as per the Market
Government Analyst
Food & Drugs
Laboratory

For details, see “Risk Factors - The pharmaceutical market is subject to extensive regulation and failures to comply
with the existing and future regulatory requirements in any pharmaceutical market could expose us to litigation or
other liabilities, which could adversely affect our reputation, business, financial condition and results of operations” on
page 41. Also see “Outstanding Litigation and Material Developments- Actions by regulatory and statutory authorities”
on page 486. We cannot assure you that we will not experience product recalls or product liability losses in the future. Any

30
product recall, product liability claim or adverse regulatory action may entail significant costs in excess of available
insurance coverage, which could adversely affect our reputation, business, results of operations and financial condition.

Manufacturing or quality control issues of our products and the consequent product liability claims or contractual disputes
could damage our reputation and affect consumers’ views of our products, adversely affect our goodwill and impair the
marketability and brand image of our products. This may lead to a loss of existing business contracts and hamper our ability
to enter into additional business contracts in the future. Such occurrences may adversely affect our business, financial
condition and results of operations.

We are required to meet quality standards and other specifications set out in our contractual arrangements or as prescribed
under the applicable regulatory framework. Further, as per the terms of a majority of our contractual obligations, we are
responsible for the procurement of raw materials and packaging materials, in strict adherence to client specifications and
regulatory requirements. Disputes over non-conformity of products manufactured by us with such quality standards or
specifications, or our inability to procure appropriate materials may lead to a disruption in our business, and may expose
us to legal, financial and reputational risks. As a manufacturer, we are also subject to the risk of our products being returned
to us or claims resulting from manufacturing defects or negligence in storage and handling of products. In the Financial
Years 2025, 2024 and 2023, we have not faced any instances, where our products were either voluntarily recalled by us, or
were returned by our clients, due to quality control issues. We cannot assure you that we will continue to be in compliance
with the relevant regulatory and contractual requirements for quality control standards in the future. Any product recall or
sales returns due to quality concerns or non-compliance with quality standards could adversely affect our business, results
of operations, financial condition and cash flows.

3. Our Company is involved in a certain material litigation and an adverse outcome in this proceeding may adversely
affect our business, financial condition and growth strategy.

Our Company and one of our Promoters are involved in certain criminal legal proceedings an adverse outcome of which
would materially and adversely affect our Company’s business, prospects, operations, financial condition or reputation,
irrespective of the amount involved in such litigation.

The Union of India, represented by C. Arunachalam, a Drug Inspector from the Central Drugs Standard Control Organization
(“Complainant”), lodged a complaint against our Company and Bhavesh Patel, the Chairman, Managing Director and
Promoter of our Company (collectively referred to as the “Accused”). The complaint alleged contravention of the provisions
of the Drugs and Cosmetic Act, 1940 (“the Act”). Consequently, a criminal case (No. 128/SW OF 2015) was filed against
the Accused under Section 200 of CrPC and under Section 18(a)(i) read with Sections 16, 34, and 27(d) of the Act before the
Metropolitan Magistrate Court, Mazgaon, Mumbai. The Complainant alleged that the samples of sterile water for injection
(“Product”), bearing batch number 2F541006, drawn from the premises of M/s Cama and Albless Hospital in Mumbai on
December 23, 2013, did not meet the required standards. As a result, the distributors were directed to halt the sale of the
Product. The Complainant, via letters dated September 19, 2014, and November 20, 2014, sought clarifications from our
Company regarding the alleged sterility failure of the Product.

Our Company, in response, issued a letter dated November 26, 2014, clarifying that the Company had tested the control
samples of the Product. It was confirmed that there were no discrepancies in the manufacturing process of the Product.
Following the instructions of the Complainant, our Company recalled the Products through the distributors and confirmed
that there was no stock of the said batch of the Product with either the Company or the Distributors. The Complainant further
reported the matter to the Food and Drugs Control Administration (FDCA) in Gujarat. This led to the serving of a show cause
notice to the company and a subsequent suspension of the company’s manufacturing license for two days in June 2015. The
matter is currently pending for hearing before the Metropolitan Magistrate Court, Mazgaon, Mumbai.

Involvement in this proceeding could divert our management’s time and attention and consume financial resources. Further,
an adverse judgment in this proceeding could have an adverse impact on our business, results of operations and financial
condition. See “Outstanding Litigation and Other Material Developments” on page 485. We cannot assure you that this
proceeding will be settled in our favour or that no additional liability will arise out of these proceedings.

4. We may not be able to improve our profit margins and profits in the future.

Our Profit and profit margins in the Fiscal 2023, Fiscal 2024 and Fiscal 2025 are as follows:

Particulars Fiscal 2025 Fiscal 2024 Fiscal 2023

Profit after tax (amount in ₹ lakhs) 1,050.07 363.32 (211.06)
Profit Margin (in %) 3.86% 1.30% (0.82%)

31
We have recorded loses in the past and our profit margins are also fluctuating on a YoY basis, we cannot ensure that we
will not incur losses in the future or our net profit margins will improve in the future. We also plan to make further capital
expenditures in our factories which could further affect our profitability, for further details see “Objects of the Issue” on
page 135. Any problems in implementing our expansion plans could affect our business operations and profit margins.

Further, there can be no assurance that our budgeted costs may be sufficient to meet our proposed capital expenditure
requirements. If our actual capital expenditures significantly exceed our budgets, or even if our budgets were sufficient to
cover these projects, we may not be able to achieve the intended economic benefits of these projects which include
maintaining and improving our profit margins, which in turn may materially and adversely affect our financial condition,
results of operations, cash flows, and prospects.”

Further reason for such fluctuations for the same as follows:

The EBITDA of the Company has remained consistent & improving in last three years. The EBITDA for the Fiscal 2025,
Fiscal 2024 and Fiscal 2023 are as under:

Particulars Fiscal 2025 Fiscal 2024 Fiscal 2023

EBITDA (amount in ₹ lakhs ) 6,105.37 5,875.65 5,630.67

For Fiscal 2023, there was a write off of the deferred tax provided in earlier years amounting to ₹ 788.73 lakhs. The total
tax provided for Fiscal 2023 was on higher side due to this and it led to negative PAT at ₹ (211.06) lacs.

For further detailed reason, please refer the chapter ‘Management’s Discussion and Analysis of Financial Condition and
Results of Operations’ on page 321 of the RHP.

5. Our Company had issued Equity Shares to more than 49 investors in the past and as a matter of abundant caution
for better corporate governance, our Company has given an exit offer to the eligible shareholders.

In the Financial Year 1995, our Company, through separate preferential allotments, allotted 10,44,675 equity shares of face
value of ₹10 each, to 68 persons (including Promoters) (the “Original Allottees”) on March 28, 1995 (the “Stated
Allotment”). In terms of the first proviso to Section 67(3), inserted vide Companies Amendment Act, 2000, of the
Companies Act, 1956, an offer or invitation for subscription of shares made to more than 49 persons would be considered
as Public Offer. Under the Companies Act, 2013, post April 01, 2014, any offer or allotment of securities shall be construed
as public issue if the number of offerees / allottees exceeds 200 persons in a financial year. Additionally we would like to
confirm that the number of allottees have not exceed 200 persons in any financial year.

Post notification of the Companies Act, 2013, as amended, SEBI, by way of its circular number CIR/CFD/DIL3/18/2015,
dated December 31, 2015 (the “2015 Circular”) and circular number CFD/DIL3/CIR/P/2016/53, dated May 3, 2016 (the
“2016 Circular”, and such circulars, together with the SEBI press release dated November 30, 2015, the “SEBI
Circulars”), provided that companies involved in issuance of securities to more than 49 persons but up to 200 persons in
a financial year prior to April 2014 may avoid penal action subject to fulfilment of certain conditions. Such conditions
include, among others, an option to surrender such securities being provided to the current holders of such securities at an
exit price, which is not less than the subscription amount along with interest at the rate of 15% p.a. (net of amounts already
paid to such allottees as interest, dividend or otherwise) or such higher return as promised to the investors. It was clarified
in a press release issued by SEBI on November 30, 2015, that the exit offer may be provided by the company itself or by
the promoters or by other persons arranged by the company or its promoters.

Since such Stated Allotment was made prior to the Companies Amendment Act, 2000 (which introduced the proviso to
Section 67 (3) of the Companies Act 1956), there is ambiguity on whether such Stated Allotment would fall within the
exemptions of Section 67(3) of the Companies Act 1956. As the Stated Allotments may be construed to have not been in
compliance with the Companies Act, 1956, as a matter of abundant caution for better corporate governance, our Board, by
way of a resolution dated August 10, 2024, nominated one of our current Promoters, Bhavesh Patel (“Purchaser”), to
provide an exit offer pursuant to the SEBI Circulars. The exit offer was provided to all such original allottees shareholders
of our Company and transferees of such shares, except promoters, whose names appeared in the register of members of
our Company/ records of the depository as of July 5, 2024 (the “Eligible Equity Shareholders”) at an offer price of ₹ 82
per Equity Share (the “Purchase Consideration”).

The Purchaser has provided an exit offer to Eligible Equity Shareholders at the Purchase Consideration and no share was
tendered in the exit offer. A Certificate dated August 22, 2024 from independent peer reviewed Company Secretary in

32
practice certifying the necessary compliance of the SEBI circulars related to the exit offer process was submitted to SEBI
on August 31, 2024.

6. Finance cost of the Company has been very high and finance cost of the company for the Fiscal 2025, Fiscal 2024,
and Fiscal 2023 constituted 45.78%, 57.25% and 62.64% of the Restated Earnings before interest, tax, depreciation
and amortization (EBITDA). If company is unable to control the finance cost in future, it may adversely affect
business, results of operations, financial condition and cash flows.

The details of Company’s finance cost and other relevant details are as under:

(in ₹ lakhs)
Particulars For the Financial Year
2025 2024 2023
Finance costs 2,794.79 3,363.79 3,527.02
Restated Earnings before interest, tax,
6,105.37 5,875.65 5,630.67
depreciation and amortisation (EBITDA)
Finance cost as % of Restated Earnings before
interest, tax, depreciation and amortisation
(EBITDA) 45.78 57.25 62.64
Debt to equity ratio 2.02 3.10 3.43

With higher interest cost, it may become more expensive for company to borrow money in future and may make it harder
for our Company to finance new projects or expand, which can delay or reduce our growth plans. During inflation, lending
restrictions on such companies are often tighter, making it even harder for such companies to qualify for credit at reasonable
terms which will ultimately leads to further rise in the interest cost.

Our Profit and profit margins in the Fiscal 2023, Fiscal 2024 and Fiscal 2025 are as follows:

Particulars Fiscal 2025 Fiscal 2024 Fiscal 2023

Profit after tax (PAT) (in 1050.07 363.32 (211.06)
Lakhs)
Profit Margin (in %) 3.86% 1.30% (0.82%)

The higher interest costs directly affect the profit margins of our Company which lead to lower profits available for the
shareholders. and ultimately adversely affects the overall business, results of operations, financial condition and cash flows.
All these factors may negatively affect the share price of the Company.

7. Our operations are labour intensive, and we may be subject to strikes, work stoppages or increased wage demands
by our employees, increase in minimum wages across various states and we may also be unable to engage new
employees at commercially attractive terms which could adversely affect our business, results of operations and
financial condition.

Our operations are labour intensive, making us susceptible to strikes, work stoppages, or increased wage demands from
our employees. These disruptions could affect our ability to maintain regular operations and could lead to higher labour
costs. As of March 31, 2025, we employed a total of 1,718 personnel, including 506 full-time employees and 1,166
personnel on a contractual-basis, 20 personnel in security, 6 trainees and 20 apprentice across our business. For more
details, see “Our Business” on page 313. India has strict labour legislation designed to safeguard worker interests,
particularly concerning dispute resolution, and the removal of employees. These regulations also impose financial
obligations on employers during retrenchment.

Our Company’s average attrition rate of employees during the last 3 Fiscals is set out below:

Particulars Fiscal 2025 Fiscal 2024 Fiscal 2023

Full time Employees 506 529 544
Attrition rate * 9.88 25.90 33.82
*Attrition rate = Number of employees left the Company during the year divided by total number of employees as on date
of the respective financial year ended.

Presently, our workforce is not unionized. However, if a substantial portion of our workforce were to become unionized in
the future, our labour costs could rise. Compliance with labour laws and the negotiation of collective agreements might

33
result in increased financial commitments, affecting our employee costs. We are also subject to laws and regulations
governing various aspects of our relationship with our employees, encompassing minimum wages, working hours, working
conditions, hiring and termination practices, and work permit authorization. See also “Key Regulations and Policies in
India” on page 345. While we have not experienced any strikes or labour unrest at any of our manufacturing facilities in
the past, we cannot assure you that we will not experience work disruptions in the future due to disputes or other problems
with our work force. Further, any changes in the existing labour laws of the countries in which we operate may increase
our labour cost and may also increase time spent by our management in labour related matters, which could impact our
business and results of operations. Any of the foregoing could adversely affect our business, results of operations and
financial condition.

8. We rely on limited suppliers for our raw material i.e., LDPE (Low Density Polyethylene) and PP granules
(Polypropylene). The prices of LDPE and PP granules are volatile and largely linked to crude price volatility. Loss
of these suppliers, or any fluctuation in the prices of these raw materials may have an adverse effect on our business,
results of operations and financial conditions.

We rely on a number of suppliers for the raw materials required for our manufacturing operations. The cost of raw materials,
which we source from India and overseas, makes up a significant proportion of our total expenses being operating expense,
finance cost and depreciation and amortization. Our cost of materials consumed including cost of packaging material
consumed as a percentage of adjusted expenses for the Financial Years 2025, 2024, 2023 is as follows:

Particulars Fiscal 2025 Fiscal 2024 Fiscal 2023

Cost of materials consumed 10,126.14 8,561.82 10,065.92

including cost of packaging
material consumed (in ₹
lakhs)
Percentage of adjusted 38.74 31.00 38.71
expenses (%)

The table below sets outs the raw materials and packaging material which we have obtained from our, top 5 suppliers and
top 10 suppliers together with such supply as a percentage of our total raw materials and packaging material supply for the
Fiscal 2025, Fiscal 2024 and Fiscal 2023:

Particulars Fiscal 2025 Fiscal 2024 Fiscal 2023

Materials % of total Materials % of total Materials % of total
sourced (in ₹ materials sourced (in ₹ materials sourced (in ₹ materials
lakhs) sourced (%) lakhs) sourced (%) lakhs) sourced (%)
Largest 2,280.75 23.94 1,888.71 20.21 2,012.20 20.32
supplier of
materials
Top 5 suppliers 5,897.37 61.91 5,135.81 54.95 5,254.64 53.07
of materials
Top 10 7,198.11 75.56 6,682.21 71.50 6,994.53 70.65
suppliers of
materials
Note – We have requested consents from our top 10 suppliers for inclusion of their name in this Red Herring Prospectus but have not received the
consents from our top 10 suppliers as on date of this Red Herring Prospectus.

Our raw material and packing material includes significant purchase of LDPE and PP granules. The prices of LDPE and
PP are volatile and largely linked to crude price volatility. The table below sets outs consumption of top 10 raw material
as a percentage of our total raw materials supply for the Fiscal 2025, Fiscal 2024 and Fiscal 2023:

Fiscal 2025 Fiscal 2024 Fiscal 2023

Materials % of total Materials % of total Materials % of total
Particulars
sourced (in ₹ materials sourced (in ₹ materials sourced (in ₹ materials
lakhs) sourced (%) lakhs) sourced (%) lakhs) sourced (%)
LDPE 2616.71 27.47% 2754.94 29.48% 2581.60 26.07%
Cap 1760.62 18.48% 1664.78 17.81% 1568.96 15.85%
POLYPROPYLE 1188.65 12.48% 968.19 10.36% 984.37 9.94%

34
 Fiscal 2025 Fiscal 2024 Fiscal 2023
Materials % of total Materials % of total Materials % of total
Particulars
sourced (in ₹ materials sourced (in ₹ materials sourced (in ₹ materials
lakhs) sourced (%) lakhs) sourced (%) lakhs) sourced (%)
CORRUGATED
967.21 10.15% 915.19 9.79% 1185.95 11.98%
BOX
Carton 343.12 3.60% 384.79 4.12% 417.30 4.21%
Sticker 333.82 3.50% 321.74 3.44% 301.80 3.05%
HIPXX E 30 265.03 2.78% 231.96 2.48% - 0.00%
Mannitol 244.63 2.57% 330.89 3.54% 247.31 2.50%
Dextrose Anhydrous 242.30 2.54% 295.15 3.16% 275.51 2.78%
BOPP Roll 232.68 2.44% - 0.00% 254.18 2.57%
LOTRENE FE 8000 - 0.00% 333.54 3.57% 610.61 6.17%
Total 8194.78 86.02% 8201.17 87.75% 8427.58 85.12%

Any fluctuation in the international price of crude oil affects the price of polymers. Further, any fluctuations in the demand
and/or supply of polymers may impact its purchase price. We do not have any long term supply agreement with any of our
raw material suppliers. Although we enter into short term contracts with some of our suppliers for rates, we may be unable
to enter into such contracts at all times in future.

Further, there is no conflict of interest between the suppliers of the raw materials and third party service providers and our
Company, Promoters, Promoter Group, Key Managerial Personnel and Directors.

While our Company can add additional suppliers, such an addition involves incremental cost. If such sole suppliers ceases
supply to our Company for reasons including due to commercial disagreements, insolvency of the supplier or supply chain
issues, we may be unable to source our raw materials from alternative suppliers on similar commercial terms or within a
reasonable timeframe. This may adversely impact our production and eventually our business, results of operations,
financial conditions and cash flows.

9. The Issue Price, market capitalisation to revenue multiple and price to earnings ratio of our Company based on the
Issue Price may not be indicative of the market price of our Company on listing or thereafter or indicative of such
multiples and ratios based on the market price of the Equity Shares on listing or thereafter.

Set forth below are details of our revenue from operations and our profit after tax, for the year ended indicated.

Particulars Fiscal 2025 Fiscal 2024 Fiscal 2023

Revenue from operations 27,470.82 28,034.03 25,912.93
(in Lakhs)
Profit after tax (PAT) (in 1,050.07 363.32 (211.06)
Lakhs)

Set forth below are details of our Cap Price and Floor Price to earnings ratio and market capitalisation (based on the Cap
Price) to revenue from operations multiple, for the years indicated:

Year Earnings ratio Market capitalisation to revenue from

operations multiples
Cap Price Floor Price Cap Price Floor Price
Fiscal year 2025 [●] [●] [●] [●]
Fiscal year 2024 [●] [●] [●] [●]
Fiscal year 2023 [●] [●] [●] [●]

Prior to the Issue, there has been no public market for our Equity Shares. The listing and quotation of the Equity Shares on
the Stock Exchanges does not guarantee that there will be an active or liquid market for the Equity Shares.

The Issue Price of the Equity Shares was determined on the basis of assessment of market demand for the Equity Shares
offered through the book-building process prescribed under the SEBI ICDR Regulations, and certain quantitative and

35
qualitative factors as set out in “Basis for Issue Price” on page 259 and the Issue Price and multiples and ratios based on
the Issue Price may not be indicative of the market price of the Equity Shares on listing or thereafter.

The relevant financial parameters based on which the Price Band would be determined shall be disclosed in the
advertisement that would be issued for publication of the Price Band. The market price of the Equity Shares may be subject
to significant fluctuations in response to, among other factors, variations in our operating results, market conditions specific
to the industry we operate in, developments relating to India, COVID-19 related or similar situations, announcements by
third-parties or governmental entities of significant claims or proceedings against us, and changes in economic, legal and
other regulatory factors. A decrease in the market price of our Equity Shares could cause you to lose some or all of your
investment.”

10. Our manufacturing license has been suspended in the past and any such suspensions in the future could adversely
affect our business, results of operations, financial condition and cash flows.

As a manufacturer of pharmaceutical formulations, we are required to comply with the regulations and quality standards
stipulated by the regulatory authorities in India and the countries to which we export our products. We are also required to
comply with global practice standards such as the European Union Good Manufacturing Practice, the World Health
Organization Good Manufacturing Practice. Our manufacturing units are also subject to periodic inspections and audits by
these regulatory authorities and our clients. Inspections by regulatory authorities that identify any deficiencies could result
in remedial actions, production stoppages or facility closure, which would disrupt the manufacturing process and supply
of products to our customers. In addition, such failure to comply could expose us to contractual and product liability claims,
including claims by customers or recall or other corrective actions, for which we may have to incur costs

While there is no fixed frequency of inspections, our manufacturing facility and products are subject to multiple periodic
inspection/ audit by these regulatory agencies. Inspections by regulatory authorities that identify any deficiencies could
result in remedial actions, production stoppages or facility closure, which would disrupt the manufacturing process and
supply of products to our customers. For instance, our Company received a show cause notice, under Rule 85 of the Drugs
& Cosmetics Rules, from the Food and Drugs Control Administration, Gandhinagar, Gujarat on March 11, 2015, due to a
report from the Government Analyst, Central Drugs Laboratories, Kolkata. Pursuant to that report one of our products
(Sterile Water for Injection IP- batch no. 2F541006) was classified as “Not of Standard Quality Drugs”. Our Company
responded to the notice vide letter no. Marck/FDA/SVP/NSQ/001, dated March 30, 2015. Subsequently, FDCA, vide an
order dated May 18, 2015, suspended our manufacturing license no. G/1080 in form no:28 for a brief period of two days
i.e., June 18, 2015, and June 19, 2015.

We cannot assure you that we will not be subject to suspension of our manufacturing license in the future. Any of the
foregoing could adversely affect our business, results of operations, financial condition and cash flows.

11. Certain of our immovable properties, including our registered and corporate office, are leased. If we are unable to
renew existing leases or relocate our operations on commercially reasonable terms, there may be an adverse effect
on our business, financial condition and operations.

Our registered and corporate office is on leasehold basis from certain third parties. Further, the premises for our registered
and corporate office is leased to us for a medium-term period of 09 years. The lease deed for our registered and corporate
office is valid from July 06, 2022 until July 05, 2031. The annual rent paid by us for Fiscal 2025 was ₹ 94.71 lakhs and the
rent is subject to increase 5% on the expiry of every year. We are operational from this location since July 06, 2022. Further
one of our warehouse is leased to us pursuant to lease agreement dated April 08, 2024 for a period of 05 years. For details
of our registered and corporate office and one of our manufacturing facilities, see “Business – Properties and Offices” on
page 509. While we don’t foresee any issue in renewing these sort of lease arrangements for our facilities and offices from
time to time and we have not experienced of any instance(s) of such disruptions that had financial impact in the Fiscal
2025, 2024 and 2023, if we are unable to renew certain or all of these leases on commercially reasonable terms, we may
suffer a disruption in our operations or be unable to continue to operate from those locations in the future (and may, to that
extent, need to revise our raw material sourcing, product manufacturing and raw material and product inventory schedules
and/or incur significant costs to relocate or expand our operations elsewhere in order to continue to honour our
commitments to our customers).

Set forth below are the details regarding the properties owned/leased by us:

36
 Unit/ Leased Address Area (in Term Name of the Lessor Monthly Operatin Expir
Facility / square of rent g from y date
Owned meters) lease this of the
location lease
since
Warehous Leased Gala no; 1, 6,465.6 For a 1. Munaf R Sindhi ₹ May 01, April
e 2, 3, 4, 5, 6, 6 perio 2. Miyanumar 6,95,958.0 2024 30,
7, and 8 in d of 5 Doshubhai 0 plus 2029
shed E in years Sheth applicable
the 3. Maniyar Firdaus GST per
complex Faishal month
sumar 4. Memon
logistics FalakNaz
and Farukbhai
industrial 5. Nagingar
park, Block Tanvirbanu
No: 732 Mohammadrafi
village k
Hariyala, 6. Pankaj Jadhav
District 7. Harsha Vijay
Kheda, Patel
Gujarat, 8. Kasturben
India Shantilal Patel
9. Karsan Khimji
Patel
10. Dayaben
Dhirajlal Patel
11. Vijay Dhirajlal
Patel
12. Sangeeta
Mangilal Jain
13. Mangilal
Babulal Jain
Registered Leased 8th Floor, 1,032 For a 1. Rokad ₹ 7,99,312 July 06, July
and Shaligram square perio Rasikbhai per month 2022 05,
Corporate Corporates, meters d of 9 Maganbhai for a period 2031
Office C.J. Marg, years 2. Rokad July 06,
Ambli, Bhartiben 2024 upto
Ahmedaba Manishbhai July 05,
d – 380058, 3. Meghani 2025
Gujarat, Sureshbhai
India Mohanbhai
4. Meghani
Nayanaben
Sureshbhai
5. Parikh Ankit
Surendrabhai
6. Parikh Dishita
Ankit

In addition, the terms of certain of our leases require us to obtain the lessor's prior consent for certain actions (including
making significant structural alterations to the factory building, which may be required if we were to undertake a significant
expansion in the future, or for undertaking a corporate restructuring or to sublet, transfer, assign, charge or mortgage such
properties). In the event that any lease agreement is not renewed, we will be required to expend time and financial resources
to locate suitable land or premises to set up new warehouses and offices, which may adversely affect our financial condition.
Further, if the vacated property or premises is leased or sold to a competitor, we may also face increased competition in
that geographic area which could adversely affect our market share and revenues. However, there is no conflict of interest
between the lessor of the immovable properties and our Company, Promoters.

37
12. We are significantly dependent on imports of plastic granules being primary packing material and are to that extent
exposed to risks including duties placed on imports from other countries or regulatory or market concerns
regarding materials sourced from such countries, fluctuations in global commodity prices, and foreign currency
exchange fluctuations.

A significant proportion of the plastic granules we consume are imported. In the Fiscal 2025, 2024 and 2023, the value of
raw material (being plastic granules) imported by us is as follows:

Particula Fiscal 2025 Fiscal 2024 Fiscal 2023

rs In ₹ % of % of In ₹ % of % of In ₹ % of % of
lakhs total Revenue lakhs total Revenue lakhs total Revenue
material from material from material from
s operatio s operatio s operatio
consume ns consume ns consume ns
d by us d by us d by us
Plastic 3,333.7 32.92 12.14 2,746.6 32.08 9.80 3,151.6 31.31 12.16
granules 4 7 6
imported
Other raw 2.23 0.02 0.01 - - - 26.23 0.26 0.10
material
Imported

Further, the country-wise data of raw material imported by us is as follows:

Name of Fiscal 2025 Fiscal 2024 Fiscal 2023

country Raw materials % of total Raw % of total Raw % of total
imported in ₹ materials materials raw materials raw
lakhs consumed by imported in materials imported in ₹ materials
us ₹ lakhs imported lakhs imported
Italy 2.23 0.07 - - - -
China - - - - 26.23 0.83
South Korea 2,572.96 77.13 2245.54 81.75 2840.18 89.37
Thailand 760.78 22.81 501.13 18.25 221.73 6.98
UAE - - - - 89.74 2.82

While we are not significantly dependent on any single manufacturer of such materials, raw material costs are dependent
on global commodity prices particularly on crude, which are subject to fluctuation. In the event the prices of such
ingredients were to rise substantially or if imports were to be restricted in any manner, we may find it difficult to find
alternative suppliers for our raw materials, on terms acceptable to us, and our business, results of operations and financial
condition could be adversely affected. Further, we have not experienced of any instance(s) of such increase of raw material
in the past that had financial impact in the three Fiscals. Also, in the event of any regulatory restriction or market concerns
regarding the quality of such materials, we may be required to find alternative suppliers for such materials, or to incur
additional costs in testing such materials or defending any claims for liabilities that may arise against us for the use of such
products.

There is no assurance that a regulatory investigation would not be initiated against our present suppliers, or regarding the
outcome of such an investigation against our present suppliers or in relation to our use of chemicals sourced from such
suppliers. Further, our dependence on imported materials exposes us to foreign currency exchange fluctuation risks. Our
suppliers may not be able to supply to us our materials without interruption or may not comply with their obligations to us
under our purchase arrangements. We may not have adequate remedies for any breach and their failure to supply us could
result in a shortage of materials. If one of our suppliers fails or refuses to supply us for any reason, it would take a significant
amount of time and expense to identify a new supplier or manufacturer. The identification or qualification of new suppliers
and manufacturers could potentially delay the manufacture of our products. We may not be able to obtain materials from
new suppliers on acceptable terms and at reasonable prices, or at all.

13. We operate in a market that is highly competitive. If we are unable to respond adequately to the increased
competition or pricing pressure we expect to face, we could lose market share and our revenues and profits could
decline, which could adversely affect our business.

38
The domestic and international pharmaceutical industry is highly competitive with several major pharmaceutical
companies present. Our products face intense competition from products commercialized or under development by
competitors in the pharmaceutical industry. We may not be able to sustain our market position and market share as we
compete with regional or multi-national companies. If our competitors gain significant market share at our expense,
particularly in brands and the therapeutic areas which contribute to a significant portion of our total revenue, our business,
financial condition, cash flows and results of operations could be adversely affected. We compete primarily on the basis of
product portfolio (range of existing product portfolio and novelty of new offerings), of supply (quality, regulatory
compliance and financial stability), service (on-time delivery and manufacturing flexibility) and cost-effective
manufacturing. Competition may, among other things, result in a decrease in the price paid for our products and reduced
demand for outsourced pharmaceutical development and manufacturing services, which could have a material adverse
effect on our business, results of operations and financial condition.

Our competition varies by market, therapeutic area and product category, and within each category, upon dosage strengths
and drug delivery. We also compete to provide manufacturing and development services to pharmaceutical companies in
the product partnering business industry. Our competition includes full-service pharmaceutical companies, product
partnering companies focusing on a limited number of dosage forms, multiple dosage forms; and large pharmaceutical
companies offering third-party manufacturing services to utilize their excess capacity. Some of our competitors may have
substantially greater financial, marketing, technical or other resources than we do. Greater financial, marketing, technical
or other resources may allow our competitors to respond to changes in market demand faster with new, alternative or
emerging technologies. Changes in the nature or extent of our customer requirements may render our service and product
offerings obsolete or non-competitive, which could have a material adverse effect on our business, results of operations
and financial condition.

We also operate in a rapidly consolidating industry. The strength of combined companies could affect our competitive
position in all of our business areas. Furthermore, if one of our competitors or their customers acquires any of our
customers, we may lose business from the customer or lose a supplier of a critical raw material, which may adversely affect
our business, financial condition and results of operations. We have not faced any such instances where one of our
competitors or their customers acquires any of our key customers or suppliers in the past three Financial Years. The entry
of new competitors into the pharmaceutical industry may also further dilute our market share and affect our profitability.
When faced with pricing pressure, pharmaceutical companies like us would generally be required to reduce operating costs
in order to maintain profitability. To maintain our profit margins, we typically seek to reduce the price of our raw materials
through negotiations with our suppliers, improve our production processes to increase our manufacturing efficiency, and
streamline product designs so as to reduce costs. We cannot assure you that we will be able to avoid future pricing pressure
from our customers or offset the impact of any price reductions through continued technological improvements, improved
operational efficiencies, cost effective sourcing alternatives, new manufacturing processes, or other cost reductions through
other productivity initiatives. If we were to face pricing pressure from our customers, and the aforementioned measures or
other steps we take fail to maintain or increase our margins and revenues from product sales, our business, financial
condition and results of operations may be adversely affected.

14. Certain portion of our revenue amounting to 9,083.09 lakhs, 8,217.14 lakhs and 8,018.51 lakhs for the Financial
Years ended 2025, 2024 and 2023 respectively which aggregates to 33.06%, 29.31% and 30.94% of our revenue of
operations for the Financial Years ended 2025, 2024 and 2023 is being generated through exports hence our
international business exposes us to complex management, legal and economic risks, which could adversely affect
our business, results of operations and financial condition.

We generate a portion of our revenues from our formulations business from international markets. As part of our growth
strategy, we aim to expand our global presence, enter new markets and further diversify our operations. For details, see
“Our Business – Our Strategies” on page 316. Set forth below are the details of our revenue from our formulations from
international markets for the Financial Years 2025, 2024 and 2023:
(in ₹ lakhs)
Particulars For the Financial Year
2025 2024 2023
Revenue from operations 27,470.82 28,034.03 25,912.93
Revenue from operations outside India 9,083.09 8,217.14 8,018.51
Revenue from operations outside India as a 33.06 29.31% 30.94%
percentage of Revenue from operations

Owing to the nature of our operations, we are subject to risks in connection with compliance with the laws of countries
where we operate or export our products to, restrictions on the import and export of certain intermediates, drugs,
technologies by local agencies, multiple tax and cost structures, cultural and language factors, among others. Furthermore,

39
the accounting standards, tax laws and other regulations in the jurisdictions we operate in are subject to differing
interpretations. Regulatory requirements are still evolving in many markets and are subject to change and as a result may,
at times, be unclear or inconsistent. Consequently, we may inadvertently fail to comply with such regulations, which could
lead to enforced shutdowns and other sanctions imposed by the relevant authorities, as well as the withholding or delay in
receipt of regulatory approvals for our formulations, which may increase our costs for complying with applicable laws,
rules and other requirements. While we have not faced any such instances during the Financial Years 2025, 2024 and 2023,
we cannot assure you that we may not be subject to regulatory actions due to our inability to comply with the applicable
regulatory requirements in jurisdictions outside India in the future. Any such instance could adversely affect our business,
financial condition, cash flows, and results of operations.

Our international operations also subject us to exchange rate fluctuations, which are influenced by factors such as global
uncertainty, financial market volatility, trade disruptions, commerce, pricing stability, and supply chain continuity. In
addition, escalating costs, including rising tariffs, have the potential to diminish the profitability of international trade and
negatively affect our international operations. These factors can have the potential to adversely affect our business, financial
condition, cash flows, and results of operations.

15. Our Company is involved in certain legal and regulatory proceedings. Any adverse decision in such proceedings
may have a material adverse effect on our business, financial condition, cash flows and results of operations.

There are outstanding legal and regulatory proceedings involving our Company which are pending at different levels of
adjudication before various courts, tribunals and other authorities. Such proceedings could divert the management’s time
and attention and consume financial resources in their defence or prosecution. The amounts claimed in these proceedings
have been disclosed to the extent that such amounts are ascertainable and quantifiable and include amounts claimed jointly
and severally, as applicable. Any unfavourable decision in connection with such proceedings, individually or in the
aggregate, could adversely affect our reputation, business, financial condition and results of operations. The summary of
such outstanding material legal and regulatory proceedings as on the date of this Red Herring Prospectus is set out below:

Name of the Criminal Tax Statutory or Disciplinary Material Aggregate

Entity Proceedings Proceedings Regulatory actions by the Civil Amount
Proceeding SEBI or Stock Litigations Involved (₹
Exchanges in lakhs)
against our
Promoter
Company
By our Nil - - - Nil Nil
Company
Against our Nil 17 Nil - Nil 1,476.41
Company
Directors (other than Promoters)
By our Nil - - - Nil Nil
Directors
Against our Nil Nil Nil Nil Nil Nil
Directors
Promoters
By our Nil - - - Nil Nil
Promoters
Against our Nil Nil Nil Nil Nil Nil
Promoters
Key Managerial Personnel
By our Key Nil N.A Nil N.A N.A Nil
Managerial
Personnel
Against our Nil N.A Nil N.A N.A Nil
Key
Managerial
Personnel
Senior Managerial Personnel
By our Senior Nil N.A Nil N.A N.A Nil
Managerial

40
 Name of the Criminal Tax Statutory or Disciplinary Material Aggregate
Entity Proceedings Proceedings Regulatory actions by the Civil Amount
Proceeding SEBI or Stock Litigations Involved (₹
Exchanges in lakhs)
against our
Promoter
Personnel
Against our Nil N.A Nil N.A N.A Nil
Senior
Managerial
Personnel
* In accordance with the Materiality Policy and to the extent quantifiable.

We cannot assure you that any of these on-going matters will be settled in favour of our Company, or that no additional
liability will arise out of these proceedings. Further, we cannot assure you that there will be no new legal and regulatory
proceedings involving our Company in the future. An adverse outcome in any such proceedings may have an adverse effect
on our business, financial position, prospects, results of operations and our reputation. For further details, see “Outstanding
Litigation and Material Developments” on page 485.

16. The pharmaceutical market is subject to extensive regulation and failures to comply with the existing and future
regulatory requirements in any pharmaceutical market could expose us to litigation or other liabilities, which could
adversely affect our reputation, business, financial condition and results of operations.

We operate in a highly regulated industry and our operations are subject to extensive regulation governing the
pharmaceutical market. The development, testing, manufacturing, marketing and sale of pharmaceutical products are
subject to extensive regulation in India and other countries where we export our products. We are required to comply with
the regulatory requirements of various local, state, provincial and national regulatory authorities, such as the Drugs
Controller General of India, Central Drugs Standard Control Organization, State Dugs Controller, Ministry of Health and
Family Welfare, Controlling cum Licensing Authority, and for certain facilities involved in producing products for exports,
international regulatory authorities. We are subject to international and national guidelines and regulations concerning
development, testing, manufacturing processes, equipment and facilities. Further, as we expand our operations and
geographic scope, we may be exposed to more complex and newer regulatory and administrative requirements and legal
risks, any of which may require expertise in which we have limited experience as well as impose significant compliance
costs on us.

These regulatory requirements impact many aspects of our operations, including manufacturing, developing, storage,
distribution, import and export and record keeping related to our products. Regulatory agencies may, for instance, delay,
limit or deny approval for many reasons, including:

• changes to the regulatory approval process, including new data requirements for product candidates in those
jurisdictions in which we or our customers may be seeking approval;

• drug manufacturers constantly have to monitor the efficacy and safety of their products throughout the drug life cycle
which involves significant regulatory challenges. Any drug during its life cycle can be recalled for safety reasons by
the drug regulators;

• resource constraints at the agency resulting in delayed review of submitted information; and

• the manufacturing processes, facilities, systems or personnel may not meet the applicable GMP guidelines.

Inspections by regulatory authorities that identify any deficiencies could result in remedial actions, production stoppages
or facility closure, which would disrupt the manufacturing process and supply of products to our customers. In addition,
such failure to comply could expose us to contractual and product liability claims, including claims by customers or recall
or other corrective actions, the cost of which could be significant. For details in connection with the inspections carried out
in our facility, see “Risk Factors- Our manufacturing facility are subject to periodic inspections and audits by regulatory
authorities and clients. We may be subject to regulatory action which may have an adverse effect on our business, results
of operations, financial condition and cash flows.” on page 44.

In addition, we believe applicable regulations have become increasingly stringent and if new legislation or regulations are
enacted or existing legislation or regulations are amended or are interpreted or enforced differently, we may be required to

41
obtain additional approvals or operate according to different manufacturing or operating standards. This may require a
change in our development and manufacturing process or additional capital investments in our facility. Any related costs
may be significant. While we did not face any instances wherein we have failed to comply with applicable regulatory
requirements in the Fiscal 2025, 2024 and 2023, if we fail to comply with applicable regulatory requirements in the future,
then we may be subject to warning letters and/or civil or criminal penalties and fines, suspension or withdrawal of
regulatory approvals, product recalls, seizure of products, restrictions on the import and export of our products, debarment,
exclusion, disgorgement of profits, operating restrictions and the loss of contracts and resulting revenue losses.

17. Our Company may not be successful in penetrating new markets. If we are unable to do so and implement our
business objectives effectively, our business, financial condition and results of operations may be adversely affected.

We are looking to continue our expansion into new markets and this subjects us to various challenges, including our lack
of familiarity with the culture and economic conditions of these new regions, language barriers, difficulties in staffing and
managing such operations, and the lack of brand recognition and reputation in such regions. In addition, the risks involved
in entering new geographic markets and expanding operations, may be higher than expected, and we may face significant
competition in such markets. In the Fiscals ended 2025, 2024 and 2023 we have entered into new markets such as Congo,
Mauritania, Libya, Qatar, Kosovo, Azerbaijan and Nigeria. By expanding into new geographical regions, we could be
subject to additional risks associated with establishing and conducting operations, including compliance with a wide range
of laws, regulations and practices; increase in our dependency on external agencies such as the third-party suppliers for
supply of raw materials, distributors and marketing partners, exposure to expropriation or other government actions; and
political, economic and social instability. If we are unable to penetrate new markets and implement our business objectives
effectively in such regions, our business, results of operations and financial condition may be adversely affected.

18. We derive a significant part of our revenue from few customers. If one or more of such customers choose not to
source their requirements from us or to terminate our contracts or purchase orders, our business, cash flows,
financial condition and results of operations may be adversely affected.

The table below sets out the revenue contribution and revenue contribution as a percentage of our total revenue from
contracts with customers of our largest customer, our top five customers and our top ten customers for Fiscal 2025, Fiscal
2024 and Fiscal 2023:

Particulars Fiscal 2025 Fiscal 2024 Fiscal 2023

In ₹ lakhs As a In ₹ lakhs As a In ₹ lakhs As a
percentage of percentage of percentage of
revenue from revenue from revenue from
operations operations operations
(%) (%) (%)
Revenue from
27,470.82 100.00% 28,034.03 100.00% 25,912.93 100.00%
operations
Largest
1,098.07 4.00% 1,000.11 3.57% 1,180.26 4.55%
customer
Top 5
4,627.42 16.84% 4,605.22 16.43% 4,946.03 19.09%
customers
Top 10
7,854.08 28.59% 7,942.40 28.33% 8,139.00 31.41%
customers

Reliance on a limited number of customers for our business may generally involve several risks. While we have developed
relationships with certain of our customers, there can be no assurance that our significant customers in the past will continue
to place orders or maintain the current level of business with us in the future. In order to retain some of our existing
customers, we may also be required to offer terms to such customers which may place restraints on our resources. The loss
of one or more of these significant customers or a significant decrease in business from any such key customer, whether
due to circumstances specific to such customer or adverse market conditions affecting the pharmaceutical industry or the
economic environment generally, may materially and adversely affect our business, results of operations and financial
condition. Further, our reliance on a select group of customers may also constrain our ability to negotiate favourable
arrangements, which may have an impact on our profit margins and financial performance. The deterioration of the
financial condition or business prospects of these customers could reduce their requirement of our products and result in a
significant decrease in the revenues we derive from these customers. We cannot assure you that we will be able to maintain
historic levels of business from our significant customers, or that we will be able to significantly reduce customer
concentration in the future.

42
Although we have various long-term agreements with some of these customers, the volume under these agreements is
subject to change, sometimes significantly based on the expected forecast volume required by our customers. In addition,
certain of our agreements may be terminated by the customer without notice. While, in the last three Fiscals, none of our
agreements have been terminated, there can be no assurance that such instances will not occur in future.

19. We are dependent on a number of key personnel, including our Promoters and senior management, and the loss
of, or our inability to hire, retain, train, and motivate qualified personnel could adversely affect our business, results
of operations and financial condition.

We are dependent on the continued contributions of our Chairman and Managing Director, Bhavesh Patel who is actively
involved in the business operations of our Company, and who has been instrumental in managing our rapidly expanding
operations, implementing strategic marketing and business initiatives, and focusing on financial performance. Further, our
Chief Financial Officer, Paras Mehta has over 20 years of experience and is a qualified chartered accountant and company
secretary. Further, Shailesh Shah, President – Finance (chartered accountant and company secretary) has over 30 years of
experience in finance, Anil Rathi, President - Operations of our Company (Chemical Engineer and Masters in Business
Administration) has over 25 years of experience in pharmaceutical industries, Vijay Kumar Walia, the President – National
Sales of our Company (Degree in Arts) has over 20 years of experience in pharmaceutical industries and Chetan Sheth,
Vice President- Quality Assurance and Regulatory Affairs of our Company (Bachelor degree in Pharmacy, Doctorate in
Management) has over 15 years of experience in quality assurance and control. Our Company’s average attrition rate of
promoters, directors, KMPs and SMPs in the Financial Years 2025, 2024 and 2023 is set out below:

Particulars Fiscal 2025# Fiscal 2024# Fiscal 2023#

All promoters/ directors/
16 12 11
KMPs and SMPs
Attrition rate *(%) 18.75 Nil 9.09
*Attrition rate = Number promoters/ directors/ KMPs and SMPs of left the Company during the year divided by total number of promoters/ directors /
KMPs and SMPs as on last date of respective financial year.
#For calculation of attrition rate, in the denominator only 5 promoters are considered for the all the periods as on January 12, 2024, 9 persons / entity
considered as promoters in Fiscal 2023 have been classified from promoter to promoter group. Since this reclassification does not represent actual
attrition, it is not factored into the attrition calculation.
^The 4 SMP were identified in resolution dated July 19, 2024. Thus, for calculation of attrition rate (%), SMPs are considered in denominator only for
March 31, 2025.

We believe that the inputs and experience of our senior management and key managerial personnel are valuable for the
growth and development of business and operations and the strategic directions taken by our Company. We cannot assure
you that we will be able to retain these executives or find adequate replacements in a timely manner, or at all. For further
details, see “Our Management” and “Our Promoters and Promoter Group” on pages 358 and 379, respectively. The
continued operations and growth of our business is dependent upon our ability to attract and retain our key personnel.
Competition for qualified personnel with relevant industry expertise in India is intense. A loss of the services of our key
personnel may adversely affect our business, results of operations, cash flows and financial condition.

In addition, we may require a long period of time to hire and train replacement personnel when personnel with technical
expertise terminate their employment with us. We may also be required to increase our levels of employee compensation
more rapidly than in the past to remain competitive in attracting and retaining personnel with technical expertise that our
business requires.

The loss of the services of our key personnel or our inability to recruit or train a sufficient number of experienced personnel
or our inability to manage the attrition levels in different employee categories may have an adverse effect on our financial
results and business prospects. Further, if we cannot hire additional qualified personnel or retain them, our ability to expand
our business may be impacted.

However, there can be no assurance that we may be able to find immediate replacements or suitable replacements if at all,
which could have an impact on our ongoing programs. In addition, although we believe we incentivise our employees by
offering remuneration in line with market standards and a conducive working environment, to the extent that we are unable
to attract, develop, retain, and protect leadership talent successfully, we could experience business disruptions and this
could impair our ability to achieve business objectives.

20. We are exposed to foreign currency fluctuation risks, particularly in relation to import of raw materials and export
of products, which may adversely affect our results of operations, financial condition and cash flows.

43
Our Company faces foreign exchange rate risk to the extent that our revenue, expenses, assets or liabilities are denominated
in a currency other than the Indian Rupee. Our Company’s financial statements are presented in Indian Rupees. To a large
extent, our revenue is influenced by the currencies in which we invoice our exports.

Set forth below are details of our (i) expenditure on consumption of imported raw material, and (ii) revenue from operations
from sales located outside India, in each of the corresponding years:

Particular Fiscal 2025 Fiscal 2024 Fiscal 2023

s (₹ Percentag Percenta (₹ Percentag Percenta (₹ Percentag Percenta
lakhs) e of total ge of lakhs e of total ge of lakhs e of total ge of
materials revenue ) materials revenue ) materials revenue
sourced( from sourced( from sourced( from
%) operatio %) operatio %) operatio
ns (%) ns (%) ns (%)
Expenditur 447.41 4.70 1.63 348.2 3.73 1.24 395.9 4.00 1.53
e on 5 8
consumpti
on of
imported
raw
material

Particulars Fiscal 2025 Fiscal 2024 Fiscal 2023

(₹ lakhs) Percentage of (₹ lakhs) Percentage of (₹ lakhs) Percentage of
revenue from revenue from revenue from
operations operations operations
(%) (%) (%)
Revenue from 9,083.09 33.06% 8,217.14 29.31% 8,018.51 30.94%
operations
outside India

Further, while we seek to hedge our foreign currency risk by entering into foreign exchange forward contracts, any steps
undertaken to hedge the risks due to fluctuations in currencies may not adequately hedge against any losses that we incur
due to such fluctuations. For details, see “Management’s Discussion and Analysis of Financial Condition and Results of
Operations – Global Operations and Foreign Exchange” beginning on page 462.

21. Our manufacturing facility are subject to periodic inspections and audits by regulatory authorities and clients. We
may be subject to regulatory action which may have an adverse effect on our business, results of operations,
financial condition and cash flows.

As a manufacturer of pharmaceutical formulations, we are required to comply with the regulations and quality standards
stipulated by the regulatory authorities in India and the countries to which we export our products. We are also required to
comply with global practice standards such as the European Union Good Manufacturing Practice, the World Health
Organization Good Manufacturing Practice. Our manufacturing units are also subject to periodic inspections and audits by
these regulatory authorities and our clients. During the Fiscals 2025, 2024 and 2023, our manufacturing facility were
subject to 19 inspections/audits by regulatory authorities we have not received any warning letters, imposition of sanctions,
amendment or withdrawal of our existing approvals, however if we are not in compliance with the requirements prescribed
by such authorities or terms stipulated in contracts with our clients, we may be subject to regulatory actions, including
issuance of warning letters, imposition of sanctions, amendment or withdrawal of our existing approvals, product seizure,
interruption of our operations, or claims resulting from non-compliance with contractual obligations. Any such actions may
adversely affect our business, results of operations, financial condition and cash flows.

Further, Amanta Healthcare Limited erstwhile Marck Bioscience Limited (the “Company”) underwent a Food and Drug
Administration (“FDA”) inspection between October 29, 2013 and November 01, 2013 for a Abbreviated New Drug
Application (“ANDA”). The inspection resulted in the issuance of a 19- item FDA 483, Inspectional Observations, to Mr.
Bhavesh Patel, Managing Director, on November 01, 2013. Observations 1 — 12 were cited in response to failures to
manufacture drug products in accordance with the regulations outlined in 21 CFR 210/211, while Observations 13 — 19
were cited in response to failures to manufacture medical device products in accordance with the regulations outlined in
21 CFR 820. The Company responded to these observations with letters dated September 02, 2014, November 18, 2014
and May 15, 2015. In the May 15, 2015 response the Company stated their intention withdraw from ANDA due to non

44
viability of the drug products. Pursuant to this the FDA closed the case but stated that the facilities would still remain
unacceptable and the Company will have to notify the FDA prior to manufacturing or distributing drug products in the
USA. The Company does not manufacture or sell any of its products in the USA as on date.
While there is no fixed frequency of inspections, our manufacturing facility and products are subject to multiple periodic
inspection/ audit by these regulatory agencies. Inspections by regulatory authorities that identify any deficiencies could
result in remedial actions, production stoppages or facility closure, which would disrupt the manufacturing process and
supply of products to our customers. For instance, our Company received a show cause notice, under Rule 85 of the Drugs
& Cosmetics Rules, from the Food and Drugs Control Administration, Gandhinagar, Gujarat on March 11, 2015, due to a
report from the Government Analyst, Central Drugs Laboratories, Kolkata. Pursuant to that report one of our products
(Sterile Water for Injection IP- batch no. 2F541006) was classified as “Not of Standard Quality Drugs”. Our Company
responded to the notice vide letter no. Marck/FDA/SVP/NSQ/001, dated March 30, 2015. Subsequently, FDCA, vide an
order dated May 18, 2015, suspended our manufacturing license no. G/1080 in form no:28 for a brief period of two days
i.e., June 18, 2015, and June 19, 2015.

We cannot assure you that we will not be subject to regulatory actions or claims resulting from non-compliance with
contractual obligations in the future. Any of the foregoing could adversely affect our business, results of operations,
financial condition and cash flows.

22. Our Company has a high debt to equity ratio which denote our significant outstanding debt and financial
obligations and our inability to meet our financial obligations may limit our ability to pursue our business and
could adversely affect our business, financial condition, results of operations and cash flows.

Our Company has a high debt to equity ratio which denote our significant outstanding debt and financial obligations, if we
are unable to service these obligations it could materially affect our financial position. Set forth below are details of our
debt to equity ratio and outstanding borrowings:

As at and for the Fiscal As at and for the Fiscal As at and for the Fiscal
Particulars
ended March 31, 2025 ended March 31, 2024 ended March 31, 2023
Debt to equity ratio 2.02 3.10 3.43
Total Borrowings (₹ in lakhs) 19,499.61 20,522.91 21,565.85

The level of our indebtedness could have several important consequences, including but not limited to the following:

• a significant portion of our cash flow may be used towards repayment of our existing debt, which will reduce the
available cash flow to fund our capital expenditures and other general corporate requirements;

• defaults of payment and other obligations under our financing arrangements may result in an event of default,
acceleration of our repayment obligations and enforcement of related security interests over our assets; and

• Our ability to obtain additional financing in the future or renegotiate or refinance our existing indebtedness on
terms favourable to us may be limited.

Any of these circumstances could adversely affect our business, credit ratings, prospects, results of operations and financial
condition. Moreover, any such action initiated by our lenders could adversely affect the price of the Equity Shares. For
further details regarding our indebtedness, see “Financial Information” and “Financial Indebtedness” on pages 389 and
483 respectively.

23. We have certain contingent liabilities that have not been provided for in our financial statements, which if they
materialize, may adversely affect our financial condition.

As of March 31, 2025, our contingent liabilities that have not been accounted for in our financial statements, were as
follows:

Particulars As of March 31, 2025

(₹ lakhs)
Income Tax including Interest and Penalty as applicable under Income Tax Act, 1961 11.19
Goods and Service Tax including Interest and Penalty as applicable under Goods and 1,119.00
Services Tax Laws

45
 Particulars As of March 31, 2025
(₹ lakhs)
Drug Price Control Order, 1979 28.52
Total 1,158.71

There can be no assurance that we will not incur similar or increased levels of contingent liabilities in the future and if a
significant portion of these liabilities materialise, it could have an adverse effect on our business, financial condition and
results of operations. For further information, see “Restated Financial Information” on page 389.

24. Our success depends on our ability to develop and commercialize new products in a timely manner. If our
formulation and development efforts do not succeed or the products we commercialize do not perform as expected,
this may hinder the introduction of new products, new markets and could adversely affect our business, financial
condition and results of operations.

Our success depends significantly on our ability to develop and commercialize new formulations, new markets.
Commercialization requires us to successfully develop, test, manufacture and obtain the required regulatory approvals for
our products, while complying with applicable regulatory and safety standards. While we have various products
registrations in the pipeline, we cannot assure you that our formulation development and trials will be successful.

Further we have 4 employees working in our F&D department.

Set forth below are list of new products launched by us in the Fiscals 2025, 2024 and 2023:

Sr. Generic Name Brand Name Pack Size Export/Domestic

No.
1. Linezolid I.V. Injection - 300 ml Domestic
2. Ibuprofen Solution for Infusion 400 mg/100 ml IV-Genic 100 ml Export
3. Ibuprofen IV Infusion 400 mg/100 ml IVGESIC 100 ml Export
4. Linezolid I.V Injection (200 mg/100 ml) SAVLIN 100 ml Export
Sodium Chloride Intravenous Infusion B.P (9 gm/lt) - 1000 ml Export
5.
(For Veterinary Use)
Glucose Intravenous Infusion B.P (50 gm/lt) - 1000 ml Export
6.
(For Veterinary Use)
Compound Sodium Lactate Intravenous Infusion - 1000 ml Export
B.P
7.
(Ringer Lactate Infusion)
(For Veterinary Use)
Glucose Intravenous Infusion B.P. (50 gm/lt) DSZOR 500 ml & 1000 Export
8.
ml
Sodium Chloride Intravenous Infusion B.P. (9 NSZOR 500 ml & 1000 Export
9.
gm/lt) ml
Compound Sodium Lactate Intravenous Infusion RLZOR 500 ml & 1000 Export
10. B.P. ml
(Ringer Lactate Infusion)
11. Paracetamol Injection (150 mg/ml) FEBRAMOL 2 ml Export
12. Balanced Salt Solution (For Irrigation) Sterile Zysure 250 ml & 500 ml Domestic
13. Balanced Salt Solution (For Irrigation) Sterile SteriSol 250 ml & 500 ml Domestic
14. Balanced Salt Solution (For Irrigation) Sterile IO-SOL 500 500 ml Export
15. Balanced Salt Solution (For Irrigation) Sterile SteriSol 250 ml & 500 ml Export

Set forth below are expenses incurred towards quality control in the Fiscals 2025, 2024 and 2023:

Particulars Fiscal 2025 Fiscal 2024 Fiscal 2023

(₹ lakhs) Percentage of (₹ lakhs) Percentage of (₹ lakhs) Percentage of
total expenses total expenses total expenses
(%) (%) (%)
Quality control 177.98 0.83 185.03 0.83 155.40 0.75
(Purchase and
testing)*

46
*Includes expenses towards F&D

The development and commercialization process are time-consuming and costly, with uncertain outcomes. The costs of
development and testing trials, which may be conducted during our formulation development process, may be higher than
anticipated, and we cannot assure you that we will be able to obtain sufficient funding or the necessary materials of requisite
quality to conduct the trials. Unsuccessful trials may delay the development of new products. Our newly-developed
products may not perform as projected in our business plans, and necessary regulatory approvals may not be obtained in a
timely manner, if at all.

25. We have in the past entered into related party transactions and may continue to do so in the future.

We have entered into transactions with related parties in the past and from, time to time, we may enter into related party
transactions in the future. In the Fiscals 2025, 2024 and 2023, the aggregate amount of such related party transactions was
₹ 318.51 lakhs, ₹ 262.17 lakhs, ₹169.45 lakhs, respectively primarily for short-term employee benefits and directors sitting
fees. The percentage of the aggregate value of such related party transactions to our total revenue from operations in the
Fiscals 2025, 2024 and 2023 was 1.16%, 0.94%, 0.65% respectively. For further details, see “Summary of the Issue
Document - Summary of related party transactions” and “Restated Financial Information - Related party disclosure – Note
42 ” on pages 20 and 389 respectively.

Set forth below are the absolute amount of related party transactions and as a percentage of our total revenue from
operation:

Particulars Fiscal 2025 Fiscal 2024 Fiscal 2023

Amount (₹ in As a % of Amount (₹ in As a % of Amount (₹ in As a % of
lakhs) our total lakhs) our total lakhs) our total
revenue from revenue from revenue
operations operations from
operations
Related party 318.51 1.16 262.17 0.94 169.45 0.65
transactions

All such transactions have been conducted in accordance with the Companies Act and other applicable regulations
pertaining to the evaluation and approval of such transactions and have not been prejudicial to the interests of our Company.
All related party transactions that we may enter into post-listing, will be subject to an approval by our Audit Committee,
Board, or Shareholders, as required under the Companies Act and the SEBI Listing Regulations. Such related party
transactions in the future or any other future transactions may potentially involve conflicts of interest which may be
detrimental to the interest of our Company and we cannot assure you that such transactions, individually or in the aggregate,
will always be in the best interests of our minority shareholders and will not have an adverse effect on our business,
financial condition, results of operations, cash flows and prospects.

26. We have witnessed fluctuating profit after tax in the past and this may not improve in the future.

Our Company for Fiscal 2025, Fiscal 2024 and Fiscal 2023 has witnessed fluctuating profits. Our profits are primarily
affected by expenses such as costs of raw materials and finance costs. Out of these, majority of our expenses leading to
lower profits are cost of material consumed details of which are set forth below:

Our Profit and profit margins in the Fiscal 2023, Fiscal 2024 and Fiscal 2025 are as follows:

Particulars Fiscal 2025 Fiscal 2024 Fiscal 2023

Profit after tax (amount in ₹ 1,050.07 363.32 (211.06)
lakhs)
Profit Margin (in %) 3.86% 1.30% (0.82%)

Further, for Fiscal 2023, there was a write off, of the deferred tax liability provided in earlier years amounting to ₹ 788.73
lakhs. The total tax provided for Fiscal 2023 was on higher side due to this and it led to negative PAT at ₹ (211.06) lacs.
For further detailed reason, please refer the chapter ‘Management’s Discussion and Analysis of Financial Condition and
Results of Operations’ on page 339 of the RHP.

47
We cannot assure you that we will be able to maintain stable profits or if our profit and profit margins may improve in the
future. This may affect the price of our equity shares.

27. We have been subject to regulatory inspections in relation to our plant and operations such as FDA inspections in
the past which have resulted in observations against our Company. In case of failure to comply with relevant
regulatory requirements or quality control standards in regard to such observations, we may be subject to certain
regulatory actions, which may affect our revenue from operations, liquidity and overall financial condition.

Pharmaceutical companies, such as ours, have obligations to, and are required to comply with the regulations and quality
standards stipulated by, regulators in India and other jurisdictions. These regulatory requirements impact many aspects of
our operations, including manufacturing, developing, storage, distribution, import and export and record keeping related
to our products. Inspections by regulatory authorities that identify any deficiencies could result in remedial actions,
production stoppages or facility closure, which would disrupt the manufacturing process and supply of products to our
customers.

Amanta Healthcare Limited erstwhile Marck Bioscience Limited (“Company”) underwent a Food and Drug Administration
(“FDA”) inspection between October 29, 2013 and November 01, 2013 for a Abbreviated New Drug Application
(“ANDA”). The inspection resulted in the issuance of a 19- item FDA 483, Inspectional Observations, to Mr. Bhavesh
Patel, Managing Director, on November 01, 2013. Observations 1 — 12 were cited in response to failures to manufacture
drug products in accordance with the regulations outlined in 21 CFR 210/211, while Observations 13 — 19 were cited in
response to failures to manufacture medical device products in accordance with the regulations outlined in 21 CFR 820.
The Company responded to these observations with letters dated September 02, 2014, November 18, 2014 and May 15,
2015. In the May 15, 2015 response the Company stated their intention withdraw from ANDA due to non viability of the
drug products. Pursuant to this the FDA closed the case but stated that the facilities would still remain unacceptable and
the Company will have to notify the FDA prior to manufacturing or distributing drug products in the USA. The Company
does not manufacture or sell any of its products in the USA as on date.

If we are not in compliance with relevant regulatory requirements or quality control standards in regards to such
observations, our manufacturing facilities and products may be subject to regulatory actions such as temporary or
permanent restriction to manufacture, market and sell our products, recall or seizure of our products which may affect our
revenue from operations, liquidity and overall financial condition.

28. Delay/ default in payment of statutory dues may attract penalties and in turn have an adverse impact on our
financial condition.

We are required to make certain payments to various statutory authorities from time to time, including but not limited to
payments pertaining to employee provident fund, employee state insurance, income tax and excise duty. The table below
sets forth the details of the statutory dues paid by our Company in relation to our employees for the years indicated below:
Particulars March 31, 2025 March 31, 2024 March 31, 2023
Provident Fund (₹ lakhs) 367.75 334.99 308.99
Number of employees for whom provident
6,038 6,500 6,618
fund has been paid*
ESIC (₹ lakhs) 0.25 0.07 0.09
Number of employees for whom ESIC has
28 47 70
been paid*
Tax Deducted at Source on salaries
199.25 184.16 144.22
(“TDS”) (₹ lakhs)
TDS on payments other than salaries (₹
324.76 131.72 122.09
lakhs)
Number of employees for whom TDS has
69 64 65
been paid
*Sum of each month has been considered

The table below provides the delays in payment of statutory dues by our Company during years indicated:

48
 Nature of Payment
GST TDS Professional Tax
Fiscal
Number of Amount (₹ Number of Amount (₹ Number of Amount (₹
instances lakhs) instances lakhs) instances lakhs)
Delay for NA NA 6 0.24 NA NA
Fiscal 2025
Delay for
NA NA 7 0.61 NA NA
Fiscal 2024
Delay for
NA NA NA NA NA NA
Fiscal 2023

Number of employees of our Company:

Particulars March 31, 2025 March 31, 2024 March 31, 2023
Total employees 506 529 544

While there have been no instances of failure to pay statutory dues in the three preceding Fiscals, we cannot assure you to
that we will be able to pay our statutory dues timely, or at all, in the future. Any failure or delay in payment of such statutory
dues may expose us to statutory and regulatory action, as well as significant penalties, and may adversely impact our
business, results of operations, cash flows and financial condition.

29. We have faced high attrition among our employees in the past and our inability to attract and retain employees, key
management personnel or the loss of services of our senior management personnel in the future may have an
adverse effect on our business, results of operations and financial condition.

Our ability to sustain our rate of growth depends upon our ability to manage key issues such as selecting and retaining our
employees, upskilling our employees, addressing emerging and workforce challenges. An inability to retain our permanent
employees, may have an adverse effect on our operations. Our Company’s average attrition rate of employees during the
last three Fiscals is set out below:

Particulars Fiscal 2025 Fiscal 2024 Fiscal 2023

Full time Employees 506 529 544

Attrition rate * 9.88 25.90 33.82

*Attrition rate = Number of employees left the Company during the year divided by total number of employees as on date
of the respective financial year/ period ended.

Competition for qualified personnel with relevant industry expertise in India is intense. We face intense competition for
such personnel and there can be no assurance that we will be successful in hiring or retaining appropriately qualified people,
which in turn may impact our ability to expand our business and our revenues could decline. Further, recruiting new
employees who require training tailored to our business and business operations, as well as providing training to our
existing employees on our internal policies, procedures and systems, could be costly, in terms of time, money and resources.
Our inability to attract and retain talented professionals, or the resignation or loss of such professionals, may have an
adverse impact on our business, results of operations and financial condition.

As of March 31, 2025, we had a total of 506 permanent employees and engaged 1,166 contract workers. In the event our
employee relationships deteriorate, or we experience significant labor unrest, strikes, work stoppages and other labor
action, there could be an adverse impact on our operations. While we have not experienced any material disagreements or
any material instances of labor unrest in Fiscals 2025, 2024 and 2023 there can be no assurance that we will not experience
disruptions due to disputes or other problems with our work force, which may adversely affect our ability to continue our
operations. We are unable to predict or control any such action in the future, and any such event could adversely affect our
business, results of operations and financial condition.

30. We are susceptible to product liability claims and associated risks of litigation that could expose us to material
liabilities, loss in revenues and increased expenses and thus may have a material adverse effect on our business
and financial condition. Failure to obtain product liability insurance may result in us being compelled to pay
substantial sums.

49
Our business exposes us to claims for injuries allegedly resulting from the use of our products. We may be held liable for,
or incur costs related to, liability claims if any of our products causes injury or is found unsuitable during development,
manufacture, sale or use. These risks exist even with respect to products that have received, or may in the future receive,
regulatory approval for commercial use. For example, our products may have expired or cause side-effects to consumers
or lack adequate efficacy. In the event our products cause or are perceived to cause severe side-effects, the sales of such
products may decrease, which may have an adverse effect on our revenues and profitability.

Moreover, since many of our products are directly injected into the blood-stream of the person, the consequences of expired
or faulty pharmaceutical products are significantly more harmful for human health. In foreign jurisdictions, in which we
intend to expand further for future sale and distribution of our products, precedents show that the quantum of damages,
especially punitive, awarded in cases of product liability is extremely high. Deterioration in our quality controls could also
result in product liability claims against us.

While we have not experienced of any instance(s) of such defects in our manufacturing facility and/or product quality that
had financial impact in the Financial Years 2025, 2024 and 2023, any actual or claimed defects in our manufacturing
facility and/or product quality could give rise to claims, liabilities, costs and expenses, relating to loss of life, personal
injury, damage to property, damage to equipment and facility, inefficient operating processes, loss of production or
suspension of operations. If a supplier fails to meet quality standards, it could also expose us to the risk of product liability
claims. If we cannot successfully defend ourselves against product liability claims, we may incur substantial liabilities. The
consequential liabilities and costs could have a material adverse effect on our business, financial condition, cash flows and
results of operations. Moreover, even unsuccessful product liability claims would likely require us to spend money on
litigation, divert management’s time, damage our reputation and impair the marketability of our products.

31. Our Company has issued Equity Shares during the last twelve months at a price which may be lower than the Issue
Price.

We have, in the 12 months preceding the filing of this Red Herring Prospectus, issued Equity Shares at prices that may be
lower than the Issue Price. See ‘Capital Structure – Notes to Capital Structure –Issue of equity shares at a price lower than
the Issue Price in the last one year’ on page 104. The price at which our Company has issued the Equity Shares in the past
is not indicative of the price at which they will be issued or traded.

32. The pharmaceutical industry is a highly regulated and is subject to government regulations. If we are unable to
manage the risks faced by factors such as change in government regulations, our revenues and profits could
decline, which could adversely affect our business

We operate in a highly regulated industry and our operations, including our development, testing, manufacturing, marketing
and sales activities, are subject to extensive laws and regulations in India and other countries. We are required to obtain
and maintain a number of statutory and regulatory permits and approvals under central, state and local government rules
in India, including those required by pharmaceutical industry regulators.

The Crisil Report states that, pharmaceutical industry is highly regulated as it deals with health of human life. The
pharmaceutical industry entails higher requirement of certification and approvals, such as drug regulatory approvals,
product (drug) effectiveness testing, biological and chemistry testing, manufacturing plant certifications, quality standards,
entry to market qualification, etc. The Indian Government has been taking various steps to control the prices of drugs and
make it more affordable to consumers. Between fiscal 2014 and fiscal 2015, the industry saw drug prices being regulated
for more than 500 medicines under the Drug Price Control Order (DPCO), thereby negatively impacting the industry.
Drugs under the National List of Essential Medicines (NLEM) comprised approximately 20% of the overall domestic
pharmaceutical market.

Moreover, the Government of India may implement new laws or other regulations and policies that could affect the
manufacturing industry and the pharmaceutical industry, which could lead to new compliance requirements, including
requiring us to obtain additional approvals and licenses. Moreover, given our presence in several international markets, we
are subject to additional risks related to complying with a wide variety of local laws, including restrictions on the import
and export of certain intermediates, drugs, technologies and multiple and possibly overlapping tax structures.
Consequently, there is increased risk that we may inadvertently fail to comply with such regulations, which could lead to
enforced shutdown of our operations and other sanctions imposed by the relevant authorities, as well as the withholding or
delay in receipt of regulatory approvals for our new products.

50
If we are unable to address these challenges and risks it could adversely affect our business, results of operations, financial
conditions and cash flows.

33. We have in the past entered into settlement agreement with our lenders

Our Company & others (including Bhavesh Patel) has entered into a settlement agreement dated March 30, 2022, with
KKR India Financial Services Limited, KKR India Debt Opportunities Fund II, Avendus Finance Private Limited and BOI
AXA Credit Risk Fund (“debt holder”) Pursuant to the arrangement, the Company has paid Rs. 15,251.72 Lakhs and issued
Non-Convertible Preference Shares of Rs. 1,000 Lakhs to the lenders. The difference between the carrying value of the
borrowing and the settlement consideration amounting to Rs. 6,852.26 Lakhs was waived off by the lender. This has been
credited to the Restated Statement of Profit and Loss and disclosed as an exceptional item. This agreement was entered
into by us to refinance our debt. As on date of this Red Herring Prospectus there is no mention of our Company as a
defaulter in CIBIL searches.

BOI AXA Mutual Fund, in its “Update Note on Portfolio Companies” for December 31, 2021, noted that the Company
defaulted on its instalment due on September 30, 2021, but made a partial payment in December 2021. Further, as of the
date of this Red Herring Prospectus, CIBIL (CRILIT) searches do not list the Company as a defaulter.

Except as stated above, we have not faced any other instance of restructuring or settlement of borrowings with financial
institutions and banks in the past three Financial Years. Any future instances of such restructuring or settlement on our part
may adversely affect our results of operations and financial condition.

34. We have faced losses in the past and cannot assure you that we will not incur losses in the future

We have recorded loses in the past and our profit margins are also fluctuating on a YoY basis, we cannot ensure that we
will not incur losses in the future or our net profit margins will improve in the future. For Fiscal 2023, there was a write
off of the deferred tax provided in earlier years amounting to ₹ 788.73 lakhs. The total tax provided for Fiscal 2023 was on
higher side due to this and it led to negative PAT at ₹ (211.06) lacs.

Any failure to increase our revenues sufficiently to keep pace with our expenses and investments could prevent us from
achieving profitability or positive cash flow on a consistent basis and which in turn could adversely affect our ability to,
among others, fund our operations, pay debts in a timely manner or finance proposed business expansions or investments.
Any of the foregoing could adversely affect our business, cash flows and financial condition.

35. Our Company owes certain dues to creditors, any delays or defaults in payment of such dues could adversely affect
our business, results of operations, financial condition and cash flows.

As of March 31, 2025, the details of the total outstanding over dues (trade payables) owed to micro, small and medium
enterprises (as defined under Section 2 of the Micro, Small and Medium Enterprises Development Act, 2006), Material
Creditors and other creditors are set forth below:
(in ₹ lakhs)
Types of Creditors Number of Creditors Amount involved
Micro, small and medium enterprises* 68 221.77
Material Creditors 4 1,473.32
Other Creditors# 232 1,354.85
Total 304 3,049.94
*As defined under the Micro, Small and Medium Enterprises Development Act, 2006.
# Including provisions and unbilled dues.
As certified by S G D G & Associates LLP, Independent Chartered Accountant (peer reviewed), by way of their certificate
dated August 22, 2025.

Any delays or defaults in in payment of such dues could adversely affect our business, results of operations, financial
condition and cash flows.

36. We intend to utilise the Net Proceeds for funding our capital expenditure requirements which aggregates to ₹
10,013.11 Lakhs and we are yet to place orders for majority of our capital expenditure requirements. There is no
assurance that we would be able to source such capital expenditure requirements in a timely manner or at
commercially acceptable prices.

51
We propose to utilize ₹ 7,000 lakhs of our Net Proceeds for funding capital expenditure requirements for civil construction
work and towards purchase of equipment, plant and machinery for setting up new manufacturing line of SteriPort at
Hariyala, Kheda, Gujarat and ₹ 3,013.11 lakhs for funding capital expenditure requirements towards civil construction
work, purchase of equipment, plant and machinery for setting up new manufacturing line for SVP at Hariyala, Kheda,
Gujarat. We have not entered into any definitive agreements with any of the vendors and have as of July 03, 2025 deployed
a total amount of ₹ 1830.71 lakhs, and we have relied on the quotations received from vendors for further information, see
“Objects of the Issue” on page 135. Further, such total estimated cost and related fund requirements have not been appraised
by any bank or financial institution or any other independent agency, except the Project Cost Vetting Report. While we
have obtained the quotations from various vendors in relation to such capital expenditure, most of these quotations are
valid for a certain period of time and may be subject to revisions, and other commercial and technical factors. We cannot
assure you that we will be able to undertake such capital expenditure within the cost indicated by such quotations, that
there will not be cost escalations and that we would be able to procure such equipment in a timely manner, or that we will
complete our expansion works within the estimated timelines, and if not, obtain extensions for the quotations at reasonable
cost to us, if at all. There is no assurance that we would be able to source such upgradation in a timely manner or at
commercially acceptable prices, which could adversely affect our expansion plans and consequently, our business and
results of operations.

In case, at the time of placing the order, our Company would not be able to acquire such plant and machinery at the expected
price, we are subject to risks on account of inflation in the price of machineries. In case of increase in price of such plant
and machinery our Company shall require to arrange such additional funds for completion of the project. If we are not able
to arrange such additional funds in due time which may result in delay in implementation of our project and which may
adversely affect the profitability and financial results of the Company.

Our new manufacturing line for SPV remains subject to potential problems financial and market conditions, delay in
procuring and operationalizing assets or necessary licenses and approvals, competition, price fluctuations, interest rate
fluctuations and other external factors, which may not be within the control of our management. Further, there can be no
assurance that our budgeted costs may be sufficient to meet our proposed capital expenditure requirements. If our actual
capital expenditures significantly exceed our budgets, or even if our budgets were sufficient to cover these projects, we
may not be able to achieve the intended economic benefits of these projects, which in turn may materially and adversely
affect our financial condition, results of operations, cash flows, and prospects.

37. Our Promoter Bhavesh Patel and his spouse Manisha Patel (member of Promoter Group) have provided personal
guarantee for certain borrowing obtained by our Company and any failure or default by our Company to repay
such loans could trigger repayment obligations on our Promoter and his wife which may impact their ability to
effectively service their obligations and thereby, adversely impact our business and operations.
There is certain borrowings availed by our Company for which our Promoter, Bhavesh Patel and his wife Manisha Patel
have given guarantee. The table set out below provides details of personal guarantee provided:

Name of the Guarantor Name of the Lender Type of Facility Sanctioned and
Guaranteed amount (in ₹
lakhs)

Bhavesh Patel Axis Finance Limited Term Loan Axis Finance Limited -
(AFL) and Aditya Birla 11,500
Finance Limited (ABFL)
Manisha Patel Axis Finance Limited and Term Loan Aditya Birla Finance
Aditya Birla Finance Limited – 5,000
Limited (Individually)
Bhavesh Patel Preference Shareholders Personal Guarantee Issued 1,00,00,000
Redeemable Preference
shares which carries 0.1%
dividend up to September
30, 2022 and 10% from
October 01, 2022 and
internal rate of return is
14%.
Bhavesh Patel Karur Vyasa Bank* Term Loan 1,875.00
Bhavesh Patel State Bank of India Fund / non fund facilities 5,414.00

52
 Name of the Guarantor Name of the Lender Type of Facility Sanctioned and
Guaranteed amount (in ₹
lakhs)

Manisha Patel State Bank of India Fund / non fund facilities 5,414.00
*Loan is against Bhavesh Patel’s personal residential property

For further details in relation to our borrowings, see “Financial Indebtedness” on page 483. Any default or failure by our
Company to repay loans in a timely manner or at all could trigger repayment obligations on the part of our promoter and
his wife in respect of such loans. This, in turn, could have an impact on the Promoters’ ability to effectively service his
obligations as the promoters of our Company, thereby having adverse effect on our business, results of operations and
financial conditions.

Further, one of our Promoter, Bhavesh Patel has pledged his 61,36,328 and 88,265 Equity Shares on September 13, 2024
and December 16, 2024 respectively aggregating to 21.59% of the Equity Share Capital of our Company.

Further, in the event that our Promoters withdraw or terminate the guarantees, our lenders for such facilities may ask for
alternate guarantee, repayment of amounts outstanding under such facility, or even terminate such facility. We may not be
successful in procuring guarantees satisfactory to the lenders, and as a result may need to repay outstanding amounts under
such facilities or seek additional sources of capital, which could affect our business, results of operations and financial
condition.

38. Our Company has availed unsecured borrowings from bank (which is guaranteed by director’s property) and
members of the Company.

Our Company has availed unsecured borrowings from banks and deposit holders. As of March 31, 2025, these borrowings
amounted to ₹2,476.22 lakhs. Since these loans are unsecured, and the repayment terms are based solely on agreed-upon
schedules with the lenders. Any unforeseen demand for immediate or accelerated repayment could adversely affect our
Company's liquidity, cash flow, and financial stability. A significant disruption in our ability to manage or refinance these
liabilities may also impact our operations and overall financial health. For further details of unsecured loans of our
Company, please refer “Note 20 and Note 21” respectively under “Restated Financial Information” on page 389.

39. Any delays in the schedule of implementation of our proposed objects could have an adverse impact on our business,
financial condition and results of operations.

We intend to utilize a portion of the Net Proceeds for funding our capital expenditure requirements which includes, inter
alia, for funding capital expenditure requirements for civil construction work and towards purchase of equipment, plant
and machinery for setting up new manufacturing line of SteriPort at Hariyala, Kheda, Gujarat funding capital expenditure
requirements towards civil construction work, purchase of equipment, plant and machinery for setting up new
manufacturing line for SVP at Hariyala, Kheda, Gujarat. For further information, see “Objects of the Issue” on page 135.
Further, the details of our proposed schedule of implementation and deployment of proceeds is as per “Objects of the Issue
- Proposed schedule of implementation and deployment of proceeds is as follows:
(₹ in lakhs)
Amount to Estimated deployment
Total be funded Amount
Sr.
Particulars estimated from the deployed as on Fiscal Fiscal 2027
No.
cost Net July 03, 2025 2026
Proceeds
1. Funding capital expenditure 9,000.00 7,000.00 1,830.71 7,000.00 -
requirements for civil
construction work and
towards purchase of
equipment, plant and
machinery for setting up new
manufacturing line of
SteriPort at Hariyala, Kheda,
Gujarat
2. Funding capital expenditure 3,013.11 3,013.11 - 1,000.00 2013.11
requirements towards civil
construction work, purchase

53
 Amount to Estimated deployment
Total be funded Amount
Sr.
Particulars estimated from the deployed as on Fiscal Fiscal 2027
No.
cost Net July 03, 2025 2026
Proceeds
of equipment, plant and
machinery for setting up new
manufacturing line for SVP
at Hariyala, Kheda, Gujarat
3. General corporate [●] [●] - [●] [●]
purposes(1)
Total(1) [●] [●] - [●] [●]
1. To be finalised upon determination of the Issue Price and updated in the Prospectus prior to filing with the RoC. The
aggregate amount to be utilised for general corporate purposes shall not exceed 25% of the Gross Proceeds

We are subject to risks associated with delays in the schedule of implementation of our proposed objects. These include
risks on account of market conditions, delay in procuring and operationalizing assets or necessary licenses and approvals,
competition, price fluctuations, interest rate fluctuations and other external factors. In the event we are unable to adhere to
our proposed schedule of implementation of our objects, we may be subject to cost escalations which in-turn could have a
material adverse impact on our business, financial condition and results of operations.

40. Our insurance coverage may not be sufficient or adequate to cover our losses and liabilities. If we suffer a large
uninsured loss or an insured loss that significantly exceeds our insurance coverage, our business, results of
operations, financial condition and cash flows may be adversely affected.

Our business and operations are subject to hazards inherent in sales and manufacturing, such as risks of equipment failure,
work accidents, fire, natural disasters and other force majeure events, acts of terrorism and explosions, including hazards
that may cause injury and loss of life, damage or destruction of property and equipment, environmental damage, and non-
payment of amounts due to us by our clients, and product returns, among others. We may also be subject to product liability
claims if the products that we manufacture are not in compliance with regulatory standards and the terms of our contractual
arrangements.

Our principal types of coverage include insurance for fire, money, group personal accident, workmen compensation,
director liability, standalone terrorism, clinical trial, and marine insurance, among others. Set forth below are the details of
our total assets and the insurance coverage on such assets:

Particulars For the Financial Year

2025 2024 2023
Total assets (₹ in lakhs) (A) 38,175.85 35,211.97 37,406.14
Total book value of assets on which 27,855.18 28,020.82 29,620.33
insurance has been taken (₹ in lakhs) (B)
Insurance coverage (₹ in lakhs) (C) 27,855.18 28,020.82 29,620.33
% of insurance coverage (%) (C/B) 100.00 100.00 100.00

While the insurance coverage which we maintain would be reasonably adequate to cover the normal risks associated with
the operation of our business, we cannot assure you that any claim under the insurance policies maintained by us will be
honoured fully, in part or on time, or that we have taken out sufficient insurance to cover all our losses. While we have not
faced any such instances in the Financial Years 2025, 2024 and 2023 we cannot assure you that we will not write off any
insurance claims receivables in the future, or that we will be able to receive the claimed amount in a timely manner or at
all, which may adversely affect our results of operations, cash flows and financial condition.

In addition, our insurance coverage expires from time to time. We apply for the renewal of our insurance coverage in the
normal course of our business, but we cannot assure you that such renewals will be granted in a timely manner at acceptable
costs or at all. To the extent that we suffer loss or damage, for which we have not obtained or maintained insurance, or
which is not covered by insurance, which exceeds our insurance coverage or where our insurance claims are rejected, the
loss would have to be borne by us and our business, results of operations, financial condition and cash flows could be
adversely affected.

41. Our inability to meet our obligations, including financial and other covenants under our debt financing
arrangements could adversely affect our business, financial condition, cash flows and results of operations.

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As of March 31, 2025, our total borrowings (non current and current borrowings) amounted to ₹ 19,499.61 lakhs. Our
ability to meet our obligations under our debt financing arrangements, which comprise term loans and working capital
demand loans from time to time, and repayment of our outstanding borrowings will depend primarily on the cash generated
by our business. Our financing agreements generally include various conditions and covenants that require us to obtain
lender consents prior to carrying out certain activities and entering into certain transactions such as:

• any change in the capital structure, shareholding pattern, ownership, management, or control, including any dilution
in the shareholding of our Promoters and Promoter Group;
• any amendments to our constitutional documents;
• undertaking any merger amalgamation, compromise or reconstruction;
• opening a new bank account;
• prior repayment of the credit facility;
• effecting any dividend pay-out in case of delay in debt servicing or breach of any financial covenants; and
• undertaking any new business or operations or project or diversification of business.

These covenants vary depending on the requirements of the financial institution extending the loan and the conditions
negotiated under each financing document, and may restrict or delay certain actions or initiatives that we may propose to
take from time to time.

Further, in the past we have entered into settlement agreement with some our lenders. Any future instances of such
restructuring or settlement on our part may adversely affect our results of operations and financial condition For further
details please see “Risk Factor - We have in the past entered into settlement agreement with our lenders” on page 51 of
this Red Herring Prospectus.

Our ability to make payments on our indebtedness will depend on our future performance and our ability to generate cash,
which to a certain extent is subject to general economic, financial, competitive, legislative, legal, regulatory and other
factors, many of which are beyond our control. If our future cash flows from operations and other capital resources are
insufficient to pay our debt obligations, meet our contractual obligations, or to fund our other liquidity needs, we may be
forced to sell assets or attempt to restructure or refinance our existing indebtedness. Any refinancing of our debt could be
at higher interest rates and may require us to comply with more onerous covenants, which could further restrict our business
and operations. In addition, any failure to make payments of interest and principal on our outstanding indebtedness on a
timely basis would likely result in a reduction of our creditworthiness and/or any credit rating we may hold, which could
harm our ability to incur additional indebtedness on acceptable terms.

We have obtained waivers from the relevant lenders and none of our lenders have required us to repay any part of our
borrowings, undertaken any other enforcement actions or otherwise exercised their rights under the financing agreements
as a result of any of our non-compliances. We cannot assure you that in future also we will be able to have condonation or
relief from banks for any breach of financial and other covenant. Also, in the event we breach any financial or other
covenants contained in any of our financing arrangements or in the event we had breached any terms in the past, which is
noticed in the future, we may be required to immediately repay our borrowings either in whole or in part, together with any
related costs. Any of the foregoing could adversely affect our business, financial condition, cash flows and results of
operations.

42. Our Promoters, certain of our Directors, Key Managerial Personnel and Senior Managerial Personnel may have
interests other than reimbursement of expenses incurred and normal remuneration or benefits.

Our Promoters, certain of our Directors, Key Managerial Personnel and Senior Managerial Personnel are interested in our
Company, in addition to regular remuneration or benefits and reimbursement of expenses and such interests are to the
extent of their, their relatives and their company’s shareholding in our Company, payment of dividend or distributions
thereon. For the payments that are made by our Company to related parties including remuneration to our Directors ,Key
Managerial Personnel and Senior Managerial Personnel, see “Summary of the Issue Document– Summary of Related Party
Transactions” on page 25 and “Our Promoter and Promoter Group – Interests of our Promoters” on page 382. We cannot
assure you that our Promoters, Directors and Key Managerial Personnel will exercise their rights to the benefit and best
interest of our Company. As Shareholders of our Company, our Promoters, Directors, Key Managerial Personnel and
Senior Managerial Personnel, may take or block actions with respect to our business which may conflict with the interests
of the minority shareholders of our Company.

43. We may face difficulties in executing our strategies including our expansion plans.

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Our growth strategy includes expanding our existing business in same ISBM technology. We cannot assure you that our
growth strategies will be successful in a timely manner or at all or that we will be able to continue to expand further or
diversify our product portfolio.

We have experienced growth in the past two years. Our total income has grown at a CAGR of 2.52 % from ₹ 26,269.62
lakhs in Fiscal 2023 to ₹27,609.34 lakhs in Fiscal 2025. Our operations have grown over the last few Fiscals. We may not
be able to sustain our rates of growth, due to a variety of reasons including a decline in the demand for our products and
services, increased price competition, non-availability of raw materials, lack of management availability or a general
slowdown in the economy. A failure to sustain our growth may have an adverse effect on our business, results of operations
and financial condition. Our growth strategy will place significant demands on our management as well as our financial,
accounting and operating systems. If we are unable to increase our production capacity in line with our customer
requirements, we may not be able to successfully execute our growth strategy. Further, as we scale-up and diversify our
operations, we may not be able to execute our operations efficiently, which may result in delays, increased costs and lower
quality products. We cannot assure you that our future performance or growth strategy will be successful. Any of our
current or future horizontal and/or vertical integration related strategies may not be executed as planned on account of
factors such as lack of adequate experience, increase in competition from peers, amongst others.

44. Our inability to accurately forecast demand for our products and manage our inventory may have an adverse effect
on our business, results of operations, financial condition and cash flows.

Our ability to accurately forecast demand for our products and efficiently manage inventory is crucial to the health of our
business. We market our products through three strategic business units namely (a) national sales, (b) international sales
and (c) product partnering with various foreign and Indian pharmaceutical companies and we maintain an adequate
inventory of raw materials, packing material, work-in-progress, finished goods and stock in trade to account for the demand
for our products. Set forth below are details of our inventories as of the March 31, 2025, 2024 and 2023:

Particulars Fiscal 2025 Fiscal 2024 Fiscal 2023

(₹ lakhs) % of total (₹ lakhs) % of total (₹ lakhs) % of total
assets assets assets
Inventories 7,297.69 19.12% 5,944.76 16.88% 6,892.08 18.42%

For details, see “Restated Financial Information” on page 389.

While we seek to accurately forecast the demand for our clients’ requirements and, accordingly, plan our production
volumes, if we underestimate demand or have inadequate capacity, we may manufacture fewer quantities of products than
required and be unable to meet our clients’ requirements, which could result in the loss of business. On the other hand, we
may overestimate demand or demand from our clients may decline. As a result, we may produce quantities in excess of
actual demand, which would result in surplus stock that we may not be able to sell in a timely manner. Our inability to
accurately forecast demand for our products and manage our inventory may therefore have an adverse effect on our
business, results of operations, financial condition and cash flows.

45. Reforms in the healthcare industry and the uncertainty associated with pharmaceutical pricing, reimbursement
and related matters could adversely affect the marketing, pricing and demand for our products.

Our success will depend in part on the extent to which government and health administration authorities, private health
insurers and other third-party payers will pay for our products. In many countries, including India, pharmaceutical prices
are subject to regulation. Price controls operate differently in different countries and can cause wide variations in prices
between markets. Currency fluctuations can aggravate these differences. The existence of price controls can limit the
revenues we earn from our products. For example, in India, prices of certain pharmaceutical products are determined by
the Drug Prices Control Order, 2013 (“DPCO”), promulgated by the Government of India and administered by the National
Pharmaceutical Pricing Authority (“NPPA”). If a given pharmaceutical product falls within the DPCO, the product’s price
could be significantly lower than what its market price would be without such price restriction. Any changes to these prices
stipulated by the NPPA or other similar authorities, or the inclusion of other of our pharmaceutical products not currently
within the DPCO, could have an adverse effect on our profitability. Any unforeseen changes in the regulatory environment
in relation to prices of our products, or our inability to comply with the applicable regulatory requirements could adversely
affect our business, results of operations and cash flows.

46. Our business, results of operations and financial condition may be adversely affected if we are unable to enhance
or maintain our brand image.

56
Our brand represents a valuable asset across our operations, and it is imperative that we continually cultivate and enhance
our reputation while increasing brand awareness through targeted and consistent business development and branding

initiatives. We sell our products under brand name “ ”. We have registered trademark of SteriPort under
the class 5, 10, 21 and 44 under the provisions of the Trademarks Act, 1999, as amended. For further details please see
“Government and other approvals” on page 491 of this Red Herring Prospectus.

Despite our efforts to raise awareness about our product partnering capabilities, and our formulations businesses, our
business fundamentally relies on our clients’ perception of our reputation and brand. If our marketing and advertising
endeavours do not yield the desired results, we may incur expenses without the anticipated revenue benefits. Furthermore,
competitors may launch promotional activities and branding campaigns that enhance their brand visibility, and we may
struggle to keep pace. Additionally, lapses in maintaining our quality accreditations and certifications can negatively affect
our brand and reputation. Any failure to uphold the value of our brands, preserve our reputation, or attract clients may have
an adverse effect on our business, results of operations and financial condition.

Furthermore, our reputation and brands could be susceptible to damage from negative publicity, whether in traditional or
social media, or from claims or perceptions regarding the quality of our products. Any adverse incidents, such as litigation,
regulatory actions, or negative publicity can significantly erode our brand value and consumer trust. Consequently, such
occurrences could adversely affect our business, results of operations and financial condition.

47. Certain secretarial records and documents filed by us with the Registrar of Companies are not traceable.

Our Company is unable to trace certain secretarial records and regulatory filings made by it. These include Form- 2 return
of allotment for allotments dated March 13, 2006 along with challan and Form-20B for annual return since incorporation
to 2003 of our Company. Despite having conducted an extensive search of our records, we have not been able to retrieve
the aforementioned documents, and accordingly, have relied on alternate documents, including the certificate of
incorporation, minutes of board meetings and subsequent form filings which mention the relevant details.

We cannot assure you that the secretarial records or regulatory filings which we have not been able to locate will be
available in the future, or that the regulatory filings were done in accordance with applicable law or at all or in timely
manner. Additionally, while no disputes or penalties have arisen or been imposed in connection with these secretarial
records as on the date of this Red Herring Prospectus, we cannot assure you that no dispute or penalties shall arise or be
imposed in the future.

48. We intend to utilize a portion of the Net Proceeds for funding our capital expenditure requirements for expansion
of SteriPort and SVP lines. In the event of any delay in placing the orders, or in the event the vendor is not able to
provide the equipment in a timely manner, or at all, it may result in time and cost overruns and our business,
prospects and results of operations may be adversely affected.

We intend to utilize a portion of the Net Proceeds for funding our capital expenditure requirements which includes, inter
alia, for funding capital expenditure requirements for civil construction work and towards purchase of equipment, plant
and machinery for setting up new manufacturing line of SteriPort at Hariyala, Kheda, Gujarat and funding capital
expenditure requirements towards civil construction work, purchase of equipment, plant and machinery for setting up new
manufacturing line for SVP at Hariyala, Kheda, Gujarat. Such expansion of our manufacturing capacity may be subject to
regulatory restrictions, and we may face other challenges. Further, we cannot assure you that such expansion plans will be
successfully implemented. Any delay or increase in the costs of construction and equipment could have a material adverse
effect on our business or results of operations.

We have not entered into any definitive agreements to utilize the Net Proceeds for this object of the Issue and have relied
on the quotations received from third parties for estimation of the cost. While we have obtained the quotations from various
vendors in relation to such capital expenditure, most of these quotations are valid for a certain period of time and may be
subject to revisions, and other commercial and technical factors, including our financial and market condition, business
and strategy, competition, negotiation with suppliers, variation in cost estimates on account of factors, including changes
in design or configuration of the equipment and interest or exchange rate fluctuations and other external factors including
changes in the price of the equipment which may not be within the control of our management. We cannot assure you that
we will be able to undertake such capital expenditure within the cost indicated by such quotations or that there will not be
cost escalations. For details, see “Objects of the Issue” at page 135.

57
49. Our funding requirements and proposed deployment of the Net Proceeds of the Issue have not been appraised by a
bank or a financial institution are based on management estimates and may be subject to change based on various
factors, some of which are beyond our control.

We intend to use the Net Proceeds for the purposes described in “Objects of the Issue” on page 135 of this Red Herring
Prospectus. As on the date of this Red Herring Prospectus, our funding requirements are based on management estimates
in view of past expenditures and have not been appraised by any bank or financial institution. Although, our Company, has
procured a Project Cost Vetting Report dated August 22, 2025, from Dun & Bradstreet, our funding requirements have not
been appraised by any bank or financial institution. They are based on current conditions and management estimates and
are subject to change in light of changes in external circumstances, costs, business initiatives, other financial conditions or
business strategies. While we will use the Net Proceeds in the manner specified in “Objects of the Issue” on page 135, the
amount of Net Proceeds to be actually used will be based on our management’s discretion. Based on the competitive nature
of our industry, we may have to revise our business plan and/ or management estimates from time to time and consequently
our funding requirements may also change. Our internal management estimates may exceed fair market value which may
require us to reschedule or reallocate our capital expenditure and may have an adverse effect on our business, financial
condition, results of operations and cash flows.

However, the deployment of the Gross Proceeds will be monitored by a monitoring agency appointed pursuant to the SEBI
ICDR Regulations. We may have to reconsider our estimates or business plans due to changes in underlying factors, some
of which are beyond our control, such as interest rate fluctuations, changes in input cost, and other financial and operational
factors. Accordingly, prospective investors in the Issue will need to rely upon our management’s judgment with respect to
the use of Net Proceeds. If we are unable to deploy the Net Proceeds in a timely or an efficient manner, it may affect our
business and the results of operations.

50. Any variation in the utilization of the Net Proceeds would be subject to certain compliance requirements, including
prior Shareholders’ approval.

Our Company intends to use the Net Proceeds as described in “Objects of the Issue” on page 135. At this stage, we cannot
determine with any certainty if we would require the Net Proceeds to fund any other expenditure or any exigencies arising
out of changes in our competitive environment, business conditions, economic conditions or other factors beyond our
control. In accordance with Sections 13(8) and 27 of the Companies Act 2013 and in accordance with other applicable
laws, we cannot undertake any variation in the utilization of the Net Proceeds without obtaining shareholders’ approval
through a special resolution. In the event of any such circumstances that require us to vary from the disclosed proposed
utilization of the Net Proceeds, we may not be able to obtain Shareholders’ approval in a timely manner, or at all. Any
delay or inability in obtaining such Shareholders’ approval may adversely affect our business or operations. Further, our
Promoters would be required to provide an exit opportunity to the Shareholders who do not agree with our proposal to
change the objects of the Issue or vary the terms of any contract referred to in this Red Herring Prospectus, at a price and
manner as prescribed by SEBI. Additionally, the requirement on Promoters to provide an exit opportunity to such dissenting
shareholders may deter the Promoters from agreeing to a variation from the proposed utilization of the Net Proceeds, even
if such variation is in the interest of our Company. Further, we cannot assure you that the Promoters or the controlling
shareholders of our Company will have adequate resources at their disposal at all times to enable them to provide an exit
opportunity at the price prescribed by SEBI. In light of these factors, we may not be able to use any unutilized proceeds of
the Issue in variation from the objects of the Issue, or vary the terms of any contract referred to in this Red Herring
Prospectus, even if such variation is in the interest of our Company. This may restrict our Company’s ability to respond to
any change in our business or financial condition by re-deploying the unutilized portion of the Net Proceeds, which may
adversely affect our business, financial condition and results of operations. Additionally, various risks and uncertainties,
including those set forth in this “Risk Factors” section, may limit or delay our Company’s efforts to use the Net Proceeds
to achieve profitable growth.

51. Information relating to the installed manufacturing capacity, actual production and capacity utilization of our
manufacturing facility included in this Red Herring Prospectus are based on various assumptions and estimates
and future production and capacity may vary.

Information relating to the installed manufacturing capacity, actual production and capacity utilization of our
manufacturing facility included in this Red Herring Prospectus, including in “Our Business – Capacity, Production and
Capacity Utilization” on page 324, are based on various assumptions and estimates of our management that have been
taken into account by Atishkumar Naishadbhai Patel, an independent chartered engineer in the calculation of the installed
manufacturing capacity, actual production and capacity utilization of our manufacturing facility. These assumptions and
estimates include the standard capacity calculation practice of the pharmaceuticals industry after examining the calculations
and explanations our Company and the equipment installed at the facilities. In addition, the information relating to the

58
actual production at our manufacturing facilities are based on, amongst other things, the examination of our internal
production records, the period during which our manufacturing facility operate in a year, expected operations, availability
of raw materials, downtime resulting from scheduled maintenance activities, unscheduled breakdowns, as well as expected
operational efficiencies. Further, capacity utilization has been calculated on the basis of actual production during the
relevant period divided by the aggregate installed capacity of relevant manufacturing facilities as of at the end of the
relevant period. Accordingly, actual production levels and rates may differ significantly from the installed capacity
information of our facilities or historical installed capacity information of our facilities depending on the product type.
Undue reliance should therefore not be placed on our historical installed capacity information for our existing facility
included in this Red Herring Prospectus.

52. Certain sections of this Red Herring Prospectus contain information from the CRISIL Report which we have
commissioned and purchased and any reliance on such information for making an investment decision in the Issue
is subject to inherent risks.

Certain sections of this Red Herring Prospectus, such as Industry Overview, “Our Business”, “Risk Factors “and “Summary
of Issue Document” include information based on, or derived from, the CRISIL Report or extracts of the CRISIL Report
prepared by CRISIL, which is not related to our Company, Directors, Promoters, KMPs, SMPs or Book Running Lead
Manager. We commissioned and paid for this report for the purpose of confirming our understanding of the industry in
connection with the Issue. We do not have any business relations with CRISIL other than the credit ratings obtained by us
from them in the past. All such information in this Red Herring Prospectus indicates the CRISIL Report as its source.
Accordingly, any information in this Red Herring Prospectus derived from, or based on, the CRISIL Report should be read
taking into consideration the foregoing.

This report is subject to various limitations and based upon certain assumptions that are subjective in nature. While we
have assumed responsibility for the contents of the report and have taken reasonable care in the reproduction of the
information, we make no representation or warranty, express or implied, as to the accuracy or completeness of such facts
and statistics and the same may be inaccurate or may not be comparable to statistics produced for other economies and
should not be unduly relied upon. Statements from third parties that involve estimates are subject to change, and actual
amounts may differ materially from those included in this Red Herring Prospectus. Further, the CRISIL Report is not a
recommendation to invest / disinvest in any company covered in the CRISIL Report. Accordingly, prospective investors
should not place undue reliance on, or base their investment decision solely on this information.

In view of the foregoing, you may not be able to seek legal recourse for any losses resulting from undertaking any
investment in the Issue pursuant to reliance on the information in this Red Herring Prospectus based on, or derived from,
the CRISIL Report. You should consult your own advisors and undertake an independent assessment of information in this
Red Herring Prospectus based on, or derived from, the CRISIL Report before making any investment decision regarding
the Issue.

53. The failure, inadequacy or breach of our information technology systems or our business processes regarding
confidential information and other data, unauthorized access to our confidential information or violations of data
protection laws could have an adverse effect on our business, results of operations, financial condition and cash
flows.

Our business and operations are dependent upon increasingly complex and interdependent information technology systems,
including enterprise applications and cloud-based applications managed through security monitoring tools and processes.
IT systems are vulnerable to breakdown, system problems and inadequacies, service interruptions and failures, security
breaches, and malicious intrusions or cyber-attacks from a variety of sources such as ransomware, phishing emails and
other such computer viruses. Cyber-attacks are growing in their frequency, sophistication and intensity, and are becoming
increasingly difficult to detect, mitigate or prevent. In addition, our systems are potentially vulnerable to data security
breaches, whether by employees or others that may expose sensitive data to unauthorized persons. Such data security
breaches could lead to loss of trade secrets or other intellectual property or lead to the public exposure of personal
information (including sensitive personal information) of our employees, clients and others.

Further, we are subject to laws and regulations relating to privacy and the collection, storing, sharing, use, disclosure, and
protection of certain types of data. These laws and regulations may continually change as a result of new legislation,
amendments to existing legislation, changes in the enforcement policies and changes in the interpretation of such laws and
regulations by the courts or the regulators. For instance, on August 11, 2023, the President assented to the PDP Bill 2023,
thereby passing the Digital Personal Data Protection Act, 2023 (the “PDP Act”). The PDP Act aims to govern the
processing of digital personal data for lawful purposes, while simultaneously ensuring the right of individuals to protect

59
their personal data. Our failure to comply with the applicable laws and regulations relating to privacy and data protection
could have an adverse effect on our business, results of operations, financial condition and cash flows.

54. Certain non-GAAP financial measures and other statistical information relating to our operations and financial
performance have been included in this Red Herring Prospectus. These Non-GAAP financial measures are not
measures of operating performance or liquidity defined by Ind AS and may not be comparable with those presented
by other companies.

Certain Non-GAAP financial measures and other statistical information relating to our operations and financial
performance have been included in this Red Herring Prospectus. These Non-GAAP financial measures are not measures
of operating performance or liquidity defined by Ind AS and may not be comparable with those presented by other
companies. Certain Non-Generally Accepted Accounting Principles (“Non-GAAP”) financial measures and other
statistical information relating to our operations and financial performance such as EBITDA margin, Return on Net Worth,
NAV and others have been included in this Red Herring Prospectus. We compute and disclose such Non-GAAP financial
measures and other statistical information relating to our operations and financial performance as we consider such
information to be useful measures of our business and financial performance. These Non-GAAP financial measures are
supplemental measures of our performance and liquidity that is not required by, or presented in accordance with, Ind AS,
Indian GAAP, IFRS or US GAAP. Further, these Non-GAAP financial measures should not be considered in isolation or
construed as an alternative to cash flows, profit/(loss) for the years or any other measure of financial performance or as an
indicator of our operating performance, liquidity, profitability or cash flows generated by operating, investing or financing
activities derived in accordance with Ind AS, Indian GAAP, IFRS or US GAAP.

In addition, these Non-GAAP financial measures are not standardized terms, hence a direct comparison of these Non-
GAAP financial measures between companies may not be possible. However, such information may not be computed on
the basis of any standard methodology that is applicable across the industry and may not be comparable to financial
measures and statistical information of similar nomenclature that may be computed and presented by other companies and
are not measures of operating performance or liquidity defined by Ind AS. Such information may also not be comparable
to titled measures presented by other companies and may have limited usefulness as a comparative measure. If investors
make investment decisions based on non-GAAP financial measures and other statistical information disclosed by us that
are inaccurate, we may also face potential lawsuits or disputes with investors or regulators, which could adversely affect
our business, reputation, results of operations and financial condition.

55. Our Promoters and members of Promoter Group will continue to collectively hold majority of the shareholding in
our Company, which will allow them to influence the outcome of matters requiring shareholder approval.

As on the date of this Red Herring Prospectus, our Promoters and members of Promoter Group collectively hold 85.60%
of the share capital of our Company on a fully-diluted basis. For details of their shareholding pre and post-Issue, see
“Capital Structure” on page 88. After the completion of the Issue, our Promoters along with the Promoter Group will
continue to collectively hold substantial shareholding in our Company, and will continue to exercise significant influence
over our business policies and affairs and all matters requiring Shareholders’ approval, including the composition of our
Board, the adoption of amendments to our certificate of incorporation, the approval of mergers, strategic acquisitions or
joint ventures or the sales of substantially all of our assets, and the policies for dividends, lending, investments and capital
expenditures. This concentration of ownership also may delay, defer or even prevent a change in control of our Company
and may make some transactions more difficult or impossible without the support of these stockholders. In addition, the
trading price of the Equity Shares could be materially adversely affected if potential new investors are disinclined to invest
in us because they perceive disadvantages to a large shareholding being concentrated in the hands of our Promoter. For
further information in relation to the interests of our Promoters in the Company, see “Our Promoters and Promoter Group”
on pages 379. Post listing, our Promoters and Promoter Group will continue to exercise significant influence over us
through their shareholding after the Issue. In accordance with applicable laws and regulations, our Promoters will have the
ability to exercise, directly or indirectly, a significant influence over our business.

56. Our ability to pay dividends in the future will depend on our earnings, financial condition, working capital
requirements, capital expenditures and restrictive covenants of our financing arrangements.

Our ability to pay dividends in the future will depend on our earnings, financial condition, cash flow, working capital
requirements, capital expenditure and restrictive covenants of our financing arrangements. Any future determination as to
the declaration and payment of dividends will be at the discretion of our Board and will depend on factors that our Board
deems relevant, including among others, our future earnings, financial condition, cash requirements, business prospects
and any other financing arrangements, subject to the provisions of the Articles of Association and applicable law, including
the Companies Act, 2013. Additionally, our ability to pay dividends may also be restricted by the terms of financing

60
arrangements that we may enter into. We may retain all future earnings, if any, for use in the operations and expansion of
the business. As a result, we may not declare dividends in the foreseeable future. For details, see “Financial Indebtedness”
on page 483. We cannot assure you that we will be able to pay dividends in the future. For further details, see “Dividend
Policy” on page 387.

External Risk Factors

57. A slowdown in economic growth in India could cause our business to suffer.

Our performance and the growth of our business are dependent on the health of the overall Indian economy. Any slowdown
or perceived slowdown in the Indian economy or future volatility in global commodity prices could adversely affect our
business. Additionally, an increase in trade deficit, a downgrading in India’s sovereign debt rating or a decline in India’s
foreign exchange reserves could negatively affect interest rates and liquidity, which could adversely affect the Indian
economy and our business. Any downturn in the macroeconomic environment in India could also adversely affect our
business, financial condition, results of operations and prospects.

India’s economy could be adversely affected by a general rise in interest rates or inflation, adverse weather conditions
affecting agriculture, commodity and energy prices as well as various other factors. A slowdown in the Indian economy
could adversely affect the policy of the GoI towards our industry, which may in turn adversely affect our financial
performance and our ability to implement our business strategy.

The Indian economy is also influenced by economic development and market conditions in other countries, particularly
emerging market conditions in Asia. A decline in India’s foreign exchange reserves and exchange rate fluctuations may
also affect liquidity and interest rates in the Indian economy, which could adversely impact our financial condition. A loss
of investor confidence in other emerging market economies or any worldwide financial instability may adversely affect the
Indian economy, which could materially and adversely affect our business, financial condition, results of operations and
prospects.

India has experienced instances of social, religious and civil unrest and hostilities between neighbouring countries from
time to time. Military activity or terrorist attacks in the future could influence the Indian economy by disrupting
communications and making travel more difficult and such political tensions could create a greater perception that
investments in Indian companies involve higher degrees of risk. Events of this nature in the future, as well as social and
civil unrest within other countries in Asia, could influence the Indian economy negatively.

Further, other factors which may adversely affect the Indian economy are scarcity of credit or other financing in India,
resulting in an adverse impact on economic conditions in India and scarcity of financing of our expansions; volatility in,
and actual or perceived trends in trading activity on, India’s principal stock exchanges; changes in India’s tax, trade, fiscal
or monetary policies, like application of GST; political instability, terrorism or military conflict in India or in countries in
the region or globally, including in India’s various neighbouring countries; occurrence of natural or man-made disasters;
infectious disease outbreaks or other serious public health concerns; prevailing regional or global economic conditions,
including in India’s principal export markets; and other significant regulatory or economic developments in or affecting
India or its financial services sectors.

Any slowdown or perceived slowdown in the economic growth of the Indian economy, or in specific sectors of the Indian
economy, could adversely affect our business, financial condition and results of operations, and the price of the Equity
Shares.

58. Our business is affected by global economic conditions, especially in the geographies we cater to, which may have
an adverse effect on our business, financial condition, results of operations and prospects.

Due to the nature of our operations, our business depends substantially on global economic conditions. Our international
customers may be adversely impacted by the economic downturn in their national or regional economies, disruption in
their banking and financial systems, economic weakness, unfavourable government policies, rising inflation, lowering of
spending power and customer confidence, and political uncertainty.

Financial turmoil in Asia, U.S. and elsewhere in the world in recent years has affected the Indian economy. Although
economic conditions are different in each country, investors’ reactions to developments in one country can have adverse
effects on the securities of companies in other countries, including India. Financial disruptions may occur and could harm
our business, results of operations and financial condition.

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The global credit and equity markets have experienced substantial dislocations, liquidity disruptions and market corrections
in recent years. Financial markets and the supply of credit could continue to be negatively impacted by ongoing concerns
surrounding the sovereign debts and/or fiscal deficits of several countries in Europe, the possibility of further downgrades
of, or defaults on, sovereign debt, concerns about a slowdown in growth in certain economies and uncertainties regarding
the stability and overall standing of the European Monetary Union.

A loss of investor confidence in the financial systems of other emerging markets may cause increased volatility in the
Indian financial markets and indirectly in the Indian economy in general. Any worldwide financial instability could
influence the Indian economy. In response to such developments, legislators and financial regulators in the United States,
Africa and other jurisdictions, including India, have implemented several policy measures designed to add stability to the
financial markets. In addition, any increase in interest rates by the United States Federal Reserve will lead to an increase
in the borrowing costs in the United States which may in turn impact global borrowing as well. Furthermore, in several
parts of the world, there are signs of increasing retreat from globalization of goods, services and people, as pressure for the
introduction of a protectionist regime is building and such developments could adversely affect Indian exports. However,
the overall impact of these and other legislative and regulatory efforts on the global financial markets is uncertain, and they
may not have the intended stabilizing effects. In the event that the current adverse conditions in the global credit markets
continue or if there is any significant financial disruption, this could have an adverse effect on our business, results of
operations and financial condition. Recent developments in the ongoing conflict between the state of Israel and Iran has
resulted in and may continue to result in a period of sustained instability across global financial markets, induce volatility
in commodity prices, adversely impact availability of natural gas, increase in supply chain, logistics times and costs,
increase borrowing costs, cause outflow of capital from emerging markets and may lead to overall slowdown in economic
activity in India.

59. Increase in employee costs may affect the financial performance of the Company.

Increasing employee compensation in India may erode some of our Company’s competitive advantage and may reduce our
Company’s profit margins, which may have a material adverse effect on our Company’s business, financial condition, cash
flows and results of operations. Employee compensation in India has historically been significantly lower than employee
compensation in the United States and Western Europe for comparably skilled professionals. However, compensation
increases in India may erode some of this competitive advantage and may negatively affect our Company’s profit margins.
Employee compensation in India is increasing at a faster rate than in the United States and Western Europe, which could
result in increased costs relating to managers and other mid-level professionals. Our Company may need to continue to
increase the levels of our Company’s employee compensation to remain competitive and manage attrition. Compensation
increases may have a material adverse effect on our Company’s business, financial condition, cash flows and results of
operations.

60. Natural or man-made disasters, fires, epidemics, pandemics, acts of war, terrorist attacks, civil unrest and other
events could materially and adversely affect our business.

Natural disasters (such as typhoons, cyclones, storms, tsunamis, fires, explosions, flooding, and/or earthquakes), epidemics,
pandemics such as COVID-19, and man-made disasters, including acts of war, military actions, terrorist attacks, and other
events, many of which are beyond our control, may lead to economic instability, including in India or globally, which may
in turn materially and adversely affect our business, financial condition, and results of operations. Recent developments in
the ongoing conflict between the state of Israel and Iran has resulted in and may continue to result in a period of sustained
instability across global financial markets, induce volatility in commodity prices, adversely impact availability of natural
gas, increase in supply chain, logistics times and costs, increase borrowing costs, cause outflow of capital from emerging
markets and may lead to overall slowdown in economic activity in India.

61. Our operations may be adversely affected by fires, natural disasters, civil unrest, and/or severe weather, which can
result in damage to our property or inventory and generally reduce our productivity and may require us to evacuate
personnel and suspend operations.

India has experienced instances of social, religious and civil unrest and hostilities between neighbouring countries from
time to time. Military activity or terrorist attacks in the future could influence the Indian economy by disrupting
communications and making travel more difficult and such political tensions could create a greater perception that
investments in Indian companies involve higher degrees of risk. Events of this nature in the future, as well as social and
civil unrest within other countries in Asia, could influence the Indian economy negatively. Any terrorist attacks or civil
unrest as well as other adverse social, economic, and political events in India could have a negative effect on us. Such
incidents could also create a greater perception that investment in Indian companies involves a higher degree of risk and
could have an adverse effect on our business and the price of the Equity Shares.

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Further, other factors which may adversely affect the Indian economy are scarcity of credit or other financing in India,
resulting in an adverse impact on economic conditions in India and scarcity of financing of our expansions; volatility in,
and actual or perceived trends in trading activity on, India’s principal stock exchanges; changes in India’s tax, trade, fiscal
or monetary policies, like application of GST; political instability, terrorism or military conflict in India or in countries in
the region or globally, including in India’s various neighbouring countries; occurrence of natural or man-made disasters;
infectious disease outbreaks or other serious public health concerns; prevailing regional or global economic conditions,
including in India’s principal export markets; and other significant regulatory or economic developments in or affecting
India or its financial services sectors. Any slowdown or perceived slowdown in the economic growth of the Indian
economy, or in specific sectors of the Indian economy, could adversely affect our business, financial condition and results
of operations, and the price of the Equity Shares. Our performance and the growth of our business depend on the overall
performance of the Indian economy as well as the economies of the regional markets in which we operate.

62. If inflation were to rise in India, we might not be able to increase the prices of our products and services at a
proportional rate in order to pass costs on to our customers thereby reducing our margins.

Inflation rates in India have been volatile in recent years, and such volatility may continue in the future. India has
experienced high inflation in the recent past. Increased inflation can contribute to an increase in interest rates and increased
costs to our business, including increased costs of wages and other expenses relevant to our business. High fluctuations in
inflation rates may make it more difficult for us to accurately estimate or control our costs. Any increase in inflation in
India can increase our expenses, which we may not be able to adequately pass on to our customers, whether entirely or in
part, and may adversely affect our business and financial condition. In particular, we might not be able to reduce our costs
or increase the price of our products and services to pass the increase in costs on to our customers. In such case, our
business, results of operations, cash flows and financial condition may be adversely affected.

Further, the Government of India has previously initiated economic measures to combat high inflation rates, and it is
unclear whether these measures will remain in effect. There can be no assurance that Indian inflation levels will not worsen
in the future.

63. Changing laws, rules and regulations and legal uncertainties, including adverse application of corporate and tax
laws, may adversely affect our business, prospects and results of operations.

The regulatory and policy environment in which we operate is evolving and subject to change. Such changes, including
the instances mentioned below, may adversely affect our business, results of operations, financial condition, cash flows
and prospects, to the extent that we are unable to suitably respond to and comply with any such changes in applicable law
and policy.

Further, the Government of India introduced new laws relating to social security, occupational safety, industrial relations
and wages namely, the Code on Social Security, 2020 (“Social Security Code”), the Occupational Safety, Health and
Working Conditions Code, 2020, the Industrial Relations Code, 2020 and the Code on Wages, 2019, which consolidate,
subsume and replace numerous existing central labour legislations, which were to take effect from April 1, 2021
(collectively, the “Labour Codes”). The Government of India has deferred the effective date of implementation of the
respective Labour Codes, and they shall come into force from such dates as may be notified. Different dates may also be
appointed for the coming into force of different provisions of the Labour Codes. While the rules for implementation under
these codes have not been finalized, as an immediate consequence, the coming into force of these codes could increase the
financial burden on our Company, which may adversely affect our profitability. For instance, under the Social Security
Code, a new concept of deemed remuneration has been introduced, such that where an employee receives more than half
(or such other percentage as may be notified by the Central Government) of their total remuneration in the form of
allowances and other amounts that are not included within the definition of wages under the Social Security Code, the
excess amount received shall be deemed as remuneration and accordingly be added to wages for the purposes of the Social
Security Code and the compulsory contribution to be made towards the employees’ provident fund.

Unfavourable changes in or interpretations of existing, or the promulgation of new laws, rules and regulations including
foreign investment and stamp duty laws governing our business and operations could result in us being deemed to be in
contravention of such laws and may require us to apply for additional approvals. We may incur increased costs and other
burdens relating to compliance with new requirements, which may also require significant management time and other
resources, and any failure to comply may adversely affect our business, results of operations, financial condition, cash
flows and prospects. Uncertainty in the application, interpretation or implementation of any amendment to, or change in,
governing law, regulation or policy, including by reason of an absence, or a limited body, of administrative or judicial

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precedent may be time consuming as well as costly for us to resolve and may affect the viability of our current business or
restrict our ability to grow our businesses in the future.

64. We may be affected by competition laws in India and any adverse application or interpretation of the Competition
Act could in turn adversely affect our business.

The Competition Act, 2002, as amended (the “Competition Act”) was enacted for the purpose of preventing practices that
have or are likely to have an adverse effect on competition (“AAEC”). Under the Competition Act, any arrangement,
understanding or action in concert, whether formal or informal, which causes or is likely to cause an AAEC is deemed void
and attracts substantial monetary penalties. Further, any agreement among competitors which directly or indirectly (i)
involves determination of purchase or sale prices, limits or controls production, supply, markets, technical development,
investment or provision of services; (ii) or shares the market or source of production or provision of services by way of
geographical area, type of goods or services or number of customers in the relevant market; (iii) directly or indirectly results
in bid-rigging or collusive bidding is presumed to have an appreciable adverse effect on competition in the relevant market
in India and shall be void.

Further, the Competition Act prohibits abuse of dominant position by any enterprise. If it is proved that the contravention
committed by a company took place with the consent or connivance or is attributable to any neglect on the part of, any
director, manager, secretary or other officer of such company, that person shall be guilty of the contravention and liable to
be punished.

On March 4, 2011, the Government notified and brought into force the combination regulation (merger control) provisions
under the Competition Act which came into effect from June 1, 2011. These provisions require acquisitions of shares,
voting rights, assets or control or mergers or amalgamations that cross the prescribed asset and turnover based thresholds
to be mandatorily notified to and pre-approved by the CCI. Additionally, on May 11, 2011, the CCI issued the Competition
Commission of India (Procedure for Transaction of Business Relating to Combinations) Regulations, 2011, as amended,
which sets out the mechanism for implementation of the merger control regime in India.

The Competition Act aims to, among others, prohibit all agreements and transactions which may have an AAEC in India.
Consequently, certain agreements entered into by us could be within the purview of the Competition Act. Further, the CCI
has extra-territorial powers and can investigate any agreements, abusive conduct or combination occurring outside India if
such agreement, conduct or combination has an AAEC in India. The impact of the provisions of the Competition Act on
the agreements entered into by us cannot be predicted with certainty at this stage. However, since we pursue an acquisition
driven growth strategy, we may be affected, directly or indirectly, by the application or interpretation of any provision of
the Competition Act, any enforcement proceedings initiated by the CCI, any adverse publicity that may be generated due
to scrutiny or prosecution by the CCI, or any prohibition or substantial penalties levied under the Competition Act, which
would adversely affect our business, results of operations, cash flows and prospects. The Competition Act was amended
on April 11, 2023, the Competition (Amendment) Act, 2023 has been enacted to increase the ease of doing business in
India and enhance transparency. The Act requires notification of transactions that exceed a global deal value of ₹ 2,000
crores, subject to the target having “substantial business operations” in India, formalizes a lower threshold of ‘control’, i.e.,
the ability to exercise material influence, in any manner, over the management or affairs or strategic commercial decisions,
to exempt combinations from the standstill obligations under Section 6(2A) of the Act, if the combinations involve: (a) an
open offer; or (b) an acquisition of shares or securities, through a series of transactions on a regulated stock exchange etc.

65. Significant differences exist between Ind AS used to prepare our financial information and other accounting
principles, such as US GAAP and IFRS, which may affect investors’ assessments of our Company’s financial
condition.

The Restated Financial Information for the Fiscal 2025, Fiscal 2024 and Fiscal 2023, included in this Red Herring
Prospectus are derived from audited financial statements as of and for the Financial Years ended March 31, 2025, March
31, 2024 and March 31, 2023 prepared in accordance with Ind AS the provisions of the Companies Act, 2013 and other
accounting principles generally accepted in India and restated by our Company in accordance with the requirements of
Section 26 of the Companies Act, paragraph (A) of Clause 11 (I) of Part A of Schedule VI of the SEBI ICDR Regulations
and the Guidance Note on ‘Reports in Company Prospectuses’ (Revised 2019) issued by the Institute of Chartered
Accountants of India, as amended from time to time. Ind AS differs from accounting principles with which you may be
familiar, such as Indian GAAP, IFRS and US GAAP.

We have not attempted to explain in a qualitative manner the impact of the IFRS or US GAAP on the financial information
included in this Red Herring Prospectus, nor do we provide a reconciliation of our financial information to those of US
GAAP or IFRS. US GAAP and IFRS differ in significant respects from Ind AS and Indian GAAP, which may differ from

64
accounting principles with which you may be familiar in other countries. Accordingly, the degree to which the financial
information included in this Red Herring Prospectus, which is restated as per the SEBI ICDR Regulations, will provide
meaningful information is entirely dependent on the reader’s level of familiarity with Indian accounting practices, Ind AS,
the Companies Act and the SEBI ICDR Regulations. Any reliance by persons not familiar with Indian accounting practices,
Ind AS, the Companies Act and the SEBI ICDR Regulations, on the financial disclosures presented in this Red Herring
Prospectus should accordingly be limited. You should review the accounting policies applied in the preparation of the
Restated Summary Statements and consult their own professional advisers for an understanding of the differences between
these accounting principles and those with which they may be more familiar.

66. We may be impacted by an adverse change in India’s sovereign credit rating by a domestic or international rating
agency.

Our borrowing costs and our access to the debt capital markets depend significantly on the credit ratings of India. Any
adverse revisions to India’s credit ratings for domestic and international debt by international rating agencies may adversely
impact our ability to raise additional financing and the interest rates and other commercial terms at which such financing
is available, including raising any overseas additional financing. A downgrading of India’s credit ratings may occur, for
reasons beyond our control such as, upon a change of government tax or fiscal policy or a decline in India’s foreign
exchange reserves. This could have an adverse effect on our ability to fund our growth on favorable terms or at all, and
consequently adversely affect our business and financial performance and the price of the Equity Shares.

Risks related to the Issue and the Equity Shares

67. Investors may not be able to immediately sell any of the Equity Shares they subscribe to in this Issue on an Indian
stock exchange.

The Equity Shares will be listed on the Stock Exchanges. Pursuant to the applicable Indian laws and practice, permission
for listing of the Equity Shares will not be granted till the Equity Shares in this Issue have been issued and allotted and all
relevant documents are submitted to the Stock Exchanges. Further, certain actions must be completed prior to the
commencement of listing and trading of the Equity Shares such as the Investor’s book entry or ‘demat’ accounts with the
depository participants in India, the Allotment of Equity Shares in the Issue and the credit of such Equity Shares to the
applicant’s demat account with the depository participant. Any failure or delay in obtaining the approval or otherwise
commence trading in Equity Shares would restrict your ability to dispose of your Equity Shares. We cannot assure you that
the Equity Shares will be credited to investors’ demat accounts or that trading in the Equity Shares will commence in a
timely manner (as specified herein) or at all. We could also be required to pay interest at the applicable rates if the allotment
is not made, refund orders are not dispatched or demat credits are not made to investors within the prescribed time periods.

68. There is no assurance that our Equity Shares will be listed on the Stock Exchanges in a timely manner or at all or
that once listed, will remain listed on the Stock Exchange.

In accordance with Indian law and practice, permission for listing and trading of our Equity Shares will not be granted until
after certain actions have been completed in relation to this Issue and until Allotment of Equity Shares pursuant to this
Issue. In accordance with current regulations and circulars issued by SEBI, our Equity Shares are required to be listed on
the Stock Exchanges within such time as mandated under UPI Circulars, subject to any change in the prescribed timeline
in this regard. However, we cannot assure you that the trading in our Equity Shares will commence in a timely manner or
at all. Any failure or delay in obtaining final listing and trading approvals may restrict your ability to dispose of your Equity
Shares.

Although it is currently intended that the Equity Shares will remain listed on the Stock Exchanges, there is no assurance of
the continued listing of the Equity Shares. Among other factors, we may not continue to satisfy the listing requirements of
the Stock Exchanges. Accordingly, Shareholders will not be able to sell their Equity Shares through trading on the Stock
Exchanges if the Equity Shares are no longer listed on the Stock Exchange.

69. Pursuant to listing of the Equity shares, we may be subject to pre-emptive surveillance measures like additional
Surveillance Measures (“ASM”) and Graded surveillance Measures (“GSM”) by the Stock Exchanges in the order
to enhance market integrity and safeguard the interest of the investors.

On and post the listing of equity shares, we may be subject to ASM and GSM by the Stock Exchange(s) and the Securities
and Exchange Board of India. These measures have been introduced in order to enhance market integrity and safeguard
the interest of investors and to alert and advise investors to be extra cautious and carry out necessary due diligence while
dealing in such securities.

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The criteria for shortlisting any scrip trading on the Stock Exchange(s) under the ASM is based on an objective criterion
as jointly decided by SEBI and the Stock Exchange(s) which include market based dynamic parameters such as high low
variations, client concentration, close to close price variation, market capitalization, volume variation, delivery percentage,
number of unique PAN’s and price to equity ratio. A scrip is typically subjected GSM measures where there is an abnormal
price rise that is not commensurate with the financial heath and fundamentals of a company which inter alia includes factors
like earnings, book value, fixed assets and net worth to the equity ratio etc. The price of our equity shares may also fluctuate
after the offer due to several factors such as volatility in the Indian and global securities market, our profitability and
performance, the performance of our competitors, change in the estimates of our performance or any other political or
economic factor. The occurrence of any of the above-mentioned factors may trigger the parameters identified by SEBI and
the Stock Exchange(s) for the placing securities under the GSM and ASM framework. In the event of our Equity Shares
are covered under such pre-emptive surveillance measures implemented by SEBI and the Stock Exchange(s), we may be
subject to certain additional restrictions in the relation to trading of our Equity Shares such as limiting trading frequency
(for example trading either allowed in a week or a month) higher margin requirements of settlement on a trade for trade
basis without netting off requirement of settlement on gross basis or freezing price on upper side of trading which may
have an adverse effect on the market price of our Equity Shares or may in general cause disruptions in the development of
an active market for and trading and liquidity of our Equity Shares and on the reputation and conditions of our Company.

For further details in relation to the ASM and GSM Surveillance Measures, including criteria for shortlisting and review
of Listed Securities, exemptions from shortlisting and frequently asked questions (FAQs), among other details, refer to the
websites of the NSE and the BSE.

70. The Issue Price, market capitalisation to revenue multiple and price to earnings ratio based on the Issue Price of
our Company, may not be indicative of the market price of the Equity Shares on listing.

Our total income, Restated Earnings before interest, tax, depreciation and amortisation (EBITDA) and exceptional item,
and Restated Profit/(Loss) for the Fiscal 2025 ₹ 27,609.34, ₹ 6,105.37 lakhs and ₹ 1,050.07 lakhs on Restated Financials
Statement basis. Our market capitalisation (based on the Issue Price) to revenue (Fiscal 2025) multiple is [●] times; our
market capitalisation (based on the Issue Price) to price to earnings ratio (based on profit after tax for Fiscal 2025) is [●]
at the upper end of the Price Band; and our enterprise value to EBITDA ratio (based on EBITDA for Fiscal 2025) is [●].
The Issue Price will be determined by our Company in consultation with BRLM based on various factors and assumptions.
Furthermore, the Issue Price of the Equity Shares will be determined by our Company in consultation with Book Running
Lead Manager through the Book Building Process, and will be based on numerous factors, including factors as described
under ‘Basis for the Issue Price’ beginning on page 259 and may not be indicative of the market price for the Equity Shares
after the Issue. Accordingly, the Issue Price, multiples and ratio may not be indicative of the market price of the Equity
Shares on listing or thereafter. The factors that could affect the market price of the Equity Shares include, among other,
broad market trends, our financial performance and results post-listing, and other factors beyond our Company’s control.
Our Company cannot assure you that an active market will develop, or sustained trading will take place in the Equity
Shares or provide any assurance regarding the price at which the Equity Shares will be traded after listing.

71. The Issue Price of the Equity Shares may not be indicative of the market price of the Equity Shares after the Issue.

On listing, the Equity Shares will be quoted in Indian Rupees on the Stock Exchanges. Any dividends in respect of the
Equity Shares will be paid in Indian Rupees and subsequently converted into appropriate foreign currency for repatriation,
if required. Any adverse movement in currency exchange rates during the time it takes to undertake such conversion may
reduce the net dividend to investors. In addition, any adverse movement in exchange rates during a delay in repatriating
the proceeds from a sale of Equity Shares outside India, for example, because of a delay in regulatory approvals that may
be required for the sale of Equity Shares, may reduce the net proceeds received by shareholders. For example, the exchange
rate between the Indian Rupee and the U.S. dollar has fluctuated in recent years and may continue to fluctuate substantially
in the future, which may have an adverse effect on the returns on our Equity Shares, independent of our operating results.

72. Investors may be subject to Indian taxes arising out of capital gains on the sale of the Equity Shares.

Under current Indian tax laws, unless specifically exempted, capital gains arising from the sale of equity shares in an Indian
company is generally taxable in India. A securities transaction tax (“STT”) is levied on and collected by an Indian stock
exchange on which equity shares are sold. Any gain realized on the sale of listed equity shares held for more than 12
months may be subject to long term capital gains tax in India at the specified rates depending on certain factors, such as
STT is paid, the quantum of gains and any available treaty exemptions. Accordingly, you may be subject to payment of
long term capital gains tax in India, in addition to payment of STT, on the sale of any Equity Shares held for more than 12
months. Furthermore, any gain realized on the sale of listed equity shares held for a period of 12 months or less will be

66
subject to short term capital gains tax in India. Earlier, distribution of dividends by a domestic company was subject to
Dividend Distribution Tax (“DDT”), in the hands of the company and such dividends were generally exempt from tax in
the hands of the shareholders. However, the government of India has amended the Income Tax Act to abolish the DDT
regime. Under the extant provisions, any dividend distributed by a domestic company is subject to tax in the hands of the
concerned shareholder at the applicable rates. Additionally, the company distributing dividends is required to withhold tax
on such payments at the applicable rate. However, non-resident shareholders may claim benefit of the applicable tax treaty,
subject to satisfaction of certain conditions.

Furthermore, if non-resident shareholders of entities holding the Equity Shares exit by way of sale or redemption of the
shares held by them abroad in such entities, such non-resident shareholders could be taxed on capital gains in India if the
offshore shares derive substantial value from Indian assets, subject to certain exemptions. Capital gains arising from the
sale of the Equity Shares will be exempt from taxation in India only in limited situations and generally, Indian tax treaties
do not limit India’s ability to impose tax on capital gains. As a result, residents of other countries may be liable for tax in
India as well as in their own jurisdiction on a gain upon the sale of the Equity Shares. Similarly, any business income
realized from the transfer of Equity Shares held as trading assets is taxable at the applicable tax rates subject to any treaty
relief, if applicable, to a non-resident seller.

Our Company cannot predict whether any tax laws or other regulations impacting it will be enacted, or predict the nature
and impact of any such laws or regulations or whether, if at all, any laws or regulations would have a material adverse
effect on our Company’s business, results of operations, financial condition and cash flows. Investors should consult their
own tax advisors about the consequences of investing in or trading in Equity Shares.

73. QIBs and Non-Institutional Investors are not permitted to withdraw or lower their Bids (in terms of quantity of
Equity Shares or the Bid Amount) at any stage after submitting a Bid, and Retail Individual Bidders are not
permitted to withdraw their Bids after the Bid/Issue Closing Date.

Pursuant to the SEBI ICDR Regulations, QIBs and Non-Institutional Investors are required to pay the bid amount on
submission of the bid and are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the
Bid Amount) at any stage after submitting a Bid. RIIs can revise or withdraw their Bids during the Bid/Issue Period and
until the Bid/Issue Closing Date, but not thereafter. While our Company is required to complete Allotment pursuant to the
Issue within such period as may be prescribed under applicable law, events affecting the Bidders’ decision to invest in our
Equity Shares, including adverse changes in international or national monetary policy, financial, political or economic
conditions, our business, financial condition and results of operations may arise between the date of submission of the Bid
and Allotment. Our Company may complete the Allotment of our Equity Shares even if such events occur, and such events
limit the Bidders’ ability to sell our Equity Shares Allotted pursuant to the Issue or cause the trading price of our Equity
Shares to decline on listing. QIBs and Non-Institutional Bidders will not be able to withdraw or lower their bids following
adverse developments in international or national monetary policy, financial, political or economic conditions, our
business, results of operations, cash flows or otherwise, between the dates of submission of their Bids and Allotment.

74. The determination of the Price Band is based on various factors and assumptions and the Issue Price of our Equity
Shares may not be indicative of the market price of our Equity Shares after the Issue.

The determination of Price Band is based on various factors and assumptions and will be determined by our Company in
consultation with the Book Running Lead Managers. Furthermore, the Issue Price of the Equity Shares will be determined
by our Company, in consultation with the Book Running Lead Managers through the book building process prescribed
under the SEBI ICDR Regulations.

The Issue Price will be based on numerous factors, as described under “Basis for Issue Price” beginning page 259 may not
be indicative of the market price for our Equity Shares after the Issue. The market price of our Equity Shares could be
subject to significant fluctuations after the Issue and may decline below the Issue Price. In addition, the stock market often
experiences price and volume fluctuations that are unrelated or disproportionate to the operating performance of a particular
company. These broad market fluctuations and industry factors may materially reduce the market price of the Equity
Shares, regardless of our Company’s performance. As a result of these factors, we cannot assure you that investors will be
able to resell their Equity Shares at or above the Issue Price

75. Our Equity Shares have never been publicly traded, and, after the Issue, our Equity Shares may experience price
and volume fluctuations, and an active trading market for our Equity Shares may not develop.

Prior to the Issue, there has been no public market for our Equity Shares, and an active trading market for our Equity Shares
may not develop or be sustained after the Issue. Listing does not guarantee that a market for our Equity Shares will develop,

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or if developed, the liquidity of such market for our Equity Shares. Investors might not be able to rapidly sell the Equity
Shares at the quoted price if there is no active trading in the Equity Shares. The Issue Price of our Equity Shares is proposed
to be determined through a book-building process and shall be based on numerous factors, as described in the section
“Basis for Issue Price” on page 259 and may not be indicative of the market price of our Equity Shares at the time of
commencement of trading of our Equity Shares or at any time thereafter. You may not be able to re-sell your Equity Shares
at or above the Issue Price and may as a result lose all or part of your investment.

76. Any future issuance of Equity Shares or convertible securities or other equity linked instruments by us may dilute
your shareholding, and significant sales of Equity Shares by our major shareholders, may adversely affect the
trading price of the Equity Shares.

We may be required to finance our growth through future equity offerings. Any future equity issuances by us, including a
primary offering and grants of stock options under our employee stock option plan, may lead to the dilution of investors’
shareholdings in us. Any future issuances of Equity Shares or the disposal of Equity Shares by our major shareholders or
the perception that such issuance or sales may occur after the completion of this Issue (subject to compliance with the lock-
in provisions under the SEBI ICDR Regulations), may adversely affect the trading price of the Equity Shares, which may
lead to other adverse consequences including difficulty in raising capital through offering of the Equity Shares or incurring
additional debt. There can be no assurance that we will not issue further Equity Shares or that the shareholders will not
dispose of the Equity Shares. Any future issuances could also dilute the value of your investment in the Equity Shares. In
addition, any perception by investors that such issuances or sales might occur may also affect the market price of the Equity
Shares.

77. Foreign investors are subject to foreign investment restrictions under Indian law, which may adversely affect the
market price of the Equity Shares.

As an Indian company, we are subject to exchange controls that regulate borrowing in foreign currencies, including those
specified under FEMA and the rules thereunder. Under the foreign exchange control regulations currently in force in India,
transfers of shares between non-residents and residents are freely permitted (subject to certain restrictions) if they comply
with the pricing guidelines and reporting requirements specified by the RBI. If the transfer of shares is not in compliance
with such requirements or falls under any of the exceptions specified by the RBI, then the approval of the RBI will be
required for such transaction to be valid. We cannot assure investors that any required approval from the RBI or any other
Indian government agency can be obtained on any particular terms, or at all.

Furthermore, in accordance with Press Note No. 3 (2020 Series), dated April 17, 2020 issued by the DPIIT and the Foreign
Exchange Management (Non-debt Instruments) Amendment Rules, 2020 which came into effect from April 22, 2020, any
investment, subscription, purchase or sale of equity instruments by entities of a country which shares a land border with
India or where the beneficial owner of an investment into India is situated in or is a citizen of any such country, will require
prior approval of the GoI, as prescribed in the Consolidated FDI Policy dated October 15, 2020 and the FEMA Rules.
These investment restrictions shall also apply to subscribers of offshore derivative instruments. Restrictions on foreign
investment activities and impact on our ability to attract foreign investors may cause uncertainty and delays in our future
investment plans and initiatives. We cannot assure you that any required approval from the RBI or any other governmental
agency can be obtained on any particular term or at all.

Additionally, the Indian government may impose foreign exchange restrictions in certain emergency situations, including
situations where there are sudden fluctuations in interest rates or exchange rates, where the Indian government experiences
extreme difficulty in stabilizing the balance of payments or where there are substantial disturbances in the financial and
capital markets in India. These restrictions may require foreign investors to obtain the Indian government’s approval before
acquiring Indian securities or repatriating the interest or dividends from those securities or the proceeds from the sale of
those securities. There can be no assurance that any approval required from the RBI or any other government agency can
be obtained on any particular terms or at all.

For further information, see “Restrictions on Foreign Ownership of Indian Securities” on page 539. Our ability to raise
any foreign capital under the FDI route is therefore constrained by Indian law, which may adversely affect our business,
cash flows, results of operations, financial condition and prospects.

78. Foreign investors may have difficulty enforcing judgments against us or our management.

The enforcement of civil liabilities by overseas investors in our Equity Shares, including the ability to effect service of
process and to enforce judgments obtained in courts outside of India may be adversely affected by the fact that we are
incorporated under the laws of the Republic of India and all of our executive officers and Directors reside in India. As a

68
result, it may be difficult to enforce the service of process upon us and any of these persons outside of India or to enforce
outside of India, judgments obtained against us and these persons in courts outside of India.

Recognition and enforcement of foreign judgments is provided for under Section 13 and Section 44A of the Civil Procedure
Code (“Civil Code”) on a statutory basis. Section 44A of the Civil Code provides that where a foreign judgment has been
rendered by a superior court, within the meaning of that Section, in any country or territory outside India which the
Government has by notification declared to be in reciprocating territory, it may be enforced in India by proceedings in
execution as if the judgment had been rendered by the relevant court in India. However, Section 44A of the Civil Code is
applicable only to monetary decrees not being in the same nature of amounts payable in respect of taxes, other charges of
a like nature or in respect of a fine or other penalties.

The United Kingdom, Singapore and Hong Kong, among other countries, have been declared by the Government to be a
reciprocating territory for the purposes of Section 44A of the Civil Procedure Code. A judgment of a court of a country
which is not a reciprocating territory may be enforced in India only by a suit upon the judgment under Section 13 of the
Civil Procedure Code, and not by proceedings in execution. Section 13 of the Civil Code provides that foreign judgments
shall be conclusive regarding any matter directly adjudicated upon except: (i) where the judgment has not been pronounced
by a court of competent jurisdiction; (ii) where the judgment has not been given on the merits of the case; (iii) where it
appears on the face of the proceedings that the judgment is founded on an incorrect view of international law or refusal to
recognize the law of India in cases to which such law is applicable; (iv) where the proceedings in which the judgment was
obtained were opposed to natural justice; (v) where the judgment has been obtained by fraud; or (vi) where the judgment
sustains a claim founded on a breach of any law then in force in India. Under the Civil Procedure Code, a court in India
shall, upon the production of any document purporting to be a certified copy of a foreign judgment, presume that the
judgment was pronounced by a court of competent jurisdiction, unless the contrary appears on record. The suit must be
brought in India within 3 years from the date of judgment in the same manner as any other suit filed to enforce a civil
liability in India.

Further, there are considerable delays in the disposal of suits by Indian courts. It may be unlikely that a court in India would
award damages on the same basis as a foreign court if an action is brought in India. Furthermore, it may be unlikely that
an Indian court would enforce foreign judgments if it viewed the amount of damages awarded as excessive or inconsistent
with public policy in India. A party seeking to enforce a foreign judgment in India is required to obtain prior approval from
the RBI under FEMA to repatriate any amount recovered pursuant to execution and any such amount may be subject to
income tax in accordance with applicable laws. Any judgment or award in a foreign currency would be converted into
Indian Rupees on the date of the judgment or award and not on the date of the payment.

79. Holders of Equity Shares could be restricted in their ability to exercise pre-emptive rights under Indian law and
could thereby suffer future dilution of their ownership position.

Under the Companies Act, a company having share capital and incorporated in India is required to offer holders of its
Equity Shares pre-emptive rights to subscribe and pay for a proportionate number of Equity Shares to maintain their
existing ownership percentages prior to the issuance of any new equity shares, unless the pre-emptive rights have been
waived by the adoption of a special resolution by holders of three-fourths of the Equity Shares who have voted on such
resolution. However, if the laws of the jurisdiction that you are in does not permit the exercise of such pre-emptive rights
without us filing an offering document or registration statement with the applicable authority in such jurisdiction, you will
be unable to exercise such pre-emptive rights unless we make such a filing. We may elect not to file a registration statement
in relation to pre-emptive rights otherwise available by Indian law to you. To the extent that you are unable to exercise pre-
emptive rights granted in respect of the Equity Shares, you may suffer future dilution of your ownership position and your
proportional interests in us would be reduced.

69
 SECTION III – INTRODUCTION

THE ISSUE

The following table summarizes details of the Issue:

Up to 1,00,00,000 Equity Shares of ₹10 each,

Issue of Equity Shares (1)
aggregating up to ₹ [●] lakhs
The Issue comprises of:
A. QIB Portion(2)(3)(5) Not more than [●] Equity Shares of ₹10 each
aggregating to ₹ [●] lakhs
of which:
(i) Anchor Investor Portion Up to [●] Equity Shares of ₹10 each
(ii) Net QIB Portion (assuming Anchor Investor Portion is Up to [●] Equity Shares of ₹10 each
fully subscribed)
of which:
a. Available for allocation to Mutual Funds only (5% of Up to [●] Equity Shares of ₹10 each
the Net QIB Portion)
b. Balance for all QIBs including Mutual Funds Up to [●] Equity Shares of ₹10 each
B. Non-Institutional Portion(3)(4)(5) Not less than [●] Equity Shares of ₹10 each
aggregating to ₹ [●] lakhs
of which:
One-third of the Non-Institutional Portion available for Up to [●] Equity Shares of ₹10 each
allocation to Bidders with an application size of more than ₹
2,00,000 to ₹ 10,00,000
Two-third of the Non-Institutional Portion available for Up to [●] Equity Shares of ₹10 each
allocation to Bidders with an application size of more than ₹
10,00,000
C. Retail Portion (4)(5) Not less than [●] Equity Shares of ₹10 each
aggregating to ₹ [●] lakhs
Pre and post-Issue Equity Shares
Equity Shares outstanding prior to the Issue (as at the date of 2,88,29,351 Equity Shares of ₹10 each
this Red Herring Prospectus)
Equity Shares outstanding after the Issue [●] Equity Shares of ₹10 each
See “Objects of the Issue” on page 135 for details
Use of Net Proceeds regarding the use of Net Proceeds arising from the
Issue.
Notes:
1. The Issue has been authorized by a resolution of our Board dated August 24, 2024 and by our Shareholders by a
special resolution dated August 28, 2024.

2. Our Company, in consultation with the Book Running Lead Manager, may allocate up to 60% of the QIB Portion
to Anchor Investors on a discretionary basis. The QIB Portion will accordingly be reduced for the Equity Shares
allocated to Anchor Investors. One-third of the Anchor Investor Portion shall be reserved for domestic Mutual
Funds, subject to valid Bids being received from domestic Mutual Funds at or above the Anchor Investor
Allocation Price. In the event of under-subscription in the Anchor Investor Portion, the remaining Equity Shares
shall be added to the Net QIB Portion. Further, 5% of the Net QIB Portion shall be available for allocation on a
proportionate basis to Mutual Funds only, and the remainder of the Net QIB Portion shall be available for
allocation on a proportionate basis to all QIB Bidders (other than Anchor Investors), including Mutual Funds,
subject to valid Bids being received at or above the Issue Price. However, if the aggregate demand from Mutual
Funds is less than as specified above, the balance Equity Shares available for Allotment in the Mutual Fund
Portion will be added to the Net QIB Portion and allocated proportionately to the QIB Bidders (other than Anchor
Investors) in proportion to their Bids. For details, see “Issue Procedure” on page 518.

3. Subject to valid Bids being received at or above the Issue Price, under-subscription, if any, in any category except
the QIB Portion, would be allowed to be met with spill-over from any other category or combination of categories,
as applicable, at the discretion of our Company, in consultation with the Book Running Lead Managers and the
Designated Stock Exchange, subject to applicable law.

70
4. Further, (a) 1/3rd of the portion available to NIBs shall be reserved for applicants with application size of more
than ₹ 2,00,000 and up to ₹ 10,00,000 and (b) 2/3rd of the portion available to NIBs shall be reserved for
applicants with application size of more than ₹ 10,00,000. Provided that the unsubscribed portion in either of the
sub-categories specified in clauses (a) or (b), may be allocated to applicants in the other sub-category of NIBs.
The allocation to each NIB shall not be less than the Minimum NIB Application Size, subject to availability of
Equity Shares in the Non-Institutional Portion and the remaining available Equity Shares, if any, shall be allocated
on a proportionate basis in accordance with the conditions specified in this regard in Schedule XIII of the SEBI
ICDR Regulations.

5. Allocation to Bidders in all categories, except Anchor Investors, if any, Non-Institutional Bidders and Retail
Individual Bidders, shall be made on a proportionate basis subject to valid Bids received at or above the Issue
Price. The allocation to each Non-Institutional Bidder and Retail Individual Bidder shall not be less than the
minimum Bid Lot, subject to availability of Equity Shares in the Non-Institutional Portion and the Retail Portion
and the remaining available Equity Shares, if any, shall be allocated on a proportionate basis. One-third of the
Non-Institutional Portion shall be reserved for applicants with application size of more than ₹ 2,00,000 and up to
₹ 10,00,000, two-thirds of the Non-Institutional Portion shall be reserved for Bidders with an application size of
more than ₹ 10,00,000 and the unsubscribed portion in either of the above subcategories may be allocated to
Bidders in the other sub-category of Non-Institutional Bidders. The allocation of Equity Shares to each Non-
Institutional Bidders shall not be less than ₹ 2,00,000, subject to the availability of Equity Shares in the Non-
Institutional Portion, and the remaining Equity Shares, if any, shall be allocated on a proportionate basis in
accordance with the SEBI ICDR Regulations. Allocation to Anchor Investors shall be on a discretionary basis.
For details, see “Issue Procedure” on page 518.

For further details, see “Terms of the Issue”, “Issue Structure” and “Issue Procedure” on pages 507, 514 and 518
respectively.

71
 SUMMARY FINANCIAL INFORMATION

The following tables set forth summary financial information derived from our Restated Financial Information. The
summary financial information presented below should be read in conjunction with “Financial Information” and
“Management’s Discussion and Analysis of Financial Condition and Results of Operations” on pages 389 and 462,
respectively.

(Remainder of this page has intentionally left blank)

72
SUMMARY OF RESTATED STATEMENT OF ASSETS AND LIABILITIES

(₹ in lakh, unless otherwise stated)

As at March 31,
Particulars
2025 2024 2023
ASSETS
Non-Current Assets
(a) Property, plant and equipment 20,767.53 22,271.74 22,878.98
(b) Capital work-in-progress 654.80 - -
(c) Right-of-use assets 854.58 541.22
880.21
(d) Intangible assets 91.63 1.59 8.55
(e) Financial Assets
(i) Loans 20.70 11.83 8.89
(ii) Investments 772.29 372.17 347.33
(iii) Other Financial Assets 91.57 102.89 157.83
(f) Non current tax assets (net) 0.11 - -
(g) Other non-current assets 1,130.72 121.49 23.80
24,383.93 23,422.93 24,305.59

Current Assets
(a) Inventories 7,297.69 5,944.76 6,892.08
(b) Financial Assets
(i) Trade receivables 5,008.47 4,816.57 5,358.19
(ii) Cash and cash equivalents 22.06 153.94 11.11
(iii) Bank balances other than cash 325.67
256.34 375.85
and cash equivalents
(iv) Loans 45.22 18.65 15.62
(v) Other financial Assets 1.75 - -
(c) Other Current Assets 1,091.06 598.78 447.70
13,791.92 11,789.04 13,100.55
Total Assets 38,175.85 35,211.97 37,406.14

EQUITY AND LIABILITIES

Equity
(a) Equity Share Capital 2,882.94 2,682.94 2,682.94
(b) Other Equity 6,755.89 3,945.94 3,605.40
9,638.83 6,628.88 6,288.34

Liabilities
Non-Current Liabilities
(a) Financial Liabilities
(i) Borrowings 13,235.75 14,902.68 17,555.01
(ii) Lease Liabilities 773.93 543.09 651.30
(b) Deferred Tax Liabilities (Net) 3,019.08 2,971.18 3,198.16
17,028.76 18,416.95 21,404.47

Current Liabilities
(a) Financial Liabilities
i. Borrowings 6,263.86 5,620.23 4,010.84
ii. Lease Liabilities 120.11 43.26 254.90

73
 As at March 31,
Particulars
2025 2024 2023
iii. Trade Payables
(A) Total outstanding dues of micro 221.77
43.87 77.10
enterprises and small enterprises; and
(B) Total outstanding dues of 2,828.17
creditors other than micro enterprises 2,436.33 3,543.68
and small enterprises
iv. Other Financial Liabilities 349.99 269.47 298.02
(b) Contract liabilities 620.87 842.32 546.11
(c) Other Current Liabilities 190.88 145.06 134.40
(d) Provisions 800.96 646.65 561.16
(e) Current Tax Liabilities (Net) 111.65 118.95 287.12
11,508.26 10,166.14 9,713.33

Total Equity and Liabilities 38,175.85 35,211.97 37,406.14

74
SUMMARY OF RESTATED STATEMENT OF PROFIT AND LOSS
(₹ in lakh, unless stated otherwise)
For the Fiscal Ended
Particulars
2025 2024 2023
Income
Revenue from Operations 27,470.82 28,034.03 25,912.93
Other Income 138.52 126.65 356.69
Total Income 27,609.34 28,160.68 26,269.62
Expenses
Cost of Materials Consumed 10,126.14 8,561.82 10,065.92
Purchases of stock-in-trade 1,232.04 217.51 57.66
Changes in inventories of Finished Goods, (1,952.65) 1,731.17 52.60
Work-in-Process and Stock-in-Trade
Employee Benefits Expense 3,633.97 3,254.57 3,187.03
Other Expenses 8,464.47 8,519.96 7,275.74
Total Expenses 21,503.97 22,285.03 20,638.95

Restated Earnings before interest, tax, 6,105.37 5,875.65 5,630.67

depreciation and amortisation (EBITDA)
Finance costs 2,794.79 3,363.79 3,527.02
Depreciation and amortisation expense 1,839.89 1,972.97 1,834.66
4,634.68 5,336.76 5,361.68

Restated Profit before tax 1,470.69 538.89 268.99

Tax Expense:
For the years
Current tax 362.49 410.21 300.27
Deferred Tax 61.40 (234.64) (180.20)

For earlier years

Current Tax (3.27) - (428.75)
Deferred Tax - - 788.73
Total Tax Expenses 420.62 175.57 480.05
Restated Profit/(Loss) for the year 1,050.07 363.32 (211.06)

Restated Other Comprehensive Income

Items that will not be reclassified to profit or
loss
Remeasurement (loss)/gain of post employment (53.62) (30.44) 2.89
benefit plans
Tax relating to remeasurements of the defined 13.50 7.66 (0.73)
benefit plans
Restated Other Comprehensive (40.12) (22.78) 2.16
Income/(loss) for the year, net of tax
Restated Total Comprehensive Income/(loss) 1,009.95 340.54 (208.90)
for the year

Earnings/ (Loss) per Equity Share Nominal

Value per share: Rs. 10
Basic earnings/(loss) per share 3.71 1.35 (0.79)
Diluted earnings/(loss) per share 3.71 1.35 (0.79)

75
SUMMARY OF RESTATED STATEMENT OF CASH FLOWS

(₹ in lakh, unless stated otherwise)

For the Fiscal Ended
Particulars
2025 2024 2023
A. Cash Flow from Operating Activities:

Restated Profit before tax 1,470.69 538.89 268.99

Adjustments for:
Depreciation and amortization expense 1,839.89 1972.97 1834.66
Loss on disposal of property, plant and 9.95 2.51 46.39
equipment (net)
Net unrealised loss / (gain) on foreign currency 4.28 3.67 (50.36)
transactions
Provision for doubtful debts on trade receivable 131.69 83.92 144.90
Finance Costs 2,794.79 3363.79 3527.02
Interest Income (30.92) (32.86) (80.50)
Liabilities written back to the extent no longer (18.53) - (53.42)
required
Unwinding of discount on security deposits (4.75) (3.54) (2.33)
Changes in fair value of financial assets (50.11) (24.83) (13.26)
measured at fair value through profit and loss
Operating Profit before working capital 6,146.98 5,904.52 5,622.09
changes

Movement in working capital:

Adjustments for decrease / (increase) in
operating assets:
Inventories (1,352.93) 947.35 217.83
Trade Receivables (130.81) 472.49 (964.63)
Loans (35.44) (5.97) (3.68)
Other financial asset 9.57 (67.61) 0.18
Other Current Assets (117.51) (45.52) 223.41
Adjustments for increase / (decrease) in
operating liabilities:
Trade Payables 551.21 (1,127.53) (357.42)
Other Current Financial Liabilities 55.62 (20.99) 72.56
Contract liabilities (221.45) 296.21 144.18
Other Current Liabilities (17.55) (36.53) (122.68)
Short term provision 154.31 85.49 57.28
Cash Generated from Operations 5,042.00 6,401.91 4,889.12
Taxes paid (net of tax refund) (380.00) (594.61) (631.08)
Net Cash Flow from Operating Activities 4,662.00 5,807.30 4,258.04

B. Cash Flow from Investing Activities

Payments for property, plant and equipment, (2,077.40) (1,341.12) (629.07)
intangible assets and capital work in progress
Investments in bank deposits (having maturity (69.33) (65.44) (46.74)
more than three months but less than twelve
months)
Investment in Mutual Fund (350.00) - -
Bank deposits matured (having maturity more - 195.64 -

76
 For the Fiscal Ended
Particulars
2025 2024 2023
than three months but less than twelve months)
Interest received on deposits 30.92 36.14 21.99
Proceeds from disposal of property, plant and 18.56 142.69 0.63
equipment
Net Cash used in Investing Activities (2,447.25) (1032.09) (653.19)

C. Cash Flow from Financing Activities

Proceeds from issuance of non-convertible - - 800.00
debenture
Proceed from issue of equity shares 2,000.00 - -
Repayment of non-convertible debenture (12,179.96) (3,500.00) (1175.00)
Proceeds from term loans –Secured 44.54 206.38 -
Repayment of term loans –Secured (448.58) (276.57) (247.18)
Proceeds from term loan from financial 12,575.00 - -
institutions –Secured
Repayment of term loans from financial (800.00) - -
institutions –Secured
Proceeds from term loan –Unsecured - 1792.46 18.50
Repayment of term loan –Unsecured (89.12) (690.66) (0.38)
Proceeds from deposits from member 178.00 641.03 466.80
Repayment of deposits from member (254.28) (462.72) (286.14)
Proceeds/payment from cash credit (net) (216.44) 703.75 (657.35)
Interest paid on non convertible debenture (65.04) (1,867.02) (2,124.42)
Transaction cost related to proposed intial (316.88) - -
public offering
Processing fees on term loan from financial (381.00) - -
institutions
Interest paid for term loan from financial (1,328.86) - -
institutions
Dividend paid on Non-Convertible Redeemable (100.00) (100.21) (50.36)
Preference Share
Interest paid for term loan (256.32) (207.37) (163.08)
Interest paid on cash credit (302.87) (346.94) (470.78)
Interest paid on deposits from members (83.15) (80.35) (54.90)
Payment of other borrowings cost (98.22) (124.05) (88.52)
Lease payments (223.45) (320.11) (199.26)
Net cash (used) in Financing Activities (2,346.63) (4,632.38) (4,232.07)

Net Increase/(Decrease) in Cash and Cash (131.88) 142.83 (627.22)

Equivalents
Cash and Cash Equivalents as at beginning of 153.94 11.11 638.33
the Year
Cash and Cash Equivalents as at end of the 22.06 153.94 11.11
year

Footnotes:
Cash and Cash Equivalents as at the end of the
year
Balances with banks
Balances in current accounts 4.92 124.05 2.63
Cash on hand 17.14 29.89 8.48
Cash and cash equivalents as per Restated 22.06 153.94 11.11

77
 For the Fiscal Ended
Particulars
2025 2024 2023
Statement of Assets and Liabilities

Non-cash investing activity

Acquisition of right-of-use assets 483.18 - 898.81

RESTATED STATEMENT OF CHANGE IN EQUITY

Particulars Rs. (In Lakhs)

Particulars
Balance as at April 01, 2022 2,682.94
Changes in equity share capital during the year -
Balance as at March 31, 2023 2,682.94

Particulars
Balance as at April 01, 2023 2,682.94
Changes in equity share capital during the year -
Balance as at March 31, 2024 2,682.94

Particulars
Balance as at April 01, 2024 2,682.94
Changes in equity share capital during the period 200.00
Balance as at March 31, 2025 2,882.94

78
 (₹ in lakh, unless stated otherwise)
Reserves and Surplus
Debenture
Particulars Securities General Retained
redemption Total
premium reserve Earnings
reserve

Balance as at April
2,098.38 217.14 1.44 1,497.34 3,814.30
01, 2022
Transfer to / (from)
debenture redemption - 206.43 - (206.43) -
reserve
Restated Loss for the
- - - (211.06) (211.06)
year
Restated Other
Comprehensive
- - - 2.16 2.16
income for the year,
net of deferred tax
Balance as at March
2,098.38 423.57 1.44 1,082.01 3,605.40
31, 2023
Transfer to / (from)
debenture redemption -
- (191.07) 191.07 -
reserve
Restated Profit for
- 363.32 363.32
the year - -
Restated Other
Comprehensive
-
(Loss) for the year, - - (22.78) (22.78)
net of deferred tax
Balance as at March
2,098.38 232.50 1.44 1,613.62 3,945.94
31, 2024
Transfer to / (from) - (232.50) - 232.50 -
debenture redemption
reserve
Restated Profit for - - - 1,050.07 1,050.07
the year
Addition in Securities 1,800.00 - - - 1,800.00
premium
Restated Other - - - (40.12) (40.12)
Comprehensive
(Loss) for the year,
net of deferred tax
Balance as at March 3,898.38 - 1.44 2,856.07 6,755.89
31, 2025

79
 GENERAL INFORMATION

Corporate Identity Number: U24139GJ1994PLC023944

Company Registration Number: 023944

Registered Office & Corporate Office:

Amanta Healthcare Limited

8th Floor, Shaligram Corporates,
C.J. Marg, Ambli, Ahmedabad – 380058
Gujarat, India
Telephone: 079 67777600
E-mail: cs@[Link]
Website: [Link]

For details of the changes in the registered office of our Company, see “History and Certain corporate Matters - Changes
in our registered office” on page 353.

Address of the Registrar of Companies

Our Company is registered with the RoC situated at the following address:

The Registrar of Companies, Gujarat at Ahmedabad

ROC Bhavan,
Opp Rupal Park Society,
Behind Ankur Bus Stop, Naranpura,
Ahmedabad – 380013, Gujarat.

Board of Directors

Our Board comprises the following Directors as on the date of filing of this Red Herring Prospectus:

Name Designation DIN Address

Bhavesh Patel Chairman and Managing 00085505 4-Saket-2, Gheljipura, near Samruddha dairy,
Director Sarkhej, Ahmedabad – 382 210, Gujarat.
Nimesh Patel Non-Executive Director 09044772 Sheetal Aqua 1001-A, Off of Riverfront Road,
Subhash Bridge, Ahmedabad – 380004, Gujarat
Kshitij Patel Independent Director 00049181 House No. 24, Saket-2, Near Sarkhej Circle, Near
L.J college campus road, S.G Highway, AT-
Makarba, Ahmedabad -380 054, Gujarat.
Anjali Choksi Independent Director 08074336 A-602 Indraprasth Kadamb Opp Pinnacle
Business Park, Prahladnagar Corporate Road,
Ahmedabad City, Manekbag, Ahmedabad – 380
015, Gujarat
Nitin Jain Independent Director 00136245 A-501, Sadanand Classic, 33rd Road, Off Linking
Road, Khar Colony, Mumbai - 400052
Pratik Gandhi Non-Executive Director 09212257 Unit-14 Shreenath Bunglows Off 30 MTR Road,
Opp Yash Complex Gotri road, TB Sanatorium
Vadodara -390021, Gujarat

For brief profiles and further details of our directors, see “Our Management” on page 358.

Company Secretary and Compliance Officer

Nikhita Dinodia is the Company Secretary and Compliance Officer of our Company. Her contact details are as follows:

Nikhita Dinodia
8th Floor, Shaligram Corporates
C.J. Marg, Ambli,

80
Ahmedabad - 380058
Gujarat, India
Telephone: 079 67777600
E-mail: cs@[Link]

Investor Grievances

Investors can contact the Company Secretary and Compliance Officer, the Book Running Lead Manager or the Registrar
to the Issue in case of any pre-Issue or post-Issue related problems, such as non-receipt of letters of Allotment, non-credit
of Allotted Equity Shares in the respective beneficiary account, non-receipt of refund orders or non-receipt of funds by
electronic mode.

All Issue related grievances, other than that of Anchor Investors, may be addressed to the Registrar to the Issue with a copy
to the relevant Designated Intermediary(ies) to whom the Bid cum Application Form was submitted. The Bidder should
give full details such as name of the sole or first Bidder, Bid cum Application Form number, Bidder’s DP ID, Client ID,
UPI ID, PAN, date of submission of the Bid cum Application Form, address of the Bidder, number of Equity Shares applied
for, the name and address of the Designated Intermediary(ies) where the Bid cum Application Form was submitted by the
Bidder and ASBA Account number (for Bidders other than RIBs using the UPI Mechanism) in which the amount equivalent
to the Bid Amount was blocked or the UPI ID in case of RIBs using the UPI Mechanism.

Further, the Bidder shall also enclose a copy of the Acknowledgment Slip or provide the acknowledgement number
received from the Designated Intermediaries in addition to the information mentioned hereinabove. All grievances relating
to Bids submitted through Registered Brokers may be addressed to the Stock Exchanges with a copy to the Registrar to the
Issue. The Registrar to the Issue shall obtain the required information from the SCSBs for addressing any clarifications or
grievances of ASBA Bidders.

All Issue-related grievances of the Anchor Investors may be addressed to the Book Running Lead Manager giving full
details such as the name of the sole or First Bidder, Anchor Investor Application Form number, Bidders’ DP ID, Client ID,
PAN, date of the Anchor Investor Application Form, address of the Bidder, number of the Equity Shares applied for, Bid
Amount paid on submission of the Anchor Investor Application Form and the name and address of the Book Running Lead
Manager where the Anchor Investor Application Form was submitted by the Anchor Investor.

Book Running Lead Manager

Beeline Capital Advisors Private Limited

B/1311-1314, Thirteenth Floor, Shilp Corporate Park
Rajpath Rangoli Road, Thaltej, Ahmedabad
Gujarat - 380054, India
Telephone: +91 7949185784
E-mail: mb@[Link]
Investor Grievance e-mail: ig@[Link]
Website: [Link]
Contact Person: Nikhil Shah
SEBI Registration Number: INM000012917

Beeline Capital Advisors Private Limited is the sole Book Running Lead Manager to the Issue, and accordingly, there is
no inter se allocation of responsibilities in the Issue. The details of responsibilities of the Book Running Lead Manager are
as follows: -

Sr. No. Activity

1. Capital structuring, positioning strategy and due diligence of the Company including the
operations/management/business plans/legal etc. Drafting and design of the DRHP, RHP and Prospectus
and of statutory advertisements including corporate advertising, brochure, etc. and filing of media
compliance report, application form and abridged prospectus.
2. Ensuring compliance with stipulated requirements and completion of prescribed formalities with the Stock
Exchanges, RoC and SEBI including finalisation of Prospectus and RoC filing.
3. Appointment of intermediaries – Bankers to the Issue, Registrar to the Issue, advertising agency, printers
to the Issue including co-ordination for agreements.
4. Domestic institutional marketing including banks/ mutual funds and allocation of investors for meetings
and finalizing road show schedules

81
 Sr. No. Activity
5. Preparation of road show presentation and FAQs
6. International institutional marketing of the Issue, which will cover, inter alia:
• Finalising media, marketing, public relations strategy and publicity budget including list of frequently
asked questions at retail road shows
• Finalising collection centres
• Finalising application form
• Finalising centres for holding conferences for brokers etc.
• Follow - up on distribution of publicity; and
• Issue material including form, RHP / Prospectus and deciding on the quantum of the Issue material
7. Non-Institutional and Retail marketing of the Issue, which will cover, inter alia:
• Formulating marketing strategies, preparation of publicity budget;
• Finalise media and public relation strategy;
• Finalising centres for holding conferences for stock brokers, investors, etc;
• Finalising collection centres as per Schedule III of the SEBI ICDR Regulations; and
• Follow-up on distribution of publicity and Issue material including application form, red herring
prospectus, prospectus and brochure and deciding on the quantum of the Issue material.
8. Managing anchor book related activities including anchor co-ordination, Anchor CAN, intimation of
anchor allocation and submission of letters to regulators post completion of anchor allocation, and
coordination with Stock Exchanges for anchor intimation, book building software, bidding terminals and
mock trading, payment of 1% security deposit to the designated stock exchange.
9. Managing the book and finalization of pricing in consultation with Company.
10. Post bidding activities including management of escrow accounts, coordinate non-institutional allocation,
coordination with Registrar, SCSBs and Bankers to the Issue, intimation of allocation and dispatch of
refund to Bidders, etc.

Post-Issue activities, which shall involve essential follow-up steps including allocation to Institutional
Investors including Anchor Investors, follow-up with Bankers to the Issue and SCSBs to get quick
estimates of collection and advising the Issuer about the closure of the Issue, based on correct figures,
finalisation of the basis of allotment or weeding out of multiple applications, listing of instruments,
dispatch of certificates or demat credit and refunds and coordination with various agencies connected with
the post-Issue activity such as registrar to the Issue, Bankers to the Issue, SCSBs including responsibility
for underwriting arrangements, as applicable.

Coordinating with Stock Exchanges and SEBI for submission of all post-Issue reports including the final
post- Issue report to SEBI.

Syndicate Members

Spread X Securities Private Limited

Shilp Corporate Park, B Block, 13th Floor, B-1309,
Near Rajpath Club, Rajpath Rangoli Road,
S. G. Highway, Ahmedabad – 380054, Gujarat, India
Email id: info@[Link]
Contact Person: Khushbu Nikhilkumar Shah
Telephone no: 079-69072020

Legal Counsel to the Issue

M/s. Crawford Bayley & Co.

State Bank Building, 4th Floor
NGN Vaidya Marg, Fort, Mumbai
Maharashtra, India – 400 023
Name: Sanjay Asher
Email: [Link]@[Link]
Telephone: +91 22 2266 3353

Statutory Auditor to our Company

82
Price Waterhouse Chartered Accountants LLP
1701, 17th Floor, Shapath V, Opp. Karnavati Club
S G Highway, Ahmedabad – 380 051
Gujarat
Tel: +91 (79) 6924 7000
E-mail: [Link]@[Link]
Firm registration number: 012754N/N500016
Peer review certificate number: 015948

Change in Statutory Auditors

There has been no change in the statutory auditors of our Company during the three years preceding the date of this Red
Herring Prospectus.

Registrar to the Issue

MUFG Intime India Private Limited (formerly Link intime India Private Limited)
C-101, 1st Floor, 247 Park, L.B.S. Marg
Vikhroli (West), Mumbai 400 083, Maharashtra
Telephone: +91 8108114949
E-mail: [Link]@[Link]
Investor grievance e-mail: [Link]@[Link]
Website: [Link]
Contact person: Shanti Gopalkrishnan
SEBI registration number: INR000004058

Banker to the Issue

Escrow Collection, Refund Bank, Public Issue Account Bank and Sponsor Bank

Axis Bank Limited

Axis Bank- Ahmedabad Main Branch, Trishul,
Opposite Samartheshwar Temple, Law Garden,
Ellis Bridge, Ahmedabad, Gujarat, 380006
Telephone: +91 9727774599
Email: [Link]@[Link]
Website: [Link]
Contact Person: Ms. Shivani Jain
SEBI Registration Number: INBI00000017
Corporate Identity Number (CIN): L65110GJ1993PLC020769

Bankers to our Company

State Bank of India

Laghu Udhyog Branch,
Neptune Tower Compex
Ashram Road, Ahmedabad- 380009
Telephone: +91 7779063761, 7600036152
Contact Person: Mr. Anuj Jalan
Website: [Link]
Email: sbi.03993@[Link]

Designated Intermediaries

Self-Certified Syndicate Banks

The list of SCSBs notified by SEBI for the ASBA process is available at
[Link] or at such other website as
may be prescribed by SEBI from time to time. A list of the Designated SCSB Branches with which an ASBA Bidder (other
than a UPI Bidders using the UPI Mechanism), not Bidding through Syndicate/Sub Syndicate or through a Registered

83
Broker, RTA or CDP may submit the Bid cum Application Forms, is available at
[Link] or at such other websites as
may be prescribed by SEBI from time to time.

SCSBs and mobile applications enabled for UPI Mechanism

In accordance with SEBI Circular No. SEBI/HO/CFD/DIL2/CIR/P/2019/76 dated June 28, 2019 and SEBI Circular No.
SEBI/HO/CFD/DIL2/CIR/P/2019/85 dated July 26, 2019, and SEBI Circular No. SEBI/HO/CFD/DIL2/CIR/P/2022/51
dated April 20, 2022, each applicable to the extent not rescinded by the SEBI ICDR Master Circular in relation to the SEBI
ICDR Regulations, UPI Bidders Bidding using the UPI Mechanism may apply through the SCSBs and mobile applications
whose names appears on the website of the SEBI
([Link] and
([Link] respectively, as updated
from time to time.

Applications through UPI in the Issue can be made only through the SCSBs mobile applications (apps) whose name appears
on the SEBI website. A list of SCSBs and mobile application, which are live for applying in public issues using UPI
mechanism is provided as Annexure ‘A’ to the SEBI circular no. SEBI/HO/CFD/DIL2/CIR/P/2019/85 dated July 26, 2019.
This list is also available at [Link]/sebiweb/other/[Link]?doRecognisedFpi=yes&intmId=43 appearing
in the “list of mobile applications for using UPI in public issues” displayed on the SEBI website as updated from time to
time or any such other website as may be prescribed by SEBI from time to time. Details of nodal officers of SCSBs,
identified for Bids made through the UPI Mechanism, are available at [Link].

Syndicate SCSB Branches

In relation to Bids (other than Bids by Anchor Investor and RIBs) submitted under the ASBA process to a member of the
Syndicate, the list of branches of the SCSBs at the Specified Locations named by the respective SCSBs to receive deposits
of Bid cum Application Forms from the members of the Syndicate is available on the website of the SEBI
([Link] and updated from time to
time or any other website prescribed by SEBI from time to time. For more information on such branches collecting Bid
cum Application Forms from the Syndicate at Specified Locations, see the website of the SEBI
[Link] as updated from time to time
or any other website prescribed by SEBI from time to time.

Registered Brokers

Bidders can submit ASBA Forms in the Issue using the stock broker network of the stock exchange, i.e. through the
Registered Brokers at the Broker Centres. The list of the Registered Brokers, including details such as postal address,
telephone number and e-mail address, is provided on the websites of the Stock Exchanges at [Link]
and [Link] as updated from time to time.

RTAs

The list of the RTAs eligible to accept ASBA Forms at the Designated RTA Locations, including details such as address,
telephone number and e-mail address, is provided on the websites of the SEBI at
[Link] and Stock Exchanges at
[Link] and
[Link] or any such other websites as updated from
time to time.

Collecting Depository Participants

The list of the CDPs eligible to accept ASBA Forms at the Designated CDP Locations, including details such as name and
contact details, is provided on the website of the Stock Exchanges at
[Link] and
[Link] or any such other websites as updated from
time to time.

Experts

84
Except as stated below, our Company has not obtained any expert opinions:

Our Company has received the written consent dated August 22, 2025 from our Statutory Auditors, namely, Price
Waterhouse Chartered Accountants LLP, to include their names as required under section 26 (5) of the Companies Act,
2013 read with SEBI ICDR Regulations, in this Red Herring Prospectus, and as an “expert” as defined under section 2(38)
of the Companies Act, 2013 to the extent and in their capacity as our Statutory Auditors, and in respect of their examination
report dated July 17, 2025 on the Restated Financial Information, and such consent has not been withdrawn as on the date
of this Red Herring Prospectus. A written consent under the provisions of the Companies Act, 2013 is different from a
consent filed with the U.S. Securities and Exchange Commission under Section 7 of the U.S. Securities Act, which is
applicable only to transactions involving securities registered under the U.S. Securities Act. As the Equity Shares are
proposed to be offered as a part of an initial public offering in India and the Equity Shares have not been and will not be
registered under the U.S. Securities Act, the Statutory Auditors have not given consent under Section 7 of the U.S.
Securities Act. In this regard, the Statutory Auditors have given consent to be referred to as “experts” in this Red Herring
Prospectus in accordance with the requirements of the Companies Act, 2013. The term “experts” as used in this Red Herring
Prospectus is different from those defined under the U.S. Securities Act, which is applicable only to transactions involving
securities registered under the U.S. Securities Act. The reference to the Statutory Auditors as “experts” in this Red Herring
Prospectus is not made in the context of the U.S. Securities Act but solely in the context of the Offer in India.

Our Company has received written consent dated July 01, 2025 from Atishkumar Naishadbhai Patel, Independent
Chartered Engineer to include his name as an ‘expert’ as defined under Section 2(38) of the Companies Act to the extent
and in his capacity as Independent Chartered Engineer in respect of the certificate dated July 01, 2025 issued by him in
connection with capacity details included in this Red Herring Prospectus in terms of Section 26(5) of the Companies Act,
read with SEBI ICDR Regulations, such consent has not been withdrawn as of the date of this Red Herring Prospectus.
However, the term ‘expert’ shall not be construed to mean an ‘expert’ as defined under U.S. Securities Act.

Our Company has received written consent dated July 18, 2025 from S G D G & Associates LLP, Independent Chartered
Accountant to include his name as an ‘expert’ as defined under Section 2(38) of the Companies Act to the extent and in his
capacity as Independent Chartered Accountant in respect of the certificates dated August 22, 2025 and their report dated
July 18, 2025 on the statement of possible special tax benefits in this Red Herring Prospectus and such consent has not
been withdrawn as on the date of this Red Herring Prospectus issued by him in connection with certain financial information
included in this Red Herring Prospectus in terms of Section 26(5) of the Companies Act, read with SEBI ICDR Regulations,
such consent has not been withdrawn as of the date of this Red Herring Prospectus. However, the term ‘expert’ shall not
be construed to mean an ‘expert’ as defined under U.S. Securities Act.

Our Company has received written consent dated August 22, 2025 from the practicing Company Secretary, Pooja Shah &
Associates, to include its name as an ‘expert’ as defined under Section 2(38) of the Companies Act to the extent and in its
capacity as practicing Company Secretary in respect of the certificate dated August 22, 2025 issued by it in connection
with inter alia the share capital buildup and such consent has not been withdrawn as of the date of this Red Herring
Prospectus. However, the term ‘expert’ shall not be construed to mean an ‘expert’ as defined under U.S. Securities Act.

Monitoring Agency

Our Company has in accordance with Regulation 41 of the SEBI ICDR Regulations, appointed CRISIL Ratings Limited
as the Monitoring Agency for monitoring the utilisation of the Gross Proceeds. For further details in relation to the proposed
utilisation of the Gross Proceeds, see “Objects of the Issue - Proposed schedule of implementation and deployment of Net
Proceeds” on page 136. The details of the Monitoring Agency are as follows:

Crisil Ratings Limited

Lightbridge IT Park, Saki Vihar Road,
Andheri East. Mumbai- 400 072,
Maharashtra, India
Telephone: 9967465621
Email: [Link]@[Link]
Website: [Link]
Contact Person: Anand Kapse
SEBI Registration Number: IN/CRA/001/1999
Corporate Identity Number (CIN): U67100MH2019PLC326247

Appraising Entity

85
None of the objects of the Issue for which the Net Proceeds will be utilised have been appraised by any agency.

Credit Rating

As this is an Issue of Equity Shares, there is no credit rating for the Issue.

IPO Grading

No credit rating agency registered with the SEBI has been appointed in respect of obtaining grading for the Issue.

Debenture Trustees

As this is an offer of Equity Shares, no debenture trustee has been appointed for the Issue.

Green Shoe Option

No green shoe option is contemplated under the Issue.

Filing of the Draft Red Herring Prospectus and this Red Herring Prospectus

A copy of the Draft Red Herring Prospectus has been filed electronically on the SEBI’s online portal at
[Link] in accordance with SEBI ICDR Master Circular. It has also been filed with SEBI at: -

Securities and Exchange Board of India

Corporation Finance Department
Division of Issues and Listing
SEBI Bhavan, Plot No. C4 A, ‘G’ Block
Bandra Kurla Complex, Bandra (E)
Mumbai, 400 051
Maharashtra, India

A copy of this Red Herring Prospectus, along with the material documents and contracts required to be filed, will be filed
with the RoC in accordance with Section 32 of the Companies Act and a copy of the Prospectus required to be filed under
Section 26 of the Companies Act, has been filed with the RoC and through the electronic portal.

Book Building Process

Book building, in the context of the Issue, refers to the process of collection of Bids from investors on the basis of the Red
Herring Prospectus and the Bid cum Application Forms within the Price Band, which will be decided by our Company, in
consultation with the BRLM, and if not disclosed in the Red Herring Prospectus, which shall be notified all edition of
Financial Express (a widely circulated English national daily newspaper), all editions of Jansatta (a widely circulated Hindi
national daily newspaper) and Ahmedabad editions of Financial Express (a widely circulated Gujarat daily newspaper,
Gujarati being the regional language of Gujarat, where our Registered Office is located), each with wide circulation, at
least two Working Days prior to the Bid/Issue Opening Date and shall be made available to the Stock Exchanges for the
purpose of uploading on their respective websites. The Issue Price shall be determined by our Company, in consultation
with the BRLM, after the Bid/Issue Closing Date. For further details, see “Issue Procedure” on page 518

All Bidders, except Anchor Investors, are mandatorily required to use the ASBA process for participating in the
Issue by providing details of their respective ASBA Account in which the corresponding Bid Amount will be blocked
by SCSBs. In addition to this, the RIBs may participate through the ASBA process by either (a) providing the details
of their respective ASBA Account in which the corresponding Bid Amount will be blocked by the SCSBs; or (b)
through the UPI Mechanism. Except for Allocation to RIBs, Non-Institutional Bidders and the Anchor Investors,
Allocation in the Issue will be on a proportionate basis. Anchor Investors are not permitted to participate in the
Issue through the ASBA process.

In accordance with the SEBI ICDR Regulations, QIBs and Non-Institutional Investors are not permitted to
withdraw or lower the size of their Bids (in terms of the quantity of the Equity Shares or the Bid Amount) at any
stage. Retail Individual Investors and Eligible Employees Bidding in the Employee Reservation Portion can revise
their Bids during the Bid/Issue Period and withdraw their Bids until the Bid/Issue Closing Date. Further, Anchor
Investors cannot withdraw their Bids after the Anchor Investor Bidding Date. Allocation to QIBs (other than

86
Anchor Investors) and Non-Institutional Investors will be on a proportionate basis while allocation to Anchor
Investors will be on a discretionary basis. For further details, see “Terms of the Issue” and “Issue Procedure” on
pages 507 and 518 respectively.

The Book Building Process is in accordance with guidelines, rules and regulations prescribed by SEBI and are
subject to change from time to time. Bidders are advised to make their own judgement about an investment through
this process prior to submitting a Bid.

The Bidders should note that the Issue is also subject to obtaining (i) the final approval of the RoC after the Prospectus is
filed with the RoC; and (ii) final listing and trading approvals of the Stock Exchanges, which our Company shall apply for
after Allotment as per the prescribed timelines in compliance with the SEBI ICDR Regulations.

For further details on the method and procedure for Bidding, see “Issue Structure”, “Issue Procedure” and “Terms of the
Issue” on pages 514, 518 and 507 respectively.

Illustration of Book Building and Price Discovery Process

For an illustration of the Book Building Process and the price discovery process, see “Issue Procedure” on page 518.

Underwriting Agreement

The Underwriting Agreement has not been executed as on the date of this Red Herring Prospectus. After the determination
of the Issue Price but prior to the filing of the Prospectus with the RoC, our Company will enter into an Underwriting
Agreement with the Underwriters for the Equity Shares proposed to be offered through the Issue. Pursuant to the terms of
the Underwriting Agreement, the obligations of the Underwriters will be several and will be subject to certain conditions
to closing, as specified therein.

The Underwriting Agreement is dated [●]. The Underwriters have indicated their intention to underwrite the following
number of Equity Shares:

(This portion has been intentionally left blank and will be filled in before filing of the Prospectus with the RoC)

Name, Address, Telephone Number and Email Indicative Number of Equity Amount Underwritten
Address of the Underwriters Shares to be Underwritten (in ₹ lakhs)
[●] [●] [●]

The above-mentioned is indicative underwriting amount and will be finalised after determination of Issue Price and actual
allocation in accordance with provisions of the SEBI ICDR Regulations.

In the opinion of our Board (based on representations made to our Company by the Underwriters), the resources of the
Underwriters are sufficient to enable them to discharge their respective underwriting obligations in full. The Underwriters
are registered with SEBI under Section 12(1) of the SEBI Act or registered as brokers with the Stock Exchange(s). Our
Board / IPO Committee will at its meeting accept and enter into the Underwriting Agreement mentioned above on behalf
of our Company.

Allocation among the Underwriters may not necessarily be in proportion to their underwriting commitment set forth in
the table above.

Notwithstanding the above table, the Underwriters shall be severally responsible for ensuring payment with respect to the
Equity Shares allocated to investors respectively procured by them in accordance with the Underwriting Agreement. The
Underwriting Agreement has not been executed as on the date of this Red Herring Prospectus and will be executed after
determination of the Issue Price and allocation of Equity Shares, but prior to the filing of the Prospectus with the RoC.

87
 CAPITAL STRUCTURE

The share capital of our Company, as on the date of this Red Herring Prospectus, is set forth below.

(in ₹, except share data or indicated otherwise)

Aggregate Aggregate value
nominal value at Issue Price(1)
A. AUTHORIZED SHARE CAPITAL
Equity Shares comprising:
8,01,50,000 Equity Shares of face value ₹10 each 80,15,00,000 [●]
Preference Shares comprising:
1,00,00,000 redeemable preference shares of ₹10 each 10,00,00,000
Total 90,15,00,000 [●]

B. ISSUED, SUBSCRIBED AND PAID-UP SHARE CAPITAL

BEFORE THE ISSUE
Equity Shares Comprising:
2,88,29,351 Equity Shares of face value of ₹10 each 28,82,93,510 [●]
Preference shares comprising of:
1,00,00,000 redeemable preference shares of ₹10 each 10,00,00,000 [●]
Total 38,82,93,510 [●]

C. PRESENT ISSUE
Fresh Issue of up to 1,00,00,000 Equity Shares of face value ₹ 10 [●] [●]
each aggregating up to ₹ [●] lakhs(2)

D. ISSUED, SUBSCRIBED AND PAID-UP SHARE CAPITAL

AFTER THE ISSUE(1)
[●] Equity Shares of face value ₹10 each [●] [●]

E. SECURITIES PREMIUM ACCOUNT

Before the Issue 38,98,38,316
After the Issue(1) [●]
Notes:
1. To be included upon finalization of the Issue Price.
2. The Issue has been authorised by our Board pursuant to its resolution dated August 24, 2024 and the Fresh Issue has
been authorised by our Shareholders pursuant to their resolution dated August 28, 2024.

For details of changes to our Company’s authorised share capital in the last 10 years, see “History and Certain Corporate
Matters – Amendments to the Memorandum of Association” on page 353.

Notes to the Capital Structure:

88
1. Share capital history of our Company:

(a) Equity share capital

The following table sets forth the history of the equity share capital of our Company:

Date of No of Face Issue Nature of Reasons / nature Name of allottees Cumulative Cumulative
allotment Equity value price considerations of allotment no of Equity paid-up equity
Shares (₹) per Shares share capital
equity (in ₹)
share
(₹)
December 30,000 10 10 Cash Initial Allotment of 11,250 Equity Shares to Rohitkumar 30,000 3,00,000.00
21, 1994 subscription to Jashbhai Patel, 11,250 Equity Shares to Jitendrakumar
the Memorandum Jashbhai Patel, 1,500 Equity Shares to Bhavesh Patel,
of Association 1,500 Equity Shares to Shefali Bhavesh Patel, 1,500
Equity Shares to Jayshreeben Rohitbhai Patel, 1,500
Equity Shares to Grishbhai Chotabhai Patel and 1,500
Equity Shares to Veenaben Jitendrabhai Patel.
March 28, 10,44,675 10 15 Cash Further issue Allotment of 7,000 Equity Shares to Veenaben J. Patel, 10,74,675 1,07,46,750.00
1995 10,000 Equity Shares to Jayshreeben R. Patel, 1,62,000
Equity Shares to Rohitbhai J. Patel, 1,58,000 Equity
Shares to Jitendrabhai J. Patel, 7,000 Equity Shares to
Pravinbhai P. Ajawalla, 10,000 Equity Shares to
Vitthalbhai T. Patel, 7,000 Equity Shares to Lalitaben
V. Patel, 7,000 Equity Shares to Rajesh J. Joshi, 7,000
Equity Shares to Raojibhai V. Patel, 16,775 Equity
Shares to Hasmukhbhai D. Patel, 30,000 Equity Shares
to Jagrutkumar H. Patel, 7,000 Equity Shares to Abbas
Sajuddin Barad, 7,000 Equity Shares to Kundanben R.
Patel, 7,000 Equity Shares to Rohitkumar P. Patel,
7,000 Equity Shares to Pramodrao R. Patel, 21,000
Equity Shares to Jayesh B. Patel, 7000 Equity Shares
to Atul R. Patel, 7,000 Equity Shares to Harshadbhai
C. Patel, 7,000 Equity Shares to Purnima J. Patel,
10,000 Equity Shares to Naishadh N. Patel, 7,000
Equity Shares to Ramesh T. Patel, 7,000 Equity Shares
to Sanjay K. Patel, 7,000 Equity Shares to Mahendra B.
Patel, 7,000 Equity Shares to Jitendra R. Patel, 7,000
Equity Shares to Kanubhai R. Patel, 7,000 Equity

89
 Date of No of Face Issue Nature of Reasons / nature Name of allottees Cumulative Cumulative
allotment Equity value price considerations of allotment no of Equity paid-up equity
Shares (₹) per Shares share capital
equity (in ₹)
share
(₹)
Shares to Pravinbhai D. Patel, 7,000 Equity Shares to
Tushar B. Patel, 8,000 Equity Shares to Kantibhai D.
Patel, 7,000 Equity Shares to Chandravatiben V. Patel,
7000 Equity Shares to Chandrakant M. Patel, 7000
Equity Shares to Mahendra M. Patel, 7000 Equity
Shares to Hashmukh M. Patel, 7000 Equity Shares to
Kusumben S. Patel, 5000 Equity Shares to Sadhnaben
D. Patel, 5000 Equity Shares to Nitaben K. Patel, 5000
Equity Shares to Alkaben H. Patel, 7000 Equity Shares
to Rashmikant P. Patel, 7000 Equity Shares to
Navnitbhai Patel, 7000 Equity Shares to Shushilaben J.
Patel, 7000 Equity Shares to Kiritkumar A. Patel,
20,000 Equity Shares to Jayendrabhai A. Patel, 7,000
Equity Shares to Hansuben V. Patel, 10,000 Equity
Shares to Prabhudas T. Patel, 7,000 Equity Shares to
Nilesh J Patel, 7,000 Equity Shares to Navin G. Arora,
7,000 Equity Shares to Ramesh M. Patel, 7000 Equity
Shares to Mukund N. Patel, 7,000 Equity Shares to
Ranjibhai K. Patel, 7,000 Equity Shares to Ushaben G.
Patel, 4,000 Equity Shares to Vinubhai J. Patel, 7000
Equity Shares to Prahladbhai R. Patel, 7000 Equity
Shares to Hansaben A. Patel, 4000 Equity Shares to
Rashmikant A. Patel, 7000 Equity Shares to Devang R.
Patel, 7000 Equity Shares to Mahendra R. Patel, 7000
Equity Shares to Shyam Sundar B. Rathi, 7000 Equity
Shares to Ghanshyam A. Soni, 7000 Equity Shares to
Pinal V. Patel, 65,600 Equity Shares to Chandrakant P.
Shah, 16,300 Equity Shares to Samir R. Patel, 16,300
Equity Shares to Yogesh R. Patel, 6,500 Equity Shares
to Rashmi K. Patel, 16,300 Equity Shares to Harjibhai
M. Patel, 16,300 Equity Shares to Harjibhai M. Patel,
41,300 Equity Shares to Manojkumar J. Sedani, 32,600
Equity Shares to Ashwinkumar R. Patel, 41,300 Equity
Shares to Pravinchandra K. Lakhani , 16,200 Equity

90
 Date of No of Face Issue Nature of Reasons / nature Name of allottees Cumulative Cumulative
allotment Equity value price considerations of allotment no of Equity paid-up equity
Shares (₹) per Shares share capital
equity (in ₹)
share
(₹)
Shares to Bhupendra M. Patel and 3,200 Equity Shares
to Dinkarbhai [Link].

July 5, 2,40,900 10 10 Cash Further Issue Allotment of 7,000 Equity Shares to Kunjuben P. Patel, 13,15,575 1,31,55,750.00
1995 7,000 Equity Shares to Mukesh N. Patel, 7,000 Equity
Shares to Dushyat S. Patel, 7,000 Equity Shares to
Devindra P. Amin, 10,000 Equity Shares to Indiraben
V. Patel, 7,000 Equity Shares to Mohanbhai B. Patel,
7,000 Equity Shares to Bharatbhai D. Patel, 7,000
Equity Shares to Ragniben Jayprakash Patel, 7,000
Equity Shares to Ashvinkumar M. Patel, 7,000 Equity
Shares to Vasant J. Patel, 7,000 Equity Shares to Dipak
T. Patel, 7,000 Equity Shares to Gargee V. Patel, 7,000
Equity Shares to Surat G. Patel, 7,000 Equity Shares to
Sanskar G. Patel, 7,000 Equity Shares to
Purshottambhai A. Patel, 7,000 Equity Shares to
Kalpnaben M. Patel, 7,000 Equity Shares to Dakshaben
D. Shah, 7,000 Equity Shares to Rameshbhai M.
Bhavsar, 7,000 Equity Shares to Gunvantlal N. Shah,
10,000 Equity Shares to Milan P. Shah, 10,000 Equity
91
 Date of No of Face Issue Nature of Reasons / nature Name of allottees Cumulative Cumulative
allotment Equity value price considerations of allotment no of Equity paid-up equity
Shares (₹) per Shares share capital
equity (in ₹)
share
(₹)
Shares to Ratilal C. Patel, 7,400 Equity Shares to
Shardaben C. Patel, 36,000 Equity Shares to Induben C.
Patel and 41,500 Equity Shares to Prafulbhai J. Patel.

November 3,500 10 15 Cash Further Issue Allotment of 3,500 Equity Shares to Veenaben J. Patel. 13,19,075 1,31,90,750.00
25, 1995
March 30, 11,64,344 10 15 Cash Further Issue Allotment of 11,64,344 Equity Shares to American 24,83,419 2,48,34,190.00
1996 Mannequine Inc.
November 12,41,710 10 - N.A. Bonus Issue in Allotment of 6,000 Equity Shares to Veenaben J. Patel, 37,25,129 3,72,51,290.00
30, 1996 the ratio of 1:2 5,750 Equity Shares to Jayshreeben R. Patel, 86,625
(one for every Equity Shares to Rohitbhai J. Patel, 84,625 Equity
two Equity Shares Shares to Jitendrbhai J. Patel, 750 Equity Shares to
held) Bhavesh G. Patel, 750 Equity Shares to Shefali B. Patel,
750 Equity Shares to Govindbhai C. Patel, 3,500 Equity
Shares to Pravinbhai P. Ajawalla, 5,000 Equity Shares
to Vitthalbhai T. Patel, 3500 Equity Shares to Lalitaben
V. Patel, 3500 Equity Shares to Rajesh J. Joshi, 3500
Equity Shares to Raojibhai V. Patel, 8,388 Equity
Shares to Hashmukhbhai D. Patel, 15,000 Equity
Shares to Jagrutkumar H. Patel, 3,500 Equity Shares to
Abbas Sajuddin Barad, 3,500 Equity Shares to
Kundanben R. Patel, 3,500 Equity Shares to
Rohitkumar P. Patel, 3,500 Equity Shares to Pramodrao
R. Patel, 10,500 Equity Shares to Dr. Jayesh B. Patel,
3,500 Equity Shares to Atul R. Patel, 3,500 Equity
Shares to Harshadbhai C. Patel, 3,500 Equity Shares to
Purnima J Patel, 5,000 Equity Shares to Naishadh N.
Patel, 3,500 Equity Shares to Ramesh T. Patel, 3,500
Equity Shares to Sanjay K. Patel, 3,500 Equity Shares
to Mahendra B. Patel, 3,500 Equity Shares to Jitendra
R. Patel, 3,500 Equity Shares to Kanubhai R. Patel,
92
 Date of No of Face Issue Nature of Reasons / nature Name of allottees Cumulative Cumulative
allotment Equity value price considerations of allotment no of Equity paid-up equity
Shares (₹) per Shares share capital
equity (in ₹)
share
(₹)
3,500 Equity Shares to Pravinbhai D. Patel, 3,500
Equity Shares to Tushar B. Patel, 4,000 Equity Shares
to Kantibhai D. Patel, 3,500 Equity Shares to
Chandravatiben V. Patel, 3,500 Equity Shares to
Chandrakant M. Patel, 3,500 Equity Shares to
Mahendra M. Patel, 3,500 Equity Shares to Hasmukh
M. Patel, 3,500 Equity Shares to Kusumben S. Patel,
2,500 Equity Shares to Sadhnaben D. Patel, 2,500
Equity Shares to Nitaben K. Patel, 2,500 Equity Shares
to Alkaben H. Patel, 3,500 Equity Shares to Rashmikant
P. Patel, 3,500 Equity Shares to Navnitbhai Patel, 3,500
Equity Shares to Shushilaben J. Patel, 3,500 Equity
Shares to Kiritkumar A. Patel, 10,000 Equity Shares to
Jayendrabhai A. Patel, 3,500 Equity Shares to
Hansuben V. Patel, 5,000 Equity Shares to Prabhudas
T. Patel, 3,500 Equity Shares to Nilesh J. Patel, 3,500
Equity Shares to Navin G. Arora, 3,500 Equity Shares
to Ramesh M. Patel, 3,500 Equity Shares to Mukund N.
Patel, 3,500 Equity Shares to Ranjitbhai K. Patel, 3,500
Equity Shares to Ushaben G. Patel, 2,000 Equity Shares
to Vinubhai J. Patel, 3,500 Equity Shares to Prahladbhai
R. Patel, 3,500 Equity Shares to Hansaben A. Patel,
2,000 Equity Shares to Rashmikant A. Patel, 3,500
Equity Shares to Devang R. Patel, 3,500 Equity Shares
to Mahendra R. Patel, 3,500 Equity Shares to Shyam
Sundar B. Rathi, 3,500 Equity Shares to Ghanshyam A.
Soni, 3,500 Equity Shares to Pinal V. Patel, 32,800
Equity Shares to Chandrakant P. Shah, 8,150 Equity
Shares to Samir R. Patel, 8,150 Equity Shares to
Yogesh R. Patel, 3,250 Equity Shares to Mr. Rashmi K.
Patel, 8,150 Equity Shares to Harjibhai H. Patel, 8,150
Equity Shares to Harjibhai H. Patel, 20,650 Equity
Shares to Mr. Manojkumar J. Sedani, 16,300 Equity
Shares to Ashwinkumar R. Patel, 20,650 Equity Shares
to Pravinchandra K. Lakhani, 8,100 Equity Shares to

93
 Date of No of Face Issue Nature of Reasons / nature Name of allottees Cumulative Cumulative
allotment Equity value price considerations of allotment no of Equity paid-up equity
Shares (₹) per Shares share capital
equity (in ₹)
share
(₹)
Bhupendra M. Patel, 1,600 Equity Shares to Dinkarbhai
R. Patel, 3,500 Equity Shares to Kunjuben P. Patel,
3,500 Equity Shares to Mukesh N. Patel, 3,500 Equity
Shares to Dushyat S. Patel, 3,500 Equity Shares to
Devindra P. Amin, 5,000 Equity Shares to Indiraben V.
Patel, 3,500 Equity Shares to Mohanbhai B. Patel,
3,500 Equity Shares to Bharatbhai D. Patel, 3,500
Equity Shares to Ragniben Jayprakash Patel, 3,500
Equity Shares to Ashvinkumar M. Patel, 3,500 Equity
Shares to Vasant J. Patel, 3,500 Equity Shares to Dipak
T. Patel, 3,500 Equity Shares to Gargee V. Patel, 3,500
Equity Shares to Surat G. Patel, 3,500 Equity Shares to
Sanskar G. Patel, 3,500 Equity Shares to
Purshottambhai A. Patel, 3,500 Equity Shares to
Kalpnaben M. Patel, 3,500 Equity Shares to Dakshaben
D. Shah, 3,500 Equity Shares to Rameshbhai M.
Bhavsar, 3,500 Equity Shares to Gunvantlal N. Shah,
5,000 Equity Shares to Milan P. Shah, 5,000 Equity
Shares to Ratilal C. Patel, 3,700 Equity Shares to
Shardaben C. Patel, 18,000 Equity Shares to Induben C.
Patel, 20,750 Equity Shares to Prafulbhai J. Patel and
5,82,172 Equity Shares to American Mannequine Co.
Inc.
December 3,51,584 10 10 Cash Further Issue Allotment of 3,09,084 Equity Shares to American 40,76,713 4,07,67,130.00
21, 1996 Mannequine Inc and 42,500 Equity Shares to
Deepakbhai G Patel.
March 12, 2,47,500 10 10 Cash Further Issue Allotment of 10,600 Equity Shares to Harikrishna C 43,24,213 4,32,42,130.00
1997 Patel, 35,600 Equity Shares to Arvind R Shah, 53,400
Equity Shares to Jigar Patel, 10,600 Equity Shares to
Mahesh S Patel, 35,700 Equity Shares to Jashu
Thakkar, 35,700 Equity Shares to Ashok M. Patel,
10,700 Equity Shares to Yashwant C Panchal, 10,700
Equity Shares to Bhupendra Gor, 17,800 Equity Shares
to Rameshchandra Patel, 26,700 Equity Shares to
Mahendra V Patel.

94
 Date of No of Face Issue Nature of Reasons / nature Name of allottees Cumulative Cumulative
allotment Equity value price considerations of allotment no of Equity paid-up equity
Shares (₹) per Shares share capital
equity (in ₹)
share
(₹)
May 7, 12,92,900 10 10 Cash Further Issue Allotment of 21,400 Equity Shares to Natver A. Patel 56,17,113 5,61,71,130.00
1997 jointly with Kokila N. Patel, 32,100 Equity Shares to
Pradip M. Shah, 10,700 Equity Shares to Ajay M.
Parikh jointly with Hemangi A. Parikh, 17,800 Equity
Shares to Rohit J. Patel jointly with Amita R. Patel,
10,700 Equity Shares to Pankaj Patel jointly with
Prytamda Patel, 10,700 Equity Shares to Jaiprakash
Patel jointly with Sepali Patel, 10,700 Equity Shares to
Dilip R. Patel jointly with Saroj Patel, 42,900 Equity
Shares to Jigar Patel jointly with Hansa Patel, 1,07,400
Equity Shares to Ramprasad Singhania jointly with
Aruna Singhania, 10,700 Equity Shares to Rakshen J.
Shah jointly with Rajeshri R. Shah, 17,800 Equity
Shares to Jyoti Harikishan Parekh and 10,00,000 Equity
Shares to Milcent Appliances Private Limited.
July 31, 24,58,200 10 10 Cash Further Issue Allotment of 7,09,300 Equity Shares to Pravin D. 80,75,313 8,07,53,130.00
1997 Mehta jointly with Snehlata P. Mehta, 10,600 Equity
Shares to Kirit M. Merchant jointly with Bharati K.
Merchant, 17,800 Equity Shares to Kanu B. Patel
jointly with Kokila K. Patel and Jiten K. Patel, 1,78,400
Equity Shares to Niranjan I Patel jointly with
Kaushalya N. Patel, 2,49,800 Equity Shares to Kirit A.
Desai jointly with Sarala K. Desai, 10,600 Equity
Shares to Kirit R. Patel jointly with Jaybala K Patel,
1,05,400 Equity Shares to Sharmistha C. Patel jointly
with Chandrakant R. Patel, 71,300 Equity Shares to
Rajendra T Bhakta jointly with Daxa R Bhakta, 17,800
Equity Shares to Jayant R. Vyas jointly with Pallavi
Vyas, 35,600 Equity Shares to Kalpesh Parikh jointly
with Jagruti K Parikh, 21,300 Equity Shares to Sonia
Patel jointly with Vanmalibhai Bhagubhai Patel and
Hiruben Vamalibhai, 21,300 Equity Shares to Samir
Vanmali Patel jointly with Vanmalibhai Bhagubhai
Patel and Niruben Vanmalibrai Patel, 10,600 Equity
Shares to Ghanshyan B. Patel jointly with Taru G. Patel

95
 Date of No of Face Issue Nature of Reasons / nature Name of allottees Cumulative Cumulative
allotment Equity value price considerations of allotment no of Equity paid-up equity
Shares (₹) per Shares share capital
equity (in ₹)
share
(₹)
and Shika G. Patel, 26,700 Equity Shares to Mahendra
V. Patel jointly with Kokila M Patel, 10,600 Equity
Shares to Mahendra M Patel jointly with Surekha K
Patel, 65,900 Equity Shares to Shantilal M Patel jointly
with Sumitraben S Patel and 8,95,200 Equity Shares to
American Manniquine Inc.
November 10,200 10 10 Cash Further Issue Allotment of 10,200 Equity Shares to Sharmistha C. 80,85,513 8,08,55,130.00
22, 1997 Patel jointly with Leslie Craig Mayer.
December 5,00,000 10 10 Cash Further Issue Allotment of 5,00,000 Equity Shares to Risk Capital 85,85,513 8,58,55,130.00
3, 1997 and Technology Finance Corporation Limited.
January 50,000 10 10 Cash Further Issue Allotment of 50,000 Equity Shares to Risk Capital and 86,35,513 8,63,55,130.00
31, 1998 Technology Finance Corporation Limited.
November 44,000 10 10 Cash Further Issue Allotment of 44,000 Equity Shares to Shantilal 86,79,513 8,67,95,130.00
24, 1998 Maganbhai Patel jointly with Sumitraben Shantilal
Patel
June 29, 5,000 10 10 Cash Further Issue Allotment of 5,000 Equity Shares to Shantilal 86,84,513 8,68,45,130.00
1999 Maganbhai Patel jointly with Sumitraben Shantilal
Patel
May 20, 30,00,000 10 10 Cash Further Issue Allotment of 30,00,000 Equity Shares to Industrial 1,16,84,513 11,68,45,130.00
2000 Development Bank of India
October 26,56,000 10 10 Cash Further Issue Allotment of 3,76,300 Equity Shares to American 1,43,40,513 14,34,05,130.00
12, 2000 Mannequine Inc, 1,79,700 Equity Shares to Pravinbhai
D. Mehta jointly with Snehlataben Mehta and
21,00,000 Equity Shares to Milcent Appliances Private
Limited.
March 28, 5,32,616 10 10 Cash Preferential Allotment of 5,32,616 Equity Shares to American 1,48,73,129 14,87,31,290.00
2002 Allotment Mannequine Inc.
March 13, 75,67,585 10 10 Cash Preferential Allotment of 19,44,930 Equity Shares to Prafulbhai J. 2,24,40,714 22,44,07,140.00
2006* Allotment Patel, 8,47,880 Equity Shares to Bhupendra Gor,
1,82,190 Equity Shares to Jitendra J. Patel, 6,51,240
Equity Shares to Chirag Desai, 44,27,00 Equity Shares
to Harikrishna C. Patel, 6,63,530 Equity Shares to
Dipenbhai M. Patel, 2,37,590 Equity Shares to Paresh
Vyas c/o Skaps Industrial, 1,77,400 Equity Shares to
96
 Date of No of Face Issue Nature of Reasons / nature Name of allottees Cumulative Cumulative
allotment Equity value price considerations of allotment no of Equity paid-up equity
Shares (₹) per Shares share capital
equity (in ₹)
share
(₹)
Tejas Patel, 1,55,220 Equity Shares to Ketan K Dave,
1,33,050 Equity Shares to Nayan R Vyas, 1,33,050
Equity Shares to Pankaj H Bhatt, 2,21,740 Equity
Shares to Rajendra Prasad, 1,77,400 Equity Shares to
Uttkarsh Parikh, 4,87,190 Equity Shares to Pankaj M.
Patel, 3,00,000 Equity Shares to Jashbhai Patel,
5,77,000 Equity Shares to Mayankbhai Patel C/O Jigar,
Bhavesh G. Patel 1,24,925 and 1,10,550 Equity Shares
to Haresh Mesuriya
March 27, 79,34,050 10 35 Cash Preferential Allotment of 2,17,280 Equity Shares to Sejal Patel, 3,03,74,764 30,37,47,640.00
2008 Allotment 1,29,550 Equity Shares to Kaushalya N Patel, 1,28,450
Equity Shares to Ashok M Patel, 1,20,310 Equity
Shares to Jigar Patel, 239,120 Equity Shares to
Pravinbhai Mehta, 5,02,230 Equity Shares to Kirit
Desai, 1,13,510 Equity Shares to Harikrishna C Patel,
1,95,190 Equity Shares to Prafulbhai J Patel, 3,07,230
Equity Shares to Bhartiben P. Patel, 2,07,900 Equity
Shares to Bhavesh G Patel, 300,190 Equity Shares to M
N J Jackson Inc., 192,740 Equity Shares to Naresh
Ramsinh Thakor, 134,110 Equity Shares to Jagdish
Shankarbhai Sheth, 118,571 Equity Shares to
Dineshbhai Shantilall Shah, 108,000 Equity Shares to
Dayabhai Budhaji Thakor, 94,850 Equity Shares to
Purvish Harishbhai Shah, 10,280 Equity Shares to
Veena J Patel, 13,020 Equity Shares to Jitendrakumar J
Patel, 34,280 Equity Shares to J. M. Patel, 2,842,360
Equity Shares to Marck Remedies Ltd, 231,280 Equity
Shares to Babubhai Patel, 448,500 Equity Shares to
Dipen M. Patel, 71,500 Equity Shares to Tarun Shah,
226,500 Equity Shares to Jyotikaben Patel, 226,090
Equity Shares to Brijesh A. Patel, 314,285 Equity
Shares to Mihir Bipinchandra, 57,410 Equity Shares to
Sarla Desai, 30,000 Equity Shares to Mayankbhai Patel,
44,314 Equity Shares to Vishnubhai Patel, 25,000
Equity Shares to Modern Marine Pvt. Ltd., 25,000

97
 Date of No of Face Issue Nature of Reasons / nature Name of allottees Cumulative Cumulative
allotment Equity value price considerations of allotment no of Equity paid-up equity
Shares (₹) per Shares share capital
equity (in ₹)
share
(₹)
Equity Shares to Agotherm Engineers Pvt. Ltd., 15,000
Equity Shares to Rajendra M Patel, 15,000 Equity
Shares to Navin Patel, 15,000 Equity Shares to
Kaushikbhai S Patel, 15,000 Equity Shares to Neela A.
Rathod, 15,000 Equity Shares to Kamlaben Laxmikant
Rathod, 15,000 Equity Shares to Pravinaben R Patel,
15,000 Equity Shares to Atul Rathod, 15,000 Equity
Shares to Gijubhai Makwana, 15,000 Equity Shares to
Haresh Ishwarbhai Patel, 15,000 Equity Shares to
Ishwarbhai B Patel, 15,000 Equity Shares to Rajesh
Makwana, 15,000 Equity Shares to Alpesh Gajjar,
15,000 Equity Shares to Atul Rathod - HUF, 15,000
Equity Shares to Arvind Makwana and 15,000 Equity
Shares to Dharmendra Trivedi.
September 30,00,000 10 35 Cash Preferential Allotment of 30,00,000 Equity Shares to IFCI Venture 3,33,74,764 33,37,47,640.00
20, 2008 Allotment Capital Funds Limited.
March 23, 6,75,000 10 35 Cash Preferential Allotment of 6,75,000 Equity Shares to India 3,40,49,764 34,04,97,640.00
2009 Allotment Automotive Component Manufacturers Private Equity
Fund- 1- Domestic (IACM-1-D).
March 23, 2,86,614 10 35 Cash Preferential Allotment of 1,36,923 Equity Shares to Vipinbhai 3,43,36,378 34,33,63,780.00
2009 Allotment Patel, 1,49,691 Equity Shares to Niranjanbhai Patel.
August 12, 6,46,700 10 40 Cash Preferential Allotment of 2,48,856 Equity Shares to Vipinbhai 3,49,83,078 34,98,30,780.00
2009 Allotment Patel, 3,23,639 Equity Shares to Kirit Desai jointly with
Sarla Desai, Neil Desai and Chirag Desai, 74,205
Equity Shares to Rambhai Patel.
March 30, 3,75,000 10 35 Cash Preferential Allotment of 3,75,000 Equity Shares to India 3,53,58,078 35,35,80,780.00
2010 Allotment Automotive Component Manufacturers Private Equity
Fund- 1- Domestic (IACM-1-D).
June 29, 3,75,000 10 35 Cash Preferential Allotment of 3,75,000 Equity Shares to India 3,57,33,078 35,73,30,780.00
2010 Allotment Automotive Component Manufacturers Private Equity
Fund- 1- Domestic (IACM-1-D).
September 5,75,000 10 35 Cash Preferential Allotment of 5,75,000 Equity Shares to India 3,63,08,078 36,30,80,780.00
29, 2010 Allotment Automotive Component Manufacturers Private Equity
Fund- 1- Domestic (IACM-1-D).

98
 Date of No of Face Issue Nature of Reasons / nature Name of allottees Cumulative Cumulative
allotment Equity value price considerations of allotment no of Equity paid-up equity
Shares (₹) per Shares share capital
equity (in ₹)
share
(₹)
March 31, 4,67,435 10 64.18 Cash Preferential Allotment of 1,94,765 Equity Shares to Bhavesh Patel, 3,67,75,513 36,77,55,130.00
2016 Allotment 2,72,670 Equity Shares to Marck Remedies Private
Limited.
October 82,58,024 10 54.59 Cash Allotment pursuant Allotment of 82,58,024 Equity Shares to Tata Capital 4,50,33,537 45,03,35,370.00
31, 2017 to conversion of Healthcare Fund I.
optionally
convertible
preference shares
and compulsorily
convertible
preference shares

Pursuant to the scheme of amalgamation approved under sections 230 to 232 read with section 66 of the Companies Act, 2013, the authorized capital of our company was increased
from ₹82,15,00,000 divided into 8,21,50,000 Equity Shares of ₹10/- each, to ₹90,15,00,000 divided into 9,01,50,000 Equity Shares of ₹10/- each. Accordingly, the issued, subscribed
and paid-up equity share capital of our company decreased from ₹45,03,35,370 divided into 4,50,33,537 of ₹10/- each, to ₹26,62,63,690 divided into 2,66,26,369 Equity Shares of
₹10 each.
November 2,02,982 10 NA Other than cash Allotment Allotment of 62,752 Equity Shares to Rohit J. Patel, 2,68,29,351 26,82,93,510
30, 2018 pursuant to 84,188 Equity Shares to Bhavesh G Patel, 21,798
amalgamation of Equity Shares to Praful J Patel. 4,218 Equity Shares to
Marck Remedies Jitendra J Patel, 5,947 Equity Shares to Pravin D
Private Limited Mehtaa, 12,052 Equity Shares to Niranjan Patel, 12,024
with our Equity Shares to Sarla Desai, 1 equity share to
Company Veenaben J Patel, 1 equity share to Jayshreeben R Patel,
1 equity share to Manisha Patel.
July 11, 20,00,000 10 100 Cash Private Placement Allotment of 2,00,000 Equity Shares to Sonal 2,88,29,351 28,82,93,510
2024 Khandwala, 2,10,000 Equity Shares to Tejas Shah,
90,000 Equity Shares to Yashasvi Finvest Private
Limited, 75,000 Equity Shares to NG Family Trust,
3,00,000 Equity Shares Finavenue Growth Fund,
1,00,000 Equity Shares to Viney Equity Market LLP,
50,000 Equity Shares to Ankit Aggarwal, 1,00,000
Equity Shares to Ruby Sharma, 75,000 Equity Shares
to Komalay Investrade Private Limited, 1,50,000
Equity Shares to Moheet Agrawal, 1,50,000 Equity
Shares Nexta Enterprises LLP, 50,000 Equity Shares to
99
 Date of No of Face Issue Nature of Reasons / nature Name of allottees Cumulative Cumulative
allotment Equity value price considerations of allotment no of Equity paid-up equity
Shares (₹) per Shares share capital
equity (in ₹)
share
(₹)
Jitendrakumar Rawal, 1,00,000 Equity Shares to Patel
FarukFathers’, 50,000 Equity Shares to Rinkal Shah,
50,000 Equity Shares to Darshit Bharatkumar Shah
HUF, 1,00,000 Equity Shares to Kutir Patel, 50,000
Equity Shares to Kiran Gadhia, 50,000 Equity Shares to
Mohak Joshi and 50,000 Equity Shares to Shazia
Shujaul.
*The Form-2 for allotment dated March 13, 2006 is not traceable and the detail of allotment has been derived from register of member, Form FCGPR filed with RBI and PCS
Certificate dated August 22, 2025 issued by Pooja Shah & Associates.

100
(b) History of preference share capital

Issue price
No of Face
Date of per Nature of Reasons/nature of
preference value Name of allottees
allotment preference consideration allotment
shares (₹)
share (₹)
December 2,50,00,000* 10 10 Cash Allotment of 2,50,00,000 Preferential Allotment
14, 2012 0.001% Optionally Convertible
preference shares to Tata
Capital Healthcare Fund I
June 13, 2,00,00,000* 10 10 Cash Allotment of 0.001% Preferential Allotment
2013 Compulsorily Convertible
preference shares to Tata
Capital Healthcare Fund I
December 80,000* 10 1,000 Cash Allotment of 0.001% Preferential Allotment
30, 2015 Compulsorily Convertible
preference shares to Tata
Capital Healthcare Fund I
March 30, 1,00,00,000 10 10 Other than Allotment of 50,00,000 14% Allotment pursuant to
2022 cash Non-Convertible Cumulative the settlement of the
Participating Redeemable balance outstanding in
Preference Shares to KKR India relation to the loan(s)
Financial Services Private sanctioned by KKR
Limited, 16,66,990 14% Non- India Financial
Convertible Cumulative Services Private
Participating Redeemable Limited and Avendus
Preference Shares to KKR India Finance Private
Debt Opportunities Fund II, Limited to the
22,91,890 14% Non- Company and
Convertible Cumulative debentures of the
Participating Redeemable Company subscribed
Preference Shares to BOI AXA to by KKR India Debt
Credit Risk Fund and 10,41,120 Opportunities Fund II
14% Non-Convertible and BOI AXA Credit
Cumulative Participating Risk Fund
Redeemable Preference Shares
to Avendus Finance Private
Limited
*Converted to Equity Shares pursuant to allotment dated October 31, 2017

2. Equity Shares issued for consideration other than cash, bonus shares or out of revaluation of reserves

Our Company has not issued any shares out of revaluation reserve since its incorporation.

Except as disclosed below our Company has not issued any Equity Shares for consideration other than cash or any bonus
issues since its incorporation:

Issue
price
No of Face
Date of per Nature of Reasons/nature of
Equity value Name of allottees
allotment equity considerations allotment
Shares (₹)
share
(₹)
November 12,41,71 10 Nil Other than cash Allotment of 6,000 Equity Shares to Bonus Issue in the
30, 1996 0 Veenaben J. Patel, 5,750 Equity Shares ratio of 1:2 (one for
to Jayshreeben R. Patel, 86,625 Equity every two Equity
Shares to Rohitbhai J. Patel, 84,625 Shares held)
Equity Shares to Jitendrbhai J. Patel,
750 Equity Shares to Bhavesh G. Patel,
750 Equity Shares to Shefali B. Patel,

101
 Issue
price
No of Face
Date of per Nature of Reasons/nature of
Equity value Name of allottees
allotment equity considerations allotment
Shares (₹)
share
(₹)
750 Equity Shares to Govindbhai C.
Patel, 3,500 Equity Shares to
Pravinbhai P. Ajawalla, 5,000 Equity
Shares to Vitthalbhai T. Patel, 3500
Equity Shares to Lalitaben V. Patel,
3500 Equity Shares to Rajesh J. Joshi,
3500 Equity Shares to Raojibhai V.
Patel, 8,388 Equity Shares to
Hashmukhbhai D. Patel, 15,000 Equity
Shares to Jagrutkumar H. Patel, 3,500
Equity Shares to Abbas Sajuddin
Barad, 3,500 Equity Shares to
Kundanben R. Patel, 3,500 Equity
Shares to Rohitkumar P. Patel, 3,500
Equity Shares to Pramodrao R. Patel,
10,500 Equity Shares to Dr. Jayesh B.
Patel, 3,500 Equity Shares to Atul R.
Patel, 3,500 Equity Shares to
Harshadbhai C. Patel, 3,500 Equity
Shares to Purnima J Patel, 5,000 Equity
Shares to Naishadh N. Patel, 3,500
Equity Shares to Ramesh T. Patel,
3,500 Equity Shares to Sanjay K. Patel,
3,500 Equity Shares to Mahendra B.
Patel, 3,500 Equity Shares to Jitendra
R. Patel, 3,500 Equity Shares to
Kanubhai R. Patel, 3,500 Equity Shares
to Pravinbhai D. Patel, 3,500 Equity
Shares to Tushar B. Patel, 4,000 Equity
Shares to Kantibhai D. Patel, 3,500
Equity Shares to Chandravatiben V.
Patel, 3,500 Equity Shares to
Chandrakant M. Patel, 3,500 Equity
Shares to Mahendra M. Patel, 3,500
Equity Shares to Hasmukh M. Patel,
3,500 Equity Shares to Kusumben S.
Patel, 2,500 Equity Shares to
Sadhnaben D. Patel, 2,500 Equity
Shares to Nitaben K. Patel, 2,500
Equity Shares to Alkaben H. Patel,
3,500 Equity Shares to Rashmikant P.
Patel, 3,500 Equity Shares to
Navnitbhai Patel, 3,500 Equity Shares
to Shushilaben J. Patel, 3,500 Equity
Shares to Kiritkumar A. Patel, 10,000
Equity Shares to Jayendrabhai A. Patel,
3,500 Equity Shares to Hansuben V.
Patel, 5,000 Equity Shares to Prabhudas
T. Patel, 3,500 Equity Shares to Nilesh
J. Patel, 3,500 Equity Shares to Navin
G. Arora, 3,500 Equity Shares to
Ramesh M. Patel, 3,500 Equity Shares
to Mukund N. Patel, 3,500 Equity
Shares to Ranjitbhai K. Patel, 3,500

102
 Issue
price
No of Face
Date of per Nature of Reasons/nature of
Equity value Name of allottees
allotment equity considerations allotment
Shares (₹)
share
(₹)
Equity Shares to Ushaben G. Patel,
2,000 Equity Shares to Vinubhai J.
Patel, 3,500 Equity Shares to
Prahladbhai R. Patel, 3,500 Equity
Shares to Hansaben A. Patel, 2,000
Equity Shares to Rashmikant A. Patel,
3,500 Equity Shares to Devang R.
Patel, 3,500 Equity Shares to Mahendra
R. Patel, 3,500 Equity Shares to Shyam
Sundar B. Rathi, 3,500 Equity Shares to
Ghanshyam A. Soni, 3,500 Equity
Shares to Pinal V. Patel, 32,800 Equity
Shares to Chandrakant P. Shah, 8,150
Equity Shares to Samir R. Patel, 8,150
Equity Shares to Yogesh R. Patel, 3,250
Equity Shares to Mr. Rashmi K. Patel,
8,150 Equity Shares to Harjibhai H.
Patel, 8,150 Equity Shares to Harjibhai
H. Patel, 20,650 Equity Shares to Mr.
Manojkumar J. Sedant, 16,300 Equity
Shares to Ashwinkumar R. Patel,
20,650 Equity Shares to Pravinchandra
K. Lakhani, 8,100 Equity Shares to
Bhupendra M. Patel, 1,600 Equity
Shares to Dinkarbhai R. Patel, 3,500
Equity Shares to Kunjuben P. Patel,
3,500 Equity Shares to Mukesh N.
Patel, 3,500 Equity Shares to Dushyat
S. Patel, 3,500 Equity Shares to
Devindra P. Amin 5,000 Equity Shares
to Indiraben V. Patel, 3,500 Equity
Shares to Mohanbhai B. Patel, 3,500
Equity Shares to Bharatbhai D. Patel,
3,500 Equity Shares to Ragniben
Jayprakash Patel, 3,500 Equity Shares
to Ashvinkumar M. Patel, 3,500 Equity
Shares to Vasant J. Patel, 3,500 Equity
Shares to Dipak T. Patel, 3,500 Equity
Shares to Gargee V. Patel, 3,500 Equity
Shares to Surat G. Patel, 3,500 Equity
Shares to Sanskar G. Patel, 3,500
Equity Shares to Purshottambhai A.
Patel, 3,500 Equity Shares to
Kalpnaben M. Patel, 3,500 Equity
Shares to Dakshaben D. Shah, 3,500
Equity Shares to Rameshbhai M.
Bhavsar, 3,500 Equity Shares to
Gunvantlal N. Shah, 5,000 Equity
Shares to Milan P. Shah, 5,000 Equity
Shares to Ratilal C. Patel, 3,700 Equity
Shares to Shardaben C. Patel, 18,000
Equity Shares to Induben C. Patel,
20,750 Equity Shares to Prafulbhai J.

103
 Issue
price
No of Face
Date of per Nature of Reasons/nature of
Equity value Name of allottees
allotment equity considerations allotment
Shares (₹)
share
(₹)
Patel and 5,82,172 Equity Shares to
American Mannequine Co. Inc.
November 2,02,982 10 NA Other than cash Allotment of 62,752 Equity Shares to Allotment pursuant to
30, 2018 Rohit J. Patel, 84,188 Equity Shares to amalgamation of
Bhavesh G Patel, 21,798 Equity Shares Marck Remedies
to Praful J Patel. 4,218 Equity Shares to Private Limited with
Jitendra J Patel, 5,947 Equity Shares to our Company
Pravin D Mehtaa, 12,052 Equity Shares
to Niranjan Patel, 12,024 Equity Shares
to Sarla Desai, 1 equity share to
Veenaben J Patel, 1 equity share to
Jayshreeben R Patel and 1 equity share
to Manisha Patel.

3. Allotment of Equity Shares pursuant to schemes of arrangement

Except for the scheme of amalgamation as disclosed below, our Company has not issued or allotted any Equity Shares
pursuant to any schemes of arrangement approved under sections 391-394 of the Companies Act, 1956 or sections 230 -
234 of the Companies Act, 2013.

Issue
price
No of Face
Date of per Nature of Reasons/nature of
Equity value Name of allottees
allotment equity considerations allotment
Shares (₹)
share
(₹)
November 2,02,982 10 NA Other than cash Allotment of 62,752 Equity Shares to Allotment pursuant to
30, 2018 Rohit J. Patel, 84,188 Equity Shares to amalgamation of
Bhavesh G Patel, 21,798 Equity Shares Marck Remedies
to Praful J Patel. 4,218 Equity Shares to Private Limited with
Jitendra J Patel, 5,947 Equity Shares to our Company
Pravin D Mehtaa, 12,052 Equity Shares
to Niranjan Patel, 12,024 Equity Shares
to Sarla Desai, 1 equity share to
Veenaben J Patel, 1 equity share to
Jayshreeben R Patel and 1 equity share
to Manisha Patel.

4. Issue of Equity Shares at a price lower than the Issue Price in the last one year

Except for issue of Equity Shares as mentioned above under “Capital Structure – Notes to Capital Structure” on page 89,
our Company has not issued any Equity Shares at a price which may be lower than the Issue Price during a period of one
year preceding the date of this Red Herring Prospectus.

5. Issue of Equity Shares under employee stock option schemes

Our Company has not issued any Equity Shares under any Employee Stock Option Scheme.

6. Shareholding pattern of our Company

The table below presents the equity shareholding pattern of our Company as on the date of this Red Herring Prospectus:

104
 Shareholdi Number of Number of Equity
Number of Voting Rights held in each ng, as a % locked in Shares pledged or
class of securities (IX) assuming Equity Shares otherwise
Num Shareholdi Number
full (XII) encumbered (XIII
ber ng as a % of Equity
Number of Voting Rights conversion
of Numb of total shares
of
partl er of Total number of underlyin
convertible
Number of y shares number of Equity g Number of
Category securities As a As a
Number of fully paid up paid- underl Equity Shares outstandi Equity Shares
Category of (as a % of % of
shareholde Equity up ying Shares held (calculated Total ng held in
(I) sharehold Clas percentage total total
rs (III)* Shares held Equi Deposi (VII) as per as a % convertibl dematerialize
er (II) Class s of diluted Numb Equit Number Equit
(IV) ty tory =(IV)+(V)+ SCRR, of e d form (XIV)
(Equity (Ot Total Equity er (a) y (a) y
Shar Receip (VI) 1957) (A+B+ securities
Shares) hers Share Share Share
es ts\ (VI) (VIII) As a C) (including
) capital) s held s held
held % of warrants)
(XI)= (b) (b)
(V) (A+B+C2) (X)
(VII)+(X)
As a % of
(A+B+C2)
Promoter 13 2,46,79,074 - - 2,46,79,074 85.60 2,46,79,074 - 2,46,79,074 85.60 - - - - 62,24,593 25.22 2,46,53,911^
and
(A)
Promoter
Group
(B) Public 348 41,50,277 - - 41,50,277 14.40 41,50,277 - 41,50,277 14.40 - - - - - - 32,20,315^
Non - - - - - - - - - - - - - - - - -
(C) Promoter-
Non Public
Shares - - - - - - - - - - - - - - - - -
(C1) underlying
DRs
Shares - - - - - - - - - - - - - - - - -
(C2) underlying
DRs
Total 361 2,88,29,351 - - 2,88,29,351 100.00 2,88,29,351 - 2,88,29,351 100.00 - - - - 62,24,593 21.59 2,78,74,226
^As on date of the Red Herring Prospectus 25,163 Equity Shares in the category Promoter Group are held in physical form. Further, all Equity Shares held by our Promoters are in dematerialized form.
^^As on date of the Red Herring Prospectus 9,29,962 Equity Shares in the category Public are held in physical form
Note: Based on the beneficiary position statement dated August 15, 2025.

105
7. Details of shareholding of the major Shareholders of our Company

As on the date of this Red Herring Prospectus, our Company has 361 Shareholders.

a) Set forth below are details of Shareholders holding 1% or more of the paid-up equity share capital of our Company as
on the date of this Red Herring Prospectus.

Sr. Number of Equity Shares of face Percentage of pre-Issue Equity

Shareholder
No. value of ₹ 10 each Share capital (%)
1. Bhavesh Patel 62,49,593 21.68
2. Vishal Patel 39,05,288 13.55
3. Milcent Appliances Private
31,00,000 10.75
Limited
4. Jitendrakumar Patel 34,85,838 12.09
5. Praful Patel 22,82,264 7.92
6. Pravinchandra Mehta 19,82,763 6.88
7. Niranjanbhai Patel 15,04,951 5.22
8. Kirit Desai 11,33,079 3.93
9. Jayshreeben Patel 9,98,109 3.46
10. M N J Jackson Inc 3,00,190 1.04
11. Finavenue Capital Trust -
3,00,000 1.04
Finavenue Growth Fund
Total 2,52,42,075 87.56
Note: Based on the beneficiary position statement dated August 15, 2025.

b) Set forth below are details of Shareholders holding 1% or more of the paid-up equity share capital of our Company as
of 10 days prior to the date of this Red Herring Prospectus.

Sr. Shareholder Number of Equity Shares of face Percentage of pre-Issue Equity

No. value of ₹ 10 each Share capital (%)
1. Bhavesh Patel 62,49,593 21.68
2. Vishal Patel 39,05,288 13.55
3. Milcent Appliances Private
31,00,000 10.75
Limited
4. Jitendrakumar Patel 34,85,838 12.09
5. Praful Patel 22,82,264 7.92
6. Pravinchandra Mehta 19,82,763 6.88
7. Niranjanbhai Patel 15,04,951 5.22
8. Kirit Desai 11,33,079 3.93
9. Jayshreeben Patel 9,98,109 3.46
10. M N J Jackson Inc 3,00,190 1.04
11. Finavenue Capital Trust -
3,00,000 1.04
Finavenue Growth Fund
Total 2,52,42,075 87.56
Note: Based on the beneficiary position statement dated August 08, 2025.

c) Set forth below are details of Shareholders holding 1% or more of the paid-up equity share capital of our Company as
of one year prior to the date of this Red Herring Prospectus.

Sr. No. Shareholder Number of Equity Percentage of pre-Issue

Shares of face value of ₹ Equity Share capital (%)
10 each
1. Bhavesh Patel 61,80,475 21.44
2. Vishal Patel 32,84,288 11.39
3. Milcent Appliances Private Limited 31,00,000 10.75

106
 Sr. No. Shareholder Number of Equity Percentage of pre-Issue
Shares of face value of ₹ Equity Share capital (%)
10 each
4. Pravin Mehta 28,04,763 9.73
5. Praful Patel 22,82,264 7.92
6. Jitendrakumar Patel 30,63,838 10.63
7. Niranjanbhai Patel 17,25,951 5.99
8. Kirit Desai 11,33,079 3.93
9. Jayshreeben Patel 9,98,109 3.46
10. M N J Jackson Inc 3,00,190 1.04
11. Finavenue Capital Trust - Finavenue Growth
Fund 3,00,000 1.04
Total 2,51,72,957 87.32
Note: Based on the beneficiary position statement dated August 16, 2024.

d) Set forth below are details of Shareholders holding 1% or more of the paid-up equity share capital of our Company as
of two years prior to the date of this Red Herring Prospectus.

Sr. No. Shareholder Number of Equity Percentage of pre-Issue

Shares of face value of ₹ Equity Share capital (%)
10 each
1. Praful Patel 44,71,936 16.67
2. Bhavesh Patel 39,46,658 14.71
3. Vishal Patel 32,84,288 12.24
4. Milcent Appliances Private Limited 31,00,000 11.55
5. Jitendrakumar Patel 30,63,838 11.42
6. Pravin Mehta 28,04,763 10.45
7. Niranjanbhai Patel 17,25,951 6.43
8. Jayshreeben Patel 9,98,109 3.72
9. Kirit Desai 11,33,079 4.22
10. M N J Jackson Inc 3,00,190 1.12
Total 2,48,28,812 92.54
Note: Based on the beneficiary position statement dated August 18, 2023.

8. Details of Shareholding of our Directors, Key Managerial Personnel and Senior Management in our Company

Other than as disclosed below, none of our Directors, Key Managerial Personnel and Senior Management hold any
Equity Shares in our Company as on date of this Red Herring Prospectus:

Sr No Name Number of Equity Percentage of the pre- Percentage of the

Shares Issue Equity Share post-Issue Equity
capital* (%) Share capital* (%)

Director
1. Bhavesh Patel 62,49,593 21.68 [●]
2. Anjali Choksi 1500 Negligible [●]
3. Anil Rathi 500 Negligible [●]
4. Chetan Sheth 500 Negligible [●]
5. Nitin Jain 1 Negligible [●]
*To be updated at Prospectus Stage

9. Details of Shareholding of our Promoter, members of Promoter Group in our Company

As on the date of this Red Herring Prospectus, our Promoters, Bhavesh Patel, Vishal Patel, Jayshreeben Patel,
Jitendrakumar Patel and Milcent Appliances Private Limited collectively hold 1,77,38,828 Equity Shares aggregating
to approximately 61.53% of the issued, subscribed and paid-up Equity Share capital of our Company.

107
Sr. Name Pre-Issue Equity Share capital Post-Issue Equity Share capital*
No. Number of Equity Percentage of Number of Equity Percentage of Equity
Shares of face value Equity Share capital Shares of face value Share capital (%)
of ₹ 10 each (%) of ₹ 10 each
1. Bhavesh Patel 62,49,593 21.68 [●] [●]
2. Vishal Patel 39,05,288 13.55 [●] [●]
3. Jayshreeben Patel 9,98,109 3.46 [●] [●]
4. Jitendrakumar [●] [●]
34,85,838 12.09
Patel
5. Milcent [●] [●]
Appliances Private 31,00,000 10.75
Limited
Total 1,77,38,828 61.53 [●] [●]
*To be updated at Prospectus stage

Set forth below is the build-up of the equity shareholding of our Promoters, since incorporation of our Company.

[Rest of the page has been intentionally left blank]

108
 Pre-Issue Post-Issue#
Percentage Percentage
Issue/
of Equity of Equity
Date of allotment/ Transfer/
No of Face Share No. of Share
transfer/ Acquisition Nature of
Equity value Nature of transaction capital of Equity capital of
acquisition of price per considerations
Shares (₹) the Shares the
Equity Shares equity
Company Company
share(₹)
(%) (%)
Bhavesh Patel
Initial Subscription to the Memorandum of
December 21, 1994 1,500 10 10 Cash 0.01 [●] [●]
Association
Other than Bonus Issue in the ratio of 1:2 (one for every two
November 30, 1996 750 10 Nil Negligible [●] [●]
cash Equity Shares held)
Transfer of 150 Equity Shares from Rohitkumar P.
April 01, 1999 150 10 10 Cash Negligible [●] [●]
Patel

December 14, 2002 2,250 10 10 Cash Transfer of 2250 Equity Shares from Shefali B Patel 0.01 [●] [●]

March 13, 2006 1,24,925 10 10 Cash Preferential Allotment of 1,24,925 Equity Shares 0.43 [●] [●]

Transfer of 3,00,000 Equity Shares from Jashbhai

February 06, 2008 3,00,000 10 10 Cash 1.04 [●] [●]
Patel
Transfer of 5,77,000 Equity Shares from Mayank
February 06, 2008 5,77,000 10 10 Cash 2.00 [●] [●]
Patel
Transfer of 10,500 Equity Shares from Devang R
February 06, 2008 10,500 10 10 Cash 0.04 [●] [●]
patel
Transfer of 10,500 Equity Shares from Mahendra R
February 06, 2008 10,500 10 10 Cash 0.04 [●] [●]
patel
Transfer of 10,500 Equity Shares from Kalpana M
February 06, 2008 10,500 10 10 Cash 0.04 [●] [●]
Patel
Transfer of 29,000 Equity Shares from Jayendra A
February 06, 2008 29,000 10 10 Cash 0.10 [●] [●]
Patel
Transfer of 10,500 Equity Shares from Lalitaben V
February 06, 2008 10,500 10 10 Cash 0.04 [●] [●]
patel

109
 Pre-Issue Post-Issue#
Percentage Percentage
Issue/
of Equity of Equity
Date of allotment/ Transfer/
No of Face Share No. of Share
transfer/ Acquisition Nature of
Equity value Nature of transaction capital of Equity capital of
acquisition of price per considerations
Shares (₹) the Shares the
Equity Shares equity
Company Company
share(₹)
(%) (%)
March 27, 2008 2,07,900 10 35 Cash Preferential Allotment of 2,07,900 Equity Shares 0.72 [●] [●]

Transfer of 17,38,095 Equity Shares from IDBI Bank

December 29, 2009 17,38,095 10 20.59 Cash 6.03 [●] [●]
Limited
Transfer of 2,250 Equity Shares from Girishbhai
October 19, 2012 2,250 10 10 Cash 0.01 [●] [●]
Patel
Transfer of 1,14,900 Equity Shares from Shantilal
January 18, 2013 1,14,900 10 10 Cash 0.40 [●] [●]
Patel
Transfer of 10,500 Equity Shares from Rashmikant P
February 14, 2013 10,500 10 10 Cash 0.04 [●] [●]
Patel
Transfer of 16,900 Equity Shares from Suman H
January 31, 2014 16,900 10 84 Cash 0.06 [●] [●]
Patel

March 31, 2016 1,94,765 10 64 Cash Preferential Allotment of 1,94,765 Equity Shares 0.68 [●] [●]

Transfer of 32,000 Equity Shares from Suman H

November 17, 2018 32,000 10 84 Cash 0.11 [●] [●]
Patel
Transfer of 150 Equity Shares from Rajendrakumar
November 27, 2018 150 10 10 Cash Negligible [●] [●]
Arvindbhai Thaker
Other than Allotment pursuant to amalgamation of Marck
November 30, 2018* 84,188 10 NA 0.29 [●] [●]
cash Remedies Private Limited with our Company
Transfer of 1 Equity Shares to Jalpaben Bhavinkumar
January 09, 2020 (1) 10 10 Cash Negligible [●] [●]
Patel
Transfer of 1 Equity Shares to Hardik Rajendra Shah
January 09, 2020 (1) 10 10 Cash Negligible [●] [●]
Huf
Transfer of 2 Equity Shares to Ketankumar Dinkarrai
January 21, 2020 (2) 10 10 Cash Negligible [●] [●]
Dave

110
 Pre-Issue Post-Issue#
Percentage Percentage
Issue/
of Equity of Equity
Date of allotment/ Transfer/
No of Face Share No. of Share
transfer/ Acquisition Nature of
Equity value Nature of transaction capital of Equity capital of
acquisition of price per considerations
Shares (₹) the Shares the
Equity Shares equity
Company Company
share(₹)
(%) (%)
January 21, 2020 (1) 10 10 Cash Transfer of 1 Equity Shares to Shah Binal H. Negligible [●] [●]

Transfer of 1 Equity Shares to Rasida Hasanbhai

January 21, 2020 (1) 10 10 Cash Negligible [●] [●]
Barad

January 21, 2020 (1) 10 10 Cash Transfer of 1 Equity Shares to Firuzi N Sui Negligible [●] [●]

Transfer of 1 Equity Shares to Vasant Shamalji

January 21, 2020 (1) 10 10 Cash Negligible [●] [●]
Pathak
Transfer of 1 Equity Shares to Jayashree Vasant
January 21, 2020 (1) 10 10 Cash Negligible [●] [●]
Pathak
Transfer of 1 Equity Shares to Manjulaben Dinubhai
January 21, 2020 (1) 10 10 Cash Negligible [●] [●]
Dave
Transfer of 1 Equity Shares to Rameshwar Pershad
January 27, 2020 (1) 10 10 Cash Negligible [●] [●]
Jain Huf

January 27, 2020 (1) 10 10 Cash Transfer of 1 Equity Shares to Ditiksha Chetan Shah Negligible [●] [●]

Transfer of 1 Equity Shares to Sunanda Kishore

January 27, 2020 (1) 10 10 Cash Negligible [●] [●]
Sanghavi

January 27, 2020 (1) 10 10 Cash Transfer of 1 Equity Shares to Nandini Nalin Patel Negligible [●] [●]

January 27, 2020 (1) 10 10 Cash Transfer of 1 Equity Shares to Dympal Jain Negligible [●] [●]

Transfer of 1 Equity Shares to Dipika Hemalkumar

January 27, 2020 (1) 10 10 Cash Negligible [●] [●]
Desai
Transfer of 1 Equity Shares to Mahendrabhai
January 27, 2020 (1) 10 10 Cash Negligible [●] [●]
Girjashankar Desai

111
 Pre-Issue Post-Issue#
Percentage Percentage
Issue/
of Equity of Equity
Date of allotment/ Transfer/
No of Face Share No. of Share
transfer/ Acquisition Nature of
Equity value Nature of transaction capital of Equity capital of
acquisition of price per considerations
Shares (₹) the Shares the
Equity Shares equity
Company Company
share(₹)
(%) (%)
January 27, 2020 (1) 10 10 Cash Transfer of 1 Equity Shares to Diptiben K Shah Negligible [●] [●]

Transfer of 1 Equity Shares to Chetan Ramniklal

January 27, 2020 (1) 10 10 Cash Negligible [●] [●]
Shah

January 27, 2020 (1) 10 10 Cash Transfer of 1 Equity Shares to Isha Nitin Jain Negligible [●] [●]

Transfer of 1 Equity Shares to Patel Ashish

January 27, 2020 (1) 10 10 Cash Negligible [●] [●]
Tribhuvanbhai Huf

January 27, 2020 (1) 10 10 Cash Transfer of 1 Equity Shares to J R Mehta Negligible [●] [●]

Transfer of 1 Equity Shares to Rameshwar Pershad

January 27, 2020 (1) 10 10 Cash Negligible [●] [●]
Jain

January 27, 2020 (1) 10 10 Cash Transfer of 1 Equity Shares to Pushpa Jain Negligible [●] [●]

March 18, 2020 (1) 10 10 Cash Transfer of 1 Equity Shares to Aneri Ashish Patel Negligible [●] [●]

Transfer of 50 Equity Shares to Gitaben Vipulkumar

May 21, 2020 (50) 10 10 Cash Negligible [●] [●]
Patel
Transfer of 10 Equity Shares to Mahesh Ratilal
August 10, 2020 (10) 10 10 Cash Negligible [●] [●]
Manjawala
Transfer of 10 Equity Shares to Jayshree Mahesh
August 13, 2020 (10) 10 10 Cash Negligible [●] [●]
Manjawala

September 30, 2020 (10) 10 10 Cash Transfer of 10 Equity Shares to Jatin Kumar J Mehta Negligible [●] [●]

February 04, 2021 (10) 10 10 Cash Transfer of 10 Equity Shares to Zalak Kaushal Shah Negligible [●] [●]

112
 Pre-Issue Post-Issue#
Percentage Percentage
Issue/
of Equity of Equity
Date of allotment/ Transfer/
No of Face Share No. of Share
transfer/ Acquisition Nature of
Equity value Nature of transaction capital of Equity capital of
acquisition of price per considerations
Shares (₹) the Shares the
Equity Shares equity
Company Company
share(₹)
(%) (%)
June 25, 2021 (5) 10 10 Cash Transfer of 5 Equity Shares to Hina Shailesh Parikh Negligible [●] [●]

September 08, 2021 (5) 10 10 Cash Transfer of 5 Equity Shares to Jayshri Rajendra Shah Negligible [●] [●]

September 14, 2021 (5) 10 10 Cash Transfer of 5 Equity Shares to Shrey Mistry Negligible [●] [●]

September 16, 2021 (5) 10 10 Cash Transfer of 5 Equity Shares to Nidhi Ketan Dave Negligible [●] [●]

Transfer of 5 Equity Shares to Maniben Somabhai

September 16, 2021 (5) 10 10 Cash Negligible [●] [●]
Chaudhari

October 04, 2021 (5) 10 10 Cash Transfer of 5 Equity Shares to Asit Bhailal Mistry Negligible [●] [●]

Transfer of 5 Equity Shares to Sukeshiben

October 04, 2021 (5) 10 10 Cash Negligible [●] [●]
Hareshbhai Shah
Transfer of 5 Equity Shares to Rajendra Shantilal
October 04, 2021 (5) 10 10 Cash Negligible [●] [●]
Shah

November 15, 2021 (5) 10 10 Cash Transfer of 5 Equity Shares to Minaxi Mistry Negligible [●] [●]

November 15, 2021 (5) 10 10 Cash Transfer of 5 Equity Shares to Haresh Shah Negligible [●] [●]

May 23, 2023 5 10 10 Cash Transfer of 5 Equity Shares from Shrey Mistry Negligible [●] [●]

June 13, 2023 (1) 10 10 Cash Transfer of 1 Equity Shares to Riva Jain Negligible [●] [●]

Transfer of 1 Equity Shares to Bhartiben

June 13, 2023 (1) 10 10 Cash Negligible [●] [●]
Ghanshyambhai Joshi

113
 Pre-Issue Post-Issue#
Percentage Percentage
Issue/
of Equity of Equity
Date of allotment/ Transfer/
No of Face Share No. of Share
transfer/ Acquisition Nature of
Equity value Nature of transaction capital of Equity capital of
acquisition of price per considerations
Shares (₹) the Shares the
Equity Shares equity
Company Company
share(₹)
(%) (%)
June 13, 2023 (1) 10 10 Cash Transfer of 1 Equity Shares to Ashish T Patel Negligible [●] [●]

August 01, 2023 (1) 10 10 Cash Transfer of 1 Equity Shares to Nitin Jain Negligible [●] [●]

Gift of 3,12,500 received from Jitendrakumar

August 14, 2023 3,12,500 10 - N.A. 1.08 [●] [●]
Jashbhai Patel
Gift of 1,55,100 received from Jayshreeben
August 14, 2023 1,55,100 10 - N.A. 0.54 [●] [●]
Rohitkumar Patel
Transfer of 1 Equity Shares to Dinesh Babubhai
October 20, 2023 (1) 10 10 Cash Negligible [●] [●]
Kamdar

April 03, 2024 5,13,000 10 - N.A. Gift of 5,13,000 received from Praful Jashbhai Patel 1.78 [●] [●]

Gift of 16,76,672 received from by Praful Jashbhai

April 08, 2024 16,76,672 10 - N.A. 5.82 [●] [●]
Patel
Transfer of 1 Equity Shares to Jagrutiben Dineshbhai
April 22, 2024 (1) 10 10 Cash Negligible [●] [●]
Kamdar

June 25, 2024 3 10 10 Cash Transfer of 2 Equity Shares from Nitin Jain Negligible [●] [●]

Transfer of 1 Equity Shares from Vasant Shamalji

June 27, 2024 1 10 10 Cash Negligible [●] [●]
Pathak
Transfer of 1 Equity Shares from Bhartiben
June 27, 2024 1 10 10 Cash Negligible [●] [●]
Ghanshyambhai Joshi
Transfer of 1 Equity Shares from Rasida Hasanbhai
July 01, 2024 1 10 10 Cash Negligible [●] [●]
Barad
Transfer of 10 Equity Shares from Zalak Kaushal
July 03, 2024 10 10 10 Cash Negligible [●] [●]
Shah

114
 Pre-Issue Post-Issue#
Percentage Percentage
Issue/
of Equity of Equity
Date of allotment/ Transfer/
No of Face Share No. of Share
transfer/ Acquisition Nature of
Equity value Nature of transaction capital of Equity capital of
acquisition of price per considerations
Shares (₹) the Shares the
Equity Shares equity
Company Company
share(₹)
(%) (%)
Transfer of 1 Equity Shares from Vaishali Ashish
July 03, 2024 1 10 10 Cash Negligible [●] [●]
Patel
Transfer of 1 Equity Shares from Patel Ashish
July 5, 2024 1 10 10 Cash Negligible [●] [●]
Tribhuvanbhai Huf

July 5, 2024 1 10 10 Cash Transfer of 1 Equity Shares from Ashish T Patel Negligible [●] [●]

Transfer of 1 Equity Shares from Jayashree Vasant

July 10, 2024 1 10 10 Cash Negligible [●] [●]
Pathak

July 18, 2024 1 10 10 Cash Transfer of 1 Equity Shares from Firuzi N Sui Negligible [●] [●]

Transfer of 44,116 Equity Shares from Mayurikaben

July 25, 2024 44,116 10 100 Cash 0.15 [●] [●]
S Shah
Transfer of 10 Equity Shares from Jatin Kumar J
August 02, 2024 10 10 10 Cash Negligible [●] [●]
Mehta

September 10, 2024 44,117 10 100 Cash Transfer of 44,117 Equity Shares from Heli Shah 0.15 [●] [●]

March 13, 2025 15,000 10 100 Cash Transfer of 15,000 Equity Shares from Jinal Shah 0.05 [●] [●]

May 28, 2025 10,000 10 100 Cash Transfer of 10,000 Equity Shares from Jinal Shah 0.03 [●] [●]

Sub-total (A) 62,49,593 21.68 [●] [●]

Vishal Patel
Allotment pursuant to transmission of shares from
December 7, 2017 32,84,288 10 - N.A. 11.39 [●] [●]
Babubhai A. Patel
Transfer of 2,21,000 Equity Shares from
January 13, 2025 2,21,000 10 10.94 Cash 0.77 [●] [●]
Niranjanbhai Patel

115
 Pre-Issue Post-Issue#
Percentage Percentage
Issue/
of Equity of Equity
Date of allotment/ Transfer/
No of Face Share No. of Share
transfer/ Acquisition Nature of
Equity value Nature of transaction capital of Equity capital of
acquisition of price per considerations
Shares (₹) the Shares the
Equity Shares equity
Company Company
share(₹)
(%) (%)
Transfer of 4,00,000 Equity Shares from
March 19, 2025 4,00,000 10 130 Cash 1.39 [●] [●]
Pravinchandra Mehta
Sub-total (B) 39,05,288 13.55 [●] [●]
Milcent Appliances Private Limited
Allotment of 10,00,000 Equity Shares pursuant to
May 7, 1997 10,00,000 10 10 Cash 3.47 [●] [●]
Preferential Allotment
Allotment of 21,00,000 Equity Shares pursuant to
October 12, 2000 21,00,000 10 10 Cash 7.28 [●] [●]
Further Issue
Sub-total (C) 31,00,000 10.75 [●] [●]
Jayshreeben Patel
Initial Subscription to the Memorandum of
December 21, 1994 1,500 10 10 Cash 0.01 [●] [●]
Association

Allotment of 10,000 Equity Shares pursuant to

March 28, 1995 10,000 10 15 Cash 0.03 [●] [●]
Further Issue

Bonus Issue in the ratio of 1:2 (one for every two

November 30, 1996 5,750 10 - N.A. 0.02 [●] [●]
Equity Shares held)
October 19, 2012 (17,250) 10 10 Transfer of 17, 250 Equity Shares to Rohit Patel 0.06 [●] [●]

November 30, Other than Allotment pursuant to amalgamation of Marck

1 10 N.A Negligible [●] [●]
2018* Cash Remedies Private Limited with our Company

Transmission of 11,53,208 Equity Shares from Rohit

May 11, 2022 11,53,208 10 - N.A. 4.00 [●] [●]
Patel

116
 Pre-Issue Post-Issue#
Percentage Percentage
Issue/
of Equity of Equity
Date of allotment/ Transfer/
No of Face Share No. of Share
transfer/ Acquisition Nature of
Equity value Nature of transaction capital of Equity capital of
acquisition of price per considerations
Shares (₹) the Shares the
Equity Shares equity
Company Company
share(₹)
(%) (%)

August 14, 2023 (1,55,100) 10 - N.A Gift of 1,55,100 shares to Bhavesh Patel 0.54 [●] [●]

Sub-total (D) 9,98,109 3.46 [●] [●]

Jitendrakumar Patel
Initial Subscription to the Memorandum of
December 21, 1994 11,250 10 10 Cash 0.04 [●] [●]
Association
Allotment of 1,58,000 Equity Shares pursuant to
March 28, 1995 1,58,000 10 15 Cash 0.55 [●] [●]
Further Issue

Bonus Issue in the ratio of 1:2 (one for every two

November 30, 1996 84,625 10 - N.A. 0.29 [●] [●]
Equity Shares held)

Transfer of 300 Equity Shares from Rohitkumar P.

January 1, 1998 300 10 10 Cash Negligible [●] [●]
Patel
April 1, 1999 1,875 10 10 Cash Transfer of 1,875 Equity Shares from Rajesh Joshi 0.01 [●] [●]
March 13, 2006 1,82,190 10 10 Cash Preferential Allotment of 1,82,190 Equity Shares 0.63 [●] [●]
Transfer of 4,87,190 Equity Shares from Pankaj
February 6, 2008 4,87,190 10 10 Cash 1.69 [●] [●]
[Link]
Transfer of 1,10,550 Equity Shares from Haresh
February 6, 2008 1,10,550 10 10 Cash 0.38 [●] [●]
Mesuriya
Transfer of 71,300 Equity Shares from Rajendra
February 6, 2008 71,300 10 10 Cash 0.25 [●] [●]
[Link]
Transfer of 1,55,220 Equity Shares from Ketan K.
February 6, 2008 1,55,220 10 10 Cash 0.54 [●] [●]
Dave
Transfer of 1,33,050 Equity Shares from Nayan
February 6, 2008 1,33,050 10 10 Cash 0.46 [●] [●]
[Link]

117
 Pre-Issue Post-Issue#
Percentage Percentage
Issue/
of Equity of Equity
Date of allotment/ Transfer/
No of Face Share No. of Share
transfer/ Acquisition Nature of
Equity value Nature of transaction capital of Equity capital of
acquisition of price per considerations
Shares (₹) the Shares the
Equity Shares equity
Company Company
share(₹)
(%) (%)
Transfer of 1,33,050 Equity Shares from Pankaj
February 6, 2008 1,33,050 10 10 Cash 0.46 [●] [●]
[Link]
Transfer of 2,21,740 Equity Shares from Rajendra
February 6, 2008 22,1740 10 10 Cash 0.77 [●] [●]
Prasad
Transfer of 1,77,400 Equity Shares from Uttkarsh
February 6, 2008 1,77,400 10 10 Cash 0.62 [●] [●]
Parikh
February 6, 2008 53,400 10 10 Cash Transfer of 53,400 Equity Shares from Jigar Patel 0.19 [●] [●]
Transfer of 2,67,880 Equity Shares from Bhupendra
February 6, 2008 2,67,880 10 10 Cash 0.93 [●] [●]
Gor
Transfer of 1,52,700 Equity Shares from Harikrishna
February 6, 2008 1,52,700 10 10 Cash 0.53 [●] [●]
[Link]
March 27, 2008 13,020 10 10 Cash Preferential Allotment of 13,020 Equity Shares 0.05 [●] [●]
Transfer of 15,000 Equity Shares from Atul Navin
May 18, 2010 15,000 10 10 Cash 0.04 [●] [●]
chandra shah
Transfer of 10,500 Equity Shares from Kiritkumar A
May 18, 2010 10,500 10 10 Cash 0.04 [●] [●]
Patel
May 18, 2010 1,500 10 10 Cash Transfer of 1,500 Equity Shares from Umesh N Shah 0.01 [●] [●]
Transfer of 11,100 Equity Shares from Shardaben C.
May 18, 2010 11,100 10 10 Cash 0.04 [●] [●]
Patel
Transfer of 10,500 Equity Shares from Kunden R.
May 18, 2010 10,500 10 10 Cash 0.04 [●] [●]
Patel
Transfer of 10,500 Equity Shares from Gunvant
May 18, 2010 10,500 10 10 Cash 0.04 [●] [●]
Shah
October 19, 2012 28,280 10 10 Cash Transfer of 28,280 Equity Shares from Veena J. Patel 0.10 [●] [●]
Transfer of 2,90,000 Equity Shares from Jasmine
October 19, 2012 2,90,000 10 10 Cash 1.01 [●] [●]
Patel
Transfer of 2,90,000 Equity Shares from Nirmal
October 19, 2012 2,90,000 10 10 Cash 1.01 [●] [●]
Patel

118
 Pre-Issue Post-Issue#
Percentage Percentage
Issue/
of Equity of Equity
Date of allotment/ Transfer/
No of Face Share No. of Share
transfer/ Acquisition Nature of
Equity value Nature of transaction capital of Equity capital of
acquisition of price per considerations
Shares (₹) the Shares the
Equity Shares equity
Company Company
share(₹)
(%) (%)
Transfer of 2,90,000 Equity Shares from Maulika
October 19, 2012 2,90,000 10 10 Cash 1.01 [●] [●]
Patel

November 30, Allotment pursuant to amalgamation of Marck

4,218 10 N.A Other than cash 0.01 [●] [●]
2018* Remedies Private Limited with our Company

August 14, 2023 (3,12,500) 10 - N.A Gift of 3,12,500 Equity Shares to Bhavesh Patel 1.08 [●] [●]
Transfer of 4,22,000 Equity Shares from
March 19, 2025 4,22,000 10 100 Cash 1.46 [●] [●]
Pravinchandra Mehta
Sub-total (E) 34,85,838 12.09 [●] [●]
Total
1,77,38,828 61.53 [●] [●]
(A+B+C+D+E)
*The equity shares Alloted pursuant to Scheme of Amalgamation were credited in the demat account of beneficiaries on December 17, 2020, due to late filling of Corporate
Action with depositories.

# Subject to finalisation of Basis of Allotment.

All the Equity Shares held by our Promoters were fully paid-up on the respective dates of acquisition of such Equity Shares. Further, one of our Promoter, Bhavesh Patel has
pledged his 61,36,328 and 88,265 Equity Shares on September 13, 2024 and December 16, 2024 respectively aggregating to 21.59% of the Equity Share Capital of our Company.

The entire shareholding of our Promoters is in dematerialised form as of the date of this Red Herring Prospectus.

119
Except as disclosed below, the members of the Promoter Group (other than our Promoters) do not hold any Equity
Shares as on the date of this Red Herring Prospectus:

Pre - Issue Post –Issue#

Number of
Sr. Percentage of Percentage of
Shareholder Equity Shares of No. of Equity
No. Equity Share Equity Share
face value of ₹ 10 Shares
capital (%) capital (%)
each
1. Pravinchandra Mehta 19,82,763 6.88 [●] [●]
2. Praful Patel 22,82,264 7.92 [●] [●]
3. Niranjanbhai Patel 15,04,951 5.22 [●] [●]
4. Kirit Desai 11,33,079 3.93 [●] [●]
5. Darpana Patel 25,163 0.09 [●] [●]
6. Sarala Desai 12,024 0.04 [●] [●]
7. Veenaben Patel 1 Negligible [●] [●]
8. Manisha Patel 1 Negligible [●] [●]
Total 69,40,246 24.07 [●] [●]
# Subject to finalisation of Basis of Allotment

(a) Details of Promoters’ contribution and lock-in for three years

Pursuant to Regulations 14 and 16 (1) of the SEBI ICDR Regulations, an aggregate of 20% of the fully diluted
post-Issue Equity Share capital of our Company held by the Promoters shall be locked in for a period of three
years as minimum Promoter’s contribution (“Minimum Promoter’s Contribution”) from the date of Allotment
and the shareholding of the Promoters in excess of 20% of the fully diluted post-Issue Equity Share capital shall
be locked in for a period of one year from the date of Allotment as a majority of the Net Proceeds are proposed to
be utilized for capital expenditure such as civil work, miscellaneous fixed assets, building and plant and
machinery, etc. For details of objects of the Issue, see “Objects of the Issue” at page 135.

(b) Details of the Equity Shares to be locked-in for three years from the date of Allotment as
Minimum Promoter’s Contribution are set forth in the table below*:

Date
up to
Date of which
Numbe allotme the
Face Percenta Percenta
r of nt of Issue/ Equit
Value ge of the ge of the
Name of Equit Equity Acquisiti y
Nature of per pre- post-
the y Shares on price Share
transacti Equit Issue Issue
Promote Share and per s are
on y paid-up paid-up
rs s when Equity subje
Share capital capital
locked made Share (₹) ct to
(₹) (%) (%)
-in fully lock-
paid-up in

[●] [●] [●] [●] [●] [●] [●] [●] [●]

[●] [●] [●] [●] [●] [●] [●] [●] [●]
Total [●] [●] [●] [●] [●] [●] [●] [●]

* To be included in the Prospectus.

(c) Our Promoters have given consent to include such number of Equity Shares held by them as may constitute
20% of the fully diluted post-Issue Equity Share capital of our Company as the Minimum Promoters’
Contribution. Our Promoters have agreed not to dispose, sell, transfer, charge, pledge or otherwise
encumber in any manner, the Promoter’s Contribution from the date of filing of this Red Herring
Prospectus, until the expiry of the lock-in period specified above, or for such other time as required under
SEBI ICDR Regulations, except as may be permitted, in accordance with the SEBI ICDR Regulations.

120
 The Minimum Promoters’ Contribution has been brought in to the extent of not less than the specified
minimum lot and from the persons defined as “promoter” under the SEBI ICDR Regulations.

(d) Our Company confirms that the Equity Shares that are being locked-in are not and will not be, ineligible
for computation of Minimum Promoter’s contribution in terms of Regulation 15 of the SEBI ICDR
Regulations.

In this connection, please note that:

i. The Equity Shares offered for Minimum Promoter’s Contribution do not include (a) Equity Shares acquired
in the three immediately preceding years for consideration other than cash except for Bonus Issue of Equity
Shares and involving any revaluation of assets or capitalisation of intangible assets in such transaction, (b)
Equity Shares resulting from bonus issue by utilization of revaluation reserves or unrealised profits of our
Company or bonus shares issued against Equity Shares, which are otherwise ineligible for computation of
Minimum Promoter’s Contribution.
ii. The Minimum Promoter’s Contribution does not include any Equity Shares acquired during the
immediately preceding one year at a price lower than the price at which the Equity Shares are being offered
to the public in the Issue except for Bonus Issue of Equity Shares.
iii. Our Company has not been formed by the conversion of one or more partnership firms or of a limited
liability partnership firm into a Company during the last year.
iv. The Equity Shares held by the Promoters and offered for Minimum Promoters’ Contribution are not subject
to any pledge; and
v. All the Equity Shares held by the Promoters are held in dematerialised form.

10. Details of equity share capital locked-in for six months

In terms of Regulation 17 to the SEBI ICDR Regulations, the entire pre-Issue equity share capital of our Company
will be locked-in for a period of six months from the date of Allotment in the Issue, except the Promoters’
Contribution which shall be locked in as above as stated in para 9 (a).

11. There has been no acquisition of Equity Shares with any special rights including any right to nominate
Directors on our Board, in the immediately preceding three years (including the immediately preceding one
year) by our Promoters, members of the Promoter Group and Shareholders.

12. Lock-in of Equity Shares Allotted to Anchor Investors

Fifty percent (50%) of the Equity Shares Allotted to Anchor Investors in the Anchor Investor Portion shall be
locked in for a period of 30 days from the date of Allotment, and the remaining fifty percent (50%) of the Equity
Shares Allotted to the Anchor Investors shall be locked in for 90 days from the date of Allotment.

13. Recording on non-transferability of Equity Shares locked-in

As required under Regulation 20 of the SEBI ICDR Regulations, our Company shall ensure that the details of the
Equity Shares locked-in are recorded by the relevant Depository.

14. Other requirements in respect of lock-in

Pursuant to Regulation 21 of the SEBI ICDR Regulations, Equity Shares held by our Promoters and locked-in, as
mentioned above, may be pledged as collateral security for a loan granted by a scheduled commercial bank, a
public financial institution, NBFC-SI or a deposit taking housing finance company, subject to the following:

(i) With respect to the Equity Shares locked-in for one year from the date of Allotment, such pledge of the
Equity Shares must be one of the terms of the sanction of the loan; and
(ii) With respect to the Equity Shares locked-in as Minimum Promoter’s Contribution for three years from the
date of Allotment, the loan must have been granted to our Company for the purpose of financing one or
more of the objects of the Issue and such pledge of the Equity Shares must be one of the terms of the
sanction of the loan, which is not applicable in the context of this Issue.

121
However, the relevant lock-in period shall continue post the invocation of the pledge referenced above, and the
relevant transferee shall not be eligible to transfer the Equity Shares till the relevant lock-in period has expired in
terms of the SEBI ICDR Regulations.

In terms of Regulation 22 of the SEBI ICDR Regulations, Equity Shares held by our Promoters and locked-in,
terms of Regulation 16 of the SEBI ICDR Regulations, may be transferred to and amongst the members of our
Promoter Group or a new promoter, subject to continuation of lock-in, in the hands of such transferee, for the
remaining period and compliance with provisions of the Takeover Regulations , as applicable and such transferees
shall not be eligible to transfer them till the lock-in period stipulated under the SEBI ICDR Regulations has
expired.

Further, in terms of Regulation 22 of the SEBI ICDR Regulations, Equity Shares held by persons (other than our
Promoters) prior to the Issue and locked-in for a period of six months from the date of Allotment in the Issue, may
be transferred to any other person holding Equity Shares which are locked-in along with the Equity Shares
proposed to be transferred, subject to the continuation of the lock-in in the hands of such transferee and compliance
with the applicable provisions of the Takeover Regulations.

15. Except for any Equity Shares to be issued pursuant to the Fresh Issue, there is no proposal or intention,
negotiations and consideration of our Company to alter its capital structure for a period of six months from
the Bid/Issue Opening Date, by way of split or consolidation of the denomination of Equity Shares, or further
issue of Equity Shares (including issue of securities convertible into or exchangeable for, directly or
indirectly into Equity Shares), whether on a preferential basis or issue of bonus or rights or further public
issue of Equity Shares. However, if our Company enters into acquisitions, joint ventures or other
arrangements, our Company may, subject to necessary approvals, consider raising additional capital to fund
such activity or use Equity Shares as consideration for acquisitions or participation in such joint ventures or
other arrangements.

16. There will be no further issue of Equity Shares whether by way of issue of bonus shares, preferential
allotment, rights issue or in any other manner during the period commencing from filing of this Red Herring
Prospectus with SEBI until the Equity Shares have been listed on the Stock Exchanges or refund of
application monies other than in connection with: (i) the Fresh Issue, or (ii) any issue of Equity Shares
pursuant to exercise of options vested under the ESOP Scheme.

17. Except as disclosed above, none of our Promoters, members of the Promoter Group and / or our Directors
and their relatives have purchased or sold any securities of our Company during the period of six months
immediately preceding the date of this Red Herring Prospectus. For details of acquisitions by our Promoters
and members of the Promoter Group during the period, please see “Capital Structure - Details of price at
which specified securities were acquired in the three years preceding the date of this Red Herring
Prospectus” on page 133.

18. Except as disclosed below, none of our Promoters and Promoter group members have purchased or sold any
securities of our Company, through secondary market since inception preceding the date of this Red Herring
Prospectus.

[Rest of the page has been intentionally left blank]

122
 Issue/
Transfer/
Date of transfer No of Equity Face Nature of
Acquisition Nature of transaction
of securities Shares value (₹) considerations
price per
equity share(₹)
Bhavesh Patel

April 01, 1999 150 10 10 Cash Transfer of 150 Equity Shares from Rohitkumar P. Patel

December 14, 2002 2,250 10 10 Cash Transfer of 2250 Equity Shares from Shefali B Patel

February 06, 2008 3,00,000 10 10 Cash Transfer of 3,00,000 Equity Shares from Jashbhai Patel

February 06, 2008 5,77,000 10 10 Cash Transfer of 5,77,000 Equity Shares from Mayank Patel

February 06, 2008 10,500 10 10 Cash Transfer of 10,500 Equity Shares from Devang R patel

February 06, 2008 10,500 10 10 Cash Transfer of 10,500 Equity Shares from Mahendra R patel

February 06, 2008 10,500 10 10 Cash Transfer of 10,500 Equity Shares from Kalpana M Patel

February 06, 2008 29,000 10 10 Cash Transfer of 29,000 Equity Shares from Jayendra A Patel

February 06, 2008 10,500 10 10 Cash Transfer of 10,500 Equity Shares from Lalitaben V patel

December 29, 2009 17,38,095 10 20.59 Cash Transfer of 17,38,095 Equity Shares from IDBI Bank Limited

October 19, 2012 2,250 10 10 Cash Transfer of 2,250 Equity Shares from Girishbhai Patel

January 18, 2013 1,14,900 10 10 Cash Transfer of 1,14,900 Equity Shares from Shantilal Patel

February 14, 2013 10,500 10 10 Cash Transfer of 10,500 Equity Shares from Rashmikant P Patel

123
 Issue/
Transfer/
Date of transfer No of Equity Face Nature of
Acquisition Nature of transaction
of securities Shares value (₹) considerations
price per
equity share(₹)

January 31, 2014 16,900 10 84 Cash Transfer of 16,900 Equity Shares from Suman H Patel

November 17, 2018 32,000 10 84 Cash Transfer of 32,000 Equity Shares from Suman H Patel

Transfer of 150 Equity Shares from Rajendrakumar Arvindbhai

November 27, 2018 150 10 10 Cash
Thaker

January 09, 2020 (1) 10 10 Cash Transfer of 1 Equity Shares to Jalpaben Bhavinkumar Patel

January 09, 2020 (1) 10 10 Cash Transfer of 1 Equity Shares to Hardik Rajendra Shah Huf

January 21, 2020 (2) 10 10 Cash Transfer of 2 Equity Shares to Ketankumar Dinkarrai Dave

January 21, 2020 (1) 10 10 Cash Transfer of 1 Equity Shares to Shah Binal H.

January 21, 2020 (1) 10 10 Cash Transfer of 1 Equity Shares to Rasida Hasanbhai Barad

January 21, 2020 (1) 10 10 Cash Transfer of 1 Equity Shares to Firuzi N Sui

January 21, 2020 (1) 10 10 Cash Transfer of 1 Equity Shares to Vasant Shamalji Pathak

January 21, 2020 (1) 10 10 Cash Transfer of 1 Equity Shares to Jayashree Vasant Pathak

January 21, 2020 (1) 10 10 Cash Transfer of 1 Equity Shares to Manjulaben Dinubhai Dave

January 27, 2020 (1) 10 10 Cash Transfer of 1 Equity Shares to Rameshwar Pershad Jain Huf

January 27, 2020 (1) 10 10 Cash Transfer of 1 Equity Shares to Ditiksha Chetan Shah

124
 Issue/
Transfer/
Date of transfer No of Equity Face Nature of
Acquisition Nature of transaction
of securities Shares value (₹) considerations
price per
equity share(₹)

January 27, 2020 (1) 10 10 Cash Transfer of 1 Equity Shares to Sunanda Kishore Sanghavi

January 27, 2020 (1) 10 10 Cash Transfer of 1 Equity Shares to Nandini Nalin Patel

January 27, 2020 (1) 10 10 Cash Transfer of 1 Equity Shares to Dympal Jain

January 27, 2020 (1) 10 10 Cash Transfer of 1 Equity Shares to Dipika Hemalkumar Desai

Transfer of 1 Equity Shares to Mahendrabhai Girjashankar

January 27, 2020 (1) 10 10 Cash
Desai

January 27, 2020 (1) 10 10 Cash Transfer of 1 Equity Shares to Diptiben K Shah

January 27, 2020 (1) 10 10 Cash Transfer of 1 Equity Shares to Chetan Ramniklal Shah

January 27, 2020 (1) 10 10 Cash Transfer of 1 Equity Shares to Isha Nitin Jain

January 27, 2020 (1) 10 10 Cash Transfer of 1 Equity Shares to Patel Ashish Tribhuvanbhai Huf

January 27, 2020 (1) 10 10 Cash Transfer of 1 Equity Shares to J R Mehta

January 27, 2020 (1) 10 10 Cash Transfer of 1 Equity Shares to Rameshwar Pershad Jain

January 27, 2020 (1) 10 10 Cash Transfer of 1 Equity Shares to Pushpa Jain

March 18, 2020 (1) 10 10 Cash Transfer of 1 Equity Shares to Aneri Ashish Patel

May 21, 2020 (50) 10 10 Cash Transfer of 50 Equity Shares to Gitaben Vipulkumar Patel

125
 Issue/
Transfer/
Date of transfer No of Equity Face Nature of
Acquisition Nature of transaction
of securities Shares value (₹) considerations
price per
equity share(₹)

August 10, 2020 (10) 10 10 Cash Transfer of 10 Equity Shares to Mahesh Ratilal Manjawala

August 13, 2020 (10) 10 10 Cash Transfer of 10 Equity Shares to Jayshree Mahesh Manjawala

September 30, 2020 (10) 10 10 Cash Transfer of 10 Equity Shares to Jatin Kumar J Mehta

February 04, 2021 (10) 10 10 Cash Transfer of 10 Equity Shares to Zalak Kaushal Shah

June 25, 2021 (5) 10 10 Cash Transfer of 5 Equity Shares to Hina Shailesh Parikh

September 08, 2021 (5) 10 10 Cash Transfer of 5 Equity Shares to Jayshri Rajendra Shah

September 14, 2021 (5) 10 10 Cash Transfer of 5 Equity Shares to Shrey Mistry

September 16, 2021 (5) 10 10 Cash Transfer of 5 Equity Shares to Nidhi Ketan Dave

September 16, 2021 (5) 10 10 Cash Transfer of 5 Equity Shares to Maniben Somabhai Chaudhari

October 04, 2021 (5) 10 10 Cash Transfer of 5 Equity Shares to Asit Bhailal Mistry

October 04, 2021 (5) 10 10 Cash Transfer of 5 Equity Shares to Sukeshiben Hareshbhai Shah

October 04, 2021 (5) 10 10 Cash Transfer of 5 Equity Shares to Rajendra Shantilal Shah

November 15, 2021 (5) 10 10 Cash Transfer of 5 Equity Shares to Minaxi Mistry

November 15, 2021 (5) 10 10 Cash Transfer of 5 Equity Shares to Haresh Shah

126
 Issue/
Transfer/
Date of transfer No of Equity Face Nature of
Acquisition Nature of transaction
of securities Shares value (₹) considerations
price per
equity share(₹)

May 23, 2023 5 10 10 Cash Transfer of 5 Equity Shares from Shrey Mistry

June 13, 2023 (1) 10 10 Cash Transfer of 1 Equity Shares to RIVA JAIN

Transfer of 1 Equity Shares to BHARTIBEN

June 13, 2023 (1) 10 10 Cash
GHANSHYAMBHAI JOSHI

June 13, 2023 (1) 10 10 Cash Transfer of 1 Equity Shares to ASHISH T PATEL

August 01, 2023 (1) 10 10 Cash Transfer of 1 Equity Shares to NITIN JAIN

August 14, 2023 3,12,500 10 - N.A. Gift of 3,12,500 received from Jitendrakumar Jashbhai Patel

August 14, 2023 1,55,100 10 - N.A. Gift of 1,55,100 received from Jayshreeben Rohitkumar Patel

October 20, 2023 (1) 10 10 Cash Transfer of 1 Equity Shares to Dinesh Babubhai Kamdar

April 03, 2024 5,13,000 10 - N.A. Gift of 5,13,000 received from Praful Jashbhai Patel

April 08, 2024 16,76,672 10 - N.A. Gift of 16,76,672 received from by Praful Jashbhai Patel

April 22, 2024 (1) 10 10 Cash Transfer of 1 Equity Shares to Jagrutiben Dineshbhai Kamdar

June 25, 2024 3 10 10 Cash Transfer of 2 Equity Shares from Nitin Jain

June 27, 2024 1 10 10 Cash Transfer of 1 Equity Shares from Vasant Shamalji Pathak

Transfer of 1 Equity Shares from Bhartiben Ghanshyambhai

June 27, 2024 1 10 10 Cash
Joshi

127
 Issue/
Transfer/
Date of transfer No of Equity Face Nature of
Acquisition Nature of transaction
of securities Shares value (₹) considerations
price per
equity share(₹)

July 01, 2024 1 10 10 Cash Transfer of 1 Equity Shares from Rasida Hasanbhai Barad

July 03, 2024 10 10 10 Cash Transfer of 10 Equity Shares from Zalak Kaushal Shah

July 03, 2024 1 10 10 Cash Transfer of 1 Equity Shares from Vaishali Ashish Patel

Transfer of 1 Equity Shares from Patel Ashish Tribhuvanbhai

July 5, 2024 1 10 10 Cash
Huf

July 5, 2024 1 10 10 Cash Transfer of 1 Equity Shares from Ashish T Patel

July 10, 2024 1 10 10 Cash Transfer of 1 Equity Shares from Jayashree Vasant Pathak

July 18, 2024 1 10 10 Cash Transfer of 1 Equity Shares from Firuzi N Sui

July 25, 2024 44,116 10 100 Cash Transfer of 44,116 Equity Shares from Mayurikaben S Shah

August 02, 2024 10 10 10 Cash Transfer of 10 Equity Shares from Jatin Kumar J Mehta

September 10, 2024 44,117 10 100 Cash Transfer of 44,117 Equity Shares from Heli Shah

March 13, 2025 15,000 10 100 Cash Transfer of 15,000 Equity Shares from Jinal Shah

May 28, 2025 10,000 10 100 Cash Transfer of 10,000 Equity Shares from Jinal Shah

Vishal Patel

December 7, 2017 32,84,288 10 - N.A. Transmission of shares from Babubhai A. Patel

128
 Issue/
Transfer/
Date of transfer No of Equity Face Nature of
Acquisition Nature of transaction
of securities Shares value (₹) considerations
price per
equity share(₹)
January 13, 2025 2,21,000 10 10.94 Cash Transfer of 2,21,000 Equity Shares from Niranjanbhai Patel

March 19, 2025 4,00,000 10 130 Cash Transfer of 4,00,000 Equity Shares from Pravinchandra Mehta

Milcent Appliances Private Limited

NA
Jayshreeben Patel
October 19, 2012 (17,250) 10 10 Cash Transfer of 17, 250 Equity Shares to Rohit Patel

May 11, 2022 11,53,208 10 - N.A. Transmission of 11,53,208 Equity Shares from Rohit Patel

August 14, 2023 (1,55,100) 10 - N.A Gift of 1,55,100 shares to Bhavesh Patel

Jitendrakumar Patel
January 1, 1998 300 10 10 Cash Transfer of 300 Equity Shares from Rohitkumar P. Patel
April 1, 1999 1,875 10 10 Cash Transfer of 1,875 Equity Shares from Rajesh Joshi
February 6, 2008 4,87,190 10 10 Cash Transfer of 4,87,190 Equity Shares from Pankaj [Link]

February 6, 2008 1,10,550 10 10 Cash Transfer of 1,10,550 Equity Shares from Haresh Mesuriya

February 6, 2008 71,300 10 10 Cash Transfer of 71,300 Equity Shares from Rajendra [Link]

February 6, 2008 1,55,220 10 10 Cash Transfer of 1,55,220 Equity Shares from Ketan K. Dave

February 6, 2008 1,33,050 10 10 Cash Transfer of 1,33,050 Equity Shares from Nayan [Link]

129
 Issue/
Transfer/
Date of transfer No of Equity Face Nature of
Acquisition Nature of transaction
of securities Shares value (₹) considerations
price per
equity share(₹)
February 6, 2008 1,33,050 10 10 Cash Transfer of 1,33,050 Equity Shares from Pankaj [Link]

February 6, 2008 22,1740 10 10 Cash Transfer of 2,21,740 Equity Shares from Rajendra Prasad

February 6, 2008 1,77,400 10 10 Cash Transfer of 1,77,400 Equity Shares from Uttkarsh Parikh

February 6, 2008 53,400 10 10 Cash Transfer of 53,400 Equity Shares from Jigar Patel

February 6, 2008 2,67,880 10 10 Cash Transfer of 2,67,880 Equity Shares from Bhupendra Gor

February 6, 2008 1,52,700 10 10 Cash Transfer of 1,52,700 Equity Shares from Harikrishna [Link]

May 18, 2010 15,000 10 10 Cash Transfer of 15,000 Equity Shares from Atul Navin chandra shah

May 18, 2010 10,500 10 10 Cash Transfer of 10,500 Equity Shares from Kiritkumar A Patel

May 18, 2010 1,500 10 10 Cash Transfer of 1,500 Equity Shares from Umesh N Shah

May 18, 2010 11,100 10 10 Cash Transfer of 11,100 Equity Shares from Shardaben C. Patel

May 18, 2010 10,500 10 10 Cash Transfer of 10,500 Equity Shares from Kunden R. Patel

May 18, 2010 10,500 10 10 Cash Transfer of 10,500 Equity Shares from Gunvant Shah

October 19, 2012 28,280 10 10 Cash Transfer of 28,280 Equity Shares from Veena J. Patel

October 19, 2012 2,90,000 10 10 Cash Transfer of 2,90,000 Equity Shares from Jasmine Patel

October 19, 2012 2,90,000 10 10 Cash Transfer of 2,90,000 Equity Shares from Nirmal Patel

October 19, 2012 2,90,000 10 10 Cash Transfer of 2,90,000 Equity Shares from Maulika Patel
August 14, 2023 (3,12,500) 10 - N.A Gift of 3,12,500 Equity Shares to Bhavesh Patel
March 19, 2025 4,22,000 10 100 Cash Transfer of 4,22,000 Equity Shares from Pravinchandra Mehta

130
 Issue/
Transfer/
Date of transfer No of Equity Face Nature of
Acquisition Nature of transaction
of securities Shares value (₹) considerations
price per
equity share(₹)
Pravinchandra Mehta
February 06, 2008 36,000 10 10 Cash Transfer of 36,000 Equity Shares from Charles H Niles
February 06, 2008 1,07,400 10 10 Cash Transfer of 1,07,400 Equity Shares from Ramprasad Singania
February 06, 2008 32,100 10 10 Cash Transfer of 32,100 Equity Shares from Pradeep M Shah
February 06, 2008 1,77,400 10 10 Cash Transfer of 1,77,400 Equity Shares from Tejal Patel
February 06, 2008 10,600 10 10 Cash Transfer of 10,600 Equity Shares from Kirit R Patel
February 06, 2008 10,700 10 10 Cash Transfer of 10,700 Equity Shares from Yashwant C Panchal
February 06, 2008 10,200 10 10 Cash Transfer of 10,200 Equity Shares from Sharmistha C Patel
December 29, 2009 6,51,240 10 10 Cash Transfer of 6,51,240 Equity Shares from Chirag Desai
March 25, 2010 2,48,856 10 40 Cash Transfer of 2,48,856 Equity Shares from Vipinbhai Patel
March 25, 2010 2,62,090 10 10 Cash Transfer of 2,62,090 Equity Shares from Brijesh A Patel
March 25, 2010 10,600 10 10 Cash Transfer of 10,600 Equity Shares from Harikrishna C Patel
March 25, 2010 1,13,510 10 35 Cash Transfer of 1,24,110 Equity Shares from Harikrishna C Patel
March 19, 2025 (4,00,000) 10 130 Cash Transfer of 4,00,000 Equity Shares to Vishal Patel
March 19, 2025 (4,22,000) 10 100 Cash Transfer of 4,22,000 Equity Shares to Jitendrakumar Patel
Niranjanbhai Patel
Transfer of 3,60,000 Equity Shares from American
February 06, 2008 3,60,000 10 10 Cash
Mannequines INC
February 06, 2008 6,63,530 10 10 Cash Transfer of 6,63,530 Equity Shares from Dipen Patel
Transfer of 21,600 Equity Shares from American Mannequines
February 06, 2008 21,600 10 10 Cash
INC
December 29, 2009 1,36,923 10 35 Cash Transfer of 1,36,923 Equity Shares from Vipinbhai Patel
March 25, 2010 74,205 10 40 Cash Transfer of 74,205 Equity Shares from Rambhai Patel
October 19, 2012 1,29,550 10 35 Cash Transfer of 1,29,550 Equity Shares from Kaushlya Patel
January 13, 2025 2,21,000 10 10.94 Cash Transfer of 2,21,000 Equity Shares to Vishal Patel

131
 Issue/
Transfer/
Date of transfer No of Equity Face Nature of
Acquisition Nature of transaction
of securities Shares value (₹) considerations
price per
equity share(₹)
Kirit Desai
October 19, 2012 57,410 10 35 Cash Transfer of 57,410 Equity Shares from Sarala Desai
Sarala Desai
October 19, 2012 57,410 10 35 Cash Transfer of 57,410 Equity Shares to Kirit Desai
Veenaben Patel
October 19, 2012 (1,500) 10 10 Cash Transfer of 1,500 Equity Shares to Jitendra Patel
October 19, 2012 (7,000) 10 15 Cash Transfer of 7,000 Equity Shares to Jitendra Patel
October 19, 2012 (3,500) 10 15 Cash Transfer of 3,500 Equity Shares to Jitendra Patel
October 19, 2012 (6,000) 10 - - Gift to Jitendra Patel
October 19, 2012 (10,280) 10 35 Cash Transfer of 10,280 Equity Shares to Jitendra Patel
Praful Patel
October 19, 2012 2,17,280 10 35 Cash Transfer of 2,17,280 Equity Shares from Sejal Patel
October 19, 2012 3,07,320 10 35 Cash Transfer of 3,07,320 Equity Shares from Bhartiben Patel
Transfer of 16,52,658 Equity Shares from American
February 22, 2013 16,52,658 10 10 Cash
Mannequines INC
February 22, 2013 10,600 10 10 Cash Transfer of 10,600 Equity Shares from Ghanshyam Patel
March 14, 2013 16,200 10 15 Cash Transfer of 16,200 Equity Shares from Bhupendra Patel
March 14, 2013 8,100 10 10 Cash Transfer of 8,100 Equity Shares from Bhupendra Patel
March 17, 2013 35,700 10 10 Cash Transfer of 35,700 Equity Shares from Jashu Thakkar
April 03, 2024 (5,13,000) 10 - - Gift to Bhavesh Patel
April 08, 2024 (16,76,672) 10 - - Gift to Bhavesh Patel
Darpana Patel
July 09, 2008 25,163 10 10 Cash Transfer of 25,163 Equity Shares from Hashmukhbhai Patel
Manisha Patel
NA

132
19. There have been no financing arrangements whereby our Promoters, members of the Promoter Group or our
Directors and their relatives have financed the purchase by any other person of securities of our Company
during a period of six months immediately preceding the date of this Red Herring Prospectus.

20. All Equity Shares issued pursuant to the Issue shall be fully paid-up at the time of Allotment and there are
no partly paid-up Equity Shares as on the date of this Red Herring Prospectus.

21. As on the date of this Red Herring Prospectus, the Book Running Lead Manager, its associates, as defined
under the SEBI Merchant Bankers Regulations, do not hold any Equity Shares. The Book Running Lead
Manager, its associates may engage in the transactions with and perform services for our Company in the
ordinary course of business or may in the future engage in commercial banking and investment banking
transactions with our Company for which they may in the future receive customary compensation.

22. Details of price at which specified securities were acquired in the three years preceding the date of
this Red Herring Prospectus

The details of the price at which specified securities were acquired in the three years preceding the date of this
Red Herring Prospectus, by our Promoters, Promoter Group and Shareholders with the right to nominate a
director or with other rights, are disclosed below:

Sr. Name of the Date of acquisition of Number of Equity Acquisition price

No. acquirer/shareholder Equity Shares Shares acquired per equity share^(in
₹)
Promoters
1. Bhavesh Patel May 23, 2023 5 10.00
2. Bhavesh Patel August 14, 2023 3,12,500 -
3. Bhavesh Patel August 14, 2023 1,55,100 -
4. Bhavesh Patel April 03, 2024 5,13,000 -
5. Bhavesh Patel April 08, 2024 16,76,672 -
6. Bhavesh Patel June 25, 2024 3 10.00
7. Bhavesh Patel June 27, 2024 2 10.00
8. Bhavesh Patel July 01, 2024 1 10.00
9. Bhavesh Patel July 03, 2024 11 10.00
10. Bhavesh Patel July 05, 2024 2 10.00
11. Bhavesh Patel July 10, 2024 1 10.00
12. Bhavesh Patel July 18, 2024 1 10.00
13. Bhavesh Patel July 25, 2024 44,116 100.00
14. Bhavesh Patel August 02, 2024 10 10.00
15. Bhavesh Patel September 10, 2024 44,117 100.00
16. Bhavesh Patel March 13, 2025 15,000 100.00
17. Bhavesh Patel May 28, 2025 10,000 100.00
18. Vishal Patel January 13, 2025 2,21,000 10.94
19. Vishal Patel March 19, 2025 4,00,000 130.00
20. Jitendrakumar Patel March 19, 2025 4,22,000 100.00
Promoter Group
21. Nil Nil Nil Nil
Other shareholders with special rights
22. Nil Nil Nil Nil
^ As certified by S G D G & Associates LLP, Independent Chartered Accountant (peer reviewed), by way of their
certificate dated August 22, 2025.
Note - No outward transfers are considered above.

As on the date of this Red Herring Prospectus, the Company does not have any shareholders entitled with right to
nominate Directors or any other rights.

23. Certain documents filed by us with the RoC and certain corporate records and other documents, are not
traceable which include:

133
The following documents filed by us with the RoC and that were not sighted in the course of physical inspection at the office
of Registrar of Companies, Gujarat at Ahmedabad:

Sr No. Document Date of filing Description

1. Form -2 March 13, 2006 For allotment of 75,67,585
Equity Shares”
2. Annual Return Form Since incorporation till 2003 -

24. Our Company shall ensure that any transaction in the Equity Shares by our Promoters and the members of
the Promoter Group during the period between the date of this Red Herring Prospectus with SEBI and the
date of closure of the Issue shall be reported to the Stock Exchanges within 24 hours of such transaction.

25. Our Company, the Promoters, our Directors and the Book Running Lead Manager have no existing
buyback arrangements or any other similar arrangements for the purchase of Equity Shares being offered
through the Issue.

26. None of the investors of the Company are directly/indirectly related with Book Running Lead Manager or
their associates.

27. There are no outstanding warrants, options or rights to convert debentures, loans or other instruments
convertible into Equity Shares as on the date of this Red Herring Prospectus.

28. There shall be only one denomination of the Equity Shares, unless otherwise permitted by law.

29. Our Promoter Group will not participate in the Issue.

30. As on the date of this Red Herring Prospectus, our Company does not have a stock appreciation rights
scheme.

31. Our Company is in compliance with the Companies Act, 1956 and/or the Companies Act, 2013, to the
extent applicable, with respect to the issuances of securities from the date of incorporation of our Company
until the date of filing of this Red Herring Prospectus. For further details see “Risk Factors – “Our
Company had issued Equity Shares to more than 49 investors in the past and as a matter of abundant
caution for better corporate governance, our Company has given an exit offer to the eligible shareholders”
on page 31.

32. No person connected with the Issue, including, but not limited to, the Book Running Lead Manager, the
members of the Syndicate, our Company, our Directors, our Promoters, members of our Promoter Group
or Group Companies, shall offer any incentive, whether direct or indirect, in any manner, whether in cash
or kind or services or otherwise to any Bidder for making a Bid.

33. Except as disclosed in this section, our Company has not undertaken any public issue of securities or any
rights issue of any kind or class of securities in terms of SEBI ICDR Regulations, since its incorporation.

134
 OBJECTS OF THE ISSUE

The Issue comprises of the fresh issue of up to 1,00,00,000 Equity Shares, aggregating upto ₹ [●] lakhs of our
Company. The proceeds of the Issue, after deducting the Issue related expenses, are estimated to be ₹ [●] lakhs
(“Net Proceeds”)

Objects of the Fresh Issue

Our Company proposes to utilise the Net Proceeds from the Issue towards the following objects:

1. Funding capital expenditure requirements for civil construction work and towards purchase of equipment,
plant and machinery for setting up new manufacturing line of SteriPort at Hariyala, Kheda, Gujarat;

2. Funding capital expenditure requirements towards civil construction work, purchase of equipment, plant and
machinery for setting up new manufacturing line for SVP at Hariyala, Kheda, Gujarat; and

3. General corporate purposes.

(collectively, referred to herein as the “Objects”).

In addition, our Company expects to receive the benefits of listing of the Equity Shares on the Stock Exchanges
including enhancement of our Company’s visibility, brand image among our existing and potential customers
and creation of a public market for our Equity Shares in India.

The main objects clause and objects incidental and ancillary to the main objects as set out in the Memorandum
of Association enables our Company to undertake (i) its existing activities and (ii) the activities proposed to be
funded from the Net Proceeds.

Net Proceeds

The details of the proceeds from the Issue are summarised in the following table:

(₹ in lakhs)
Particulars Amount(1)
Gross proceeds from the Issue [●]
(Less) Issue related expenses in relation to the Issue (1) [●]
Net Proceeds [●]
1. To be finalised upon determination of the Issue Price and updated in the Prospectus at the time of filing with
the RoC.

Utilisation of Net Proceeds

The Net Proceeds are proposed to be utilised in the following manner:

(In ₹ lakhs)
Particulars Amount which will be % of Net Proceeds
financed from Net
Proceeds
Funding capital expenditure requirements for civil 7,000.00 [●]
construction work and towards purchase of equipment,
plant and machinery for setting up new manufacturing
line of SteriPort at Hariyala, Kheda, Gujarat
Funding capital expenditure requirements towards civil 3,013.11 [●]
construction work, purchase of equipment, plant and
machinery for setting up new manufacturing line for
SVP at Hariyala, Kheda, Gujarat
General corporate purposes* [●] [●]
Total* [●] [●]
*To be finalized upon determination of the Issue Price and will be updated in the Prospectus prior to filing with
the RoC. The amount utilized for general corporate purposes shall not exceed 25% of the Gross Proceeds.

135
Proposed schedule of implementation and deployment of Net Proceeds

The following table sets forth the details of the schedule of the expected deployment of the Net Proceeds:

(₹ in lakhs)
Amount to Estimated deployment
Amount
Total be funded out of Net Proceeds
Sr. deployed as
Particulars estimated from the Fiscal Fiscal 2027
No. on July 03,
cost Net 2026
2025
Proceeds
1. Funding capital 9,000.00 7,000.00 1,830.71 7,000.00 0.00
expenditure requirements
for civil construction work
and towards purchase of
equipment, plant and
machinery for setting up
new manufacturing line of
SteriPort at Hariyala,
Kheda, Gujarat
2. Funding capital 3,013.11 3,013.11 - 1,000.00 2,013.11
expenditure requirements
towards civil construction
work, purchase of
equipment, plant and
machinery for setting up
new manufacturing line for
SVP at Hariyala, Kheda,
Gujarat
3. General corporate [●] [●] - [●] [●]
purposes(1)
Total(1) [●] [●] - [●] [●]
1. To be finalised upon determination of the Issue Price and updated in the Prospectus prior to filing with the
RoC. The aggregate amount to be utilised for general corporate purposes shall not exceed 25% of the Gross
Proceeds

The fund requirements, proposed deployment of funds and the intended use of the Net Proceeds set out above is
based Project Cost Vetting Report issued by Dun & Bradstreet, Research Analyst dated August 22, 2025 on our
current business plan, internal management estimates, valid quotations received from third parties, current
circumstances of our business, prevailing market conditions and other commercial considerations. However,
these fund requirements and proposed deployment of Net Proceeds have not been appraised by any bank or
financial institution. We may have to revise our funding requirement on account of various factors, such as
financial and market conditions, delay in procuring and operationalizing assets or necessary licenses and
approvals, competition, price fluctuations, interest rate fluctuations and other external factors, which may not be
within the control of our management. This may also entail rescheduling of the proposed deployment of the Net
Proceeds at the discretion of our management, subject to compliance with applicable laws. Further, in the event,
the Net Proceeds are not utilized (in full or in part) for the objects of the Issue during the period stated above due
to any reason, including (i) the timing of completion of the Issue; (ii) market conditions outside the control of
our Company; and (iii) any other economic, business and commercial considerations, the remaining Net
Proceeds shall be utilized in subsequent periods for the financial years, 2025-26 and 2026-27 as may be
determined by our Company, in accordance with applicable laws. This may also entail rescheduling or revising
the planned expenditure and funding requirements, including the expenditure for a particular purpose at the
discretion of our management, subject to compliance with applicable law. For details, see “Risk Factors – Our
funding requirements and proposed deployment of the Net Proceeds of the Issue have not been appraised by
a bank or a financial institution are based on management estimates and may be subject to change based on
various factors, some of which are beyond our control” on page 58.

Subject to compliance with applicable laws, if the actual utilisation towards any of the Objects, as set out above,
is lower than the proposed deployment, such balance will be used towards any other Object including general
corporate purposes, provided that the total amount to be utilised towards general corporate purposes will not
exceed 25% of the Gross Proceeds, in accordance with the SEBI ICDR Regulations. In case of a shortfall in

136
raising requisite capital from the Net Proceeds towards meeting the Objects of the Issue, we may explore a range
of options including utilising our internal accruals, any additional equity or debt arrangements or both. We
believe that such alternate arrangements would be available to fund any such shortfalls. Further, in case of any
variations in the actual utilization of funds earmarked for the purposes set forth above, increased fund
requirements for a particular purpose may be financed by surplus funds, including from internal accruals, if any,
available in respect of the other purposes for which funds are being raised in the Issue. To the extent our
Company is unable to utilise any portion of the Net Proceeds towards the aforementioned Objects, as per the
estimated schedule of deployment specified above, our Company shall deploy the Net Proceeds in subsequent
Fiscals towards the aforementioned Objects as may be determined by our Company, in accordance with
applicable law. Our Company may also utilise any portion of the Net Proceeds, towards the aforementioned
Objects of the Issue which will be utilised in subsequent financial years specified above.
The CRISIL Report states that IV fluid market consisting of key products like normal saline, dextrose, lactate
ringer and electrolytes have seen traction in recent years owing to growth of overall healthcare system in India.
Indian IV fluids market is estimated to be valued at ~Rs 45-47 billion as of fiscal 2024, compared to ~Rs 29 billion
in fiscal 2019. Going ahead with growth of overall healthcare delivery market in India and the factors outlined
above the industry is estimated to register a CAGR of ~9-11% between fiscals 2024- 2029 and reach Rs ~70-80
billion by fiscal 2029 owning to sustained demand from end use segments like hospitals and clinics. Further, our
overall capacity utilization as of March 31, 2025, March 31, 2024 and March 31, 2023 was 96.00%, 91.00% and
87.00% respectively. This proposed capital expenditure is being undertaken to fulfil the increasing demand of the
industry we cater to and the high capacity utilization in our manufacturing units.

Further, the current capacity expansion and capital expenditure has been approved our Board, pursuant to their
resolution dated August 22, 2025.

Capacity Utilisation of existing plants

Productio As of, and for the year ended, As of, and for the year ended, As of, and for the year ended,
n Stream March 31, 2025* March 31, 2024* March 31, 2023*
Installe Actual Utilizati Installe Actual Utilizati Installe Actual Utilizati
d Producti on d Producti on d Producti on
Capaci on Capaci on Capaci on
ty ty ty
Units in crores % Units in crores % Units in crores %
LVP 5.66 5.17 91.00% 5.66 5.24 93.00% 5.66 5.50 97.00%
SVP 20.91 20.64 99.00% 20.91 19.65 94.00% 20.91 18.72 89.00%
STERIPO
6.62 6.02 91.00% 6.62 5.47 83.00% 6.62 4.80 73.00%
RT
Total 33.19 31.83 96.00% 33.19 30.36 91.00% 33.19 29.02 87.00%
(*Source: Certificate from Chartered Engineer Mr. Atishkumar Naishadbhai Patel dated July 01, 2025)

Estimated Increase in capacity after proposed capacity expansion:

Estimated capacity after the proposed capital expenditure will be as follows:

Particulars Estimated Increase in capacity (Units in crores)

Fiscal 2026 Fiscal 2027
Steriport 5.39 5.39
SVP - 10.78
Total 5.39 16.17
(Source: Project Cost Vetting Report)

Statutory approvals

The current status of approvals at pre construction stage and approvals at post construction stage are as follows:

Sr No Statutory License / registration / approvals Present Status

Pre construction stage
1. Certificate of incorporation Received
2. Consent to establish Received
Post construction stage
3. Approval of usage of water Received
4. Consolidated Consent & Authorisation Received

137
 Sr No Statutory License / registration / approvals Present Status
5. MGVCL (Madhya Gujarat Vij Company Limited) Received
6. FDA (Food and drug control administration) Received
(Source: Project Cost Vetting Report)

Land details for proposed project:

Company is having appox. 66,000 sq. mt. of freehold Non Agriculture land at Village Hariyala, Tal. Dist. Kheda
out of which total constructable area is appox. 49,500 sq. mts. (including internal roads). On this land, already
construction is made of factory building and administrative block for appox. 32,000 sq. mts.

Details of the Objects of the Issue

1. Funding capital expenditure requirements for civil construction work and towards purchase of
equipment, plant and machinery for setting up new manufacturing line of SteriPort at Hariyala,
Kheda, Gujarat

As a part of our strategy to enhance our market position with focus on additional capacity for manufacturing of
SteriPort, which will allow us to better serve our existing customers and also assist us in better addressing our
business requirements we intend to spend up to ₹ 9,000 lakhs towards civil construction work and purchase of
plant and machinery, machinery equipment, utilities, electrical and quality control equipments for additional
capacity for manufacturing of SteriPort at our existing production facilities in Hariyala, Kheda, Gujarat. The
production from this capital expenditure is proposed to commence from January 01, 2026.

The total estimated cost for proposed capacity expansion comprises the following:
(₹ in lakhs)
Total amount Balance amount to
S. Total estimated
Particulars deployed as on July be deployed from
No. cost
03, 2025 Net Proceeds
1. Civil construction works 2,173.79 863.43 1,310.36
2. Machineries and equipment 4,286.51 838.59 3,297.73
3. Utilities 1,458.34 95.68 1,362.66
4. Electricals 489.96 33.01 456.95
5. Quality control Equipment 98.66 - 98.66
Sub total 8,507.26 1,830.71 6,526.36
Contingency at the rate of 5.79% 492.74 - 473.64
Total 9,000.00 1,830.71 7,000.00

Means of finance for proposed capacity expansion

The total estimated cost for proposed capacity expansion is approximately ₹ 9,000 lakhs. We intend to fund the
estimated cost of proposed capacity expansion as follows:
(₹ in lakhs)
Particulars Amount
Total estimated cost (A) 9,000.00
(less) Amount deployed as of July 03, 2025 (B) 1,830.71
Balance amount to be incurred (C) = (A-B) 7,169.29
Amount to be funded by infusion of Net Proceeds (D) 7,000.00
Existing internal accruals (E) 169.29
Funding required excluding the Net Proceeds (F) = (C– D – E) Nil

Break-down of estimated expense

In relation to the civil, machinery and equipments, utilities, electricals, quality control equipment as set out above,
we have not entered into any definitive agreements with any of these vendors and there can be no assurance that
the same vendors would be engaged to eventually supply at the same costs. The quantity of machinery to be
purchased will be based on management estimates and our business requirements. Our Company shall have the
flexibility to deploy such machinery and capital expenditure for civil construction, utilities, electricals, quality
control equipment according to the business requirements of our Company and based on estimates of our
management.

138
No second-hand or used machinery is proposed to be purchased out of the Net Proceeds. Each of the units of
machinery mentioned above is proposed to be acquired in a ready-to-use condition, post installation and
commissioning requirement. Further, the Promoters, Directors, Key Managerial Personnel and Senior
Management do not have any interest in the proposed acquisition of the machinery or in the entity from which we
have obtained quotations in relation to such proposed acquisition of the machinery and our Company has
confirmed that such entities do not form part of our Promoter Group.

The detailed break-down of these estimated costs for new manufacturing facility is provided in the table below:

1. Civil construction works

a. Civil work with finishes for packing material store, Raw material store, Plastic
(granules+cap+transfer system), Finished Goods/General Quarantine

Our Company has received quotation dated August 07, 2024 from Hetu Construction Private Limited with a
validity up to December 31, 2025 details of which are set forth below:

[Link] ITEM DESCRIPTION QTY UNIT Rate (₹) AMOUNT (₹)

EXCAVATION
1 ITEM NO:-1 EXCAVATION
Excavation for foundation up to 1.5 Mt
Depth including sorting out and
stacking of useful materials and
disposing of the excavated stuff up to
1a 2452 Cum 175.00 4,29,100.00
100 meter lead including shoring and
strutting and dewatering as necessary
and disposing of the excavated stuff as
directed.
Excavation for foundation up to 1.5 Mt
to 3 M Depth including sorting out and
stacking of useful materials and
disposing of the excavated stuff up to
1b 818 Cum 275.00 2,24,950.00
100 meter lead including shoring and
strutting and dewatering as necessary
and disposing of the excavated stuff as
directed.
Excavation for foundation up to 3 Mt to
5 Mt Depth including sorting out and
stacking of useful materials and
disposing of the excavated stuff up to
1c Cum 550.00
100 meter lead including shoring and
strutting and dewatering as necessary
and disposing of the excavated stuff as
directed.
Sub Total of Excavation 6,54,050.00

P.C.C
2 ITEM NO:-2 P.C.C WORK
Providing and laying plain cement
concrete (nominal mix) using specified
graded coarse aggregate of approved
quality at various locations etc.
machine mixing, consolidating with
rammer/ vibrators, curing, providing 878 Cum 7,800.00 68,48,400.00
scaffolding, staging etc. complete as
directed and instructed by Engineer.
(Form work shall not be paid for
P.C.C.). Do with 1:4:8 grade concrete
using 40 mm maximum size and down

139
 [Link] ITEM DESCRIPTION QTY UNIT Rate (₹) AMOUNT (₹)
graded aggregate below foundations,
base slab, plinth beams, walls etc.
Sub Total of P.C.C Work 68,48,400.00

R.C.C
ITEM NO:-3 CONTROLLED
3
CEMENT CONCRETE WORK
Providing and laying controlled cement
concreate M-25 and curring etc for
foundation. complete including the
cost of fromwork & Excluding Cost of
Reinforcement Foundation,Footing
base of Columns and mass Concrete.
3a a) Foundation 537 Cum 10,500.00 56,38,500.00
ITEM NO:-4 CONTROLLED
4
CEMENT CONCRETE WORK
Providing and laying controlled cement
concreate M-25 and curring etc for
plinth beam and column. complete
including the cost of fromwork up to
plinth level & Excluding cost of
Reinforcement Slabs, landing, Shelves,
Balconies, lintels, beams, girder &
cantilever up to Plinth Lvl.
4a a)Plinth Beam 236 Cum 14,000.00 33,04,000.00
4b b)Column 65 Cum 14,150.00 91,9750.00
4c c)Retaing wall 21,300.00
ITEM NO:-5 GRADE SLAB
5 CONTROLLED CEMENT
CONCRETE WORK
Providing and laying controlled cement
concreate M-20 and curring etc.
complete Including the cost of 953 Cum 9,500.00 90,53,500.00
fromwork & Excluding Cost of
Reinforcement for Grade Slab.
ITEM NO:-6 CONTROLLED
6 CEMENT CONCRETE WORK (M-
25)
Providing and laying controlled cement
concreate M-25 and curring etc.
complete including the cost of
fromwork & Excluding cost of
Reinforcement of Slabs, landing,
Shelves, Balconies, lintels, beams,
girder & cantilever Plinth to 5mt level.
6a Column 155 Cum 14,250.00 22,08,750.00
6b Slab 779 Cum 14,400.00 1,12,17,600.00
6c Floor Beams 324 Cum 14,750.00 47,79,000.00
6d Staircase Cum 18,750.00
6e Concrete Wall 21,800.00
ITEM NO:-7 CONTROLLED
7 CEMENT CONCRETE WORK(M-
20)
Providing and laying controlled cement
concreate M-20 and curring etc.
complete including the cost of
fromwork & Excluding cost of
Reinforcement of Slabs, landing,

140
 [Link] ITEM DESCRIPTION QTY UNIT Rate (₹) AMOUNT (₹)
Shelves, Balconies, lintels, beams,
girder & cantilever Plinth to 5mt level.
7a Lintel 4 Cum 19,880.00 79,520.00
7b Chajja 19,880.00
7c Coping 19,880.00
7d Cantilever 19,880.00
7e Slab 19,880.00
ITEM NO:-8 CONTROLLED
8 CEMENT CONCRETE WORK (M-
25)
Providing and laying controlled cement
concreate M-25 and curring etc.
complete including the cost of
fromwork & Excluding cost of
Reinforcement of Slabs, landing,
Shelves, Balconies, lintels, beams,
girder & cantilever 5mt to 10mt level.
8a Column Cum 16,450.00
8b Slab Cum 16,450.00
8c Floor Beams Cum 16,450.00
8d Staircase Cum 19,950.00
8e Concrete Wall Cum 23,000.00
ITEM NO:-9 CONTROLLED
9 CEMENT CONCRETE WORK(M-
20)
Providing and laying controlled cement
concreate M-20 and curring etc.
complete including the cost of
fromwork & Excluding cost of
Reinforcement of Slabs, landing,
Shelves, Balconies, lintels, beams,
girder & cantilever 5mt to 10mt level.
9a Lintel Cum 21,080.00
9b Chajja Cum 21,080.00
9c Coping Cum 21,080.00
9d Cantilever Cum 21,080.00
9e Slab Cum 21,080.00
ITEM NO:-10 CONTROLLED
10 CEMENT CONCRETE WORK (M-
25)
Providing and laying controlled cement
concreate M-25 and curring etc.
complete including the cost of
fromwork & Excluding cost of
Reinforcement of Slabs, landing,
Shelves, Balconies, lintels, beams,
girder & cantilever 10mt to heighest
level.
10a Column Cum 17,950.00
10b Slab Cum 17,950.00
10c Floor Beams Cum 17,950.00
10d Staircase Cum 21,450.00
10e Concrete Wall Cum 24,500.00
ITEM NO:-11 CONTROLLED
11 CEMENT CONCRETE WORK(M-
20)
Providing and laying controlled cement
concreate M-20 and curring etc.

141
 [Link] ITEM DESCRIPTION QTY UNIT Rate (₹) AMOUNT (₹)
complete including the cost of
fromwork & Excluding cost of
Reinforcement of Slabs, landing,
Shelves, Balconies, lintels, beams,
girder & cantilever 10mt to heighest
level.
11a Lintel Cum 22,580.00
11b Chajja Cum 22,580.00
11c Coping Cum 22,580.00
11d Cantilever Cum 22,580.00
11e Slab Cum 22,580.00
ITEM NO:-12 REINFORCEMENT
12 Cum
WORK
Providing and laying reinforcement for
R.C.C. work and bending, binding &
placing in position completed upto
325000 Kg 38.00 12350000.00
heighest level Thermo Mechanical
Treated Bars as per I.S. Standard. (FE-
500)
NOTE : Providing and erecting in
position Steel Plate shuttering work
shuttering and boxing using shuttering
materials of approved quality
shuttering, for concrete elements
vertical, horizontal or inclined in all
shapes except circular shape, column
foundations, pedestals, wall footings,
plinth beams, cable trenches,
compound wall, U.G. water tank, pardi,
fins, copings, etc. as per drawing , line
and level. Including necessary
Scaffolding, fastener nails, wires,
hacking and smoothening of RCC
Surface after de shuttering, keeping in
position till concrete is laid and
concrete members have acquired
required strength, removal, thereafter,
applying de-shuttering oil or surface
preparation chemical of approved
make, etc. complete as directed by
structural consultant / Engineer-In-
Charge. At all levels in foundation and
up to heighest plinth level.
A1 RCC WORK FINS (M-25) 48 Cum NQ
EXPOSED RCC WORK FINS (M-
A2 48 Cum NQ
25)
STONE CLADDING WORK FOR
A3 5278 Sqft NQ
FINS (Basic Rate = 36/- Sft)
Sub Total of R.C.C 4,95,50,620

EARTH
FILLING
ITEM NO:-13 BACK FILLING
13
WORK
Filling in foundation and plinth with
murrum or selected soil in layers of
2180 Cum 175.00 3,81,500.00
20cm thickness or up to required level
including watering, rolling, dressing so

142
 [Link] ITEM DESCRIPTION QTY UNIT Rate (₹) AMOUNT (₹)
as to obtain a Proctar Density of 95%
consolidated with Availabe Soil .
ITEM NO:-14 SAND FILLING
14
WORK
Sand Filling in foundation and plinth in
layers of 20cm thickness including
ramming and consolidating etc. 1269 Cum 1,200.00 15,22,800.00
complete below Foundation & Grade
Slab as per directed by Consultant.
ITEM NO:-15 EARTH FILLING
15
AND COMPACTING WORK
Providing and filling in plinth and
trenches, sides of foundation with
excavation, supplying & filling
Murrum / Selected earth brought from
outside site including freight,
transportation, loading, unloading,
taxes, royalty, and screening. Rate to
include for spreading, watering,
ramming and compacting of each layer
of 150 to 200mm by using mechanical
plate compactor or rollers, up to 95%
187 Cum 725.00 1,35,575.00
proctor density achieved etc. complete
as directed by Engineer-In-Charge.
(CBR not less than 6% in 4-day socked
condition) Note: Consolidated
measurements of fill shall be paid for
filing work.(Note : Each building
plinth to have at least one set of test of
MDP conducted irrespective of plinth
area or for every 500 sqm of compacted
area and part there of ). ( Filling with
Earth / murrum brought from outside )
Sub Total of Earth Filling 20,39,875.00

FLOORING
16 ITEM NO:-16 TILES WORK
Providing & fixing vitrified tiles glazed
(Double charge) finish in floor and
(over bed of 20mm thick cement mortar
1:3 (over rough plaster of CM 1:3) and
1697 Sqmt 1,425.00 24,18,225.00
jointed with white cement and finished
to give an elegant appearance.(Size 300
to 600 mm Sq.) Make kajaria,somani,
jhonson, Nitko Basic rate 75/- sft
16a In Flooring & steps 242 Sqmt 1,500.00 3,63,000.00
16b Walls 577 Sqmt 1,550.00 8,94,350.00
Providing and fixing vitrified tiles
16c Sqmt 1,650.00
DEDO .As per 16.
ITEM NO:-17 KOTA STONE
17
WORK
Providing and fixing 25 to 40 mm thick
machine cut polished Kota stone
flooring of size 600 x 600 mm over 35
mm thick bedding of cement mortar 5710 Sqmt 1,575.00 8,99,3250.00
1:8, leaving 4X10 mm deep groove
joint using spacer and joint to be filled
with Epoxy material (Fosrock or

143
 [Link] ITEM DESCRIPTION QTY UNIT Rate (₹) AMOUNT (₹)
equivalent) including cleaning and
drying of joints and Semi Mirror
polishing etc. complete.(Basic Rate =
36/- Sft)
ITEM NO:-18 GRANITE
18
FLOORING WORK
Providing and fixing 20 mm thick
granite stone in cement Mortar 1:8
including polishing etc. complete.
(Basic Rate = 2000/- smt)
18a In Flooring & steps Sqmt 6,925.00
Providing and fixing 20 mm thick
granite stone in cement Mortar 1:8
18B Sqmt 8,000.00
including polishing etc.
complete.(DEDO)
19 ITEM NO:-19 GROOVING WORK
Providing and making 12mm/20mm.x
12mm / 40mm. Grooves, drip moulds /
pattas etc. in plain plaster/double coat
375 Rmt 200 75,000.00
sand faced plaster in perfect line and
level including scaffolding, curing etc.
complete.
20 ITEM NO:-20 COVING WORK
Providing Making corner rounding 40
to75mm radius at the joints of two walls
or at the joints of walls and ceilings ( in
cement mortar of same mix as that of
375 Rmt 325 1,21,875.00
the plaster) and finished along with
plaster using fine sand for getting
smooth finish including curring,
scaffolding etc. complete.
ITEM NO:-21 TERMITE
21
TREATMENT WORK
Providing Carrying out plinth treatment
to Pre constrution by spraying chemical
solution for termite control treatment
including labour and material 6349 Sqmt 90.00 5,71,410.00
consistent with I.S.I specification as per
Directed by Consultant.(10 Year
Garrenty)
ITEM NO:-22 LDPE SHEET
22
WORK
Providing and laying LDPE film as per
IS 2508, required thick as below on
sand bedding, including welding of
joints, laps, wastage, etc. Complete as 6349 Sqmt 70.00 4,44,430.00
directed by Engineer-In-Charge. (Laid
area shall be paid for) - for 250 mm
Micron Thickness
ITEM NO:-23 RUBBLE SOILING
23
WORK
Providing & Laying Rubble Soling of
40mm to 63mm Metal including all 1461 Cum 2,400.00 35,06,400.00
Below Grade Slab P.C.C.
24 ITEM NO:-24 SKIRTING WORK
Same as item 17 above but for skirting
115 Sqmt 2,400.00 2,76,000.00
100 mm high to be laid flush with the

144
 [Link] ITEM DESCRIPTION QTY UNIT Rate (₹) AMOUNT (₹)
wall plaster.(The rate is inclusive of
cutting brick wall).
ITEM NO:-25 EPOXY COVING
25
WORK
Providing & Rounding of junction of
floor to wall with 70 mm radius,
finishing it with epoxy mortar, fixing
75 mm wide Kota Stone Skirting above 250 Rmt 800 2,00,000.00
rounding of junction & painting the
junction with apoxy paint & polishing
the [Link]. complete.
25.1 DENSE FLOORING
Providing and applying Dense floor
coating as approved by PTC and
[Link] coating system shall be 3994 Sqmt 240 9,58,560.00
uniform in color combinations, texture,
and appearance.
ITEM NO:-26 FLOOR TRIMIX
26 WORK (only labour charges)(150m
to 200mm thickness
Labour charges for laying R.C.C. floor
of M-20 grade of concrete (trimix) to be
concreted in alternate panels ,maximum
panel size of 4 mtr. x 4 [Link] panel
shall be formed on four sides with
[Link] bolted in position for
forming the size. The entire concrete
mass shall be vibrated with skirt
vibrator so as to bring out slurry on top
and smooth finished integrally as per
instruction of Engineer in charge using
vaccume de watering system as per
Manufacturer's specification including
applying "NITO FLOOR HARD TOP"
or equivalent (Fair creat, sikka applied
3994 [Link] 425.00 16,97,450.00
at the rate of 2.5 kg/10 sq.m on R.C.C.
floor as per Manufacturer's
pecification) after base concrete has
stiffened to the point when light foot
traffic leaves an imprint of about 3 mm.
Any bleed water should have
evaporated including providing
expansion joints with 200 mm X 20 mm
with salitex board fitting, joint cutting,
filling bitumen curing etc complete as
per instruction of site Engineer.
Excluding steel & including form work
with all tools, plants, Machinery and all
cost of chemical with alternate panel
(Instructed by site encharge).
ITEM NO:-27 WATERPROOFING
27
WORK
Providing and laying India type Brick
bat Coba water proofing treatment of
120mm average thickness consisting
surface cleaning, applying and grouting
a cement slurry coat of neat cement
using 2.75 kg/ sqm, with proprietary
water proofing compound (Conplast

145
 [Link] ITEM DESCRIPTION QTY UNIT Rate (₹) AMOUNT (₹)
X421IC-Fosroc, Sika, Dr. Fixit or
approved make) over the slab. Laying
cement concrete using broken
bricks/brick bats 25mm to 100mm size
with 50% of cement mortar (1 cement:
5 coarse sand) admixed with
proprietary water proofing compound
to required slope and treating similarly
,the adjoining walls up to 300mm
height including rounding of junctions
of walls and slabs, after 2 days of
proper curing applying a second coat of
cement slurry admixed with proprietary
water proofing compound. Finishing
the surface with 20mm thick joint less
cement mortar of mix 1:4 (1 cement: 4
coarse sand) admixed with proprietary
water proofing compound and finally
finishing the surface with trowel with
neat cement slurry and making of
300X300 mm square. The whole
finished shall be flooded with water for
a minimum period of two weeks for
curing and for final test. With average
thickness of 120mm and minimum
thickness at khurra as 65mm, all lead,
lift and laid to proper slope to drain off
water entirely, scoop, including quarter
around vata at the junction of parapet
and floor up to a height of 300mm. 10
years’ free maintenance guarantee
against any leakage, defect etc. on
stamp paper etc. All above operations
to be done in order specialised water
proofing agency and as directed by the
Engineer-in-charge.
27a Toilet Sunken Area 242 [Link] 1,250.00 3,02,500.00
27b Terrace Area 6349 [Link] 890.00 56,50,610.00
ITEM NO:-27(a1) CHINA MOSAIC
27(a1)
WORK
Providing and laying broken China
Mosaic Flooring for Terrace using
12mm to 20mm broken pieces of glazed
tiles to be laid over cement mortar 1:3
to plain or slope and to be tempered to
6349 [Link] 725.00 46,03,025.00
bring mortar crème out upto surface
using white cement including rounding
off junctions and extending them up to
15cm. along the wall, clearing with
water and oxalic acid etc. as directed
Sub Total of Flooring 3,10,76,085.00

MASONARY
AND
PLASTERING
28 ITEM NO:-28 BRICK WORK
providing & laying Half Brick work
(115 mm)using common burnt clay 269 Sqmt 1,190.00 3,20,110.00
building brick having crushing strength

146
 [Link] ITEM DESCRIPTION QTY UNIT Rate (₹) AMOUNT (₹)
not less than 35 kg/sq. cm. up to 5mt
level in cement mortar 1:6 (1 Cement :
6 fine sand) Extra for brick in super
structure above per floor per plinth
level up to 5mt level .(B) Convetional
29 ITEM NO:-29BRICK WORK
Providing & laying Half Brick work
(115 mm)using common burnt clay
building brick having crushing strength
not less than 35 kg/sq. cm.5mt to 10mt
Sqmt 1,400.00
level in cement mortar 1:6 (1 Cement :
6 fine sand) Extra for brick in super
structure above 5mt level .(B)
Convetional
30 ITEM NO:-30 BRICK WORK
Providing & laying Half Brick work
(115 mm)using common burnt clay
building brick having crushing strength
not less than 35 kg/sq. cm.10mt to
Sqmt 1,650.00
heighest level in cement mortar 1:6 (1
Cement : 6 fine sand) Extra for brick in
super structure above 10mt level .(B)
Convetional
31 ITEM NO:-31 BRICK WORK
Providing & laying Brick work (230
mm)using common burnt clay building
brick having crushing strength not less
than 35 kg/sq. cm. up to 5mt level in
Cum 7,275.00
cement mortar 1:6 (1 Cement : 6 fine
sand) Extra for brick in super structure
above per floor per plinth level up to
5mt level .(B) Convetional
32 ITEM NO:-32 BRICK WORK
Providing & laying Brick work (230
mm)using common burnt clay building
brick having crushing strength not less
than 35 kg/sq. cm.5mt to 10mt level in 845 Cum 7,275.00 61,47,375.00
cement mortar 1:6 (1 Cement : 6 fine
sand) Extra for brick in super structure
above 5mt level .(B) Convetional
33 ITEM NO:-33 BRICK WORK
Providing & laying Brick work (230
mm)using common burnt clay building
brick having crushing strength not less
than 35 kg/sq. cm.10mt to heighest
Cum 8,525.00
level in cement mortar 1:6 (1 Cement :
6 fine sand) Extra for brick in super
structure above 10mt level .(B)
Convetional
ITEM NO:-34 PLASTERING
34
WORK
Providing & laying 20 mm thick sand
face plaster in plumb, making texture
with grains of fine sand (washed,
cleaned) and applying with spray
2435 [Link] 720.00 17,53,200.00
machine (of Best make) or Brush up to
5mt level to the RCC or Masonry
surface two coat base coat 12 mm thick
in CM 1:4 including accoproof or

147
 [Link] ITEM DESCRIPTION QTY UNIT Rate (₹) AMOUNT (₹)
inpermo water proofing compound (2%
by weight of cement) & finishing coat
1:3 as approved by consultants
including fixing 150mm wide chicken
wire mesh at Brick work & Column
Junction curring, moulding, grooves in
plaster where to different materials
meet, scaffolding, curring etc.
complete.
ITEM NO:-35 PLASTERING
35
WORK
Providing and rendering 20mm. thick
smooth cement plaster in CM 1:4 on
internal brick work or concrete
surfaces two coats in plumb using fine
sand but without using extra cement up
to 5mt level. including scaffolding,
hacking joints, finishing smooth with
fine sand to correct level, line, plumb 7409 [Link] 600.00 44,45,400.00
including fixing 150mm wide chicken
wire mesh at Brick work & Column
Junction, curring, moulding, grooves in
plaster where ever to different materials
meet (Rate shall include finishing the
edges of electrical boxes, fittings or
inserts fixed by other agencies.
ITEM NO:-36 PLASTERING
36
WORK
Providing and rendering 12mm. thick
smooth cement plaster in two coats in
CM 1:4 on concrete surfaces (ceilling)
in plumb using fine sand but without
using extra cement at all heights
including scaffolding, hacking joints,
finishing smooth with fine sand to
correct level, line, plumb including 5196 [Link] 530.00 27,53,880.00
fixing 150mm wide chicken wire mesh
at Brick work & Column Junction
curring, moulding, grooves in plaster
where ever to different materials meet
(Rate shall include finishing the edges
of electrical boxes, fittings or inserts
fixed by other agencies.
ITEM NO:-37 PLASTERING
37
WORK
Providing & laying 20 mm thick sand
face plaster in plumb, making texture
with grains of fine sand (washed,
cleaned) and applying with spray
machine (of Best make) or Brush at 5mt
to 10 mt level the RCC or Masonry
surface two coat base coat 12 mm thick
[Link] 900.00
in CM 1:4 including accoproof or
inpermo water proofing compound (2%
by weight of cement) & finishing coat
1:3 as approved by consultants
including fixing 150mm wide chicken
wire mesh at Brick work & Column
Junction curring, moulding, grooves in

148
 [Link] ITEM DESCRIPTION QTY UNIT Rate (₹) AMOUNT (₹)
plaster where to different materials
meet, scaffolding, curring etc.
complete.
ITEM NO:-38 PLASTERING
38
WORK
Providing and rendering 20mm. thick
smooth cement plaster in CM 1:4 on
internal brick work or concrete
surfaces two coats in plumb using fine
sand but without using extra cement at
5mt to 10mt level including
scaffolding, hacking joints, finishing
smooth with fine sand to correct level,
[Link] 860.00
line, plumb including fixing 150mm
wide chicken wire mesh at Brick work
& Column Junction, curring, moulding,
grooves in plaster where ever to
different materials meet (Rate shall
include finishing the edges of electrical
boxes, fittings or inserts fixed by other
agencies.
ITEM NO:-39 PLASTERING
39
WORK
Providing and rendering 12mm. thick
smooth cement plaster in two coats in
CM 1:4 on concrete surfaces (ceilling)
in plumb using fine sand but without
using extra cement at all heights
including scaffolding, hacking joints,
finishing smooth with fine sand to
correct level, line, plumb including [Link] 700.00
fixing 150mm wide chicken wire mesh
at Brick work & Column Junction
curring, moulding, grooves in plaster
where ever to different materials meet
(Rate shall include finishing the edges
of electrical boxes, fittings or inserts
fixed by other agencies.
ITEM NO:-40 PLASTERING
40
WORK
Providing & laying 20 mm thick sand
face plaster in plumb, making texture
with grains of fine sand (washed,
cleaned) and applying with spray
machine (of Best make) or Brush above
10mt heights to the RCC or Masonry
surface two coat base coat 12 mm thick
in CM 1:4 including accoproof or
inpermo water proofing compound (2% [Link] 1,000.00
by weight of cement) & finishing coat
1:3 as approved by consultants
including fixing 150mm wide chicken
wire mesh at Brick work & Column
Junction curring, moulding, grooves in
plaster where to different materials
meet, scaffolding, curring etc.
complete.
ITEM NO:-41 PLASTERING
41
WORK

149
 [Link] ITEM DESCRIPTION QTY UNIT Rate (₹) AMOUNT (₹)
Providing and rendering 20mm. thick
smooth cement plaster in CM 1:4 on
internal brick work or concrete
surfaces two coats in plumb using fine
sand but without using extra cement
above 10mt heights including
scaffolding, hacking joints, finishing
smooth with fine sand to correct level,
[Link] 960.00
line, plumb including fixing 150mm
wide chicken wire mesh at Brick work
& Column Junction, curring, moulding,
grooves in plaster where ever to
different materials meet (Rate shall
include finishing the edges of electrical
boxes, fittings or inserts fixed by other
agencies.
ITEM NO:-42 PLASTERING
42
WORK
Providing and rendering 12mm. thick
smooth cement plaster in two coats in
CM 1:4 on concrete surfaces (ceilling)
in plumb using fine sand but without
using extra cement above 10mt heights
including scaffolding, hacking joints,
finishing smooth with fine sand to
correct level, line, plumb including [Link] 800.00
fixing 150mm wide chicken wire mesh
at Brick work & Column Junction
curring, moulding, grooves in plaster
where ever to different materials meet
(Rate shall include finishing the edges
of electrical boxes, fittings or inserts
fixed by other agencies.
ITEM NO:-43 ZIRI PLASTERING
43
WORK
Providing & grouting the electrical
conduits ziri with 1:4 cement mortar.
Average width 50mm wide and depth Rmt 190
upto 50 mm. including curring,
scaffolding etc. complete.
Sub Total of Masonary and Plastering 1,54,19,965.00

PAINT WORK
44 ITEM NO:-44 PAINT WORK
providing & laying Applying two coat
of birla or asain acrylic lapy (putty) or
any other directed by consultant & two
coat of primer of approved brand and
manufacture on new wall surface to
give an even shade including throughly 12605 [Link] 290.00 36,55,450.00
brushing the surface free from mortar
dropping and other forien matter and
sand papered smooth as per Directed by
Consultant and applying two coat
interior paint approved by Consultant.
45 ITEM NO:-45 PAINT WORK
providing & laying Finishing wall with
weather proof exterior emulsion paint 2435 [Link] 225.00 5,47,875.00
on wall surface (two coat) to give an

150
 [Link] ITEM DESCRIPTION QTY UNIT Rate (₹) AMOUNT (₹)
required shape even shade after
throughly grushing the surface to
remove all dirt, and remains of loose
powdered materials, complete as per
Directed by Consultant.
Sub Total of Paint Work 42,03,325.00

Structural Steel
work
Structure steel 7617 [Link] 900.00 68,55,300.00
Sheeting 239044 kg 140.00 3,34,66,160.00
Door & window LS 71,97,200.00
Sub Total of Structural Steel work
4,75,18,660.00

Total amount of Civil works 15,73,10,980.00

b. Civil work with finishes for Bottle making, Filling - Mixing Room and storage room, Sterliser Area,
Packing Area, WFI/RO 2 / storage tank area, change room, service area

Our Company has received quotation dated August 07, 2024 from Hetu Construction Private Limited with a
validity up to December 31, 2025 details of which are set forth below:

[Link] ITEM DESCRIPTION UNIT Rate (₹) AMOUNT (₹)

EXCAVATION
1 ITEM NO:-1 EXCAVATION
Excavation for foundation up to 1.5
Mt Depth including sorting out and
stacking of useful materials and
disposing of the excavated stuff up to
1a 738.00 Cum 175.00 1,29,150.00
100 meter lead including shoring and
strutting and dewatering as necessary
and disposing of the excavated stuff
as directed.
Excavation for foundation up to 1.5
Mt to 3 M Depth including sorting out
and stacking of useful materials and
disposing of the excavated stuff up to
1b 246.00 Cum 275.00 67,650.00
100 meter lead including shoring and
strutting and dewatering as necessary
and disposing of the excavated stuff
as directed.
Excavation for foundation up to 3 Mt
to 5 Mt Depth including sorting out
and stacking of useful materials and
disposing of the excavated stuff up to
1c Cum 550.00
100 meter lead including shoring and
strutting and dewatering as necessary
and disposing of the excavated stuff
as directed.
Sub Total of Excavation 1,96,800.00
P.C.C
2 ITEM NO:-2 P.C.C WORK
Providing and laying plain cement
concrete (nominal mix) using
specified graded coarse aggregate of 265.00 Cum 7,800.00 20,67,000.00
approved quality at various locations
etc. machine mixing, consolidating

151
 [Link] ITEM DESCRIPTION UNIT Rate (₹) AMOUNT (₹)
with rammer/ vibrators, curing,
providing scaffolding, staging etc.
complete as directed and instructed
by Engineer. (Form work shall not be
paid for P.C.C.). Do with 1:4:8 grade
concrete using 40 mm maximum size
and down graded aggregate below
foundations, base slab, plinth beams,
walls etc.
Sub Total of P.C.C 20,67,000.00
R.C.C
ITEM NO:-3 CONTROLLED
3
CEMENT CONCRETE WORK
Providing and laying controlled
cement concreate M-25 and curring
etc for foundation. complete
including the cost of fromwork &
Excluding Cost of Reinforcement
Foundation,Footing base of Columns
and mass Concrete.
3a a) Foundation 171.00 Cum 10,500.00 17,95,500.00
ITEM NO:-4 CONTROLLED
4
CEMENT CONCRETE WORK
Providing and laying controlled
cement concreate M-25 and curring
etc for plinth beam and column.
complete including the cost of
fromwork up to plinth level &
Excluding cost of Reinforcement
Slabs, landing, Shelves, Balconies,
lintels, beams, girder & cantilever up
to Plinth Lvl.
4a a)Plinth Beam 79.00 Cum 14,000.00 11,06,000.00
4b b)Column 28.00 Cum 14,150.00 3,96,200.00
4c c)Retaing wall 21,300.00
ITEM NO:-5 GRADE SLAB
5 CONTROLLED CEMENT
CONCRETE WORK
Providing and laying controlled
cement concreate M-20 and curring
etc. complete Including the cost of 304.00 Cum 9,500.00 28,88,000.00
fromwork & Excluding Cost of
Reinforcement for Grade Slab.
ITEM NO:-6 CONTROLLED
6 CEMENT CONCRETE WORK
(M-25)
Providing and laying controlled
cement concreate M-25 and curring
etc. complete including the cost of
fromwork & Excluding cost of
Reinforcement of Slabs, landing,
Shelves, Balconies, lintels, beams,
girder & cantilever Plinth to 5mt
level.
6a Column 59.00 Cum 14,250.00 8,40,750.00
6b Slab 249.00 Cum 14,400.00 35,85,600.00
6c Floor Beams 105.00 Cum 14,750.00 15,48,750.00
6d Staircase Cum 18,750.00

152
 [Link] ITEM DESCRIPTION UNIT Rate (₹) AMOUNT (₹)
6e Concrete Wall 21,800.00
ITEM NO:-7 CONTROLLED
7 CEMENT CONCRETE
WORK(M-20)
Providing and laying controlled
cement concreate M-20 and curring
etc. complete including the cost of
fromwork & Excluding cost of
Reinforcement of Slabs, landing,
Shelves, Balconies, lintels, beams,
girder & cantilever Plinth to 5mt
level.
7a Lintel Cum 19,880.00
7b Chajja 19,880.00
7c Coping 19,880.00
7d Cantilever 19,880.00
7e Slab 19,880.00
ITEM NO:-8 CONTROLLED
8 CEMENT CONCRETE WORK
(M-25)
Providing and laying controlled
cement concreate M-25 and curring
etc. complete including the cost of
fromwork & Excluding cost of
Reinforcement of Slabs, landing,
Shelves, Balconies, lintels, beams,
girder & cantilever 5mt to 10mt level.
8a Column Cum 16,450.00
8b Slab Cum 16,450.00
8c Floor Beams Cum 16,450.00
8d Staircase Cum 19,950.00
8e Concrete Wall Cum 23,000.00
ITEM NO:-9 CONTROLLED
9 CEMENT CONCRETE
WORK(M-20)
Providing and laying controlled
cement concreate M-20 and curring
etc. complete including the cost of
fromwork & Excluding cost of
Reinforcement of Slabs, landing,
Shelves, Balconies, lintels, beams,
girder & cantilever 5mt to 10mt level.
9a Lintel Cum 21,080.00
9b Chajja Cum 21,080.00
9c Coping Cum 21,080.00
9d Cantilever Cum 21,080.00
9e Slab Cum 21,080.00
ITEM NO:-10 CONTROLLED
10 CEMENT CONCRETE WORK
(M-25)
Providing and laying controlled
cement concreate M-25 and curring
etc. complete including the cost of
fromwork & Excluding cost of
Reinforcement of Slabs, landing,
Shelves, Balconies, lintels, beams,
girder & cantilever 10mt to heighest
level.

153
 [Link] ITEM DESCRIPTION UNIT Rate (₹) AMOUNT (₹)
10a Column Cum 17,950.00
10b Slab Cum 17,950.00
10c Floor Beams Cum 17,950.00
10d Staircase Cum 21,450.00
10e Concrete Wall Cum 24,500.00
ITEM NO:-11 CONTROLLED
11 CEMENT CONCRETE
WORK(M-20)
Providing and laying controlled
cement concreate M-20 and curring
etc. complete including the cost of
fromwork & Excluding cost of
Reinforcement of Slabs, landing,
Shelves, Balconies, lintels, beams,
girder & cantilever 10mt to heighest
level.
11a Lintel Cum 22,580.00
11b Chajja Cum 22,580.00
11c Coping Cum 22,580.00
11d Cantilever Cum 22,580.00
11e Slab Cum 22,580.00
ITEM NO:-12
12 Cum
REINFORCEMENT WORK
Providing and laying reinforcement
for R.C.C. work and bending, binding
& placing in position completed upto
109131.00 Kg 85.00 92,76,135.00
heighest level Thermo Mechanical
Treated Bars as per I.S. Standard.
(FE-500)
NOTE : Providing and erecting in
position Steel Plate shuttering work
shuttering and boxing using
shuttering materials of approved
quality shuttering, for concrete
elements vertical, horizontal or
inclined in all shapes except circular
shape, column foundations, pedestals,
wall footings, plinth beams, cable
trenches, compound wall, U.G. water
tank, pardi, fins, copings, etc. as per
drawing , line and level. Including
necessary Scaffolding, fastener nails,
wires, hacking and smoothening of
RCC Surface after de shuttering,
keeping in position till concrete is laid
and concrete members have acquired
required strength, removal, thereafter,
applying de-shuttering oil or surface
preparation chemical of approved
make, etc. complete as directed by
structural consultant / Engineer-In-
Charge. At all levels in foundation
and up to heighest plinth level.
A1 RCC WORK FINS (M-25) 13.00 Cum NQ
EXPOSED RCC WORK FINS (M-
A2 13.00 Cum NQ
25)
STONE CLADDING WORK FOR
A3 1367.00 Sqft NQ
FINS (Basic Rate = 36/- Sft)

154
 [Link] ITEM DESCRIPTION UNIT Rate (₹) AMOUNT (₹)
Sub Total of R.C.C 2,14,36,935.00
EARTH
FILLING
ITEM NO:-13 BACK FILLING
13
WORK
Filling in foundation and plinth with
murrum or selected soil in layers of
20cm thickness or up to required level
including watering, rolling, dressing 654.00 Cum 175.00 11,44,50.00
so as to obtain a Proctar Density of
95% consolidated with Availabe Soil
.
ITEM NO:-14 SAND FILLING
14
WORK
Sand Filling in foundation and plinth
in layers of 20cm thickness including
ramming and consolidating etc. 421.00 Cum 1,200.00 5,05,200.00
complete below Foundation & Grade
Slab as per directed by Consultant.
ITEM NO:-15 EARTH FILLING
15
AND COMPACTING WORK
Providing and filling in plinth and
trenches, sides of foundation with
excavation, supplying & filling
Murrum / Selected earth brought
from outside site including freight,
transportation, loading, unloading,
taxes, royalty, and screening. Rate to
include for spreading, watering,
ramming and compacting of each
layer of 150 to 200mm by using
mechanical plate compactor or
rollers, up to 95% proctor density 55.00 Cum 725.00 39,875.00
achieved etc. complete as directed by
Engineer-In-Charge. (CBR not less
than 6% in 4-day socked condition)
Note: Consolidated measurements of
fill shall be paid for filing work.(Note
: Each building plinth to have at least
one set of test of MDP conducted
irrespective of plinth area or for every
500 sqm of compacted area and part
there of ). ( Filling with Earth /
murrum brought from outside )
Sub Total of Earth Filling 6,59,525.00
FLOORING
16 ITEM NO:-16 TILES WORK
Providing & fixing vitrified tiles
glazed (Double charge) finish in floor
and (over bed of 20mm thick cement
mortar 1:3 (over rough plaster of CM
1:3) and jointed with white cement 509.00 Sqmt 1,425.00 7,25,325.00
and finished to give an elegant
appearance.(Size 300 to 600 mm Sq.)
Make kajaria,somani,jhonson, Nitko
Basic rate 75/- sft
16a In Flooring & steps 73.00 Sqmt 1,500.00 1,09,500.00
16b Walls 174.00 Sqmt 1,550.00 2,69,700.00

155
 [Link] ITEM DESCRIPTION UNIT Rate (₹) AMOUNT (₹)
Providing and fixing vitrified tiles
16c Sqmt 1,650.00
DEDO .As per 16.
ITEM NO:-17 KOTA STONE
17
WORK
Providing and fixing 25 to 40 mm
thick machine cut polished Kota
stone flooring of size 600 x 600 mm
over 35 mm thick bedding of cement
mortar 1:8, leaving 4X10 mm deep
groove joint using spacer and joint 1823.00 Sqmt 1,575.00 28,71,225.00
to be filled with Epoxy material
(Fosrock or equivalent) including
cleaning and drying of joints and
Semi Mirror polishing etc.
complete.(Basic Rate = 36/- Sft)
ITEM NO:-18 GRANITE
18
FLOORING WORK
Providing and fixing 20 mm thick
granite stone in cement Mortar 1:8
including polishing etc. complete.
(Basic Rate = 2000/- smt)
18a In Flooring & steps Sqmt 6,925.00
Providing and fixing 20 mm thick
granite stone in cement Mortar 1:8
18B Sqmt 8,000.00
including polishing etc.
complete.(DEDO)
ITEM NO:-19 GROOVING
19
WORK
Providing and making
12mm/20mm.x 12mm / 40mm.
Grooves, drip moulds / pattas etc. in
plain plaster/double coat sand faced 113 Rmt 200 22,600.00
plaster in perfect line and level
including scaffolding, curing etc.
complete.
20 ITEM NO:-20 COVING WORK
Providing Making corner rounding 40
to75mm radius at the joints of two
walls or at the joints of walls and
ceilings ( in cement mortar of same
113 Rmt 325 36,725.00
mix as that of the plaster) and finished
along with plaster using fine sand for
getting smooth finish including
curring, scaffolding etc. complete.
ITEM NO:-21 TERMITE
21
TREATMENT WORK
Providing Carrying out plinth
treatment to Pre constrution by
spraying chemical solution for
termite control treatment including 1904.00 Sqmt 90.00 1,71,360.00
labour and material consistent with
I.S.I specification as per Directed by
Consultant.(10 Year Garrenty)
ITEM NO:-22 LDPE SHEET
22
WORK
Providing and laying LDPE film as
per IS 2508, required thick as below 1904.00 Sqmt 70.00 1,33,280.00
on sand bedding, including welding

156
 [Link] ITEM DESCRIPTION UNIT Rate (₹) AMOUNT (₹)
of joints, laps, wastage, etc. Complete
as directed by Engineer-In-Charge.
(Laid area shall be paid for) - for 250
mm Micron Thickness
ITEM NO:-23 RUBBLE SOILING
23
WORK
Providing & Laying Rubble Soling of
40mm to 63mm Metal including all 439.00 Cum 2,400.00 10,53,600.00
Below Grade Slab P.C.C.
24 ITEM NO:-24 SKIRTING WORK
Same as item 17 above but for
skirting 100 mm high to be laid flush
107.00 Sqmt 2,400.00 2,56,800.00
with the wall plaster.(The rate is
inclusive of cutting brick wall).
ITEM NO:-25 EPOXY COVING
25
WORK
Providing & Rounding of junction of
floor to wall with 70 mm radius,
finishing it with epoxy mortar, fixing
75 mm wide Kota Stone Skirting
76 Rmt 800 60,800.00
above rounding of junction &
painting the junction with apoxy
paint & polishing the [Link].
complete.
25.1 DENSE FLOORING
Providing and applying Dense floor
coating as approved by PTC and
[Link] coating system shall be 1198 Sqmt 240 2,87,520.00
uniform in color combinations,
texture, and appearance.
ITEM NO:-26 FLOOR TRIMIX
26 WORK (only labour
charges)(150m to 200mm thickness
Labour charges for laying R.C.C.
floor of M-20 grade of concrete
(trimix) to be concreted in alternate
panels ,maximum panel size of 4 mtr.
x 4 [Link] panel shall be formed on
four sides with [Link] bolted in
position for forming the size. The
entire concrete mass shall be vibrated
with skirt vibrator so as to bring out
slurry on top and smooth finished
integrally as per instruction of
Engineer in charge using vaccume de
watering system as per
1198.00 [Link] 425.00 5,09,150.00
Manufacturer's specification
including applying "NITO FLOOR
HARD TOP" or equivalent (Fair
creat, sikka applied at the rate of 2.5
kg/10 sq.m on R.C.C. floor as per
Manufacturer's pecification) after
base concrete has stiffened to the
point when light foot traffic leaves an
imprint of about 3 mm. Any bleed
water should have evaporated
including providing expansion joints
with 200 mm X 20 mm with salitex
board fitting, joint cutting, filling

157
 [Link] ITEM DESCRIPTION UNIT Rate (₹) AMOUNT (₹)
bitumen curing etc complete as per
instruction of site Engineer.
Excluding steel & including form
work with all tools, plants, Machinery
and all cost of chemical with alternate
panel (Instructed by site encharge).
ITEM NO:-27
27
WATERPROOFING WORK
Providing and laying India type Brick
bat Coba water proofing treatment of
120mm average thickness consisting
surface cleaning, applying and
grouting a cement slurry coat of neat
cement using 2.75 kg/ sqm, with
proprietary water proofing compound
(Conplast X421IC-Fosroc, Sika, Dr.
Fixit or approved make) over the slab.
Laying cement concrete using broken
bricks/brick bats 25mm to 100mm
size with 50% of cement mortar (1
cement: 5 coarse sand) admixed with
proprietary water proofing compound
to required slope and treating
similarly the adjoining walls up to
300mm height including rounding of
junctions of walls and slabs, after 2
days of proper curing applying a
second coat of cement slurry admixed
with proprietary water proofing
compound. Finishing the surface with
20mm thick joint less cement mortar
of mix 1:4 (1 cement: 4 coarse sand)
admixed with proprietary water
proofing compound and finally
finishing the surface with trowel with
neat cement slurry and making of
300X300 mm square. The whole
finished shall be flooded with water
for a minimum period of two weeks
for curing and for final test. With
average thickness of 120mm and
minimum thickness at khurra as
65mm, all lead, lift and laid to proper
slope to drain off water entirely,
scoop, including quarter around vata
at the junction of parapet and floor up
to a height of 300mm. 10 years’ free
maintenance guarantee against any
leakage, defect etc. on stamp paper
etc. All above operations to be done
in order specialised water proofing
agency and as directed by the
Engineer-in-charge.
27a Toilet Sunken Area 73.00 [Link] 1,250.00 91,250.00
27b Terrace Area 1904.00 [Link] 890.00 16,94,560.00
ITEM NO:-27(a1) CHINA
27(a1)
MOSAIC WORK
Providing and laying broken China
1904.00 [Link] 725.00 13,80,400.00
Mosaic Flooring for Terrace using

158
 [Link] ITEM DESCRIPTION UNIT Rate (₹) AMOUNT (₹)
12mm to 20mm broken pieces of
glazed tiles to be laid over cement
mortar 1:3 to plain or slope and to be
tempered to bring mortar crème out
upto surface using white cement
including rounding off junctions and
extending them up to 15cm. along the
wall, clearing with water and oxalic
acid etc. as directed
Sub Total of Flooring 96,73,795.00
MASONARY
AND
PLASTERING
28 ITEM NO:-28 BRICK WORK
providing & laying Half Brick work
(115 mm)using common burnt clay
building brick having crushing
strength not less than 35 kg/sq. cm. up
to 5mt level in cement mortar 1:6 (1 81.00 Sqmt 1,190.00 96,390.00
Cement : 6 fine sand) Extra for brick
in super structure above per floor per
plinth level up to 5mt level .(B)
Convetional
29 ITEM NO:-29BRICK WORK
Providing & laying Half Brick work
(115 mm)using common burnt clay
building brick having crushing
strength not less than 35 kg/sq.
Sqmt 1,400.00
cm.5mt to 10mt level in cement
mortar 1:6 (1 Cement : 6 fine sand)
Extra for brick in super structure
above 5mt level .(B) Convetional
30 ITEM NO:-30 BRICK WORK
Providing & laying Half Brick work
(115 mm)using common burnt clay
building brick having crushing
strength not less than 35 kg/sq.
Sqmt 1,650.00
cm.10mt to heighest level in cement
mortar 1:6 (1 Cement : 6 fine sand)
Extra for brick in super structure
above 10mt level .(B) Convetional
31 ITEM NO:-31 BRICK WORK
Providing & laying Brick work (230
mm)using common burnt clay
building brick having crushing
strength not less than 35 kg/sq. cm. up
to 5mt level in cement mortar 1:6 (1 Cum 7,275.00
Cement : 6 fine sand) Extra for brick
in super structure above per floor per
plinth level up to 5mt level .(B)
Convetional
32 ITEM NO:-32 BRICK WORK
Providing & laying Brick work (230
mm)using common burnt clay
building brick having crushing
253.00 Cum 7,275.00 18,40,575.00
strength not less than 35 kg/sq.
cm.5mt to 10mt level in cement
mortar 1:6 (1 Cement : 6 fine sand)

159
 [Link] ITEM DESCRIPTION UNIT Rate (₹) AMOUNT (₹)
Extra for brick in super structure
above 5mt level .(B) Convetional
33 ITEM NO:-33 BRICK WORK
Providing & laying Brick work (230
mm)using common burnt clay
building brick having crushing
strength not less than 35 kg/sq.
Cum 8,525.00
cm.10mt to heighest level in cement
mortar 1:6 (1 Cement : 6 fine sand)
Extra for brick in super structure
above 10mt level .(B) Convetional
ITEM NO:-34 PLASTERING
34
WORK
Providing & laying 20 mm thick sand
face plaster in plumb, making texture
with grains of fine sand (washed,
cleaned) and applying with spray
machine (of Best make) or Brush up
to 5mt level to the RCC or Masonry
surface two coat base coat 12 mm
thick in CM 1:4 including accoproof
or inpermo water proofing compound 730.00 [Link] 720.00 5,25,600.00
(2% by weight of cement) & finishing
coat 1:3 as approved by consultants
including fixing 150mm wide
chicken wire mesh at Brick work &
Column Junction curring, moulding,
grooves in plaster where to different
materials meet, scaffolding, curring
etc. complete.
ITEM NO:-35 PLASTERING
35
WORK
Providing and rendering 20mm. thick
smooth cement plaster in CM 1:4 on
internal brick work or concrete
surfaces two coats in plumb using
fine sand but without using extra
cement up to 5mt level. including
scaffolding, hacking joints, finishing
smooth with fine sand to correct
2224.00 [Link] 600.00 13,34,400.00
level, line, plumb including fixing
150mm wide chicken wire mesh at
Brick work & Column Junction,
curring, moulding, grooves in plaster
where ever to different materials meet
(Rate shall include finishing the
edges of electrical boxes, fittings or
inserts fixed by other agencies.
ITEM NO:-36 PLASTERING
36
WORK
Providing and rendering 12mm. thick
smooth cement plaster in two coats in
CM 1:4 on concrete surfaces
(ceilling) in plumb using fine sand but
without using extra cement at all 1560.00 [Link] 530.00 8,26,800.00
heights including scaffolding,
hacking joints, finishing smooth with
fine sand to correct level, line, plumb
including fixing 150mm wide

160
 [Link] ITEM DESCRIPTION UNIT Rate (₹) AMOUNT (₹)
chicken wire mesh at Brick work &
Column Junction curring, moulding,
grooves in plaster where ever to
different materials meet (Rate shall
include finishing the edges of
electrical boxes, fittings or inserts
fixed by other agencies.
ITEM NO:-37 PLASTERING
37
WORK
Providing & laying 20 mm thick sand
face plaster in plumb, making texture
with grains of fine sand (washed,
cleaned) and applying with spray
machine (of Best make) or Brush at
5mt to 10 mt level the RCC or
Masonry surface two coat base coat
12 mm thick in CM 1:4 including
accoproof or inpermo water proofing [Link] 900.00
compound (2% by weight of cement)
& finishing coat 1:3 as approved by
consultants including fixing 150mm
wide chicken wire mesh at Brick
work & Column Junction curring,
moulding, grooves in plaster where to
different materials meet, scaffolding,
curring etc. complete.
ITEM NO:-38 PLASTERING
38
WORK
Providing and rendering 20mm. thick
smooth cement plaster in CM 1:4 on
internal brick work or concrete
surfaces two coats in plumb using
fine sand but without using extra
cement at 5mt to 10mt level
including scaffolding, hacking joints,
finishing smooth with fine sand to
correct level, line, plumb including [Link] 860.00
fixing 150mm wide chicken wire
mesh at Brick work & Column
Junction, curring, moulding, grooves
in plaster where ever to different
materials meet (Rate shall include
finishing the edges of electrical
boxes, fittings or inserts fixed by
other agencies.
ITEM NO:-39 PLASTERING
39
WORK
Providing and rendering 12mm. thick
smooth cement plaster in two coats in
CM 1:4 on concrete surfaces
(ceilling) in plumb using fine sand but
without using extra cement at all
heights including scaffolding,
[Link] 700.00
hacking joints, finishing smooth with
fine sand to correct level, line, plumb
including fixing 150mm wide
chicken wire mesh at Brick work &
Column Junction curring, moulding,
grooves in plaster where ever to

161
 [Link] ITEM DESCRIPTION UNIT Rate (₹) AMOUNT (₹)
different materials meet (Rate shall
include finishing the edges of
electrical boxes, fittings or inserts
fixed by other agencies.
ITEM NO:-40 PLASTERING
40
WORK
Providing & laying 20 mm thick sand
face plaster in plumb, making texture
with grains of fine sand (washed,
cleaned) and applying with spray
machine (of Best make) or Brush
above 10mt heights to the RCC or
Masonry surface two coat base coat
12 mm thick in CM 1:4 including
accoproof or inpermo water proofing [Link] 1,000.00
compound (2% by weight of cement)
& finishing coat 1:3 as approved by
consultants including fixing 150mm
wide chicken wire mesh at Brick
work & Column Junction curring,
moulding, grooves in plaster where to
different materials meet, scaffolding,
curring etc. complete.
ITEM NO:-41 PLASTERING
41
WORK
Providing and rendering 20mm. thick
smooth cement plaster in CM 1:4 on
internal brick work or concrete
surfaces two coats in plumb using
fine sand but without using extra
cement above 10mt heights including
scaffolding, hacking joints, finishing
smooth with fine sand to correct
[Link] 960.00
level, line, plumb including fixing
150mm wide chicken wire mesh at
Brick work & Column Junction,
curring, moulding, grooves in plaster
where ever to different materials meet
(Rate shall include finishing the
edges of electrical boxes, fittings or
inserts fixed by other agencies.
ITEM NO:-42 PLASTERING
42
WORK
Providing and rendering 12mm. thick
smooth cement plaster in two coats in
CM 1:4 on concrete surfaces
(ceilling) in plumb using fine sand but
without using extra cement above
10mt heights including scaffolding,
hacking joints, finishing smooth with
fine sand to correct level, line, plumb
[Link] 800.00
including fixing 150mm wide
chicken wire mesh at Brick work &
Column Junction curring, moulding,
grooves in plaster where ever to
different materials meet (Rate shall
include finishing the edges of
electrical boxes, fittings or inserts
fixed by other agencies.

162
 [Link] ITEM DESCRIPTION UNIT Rate (₹) AMOUNT (₹)
ITEM NO:-43 ZIRI
43
PLASTERING WORK
Providing & grouting the electrical
conduits ziri with 1:4 cement mortar.
Average width 50mm wide and depth Rmt 190
upto 50 mm. including curring,
scaffolding etc. complete.
Sub Total of Masonary and Plastering 46,23,765.00
PAINT WORK
44 ITEM NO:-44 PAINT WORK
providing & laying Applying two
coat of birla or asain acrylic lapy
(putty) or any other directed by
consultant & two coat of primer of
approved brand and manufacture on
new wall surface to give an even
shade including throughly brushing 3781.00 [Link] 290.00 10,96,490.00
the surface free from mortar dropping
and other forien matter and sand
papered smoothas per Directed by
Consultant and applying two coat
interior paint approved by
Consultant.
45 ITEM NO:-45 PAINT WORK
providing & laying Finishing wall
with weather proof exterior emulsion
paint on wall surface (two coat) to
give an required shape even shade
730.00 [Link] 225.00 1,64,250.00
after throughly grushing the surface
to remove all dirt,and remains of
loose powdered materials,complete
as per Directed by Consultant.
Sub Total of Paint Work 12,60,740.00
Structural Steel
work
Structure steel 1690 [Link] 900.00 15,21,000.00
Sheeting
Door & window LS 12,50,000.00
Sub Total of Structural Steel work 27,71,000.00
Total amount of Civil works 4,26,89,560.00

c. Civil work with finishes for Utility Area Construction, DG Set Construction

Our Company has received quotation dated August 07, 2024 from Hetu Construction Private Limited with a
validity up to December 31, 2025 details of which are set forth below:

AMOUNT
ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
EXCAVATION
1 ITEM NO:-1 EXCAVATION
Excavation for foundation up to 1.5 Mt
Depth including sorting out and stacking of
useful materials and disposing of the
1a excavated stuff up to 100 meter lead 60 Cum 175.00 10,500.00
including shoring and strutting and
dewatering as necessary and disposing of
the excavated stuff as directed.

163
 AMOUNT
ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
Excavation for foundation up to 1.5 Mt to 3
M Depth including sorting out and stacking
of useful materials and disposing of the
1b excavated stuff up to 100 meter lead 20 Cum 275.00 5,500.00
including shoring and strutting and
dewatering as necessary and disposing of
the excavated stuff as directed.
Excavation for foundation up to 3 Mt to 5
Mt Depth including sorting out and stacking
of useful materials and disposing of the
1c excavated stuff up to 100 meter lead Cum 550.00
including shoring and strutting and
dewatering as necessary and disposing of
the excavated stuff as directed.
Sub Total of Excavation 16,000.00
P.C.C
2 ITEM NO:-2 P.C.C WORK
Providing and laying plain cement concrete
(nominal mix) using specified graded
coarse aggregate of approved quality at
various locations etc. machine mixing,
consolidating with rammer/ vibrators,
curing, providing scaffolding, staging etc.
22 Cum 7,800.00 1,71,600.00
complete as directed and instructed by
Engineer. (Form work shall not be paid for
P.C.C.). Do with 1:4:8 grade concrete using
40 mm maximum size and down graded
aggregate below foundations, base slab,
plinth beams, walls etc.
Sub Total of P.C.C 1,71,600.00
R.C.C
ITEM NO:-3 CONTROLLED CEMENT
3
CONCRETE WORK
Providing and laying controlled cement
concreate M-25 and curring etc for
foundation. complete including the cost of
fromwork & Excluding Cost of
Reinforcement Foundation,Footing base of
Columns and mass Concrete.
3a a) Foundation 15 Cum 10,500.00 1,57,500.00
ITEM NO:-4 CONTROLLED CEMENT
4
CONCRETE WORK
Providing and laying controlled cement
concreate M-25 and curring etc for plinth
beam and column. complete including the
cost of fromwork up to plinth level &
Excluding cost of Reinforcement Slabs,
landing, Shelves, Balconies, lintels, beams,
girder & cantilever up to Plinth Lvl.
4a a)Plinth Beam 7 Cum 14,000.00 98,000.00
4b b)Column 3 Cum 14,150.00 42,450.00
4c c)Retaing wall 21,300.00
ITEM NO:-5 GRADE SLAB
5 CONTROLLED CEMENT
CONCRETE WORK
Providing and laying controlled cement
25 Cum 9,500.00 2,37,500.00
concreate M-20 and curring etc. complete

164
 AMOUNT
ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
Including the cost of fromwork &
Excluding Cost of Reinforcement for Grade
Slab.
ITEM NO:-6 CONTROLLED CEMENT
6
CONCRETE WORK (M-25)
Providing and laying controlled cement
concreate M-25 and curring etc. complete
including the cost of fromwork &
Excluding cost of Reinforcement of Slabs,
landing, Shelves, Balconies, lintels, beams,
girder & cantilever Plinth to 5mt level.
6a Column 5 Cum 14,250.00 71,250.00
6b Slab 22 Cum 14,400.00 3,16,800.00
6c Floor Beams 9 Cum 14,750.00 1,32,750.00
6d Staircase Cum 18,750.00
6e Concrete Wall 21,800.00
ITEM NO:-7 CONTROLLED CEMENT
7
CONCRETE WORK(M-20)
Providing and laying controlled cement
concreate M-20 and curring etc. complete
including the cost of fromwork &
Excluding cost of Reinforcement of Slabs,
landing, Shelves, Balconies, lintels, beams,
girder & cantilever Plinth to 5mt level.
7a Lintel Cum 19,880.00
7b Chajja 19,880.00
7c Coping 19,880.00
7d Cantilever 19,880.00
7e Slab 19,880.00
ITEM NO:-8 CONTROLLED CEMENT
8
CONCRETE WORK (M-25)
Providing and laying controlled cement
concreate M-25 and curring etc. complete
including the cost of fromwork &
Excluding cost of Reinforcement of Slabs,
landing, Shelves, Balconies, lintels, beams,
girder & cantilever 5mt to 10mt level.
8a Column Cum 16,450.00
8b Slab Cum 16,450.00
8c Floor Beams Cum 16,450.00
8d Staircase Cum 19,950.00
8e Concrete Wall Cum 23,000.00
ITEM NO:-9 CONTROLLED CEMENT
9
CONCRETE WORK(M-20)
Providing and laying controlled cement
concreate M-20 and curring etc. complete
including the cost of fromwork &
Excluding cost of Reinforcement of Slabs,
landing, Shelves, Balconies, lintels, beams,
girder & cantilever 5mt to 10mt level.
9a Lintel Cum 21,080.00
9b Chajja Cum 21,080.00
9c Coping Cum 21,080.00
9d Cantilever Cum 21,080.00
9e Slab Cum 21,080.00
ITEM NO:-10 CONTROLLED
10
CEMENT CONCRETE WORK (M-25)

165
 AMOUNT
ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
Providing and laying controlled cement
concreate M-25 and curring etc. complete
including the cost of fromwork & Excluding
cost of Reinforcement of Slabs, landing,
Shelves, Balconies, lintels, beams, girder &
cantilever 10mt to heighest level.
10a Column Cum 17,950.00
10b Slab Cum 17,950.00
10c Floor Beams Cum 17,950.00
10d Staircase Cum 21,450.00
10e Concrete Wall Cum 24,500.00
ITEM NO:-11 CONTROLLED
11
CEMENT CONCRETE WORK(M-20)
Providing and laying controlled cement
concreate M-20 and curring etc. complete
including the cost of fromwork &
Excluding cost of Reinforcement of Slabs,
landing, Shelves, Balconies, lintels, beams,
girder & cantilever 10mt to heighest level.
11a Lintel Cum 22,580.00
11b Chajja Cum 22,580.00
11c Coping Cum 22,580.00
11d Cantilever Cum 22,580.00
11e Slab Cum 22,580.00
ITEM NO:-12 REINFORCEMENT
12 Cum
WORK
Providing and laying reinforcement for
R.C.C. work and bending, binding &
placing in position completed upto heighest 10221 Kg 85.00 8,68,785.00
level Thermo Mechanical Treated Bars as
per I.S. Standard. (FE-500)
NOTE : Providing and erecting in position
Steel Plate shuttering work shuttering and
boxing using shuttering materials of
approved quality shuttering, for concrete
elements vertical, horizontal or inclined in
all shapes except circular shape, column
foundations, pedestals, wall footings, plinth
beams, cable trenches, compound wall,
U.G. water tank, pardi, fins, copings, etc. as
per drawing , line and level. Including
necessary Scaffolding, fastener nails, wires,
hacking and smoothening of RCC Surface
after de shuttering, keeping in position till
concrete is laid and concrete members have
acquired required strength, removal,
thereafter, applying de-shuttering oil or
surface preparation chemical of approved
make, etc. complete as directed by structural
consultant / Engineer-In-Charge. At all
levels in foundation and up to heighest
plinth level.
A1 RCC WORK FINS (M-25) 1 Cum NQ
A2 EXPOSED RCC WORK FINS (M-25) 1 Cum NQ
STONE CLADDING WORK FOR FINS
A3 129 Sqft NQ
(Basic Rate = 36/- Sft)
Sub Total of [Link] 19,25,035.00

166
 AMOUNT
ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
EARTH
FILLING
13 ITEM NO:-13 BACK FILLING WORK
Filling in foundation and plinth with
murrum or selected soil in layers of 20cm
thickness or up to required level including
53 Cum 175.00 9,275.00
watering, rolling, dressing so as to obtain a
Proctar Density of 95% consolidated with
Availabe Soil .
14 ITEM NO:-14 SAND FILLING WORK
Sand Filling in foundation and plinth in
layers of 20cm thickness including
ramming and consolidating etc. complete 31 Cum 1,200.00 37,200.00
below Foundation & Grade Slab as per
directed by Consultant.
ITEM NO:-15 EARTH FILLING AND
15
COMPACTING WORK
Providing and filling in plinth and trenches,
sides of foundation with excavation,
supplying & filling Murrum / Selected earth
brought from outside site including freight,
transportation, loading, unloading, taxes,
royalty, and screening. Rate to include for
spreading, watering, ramming and
compacting of each layer of 150 to 200mm
by using mechanical plate compactor or
rollers, up to 95% proctor density achieved
5 Cum 725.00 3,625.00
etc. complete as directed by Engineer-In-
Charge. (CBR not less than 6% in 4-day
socked condition) Note: Consolidated
measurements of fill shall be paid for filing
work.(Note : Each building plinth to have
at least one set of test of MDP conducted
irrespective of plinth area or for every 500
sqm of compacted area and part there of ). (
Filling with Earth / murrum brought from
outside )
Sub Total of Earth Filling 50,100.00
FLOORING
16 ITEM NO:-16 TILES WORK
Providing & fixing vitrified tiles glazed
(Double charge) finish in floor and (over
bed of 20mm thick cement mortar 1:3 (over
rough plaster of CM 1:3) and jointed with
42 Sqmt 1,425.00 59,850.00
white cement and finished to give an elegant
appearance.(Size 300 to 600 mm Sq.) Make
kajaria,somani,jhonson, Nitko Basic rate
75/- sft
16a In Flooring & steps 6 Sqmt 1,500.00 9,000.00
16b Walls 14 Sqmt 1,550.00 21,700.00
Providing and fixing vitrified tiles DEDO
16c Sqmt 1,650.00
.As per 16.
17 ITEM NO:-17 KOTA STONE WORK
Providing and fixing 25 to 40 mm thick
machine cut polished Kota stone flooring of
140 Sqmt 1,575.00 2,20,500.00
size 600 x 600 mm over 35 mm thick
bedding of cement mortar 1:8, leaving

167
 AMOUNT
ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
4X10 mm deep groove joint using spacer
and joint to be filled with Epoxy material
(Fosrock or equivalent) including cleaning
and drying of joints and Semi Mirror
polishing etc. complete.(Basic Rate = 36/-
Sft)
ITEM NO:-18 GRANITE FLOORING
18
WORK
Providing and fixing 20 mm thick granite
stone in cement Mortar 1:8 including
polishing etc. complete. (Basic Rate =
2000/- smt)
18a In Flooring & steps Sqmt 6,925.00
Providing and fixing 20 mm thick granite
18B stone in cement Mortar 1:8 including Sqmt 8,000.00
polishing etc. complete.(DEDO)
19 ITEM NO:-19 GROOVING WORK
Providing and making 12mm/20mm.x
12mm / 40mm. Grooves, drip moulds /
pattas etc. in plain plaster/double coat sand 9 Rmt 200 1,800.00
faced plaster in perfect line and level
including scaffolding, curing etc. complete.
20 ITEM NO:-20 COVING WORK
Providing Making corner rounding 40
to75mm radius at the joints of two walls or
at the joints of walls and ceilings ( in cement
mortar of same mix as that of the plaster) 9 Rmt 325 2,925.00
and finished along with plaster using fine
sand for getting smooth finish including
curring, scaffolding etc. complete.
ITEM NO:-21 TERMITE
21
TREATMENT WORK
Providing Carrying out plinth treatment to
Pre constrution by spraying chemical
solution for termite control treatment
156 Sqmt 90.00 14,040.00
including labour and material consistent
with I.S.I specification as per Directed by
Consultant.(10 Year Garrenty)
22 ITEM NO:-22 LDPE SHEET WORK
Providing and laying LDPE film as per IS
2508, required thick as below on sand
bedding, including welding of joints, laps,
156 Sqmt 70.00 10,920.00
wastage, etc. Complete as directed by
Engineer-In-Charge. (Laid area shall be
paid for) - for 250 mm Micron Thickness
ITEM NO:-23 RUBBLE SOILING
23
WORK
Providing & Laying Rubble Soling of
40mm to 63mm Metal including all Below 36 Cum 2,400.00 86,400.00
Grade Slab P.C.C.
24 ITEM NO:-24 SKIRTING WORK
Same as item 17 above but for skirting 100
mm high to be laid flush with the wall
3 Sqmt 2,400.00 7,200.00
plaster.(The rate is inclusive of cutting brick
wall).
25 ITEM NO:-25 EPOXY COVING WORK

168
 AMOUNT
ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
Providing & Rounding of junction of floor
to wall with 70 mm radius, finishing it with
epoxy mortar, fixing 75 mm wide Kota
6 Rmt 800 4,800.00
Stone Skirting above rounding of junction
& painting the junction with apoxy paint &
polishing the [Link]. complete.
25.1 DENSE FLOORING
Providing and applying Dense floor coating
as approved by PTC and [Link]
98 Sqmt 240 23,520.00
coating system shall be uniform in color
combinations, texture, and appearance.
ITEM NO:-26 FLOOR TRIMIX WORK
26 (only labour charges)(150m to 200mm
thickness
Labour charges for laying R.C.C. floor of
M-20 grade of concrete (trimix) to be
concreted in alternate panels ,maximum
panel size of 4 mtr. x 4 [Link] panel shall
be formed on four sides with [Link]
bolted in position for forming the size. The
entire concrete mass shall be vibrated with
skirt vibrator so as to bring out slurry on top
and smooth finished integrally as per
instruction of Engineer in charge using
vaccume de watering system as per
Manufacturer's specification including
applying "NITO FLOOR HARD TOP" or
equivalent (Fair creat, sikka applied at the 98 [Link] 425.00 41,650.00
rate of 2.5 kg/10 sq.m on R.C.C. floor as per
Manufacturer's pecification) after base
concrete has stiffened to the point when
light foot traffic leaves an imprint of about
3 mm. Any bleed water should have
evaporated including providing expansion
joints with 200 mm X 20 mm with salitex
board fitting, joint cutting, filling bitumen
curing etc complete as per instruction of site
Engineer. Excluding steel & including form
work with all tools, plants, Machinery and
all cost of chemical with alternate panel
(Instructed by site encharge).
ITEM NO:-27 WATERPROOFING
27
WORK
Providing and laying India type Brick bat
Coba water proofing treatment of 120mm
average thickness consisting surface
cleaning, applying and grouting a cement
slurry coat of neat cement using 2.75 kg/
sqm, with proprietary water proofing
compound (Conplast X421IC-Fosroc, Sika,
Dr. Fixit or approved make) over the slab.
Laying cement concrete using broken
bricks/brick bats 25mm to 100mm size with
50% of cement mortar (1 cement: 5 coarse
sand) admixed with proprietary water
proofing compound to required slope and
treating similarly the adjoining walls up to
300mm height including rounding of

169
 AMOUNT
ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
junctions of walls and slabs, after 2 days of
proper curing applying a second coat of
cement slurry admixed with proprietary
water proofing compound. Finishing the
surface with 20mm thick joint less cement
mortar of mix 1:4 (1 cement: 4 coarse sand)
admixed with proprietary water proofing
compound and finally finishing the surface
with trowel with neat cement slurry and
making of 300X300 mm square. The whole
finished shall be flooded with water for a
minimum period of two weeks for curing
and for final test. With average thickness of
120mm and minimum thickness at khurra as
65mm, all lead, lift and laid to proper slope
to drain off water entirely, scoop, including
quarter around vata at the junction of
parapet and floor up to a height of 300mm.
10 years’ free maintenance guarantee
against any leakage, defect etc. on stamp
paper etc. All above operations to be done
in order specialised water proofing agency
and as directed by the Engineer-in-charge.
27a Toilet Sunken Area 6 [Link] 1,250.00 7,500.00
27b Terrace Area 156 [Link] 890.00 1,38,840.00
ITEM NO:-27(a1) CHINA MOSAIC
27(a1)
WORK
Providing and laying broken China Mosaic
Flooring for Terrace using 12mm to 20mm
broken pieces of glazed tiles to be laid over
cement mortar 1:3 to plain or slope and to
be tempered to bring mortar crème out upto 156 [Link] 725.00 1,13,100.00
surface using white cement including
rounding off junctions and extending them
up to 15cm. along the wall, clearing with
water and oxalic acid etc. as directed
Subtotal of Flooring 76,3745.00
MASONARY
AND
PLASTERING
28 ITEM NO:-28 BRICK WORK
providing & laying Half Brick work (115
mm)using common burnt clay building
brick having crushing strength not less than
35 kg/sq. cm. up to 5mt level in cement 6 Sqmt 1,190.00 7,140.00
mortar 1:6 (1 Cement : 6 fine sand) Extra for
brick in super structure above per floor per
plinth level up to 5mt level .(B) Convetional
29 ITEM NO:-29BRICK WORK
Providing & laying Half Brick work (115
mm)using common burnt clay building
brick having crushing strength not less than
35 kg/sq. cm.5mt to 10mt level in cement Sqmt 1,400.00
mortar 1:6 (1 Cement : 6 fine sand) Extra for
brick in super structure above 5mt level .(B)
Convetional
30 ITEM NO:-30 BRICK WORK

170
 AMOUNT
ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
Providing & laying Half Brick work (115
mm)using common burnt clay building
brick having crushing strength not less than
35 kg/sq. cm.10mt to heighest level in Sqmt 1,650.00
cement mortar 1:6 (1 Cement : 6 fine sand)
Extra for brick in super structure above
10mt level .(B) Convetional
31 ITEM NO:-31 BRICK WORK
Providing & laying Brick work (230
mm)using common burnt clay building
brick having crushing strength not less than
35 kg/sq. cm. up to 5mt level in cement Cum 7,275.00
mortar 1:6 (1 Cement : 6 fine sand) Extra for
brick in super structure above per floor per
plinth level up to 5mt level .(B) Convetional
32 ITEM NO:-32 BRICK WORK
Providing & laying Brick work (230
mm)using common burnt clay building
brick having crushing strength not less than
35 kg/sq. cm.5mt to 10mt level in cement 21 Cum 7,275.00 1,52,775.00
mortar 1:6 (1 Cement : 6 fine sand) Extra for
brick in super structure above 5mt level .(B)
Convetional
33 ITEM NO:-33 BRICK WORK
Providing & laying Brick work (230
mm)using common burnt clay building
brick having crushing strength not less than
35 kg/sq. cm.10mt to heighest level in Cum 8,525.00
cement mortar 1:6 (1 Cement : 6 fine sand)
Extra for brick in super structure above
10mt level .(B) Convetional
34 ITEM NO:-34 PLASTERING WORK
Providing & laying 20 mm thick sand face
plaster in plumb, making texture with grains
of fine sand (washed, cleaned) and applying
with spray machine (of Best make) or Brush
up to 5mt level to the RCC or Masonry
surface two coat base coat 12 mm thick in
CM 1:4 including accoproof or inpermo
60 [Link] 720.00 43,200.00
water proofing compound (2% by weight of
cement) & finishing coat 1:3 as approved by
consultants including fixing 150mm wide
chicken wire mesh at Brick work & Column
Junction curring, moulding, grooves in
plaster where to different materials meet,
scaffolding, curring etc. complete.
35 ITEM NO:-35 PLASTERING WORK
Providing and rendering 20mm. thick
smooth cement plaster in CM 1:4 on internal
brick work or concrete surfaces two coats
in plumb using fine sand but without using
extra cement up to 5mt level. including
scaffolding, hacking joints, finishing 182 [Link] 600.00 1,09,200.00
smooth with fine sand to correct level, line,
plumb including fixing 150mm wide
chicken wire mesh at Brick work & Column
Junction, curring, moulding, grooves in
plaster where ever to different materials

171
 AMOUNT
ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
meet (Rate shall include finishing the edges
of electrical boxes, fittings or inserts fixed
by other agencies.
36 ITEM NO:-36 PLASTERING WORK
Providing and rendering 12mm. thick
smooth cement plaster in two coats in CM
1:4 on concrete surfaces (ceilling) in plumb
using fine sand but without using extra
cement at all heights including scaffolding,
hacking joints, finishing smooth with fine
sand to correct level, line, plumb including 128 [Link] 530.00 67,840.00
fixing 150mm wide chicken wire mesh at
Brick work & Column Junction curring,
moulding, grooves in plaster where ever to
different materials meet (Rate shall include
finishing the edges of electrical boxes,
fittings or inserts fixed by other agencies.
37 ITEM NO:-37 PLASTERING WORK
Providing & laying 20 mm thick sand face
plaster in plumb, making texture with grains
of fine sand (washed, cleaned) and applying
with spray machine (of Best make) or Brush
at 5mt to 10 mt level the RCC or Masonry
surface two coat base coat 12 mm thick in
CM 1:4 including accoproof or inpermo
[Link] 900.00
water proofing compound (2% by weight of
cement) & finishing coat 1:3 as approved by
consultants including fixing 150mm wide
chicken wire mesh at Brick work & Column
Junction curring, moulding, grooves in
plaster where to different materials meet,
scaffolding, curring etc. complete.
38 ITEM NO:-38 PLASTERING WORK
Providing and rendering 20mm. thick
smooth cement plaster in CM 1:4 on internal
brick work or concrete surfaces two coats
in plumb using fine sand but without using
extra cement at 5mt to 10mt level including
scaffolding, hacking joints, finishing
smooth with fine sand to correct level, line,
[Link] 860.00
plumb including fixing 150mm wide
chicken wire mesh at Brick work & Column
Junction, curring, moulding, grooves in
plaster where ever to different materials
meet (Rate shall include finishing the edges
of electrical boxes, fittings or inserts fixed
by other agencies.
39 ITEM NO:-39 PLASTERING WORK
Providing and rendering 12mm. thick
smooth cement plaster in two coats in CM
1:4 on concrete surfaces (ceilling) in plumb
using fine sand but without using extra
cement at all heights including scaffolding,
[Link] 700.00
hacking joints, finishing smooth with fine
sand to correct level, line, plumb including
fixing 150mm wide chicken wire mesh at
Brick work & Column Junction curring,
moulding, grooves in plaster where ever to

172
 AMOUNT
ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
different materials meet (Rate shall include
finishing the edges of electrical boxes,
fittings or inserts fixed by other agencies.
40 ITEM NO:-40 PLASTERING WORK
Providing & laying 20 mm thick sand face
plaster in plumb, making texture with grains
of fine sand (washed, cleaned) and applying
with spray machine (of Best make) or Brush
above 10mt heights to the RCC or Masonry
surface two coat base coat 12 mm thick in
CM 1:4 including accoproof or inpermo
[Link] 1,000.00
water proofing compound (2% by weight of
cement) & finishing coat 1:3 as approved by
consultants including fixing 150mm wide
chicken wire mesh at Brick work & Column
Junction curring, moulding, grooves in
plaster where to different materials meet,
scaffolding, curring etc. complete.
41 ITEM NO:-41 PLASTERING WORK
Providing and rendering 20mm. thick
smooth cement plaster in CM 1:4 on internal
brick work or concrete surfaces two coats
in plumb using fine sand but without using
extra cement above 10mt heights including
scaffolding, hacking joints, finishing
smooth with fine sand to correct level, line,
[Link] 960.00
plumb including fixing 150mm wide
chicken wire mesh at Brick work & Column
Junction, curring, moulding, grooves in
plaster where ever to different materials
meet (Rate shall include finishing the edges
of electrical boxes, fittings or inserts fixed
by other agencies.
42 ITEM NO:-42 PLASTERING WORK
Providing and rendering 12mm. thick
smooth cement plaster in two coats in CM
1:4 on concrete surfaces (ceilling) in plumb
using fine sand but without using extra
cement above 10mt heights including
scaffolding, hacking joints, finishing
smooth with fine sand to correct level, line,
[Link] 800.00
plumb including fixing 150mm wide
chicken wire mesh at Brick work & Column
Junction curring, moulding, grooves in
plaster where ever to different materials
meet (Rate shall include finishing the edges
of electrical boxes, fittings or inserts fixed
by other agencies.
ITEM NO:-43 ZIRI PLASTERING
43
WORK
Providing & grouting the electrical conduits
ziri with 1:4 cement mortar. Average width
50mm wide and depth upto 50 mm. Rmt 190
including curring, scaffolding etc.
complete.
Subtotal of Masonary and Plastering 38,01,55.00
PAINT WORK
44 ITEM NO:-44 PAINT WORK

173
 AMOUNT
ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
providing & laying Applying two coat of
birla or asain acrylic lapy (putty) or any
other directed by consultant & two coat of
primer of approved brand and manufacture
on new wall surface to give an even shade
309 [Link] 290.00 89,610.00
including throughly brushing the surface
free from mortar dropping and other forien
matter and sand papered smoothas per
Directed by Consultant and applying two
coat interior paint approved by Consultant.
45 ITEM NO:-45 PAINT WORK
providing & laying Finishing wall with
weather proof exterior emulsion paint on
wall surface (two coat) to give an required
shape even shade after throughly grushing 60 [Link] 225.00 13,500.00
the surface to remove all dirt,and remains of
loose powdered materials,complete as per
Directed by Consultant.
Sub Total of Paint Work 1,03,110.00
Structural Steel
work
Structure steel
Sheeting
Door & window LS 1,19,700.00
Subtotal of Structural Steel work 1,19,700.00
Total amount of Civil works 35,29,445.00

d. Civil work with finishes for Chemical/Micro/Packing/Docu/stability, Retained Sample room

Our Company has received quotation dated August 07, 2024 from Hetu Construction Private Limited with a
validity up to December 31, 2025 details of which are set forth below:

AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
EXCAVATION
1 ITEM NO:-1 EXCAVATION
Excavation for foundation up to 1.5 Mt
Depth including sorting out and stacking of
useful materials and disposing of the
1a excavated stuff up to 100 meter lead 106 Cum 175.00 18,550.00
including shoring and strutting and
dewatering as necessary and disposing of
the excavated stuff as directed.
Excavation for foundation up to 1.5 Mt to 3
M Depth including sorting out and stacking
of useful materials and disposing of the
1b excavated stuff up to 100 meter lead 35 Cum 275.00 9,625.00
including shoring and strutting and
dewatering as necessary and disposing of
the excavated stuff as directed.
Excavation for foundation up to 3 Mt to 5
Mt Depth including sorting out and stacking
of useful materials and disposing of the
1c excavated stuff up to 100 meter lead Cum 550.00
including shoring and strutting and
dewatering as necessary and disposing of
the excavated stuff as directed.

174
 AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
Subtotal of Excavation 28,175.00
P.C.C
2 ITEM NO:-2 P.C.C WORK
Providing and laying plain cement concrete
(nominal mix) using specified graded coarse
aggregate of approved quality at various
locations etc. machine mixing,
consolidating with rammer/ vibrators,
curing, providing scaffolding, staging etc.
38 Cum 7,800.00 2,96,400.00
complete as directed and instructed by
Engineer. (Form work shall not be paid for
P.C.C.). Do with 1:4:8 grade concrete using
40 mm maximum size and down graded
aggregate below foundations, base slab,
plinth beams, walls etc.
Subtotal of P.C.C 2,96,400.00
R.C.C
ITEM NO:-3 CONTROLLED CEMENT
3
CONCRETE WORK
Providing and laying controlled cement
concreate M-25 and curring etc for
foundation. complete including the cost of
fromwork & Excluding Cost of
Reinforcement Foundation,Footing base of
Columns and mass Concrete.
3a a) Foundation 23 Cum 10,500.00 2,41,500.00
ITEM NO:-4 CONTROLLED CEMENT
4
CONCRETE WORK
Providing and laying controlled cement
concreate M-25 and curring etc for plinth
beam and column. complete including the
cost of fromwork up to plinth level &
Excluding cost of Reinforcement Slabs,
landing, Shelves, Balconies, lintels, beams,
girder & cantilever up to Plinth Lvl.
4a a)Plinth Beam 14 Cum 14,000.00 1,96,000.00
4b b)Column 7 Cum 14,150.00 99,050.00
4c c)Retaing wall 21,300.00
ITEM NO:-5 GRADE SLAB
5 CONTROLLED CEMENT
CONCRETE WORK
Providing and laying controlled cement
concreate M-20 and curring etc. complete
Including the cost of fromwork & 45 Cum 9,500.00 4,27,500.00
Excluding Cost of Reinforcement for Grade
Slab.
ITEM NO:-6 CONTROLLED CEMENT
6
CONCRETE WORK (M-25)
Providing and laying controlled cement
concreate M-25 and curring etc. complete
including the cost of fromwork &
Excluding cost of Reinforcement of Slabs,
landing, Shelves, Balconies, lintels, beams,
girder & cantilever Plinth to 5mt level.
6a Column 5 Cum 14,250.00 71,250.00
6b Slab 34 Cum 14,400.00 4,89,600.00
6c Floor Beams 16 Cum 14,750.00 2,36,000.00

175
 AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
6d Staircase Cum 18,750.00
6e Concrete Wall 21,800.00
ITEM NO:-7 CONTROLLED CEMENT
7
CONCRETE WORK(M-20)
Providing and laying controlled cement
concreate M-20 and curring etc. complete
including the cost of fromwork &
Excluding cost of Reinforcement of Slabs,
landing, Shelves, Balconies, lintels, beams,
girder & cantilever Plinth to 5mt level.
7a Lintel Cum 19,880.00
7b Chajja 19,880.00
7c Coping 19,880.00
7d Cantilever 19,880.00
7e Slab 19,880.00
ITEM NO:-8 CONTROLLED CEMENT
8
CONCRETE WORK (M-25)
Providing and laying controlled cement
concreate M-25 and curring etc. complete
including the cost of fromwork &
Excluding cost of Reinforcement of Slabs,
landing, Shelves, Balconies, lintels, beams,
girder & cantilever 5mt to 10mt level.
8a Column Cum 16,450.00
8b Slab Cum 16,450.00
8c Floor Beams Cum 16,450.00
8d Staircase Cum 19,950.00
8e Concrete Wall Cum 23,000.00
ITEM NO:-9 CONTROLLED CEMENT
9
CONCRETE WORK(M-20)
Providing and laying controlled cement
concreate M-20 and curring etc. complete
including the cost of fromwork &
Excluding cost of Reinforcement of Slabs,
landing, Shelves, Balconies, lintels, beams,
girder & cantilever 5mt to 10mt level.
9a Lintel Cum 21,080.00
9b Chajja Cum 21,080.00
9c Coping Cum 21,080.00
9d Cantilever Cum 21,080.00
9e Slab Cum 21,080.00
ITEM NO:-10 CONTROLLED
10
CEMENT CONCRETE WORK (M-25)
Providing and laying controlled cement
concreate M-25 and curring etc. complete
including the cost of fromwork &
Excluding cost of Reinforcement of Slabs,
landing, Shelves, Balconies, lintels, beams,
girder & cantilever 10mt to heighest level.
10a Column Cum 17,950.00
10b Slab Cum 17,950.00
10c Floor Beams Cum 17,950.00
10d Staircase Cum 21,450.00
10e Concrete Wall Cum 24,500.00
ITEM NO:-11 CONTROLLED
11
CEMENT CONCRETE WORK(M-20)

176
 AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
Providing and laying controlled cement
concreate M-20 and curring etc. complete
including the cost of fromwork &
Excluding cost of Reinforcement of Slabs,
landing, Shelves, Balconies, lintels, beams,
girder & cantilever 10mt to heighest level.
11a Lintel Cum 22,580.00
11b Chajja Cum 22,580.00
11c Coping Cum 22,580.00
11d Cantilever Cum 22,580.00
11e Slab Cum 22,580.00
ITEM NO:-12 REINFORCEMENT
12 Cum
WORK
Providing and laying reinforcement for
R.C.C. work and bending, binding &
placing in position completed upto heighest 18068 Kg 85.00 15,35,780.00
level Thermo Mechanical Treated Bars as
per I.S. Standard. (FE-500)
NOTE : Providing and erecting in position
Steel Plate shuttering work shuttering and
boxing using shuttering materials of
approved quality shuttering, for concrete
elements vertical, horizontal or inclined in
all shapes except circular shape, column
foundations, pedestals, wall footings, plinth
beams, cable trenches, compound wall,
U.G. water tank, pardi, fins, copings, etc. as
per drawing , line and level. Including
necessary Scaffolding, fastener nails, wires,
hacking and smoothening of RCC Surface
after de shuttering, keeping in position till
concrete is laid and concrete members have
acquired required strength, removal,
thereafter, applying de-shuttering oil or
surface preparation chemical of approved
make, etc. complete as directed by structural
consultant / Engineer-In-Charge. At all
levels in foundation and up to heighest
plinth level.
A1 RCC WORK FINS (M-25) 3 Cum NQ
A2 EXPOSED RCC WORK FINS (M-25) 3 Cum NQ
STONE CLADDING WORK FOR FINS
A3 227 Sqft NQ
(Basic Rate = 36/- Sft)
Subtotal of R.C.C 32,96,680.00
EARTH
FILLING
13 ITEM NO:-13 BACK FILLING WORK
Filling in foundation and plinth with
murrum or selected soil in layers of 20cm
thickness or up to required level including
94 Cum 175.00 16,450.00
watering, rolling, dressing so as to obtain a
Proctar Density of 95% consolidated with
Availabe Soil .
14 ITEM NO:-14 SAND FILLING WORK
Sand Filling in foundation and plinth in
layers of 20cm thickness including ramming 55 Cum 1200.00 66,000.00
and consolidating etc. complete below

177
 AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
Foundation & Grade Slab as per directed by
Consultant.
ITEM NO:-15 EARTH FILLING AND
15
COMPACTING WORK
Providing and filling in plinth and trenches,
sides of foundation with excavation,
supplying & filling Murrum / Selected earth
brought from outside site including freight,
transportation, loading, unloading, taxes,
royalty, and screening. Rate to include for
spreading, watering, ramming and
compacting of each layer of 150 to 200mm
by using mechanical plate compactor or
rollers, up to 95% proctor density achieved
8 Cum 725.00 5,800.00
etc. complete as directed by Engineer-In-
Charge. (CBR not less than 6% in 4-day
socked condition) Note: Consolidated
measurements of fill shall be paid for filing
work.(Note : Each building plinth to have
at least one set of test of MDP conducted
irrespective of plinth area or for every 500
sqm of compacted area and part there of ). (
Filling with Earth / murrum brought from
outside )
Sub Total of Earth Filling 88,250.00
FLOORING
16 ITEM NO:-16 TILES WORK
Providing & fixing vitrified tiles glazed
(Double charge) finish in floor and (over
bed of 20mm thick cement mortar 1:3 (over
rough plaster of CM 1:3) and jointed with
73 Sqmt 1,425.00 1,04,025.00
white cement and finished to give an elegant
appearance.(Size 300 to 600 mm Sq.) Make
kajaria,somani,jhonson, Nitko Basic rate
75/- sft
16a In Flooring & steps 11 Sqmt 1,500.00 16,500.00
16b Walls 25 Sqmt 1,550.00 38,750.00
Providing and fixing vitrified tiles DEDO
16c Sqmt 1,650.00
.As per 16.
17 ITEM NO:-17 KOTA STONE WORK
Providing and fixing 25 to 40 mm thick
machine cut polished Kota stone flooring of
size 600 x 600 mm over 35 mm thick
bedding of cement mortar 1:8, leaving
4X10 mm deep groove joint using spacer
245 Sqmt 1,575.00 3,85,875.00
and joint to be filled with Epoxy material
(Fosrock or equivalent) including cleaning
and drying of joints and Semi Mirror
polishing etc. complete.(Basic Rate = 36/-
Sft)
ITEM NO:-18 GRANITE FLOORING
18
WORK
Providing and fixing 20 mm thick granite
stone in cement Mortar 1:8 including
polishing etc. complete. (Basic Rate =
2000/- smt)
18a In Flooring & steps Sqmt 6,925.00

178
 AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
Providing and fixing 20 mm thick granite
18B stone in cement Mortar 1:8 including Sqmt 8,000.00
polishing etc. complete.(DEDO)
19 ITEM NO:-19 GROOVING WORK
Providing and making 12mm/20mm.x
12mm / 40mm. Grooves, drip moulds /
pattas etc. in plain plaster/double coat sand 16 Rmt 200 3,200.00
faced plaster in perfect line and level
including scaffolding, curing etc. complete.
20 ITEM NO:-20 COVING WORK
Providing Making corner rounding 40
to75mm radius at the joints of two walls or
at the joints of walls and ceilings ( in cement
mortar of same mix as that of the plaster) 16 Rmt 325 5,200.00
and finished along with plaster using fine
sand for getting smooth finish including
curring, scaffolding etc. complete.
ITEM NO:-21 TERMITE
21
TREATMENT WORK
Providing Carrying out plinth treatment to
Pre constrution by spraying chemical
solution for termite control treatment
273 Sqmt 90.00 24,570.00
including labour and material consistent
with I.S.I specification as per Directed by
Consultant.(10 Year Garrenty)
22 ITEM NO:-22 LDPE SHEET WORK
Providing and laying LDPE film as per IS
2508, required thick as below on sand
bedding, including welding of joints, laps,
273 Sqmt 70.00 19,110.00
wastage, etc. Complete as directed by
Engineer-In-Charge. (Laid area shall be
paid for) - for 250 mm Micron Thickness
ITEM NO:-23 RUBBLE SOILING
23
WORK
Providing & Laying Rubble Soling of
40mm to 63mm Metal including all Below 63 Cum 2,400.00 1,51,200.00
Grade Slab P.C.C.
24 ITEM NO:-24 SKIRTING WORK
Same as item 17 above but for skirting 100
mm high to be laid flush with the wall
5 Sqmt 2,400.00 12,000.00
plaster.(The rate is inclusive of cutting brick
wall).
25 ITEM NO:-25 EPOXY COVING WORK
Providing & Rounding of junction of floor
to wall with 70 mm radius, finishing it with
epoxy mortar, fixing 75 mm wide Kota
11 Rmt 800 8,800.00
Stone Skirting above rounding of junction
& painting the junction with apoxy paint &
polishing the [Link]. complete.
25.1 DENSE FLOORING
Providing and applying Dense floor coating
as approved by PTC and [Link]
171 Sqmt 240 41,040.00
coating system shall be uniform in color
combinations, texture, and appearance.
ITEM NO:-26 FLOOR TRIMIX WORK
26 (only labour charges)(150m to 200mm
thickness

179
 AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
Labour charges for laying R.C.C. floor of
M-20 grade of concrete (trimix) to be
concreted in alternate panels ,maximum
panel size of 4 mtr. x 4 [Link] panel shall
be formed on four sides with [Link]
bolted in position for forming the size. The
entire concrete mass shall be vibrated with
skirt vibrator so as to bring out slurry on top
and smooth finished integrally as per
instruction of Engineer in charge using
vaccume de watering system as per
Manufacturer's specification including
applying "NITO FLOOR HARD TOP" or
equivalent (Fair creat, sikka applied at the 171 [Link] 425.00 72,675.00
rate of 2.5 kg/10 sq.m on R.C.C. floor as per
Manufacturer's pecification) after base
concrete has stiffened to the point when
light foot traffic leaves an imprint of about
3 mm. Any bleed water should have
evaporated including providing expansion
joints with 200 mm X 20 mm with salitex
board fitting, joint cutting, filling bitumen
curing etc complete as per instruction of site
Engineer. Excluding steel & including form
work with all tools, plants, Machinery and
all cost of chemical with alternate panel
(Instructed by site encharge).
ITEM NO:-27 WATERPROOFING
27
WORK
Providing and laying India type Brick bat
Coba water proofing treatment of 120mm
average thickness consisting surface
cleaning, applying and grouting a cement
slurry coat of neat cement using 2.75 kg/
sqm, with proprietary water proofing
compound (Conplast X421IC-Fosroc, Sika,
Dr. Fixit or approved make) over the slab.
Laying cement concrete using broken
bricks/brick bats 25mm to 100mm size with
50% of cement mortar (1 cement: 5 coarse
sand) admixed with proprietary water
proofing compound to required slope and
treating similarly the adjoining walls up to
300mm height including rounding of
junctions of walls and slabs, after 2 days of
proper curing applying a second coat of
cement slurry admixed with proprietary
water proofing compound. Finishing the
surface with 20mm thick joint less cement
mortar of mix 1:4 (1 cement: 4 coarse sand)
admixed with proprietary water proofing
compound and finally finishing the surface
with trowel with neat cement slurry and
making of 300X300 mm square. The whole
finished shall be flooded with water for a
minimum period of two weeks for curing
and for final test. With average thickness of
120mm and minimum thickness at khurra as

180
 AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
65mm, all lead, lift and laid to proper slope
to drain off water entirely, scoop, including
quarter around vata at the junction of
parapet and floor up to a height of 300mm.
10 years’ free maintenance guarantee
against any leakage, defect etc. on stamp
paper etc. All above operations to be done
in order specialised water proofing agency
and as directed by the Engineer-in-charge.
27a Toilet Sunken Area 11 [Link] 1,250.00 13,750.00
27b Terrace Area 273 [Link] 890.00 2,42,970.00
ITEM NO:-27(a1) CHINA MOSAIC
27(a1)
WORK
Providing and laying broken China Mosaic
Flooring for Terrace using 12mm to 20mm
broken pieces of glazed tiles to be laid over
cement mortar 1:3 to plain or slope and to
be tempered to bring mortar crème out upto 273 [Link] 725.00 19,7925.00
surface using white cement including
rounding off junctions and extending them
up to 15cm. along the wall, clearing with
water and oxalic acid etc. as directed
Subtotal of Flooring 13,37,590.00
MASONARY
AND
PLASTERING
28 ITEM NO:-28 BRICK WORK
providing & laying Half Brick work (115
mm)using common burnt clay building
brick having crushing strength not less than
35 kg/sq. cm. up to 5mt level in cement 11 Sqmt 1,190.00 13,090.00
mortar 1:6 (1 Cement : 6 fine sand) Extra for
brick in super structure above per floor per
plinth level up to 5mt level .(B) Convetional
29 ITEM NO:-29BRICK WORK
Providing & laying Half Brick work (115
mm)using common burnt clay building
brick having crushing strength not less than
35 kg/sq. cm.5mt to 10mt level in cement Sqmt 1,400.00
mortar 1:6 (1 Cement : 6 fine sand) Extra for
brick in super structure above 5mt level .(B)
Convetional
30 ITEM NO:-30 BRICK WORK
Providing & laying Half Brick work (115
mm)using common burnt clay building
brick having crushing strength not less than
35 kg/sq. cm.10mt to heighest level in Sqmt 1,650.00
cement mortar 1:6 (1 Cement : 6 fine sand)
Extra for brick in super structure above
10mt level .(B) Convetional
31 ITEM NO:-31 BRICK WORK
Providing & laying Brick work (230
mm)using common burnt clay building
brick having crushing strength not less than Cum 7,275.00
35 kg/sq. cm. up to 5mt level in cement
mortar 1:6 (1 Cement : 6 fine sand) Extra for

181
 AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
brick in super structure above per floor per
plinth level up to 5mt level .(B) Convetional
32 ITEM NO:-32 BRICK WORK
Providing & laying Brick work (230
mm)using common burnt clay building
brick having crushing strength not less than
35 kg/sq. cm.5mt to 10mt level in cement 40 Cum 7,275.00 2,91,000.00
mortar 1:6 (1 Cement : 6 fine sand) Extra for
brick in super structure above 5mt level .(B)
Convetional
33 ITEM NO:-33 BRICK WORK
Providing & laying Brick work (230
mm)using common burnt clay building
brick having crushing strength not less than
35 kg/sq. cm.10mt to heighest level in Cum 8,525.00
cement mortar 1:6 (1 Cement : 6 fine sand)
Extra for brick in super structure above
10mt level .(B) Convetional
34 ITEM NO:-34 PLASTERING WORK
Providing & laying 20 mm thick sand face
plaster in plumb, making texture with grains
of fine sand (washed, cleaned) and applying
with spray machine (of Best make) or Brush
up to 5mt level to the RCC or Masonry
surface two coat base coat 12 mm thick in
CM 1:4 including accoproof or inpermo
105 [Link] 720.00 75,600.00
water proofing compound (2% by weight of
cement) & finishing coat 1:3 as approved by
consultants including fixing 150mm wide
chicken wire mesh at Brick work & Column
Junction curring, moulding, grooves in
plaster where to different materials meet,
scaffolding, curring etc. complete.
35 ITEM NO:-35 PLASTERING WORK
Providing and rendering 20mm. thick
smooth cement plaster in CM 1:4 on internal
brick work or concrete surfaces two coats
in plumb using fine sand but without using
extra cement up to 5mt level. including
scaffolding, hacking joints, finishing
smooth with fine sand to correct level, line,
319 [Link] 600.00 1,91,400.00
plumb including fixing 150mm wide
chicken wire mesh at Brick work & Column
Junction, curring, moulding, grooves in
plaster where ever to different materials
meet (Rate shall include finishing the edges
of electrical boxes, fittings or inserts fixed
by other agencies.
36 ITEM NO:-36 PLASTERING WORK
Providing and rendering 12mm. thick
smooth cement plaster in two coats in CM
1:4 on concrete surfaces (ceilling) in plumb
using fine sand but without using extra
cement at all heights including scaffolding, 224 [Link] 530.00 1,18,720.00
hacking joints, finishing smooth with fine
sand to correct level, line, plumb including
fixing 150mm wide chicken wire mesh at
Brick work & Column Junction curring,

182
 AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
moulding, grooves in plaster where ever to
different materials meet (Rate shall include
finishing the edges of electrical boxes,
fittings or inserts fixed by other agencies.
37 ITEM NO:-37 PLASTERING WORK
Providing & laying 20 mm thick sand face
plaster in plumb, making texture with grains
of fine sand (washed, cleaned) and applying
with spray machine (of Best make) or Brush
at 5mt to 10 mt level the RCC or Masonry
surface two coat base coat 12 mm thick in
CM 1:4 including accoproof or inpermo
[Link] 900.00
water proofing compound (2% by weight of
cement) & finishing coat 1:3 as approved by
consultants including fixing 150mm wide
chicken wire mesh at Brick work & Column
Junction curring, moulding, grooves in
plaster where to different materials meet,
scaffolding, curring etc. complete.
38 ITEM NO:-38 PLASTERING WORK
Providing and rendering 20mm. thick
smooth cement plaster in CM 1:4 on internal
brick work or concrete surfaces two coats
in plumb using fine sand but without using
extra cement at 5mt to 10mt level including
scaffolding, hacking joints, finishing
smooth with fine sand to correct level, line,
[Link] 860.00
plumb including fixing 150mm wide
chicken wire mesh at Brick work & Column
Junction, curring, moulding, grooves in
plaster where ever to different materials
meet (Rate shall include finishing the edges
of electrical boxes, fittings or inserts fixed
by other agencies.
39 ITEM NO:-39 PLASTERING WORK
Providing and rendering 12mm. thick
smooth cement plaster in two coats in CM
1:4 on concrete surfaces (ceilling) in plumb
using fine sand but without using extra
cement at all heights including scaffolding,
hacking joints, finishing smooth with fine
sand to correct level, line, plumb including [Link] 700.00
fixing 150mm wide chicken wire mesh at
Brick work & Column Junction curring,
moulding, grooves in plaster where ever to
different materials meet (Rate shall include
finishing the edges of electrical boxes,
fittings or inserts fixed by other agencies.
40 ITEM NO:-40 PLASTERING WORK
Providing & laying 20 mm thick sand face
plaster in plumb, making texture with grains
of fine sand (washed, cleaned) and applying
with spray machine (of Best make) or Brush
above 10mt heights to the RCC or Masonry [Link] 1,000.00
surface two coat base coat 12 mm thick in
CM 1:4 including accoproof or inpermo
water proofing compound (2% by weight of
cement) & finishing coat 1:3 as approved by

183
 AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
consultants including fixing 150mm wide
chicken wire mesh at Brick work & Column
Junction curring, moulding, grooves in
plaster where to different materials meet,
scaffolding, curring etc. complete.
41 ITEM NO:-41 PLASTERING WORK
Providing and rendering 20mm. thick
smooth cement plaster in CM 1:4 on internal
brick work or concrete surfaces two coats
in plumb using fine sand but without using
extra cement above 10mt heights including
scaffolding, hacking joints, finishing
smooth with fine sand to correct level, line,
[Link] 960.00
plumb including fixing 150mm wide
chicken wire mesh at Brick work & Column
Junction, curring, moulding, grooves in
plaster where ever to different materials
meet (Rate shall include finishing the edges
of electrical boxes, fittings or inserts fixed
by other agencies.
42 ITEM NO:-42 PLASTERING WORK
Providing and rendering 12mm. thick
smooth cement plaster in two coats in CM
1:4 on concrete surfaces (ceilling) in plumb
using fine sand but without using extra
cement above 10mt heights including
scaffolding, hacking joints, finishing
smooth with fine sand to correct level, line,
[Link] 800.00
plumb including fixing 150mm wide
chicken wire mesh at Brick work & Column
Junction curring, moulding, grooves in
plaster where ever to different materials
meet (Rate shall include finishing the edges
of electrical boxes, fittings or inserts fixed
by other agencies.
ITEM NO:-43 ZIRI PLASTERING
43
WORK
Providing & grouting the electrical conduits
ziri with 1:4 cement mortar. Average width
Rmt 190
50mm wide and depth upto 50 mm.
including curring, scaffolding etc. complete.
Sub Total of Masonary and Plastering 6,89,810.00
PAINT WORK
44 ITEM NO:-44 PAINT WORK
providing & laying Applying two coat of
birla or asain acrylic lapy (putty) or any
other directed by consultant & two coat of
primer of approved brand and manufacture
on new wall surface to give an even shade
543 [Link] 290.00 1,57,470.00
including throughly brushing the surface
free from mortar dropping and other forien
matter and sand papered smoothas per
Directed by Consultant and applying two
coat interior paint approved by Consultant.
45 ITEM NO:-45 PAINT WORK
providing & laying Finishing wall with
weather proof exterior emulsion paint on 105 [Link] 225.00 23,625.00
wall surface (two coat) to give an required

184
 AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
shape even shade after throughly grushing
the surface to remove all dirt,and remains of
loose powdered materials,complete as per
Directed by Consultant.
Sub total of Paint Work 1,81,095.00
Structural Steel
work
Structure steel
Sheeting
Door & window LS 3,67,800.00
Sub total of Structural Steel work 3,67,800.00
Total amount of Civil works 62,85,800

e. Civil work with finishes for Chemical/Micro/Packing/Docu/stability, Retained Sample room

Our Company has received quotation dated August 07, 2024 from Hetu Construction Private Limited with a
validity up to December 31, 2025 details of which are set forth below:

AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
EXCAVATION
1 ITEM NO:-1 EXCAVATION
Excavation for foundation up to 1.5 Mt
Depth including sorting out and stacking of
useful materials and disposing of the
1a excavated stuff up to 100 meter lead 131 Cum 175.00 22,925.00
including shoring and strutting and
dewatering as necessary and disposing of
the excavated stuff as directed.
Excavation for foundation up to 1.5 Mt to 3
M Depth including sorting out and stacking
of useful materials and disposing of the
1b excavated stuff up to 100 meter lead 44 Cum 275.00 12,100.00
including shoring and strutting and
dewatering as necessary and disposing of
the excavated stuff as directed.
Excavation for foundation up to 3 Mt to 5
Mt Depth including sorting out and stacking
of useful materials and disposing of the
1c excavated stuff up to 100 meter lead Cum 550.00
including shoring and strutting and
dewatering as necessary and disposing of
the excavated stuff as directed.
Sub total of Excavation 35,025.00
P.C.C
2 ITEM NO:-2 P.C.C WORK
Providing and laying plain cement concrete
(nominal mix) using specified graded coarse
aggregate of approved quality at various
locations etc. machine mixing,
consolidating with rammer/ vibrators,
50 Cum 7,800.00 3,90,000.00
curing, providing scaffolding, staging etc.
complete as directed and instructed by
Engineer. (Form work shall not be paid for
P.C.C.). Do with 1:4:8 grade concrete using
40 mm maximum size and down graded

185
 AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
aggregate below foundations, base slab,
plinth beams, walls etc.
Subtotal of P.C.C 3,90,000.00
R.C.C
ITEM NO:-3 CONTROLLED CEMENT
3
CONCRETE WORK
Providing and laying controlled cement
concreate M-25 and curring etc for
foundation. complete including the cost of
fromwork & Excluding Cost of
Reinforcement Foundation,Footing base of
Columns and mass Concrete.
3a a) Foundation 30 Cum 10,500.00 3,15,000.00
ITEM NO:-4 CONTROLLED CEMENT
4
CONCRETE WORK
Providing and laying controlled cement
concreate M-25 and curring etc for plinth
beam and column. complete including the
cost of fromwork up to plinth level &
Excluding cost of Reinforcement Slabs,
landing, Shelves, Balconies, lintels, beams,
girder & cantilever up to Plinth Lvl.
4a a)Plinth Beam 19 Cum 14,000.00 2,66,000.00
4b b)Column 8 Cum 14,150.00 1,13,200.00
4c c)Retaing wall 21,300.00
ITEM NO:-5 GRADE SLAB
5 CONTROLLED CEMENT
CONCRETE WORK
Providing and laying controlled cement
concreate M-20 and curring etc. complete
Including the cost of fromwork & 53 Cum 9,500.00 5,03,500.00
Excluding Cost of Reinforcement for Grade
Slab.
ITEM NO:-6 CONTROLLED CEMENT
6
CONCRETE WORK (M-25)
Providing and laying controlled cement
concreate M-25 and curring etc. complete
including the cost of fromwork &
Excluding cost of Reinforcement of Slabs,
landing, Shelves, Balconies, lintels, beams,
girder & cantilever Plinth to 5mt level.
6a Column 11 Cum 14,250.00 1,56,750.00
6b Slab 49 Cum 14,400.00 7,05,600.00
6c Floor Beams 17 Cum 14,750.00 2,50,750.00
6d Staircase Cum 18,750.00
6e Concrete Wall 21,800.00
ITEM NO:-7 CONTROLLED CEMENT
7
CONCRETE WORK(M-20)
Providing and laying controlled cement
concreate M-20 and curring etc. complete
including the cost of fromwork & Excluding
cost of Reinforcement of Slabs, landing,
Shelves, Balconies, lintels, beams, girder &
cantilever Plinth to 5mt level.
7a Lintel Cum 19,880.00
7b Chajja 19,880.00
7c Coping 19,880.00

186
 AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
7d Cantilever 19,880.00
7e Slab 19,880.00
ITEM NO:-8 CONTROLLED CEMENT
8
CONCRETE WORK (M-25)
Providing and laying controlled cement
concreate M-25 and curring etc. complete
including the cost of fromwork &
Excluding cost of Reinforcement of Slabs,
landing, Shelves, Balconies, lintels, beams,
girder & cantilever 5mt to 10mt level.
8a Column Cum 16,450.00
8b Slab Cum 16,450.00
8c Floor Beams Cum 16,450.00
8d Staircase Cum 19,950.00
8e Concrete Wall Cum 23,000.00
ITEM NO:-9 CONTROLLED CEMENT
9
CONCRETE WORK(M-20)
Providing and laying controlled cement
concreate M-20 and curring etc. complete
including the cost of fromwork &
Excluding cost of Reinforcement of Slabs,
landing, Shelves, Balconies, lintels, beams,
girder & cantilever 5mt to 10mt level.
9a Lintel Cum 21,080.00
9b Chajja Cum 21,080.00
9c Coping Cum 21,080.00
9d Cantilever Cum 21,080.00
9e Slab Cum 21,080.00
ITEM NO:-10 CONTROLLED
10
CEMENT CONCRETE WORK (M-25)
Providing and laying controlled cement
concreate M-25 and curring etc. complete
including the cost of fromwork &
Excluding cost of Reinforcement of Slabs,
landing, Shelves, Balconies, lintels, beams,
girder & cantilever 10mt to heighest level.
10a Column Cum 17,950.00
10b Slab Cum 17,950.00
10c Floor Beams Cum 17,950.00
10d Staircase Cum 21,450.00
10e Concrete Wall Cum 24,500.00
ITEM NO:-11 CONTROLLED
11
CEMENT CONCRETE WORK(M-20)
Providing and laying controlled cement
concreate M-20 and curring etc. complete
including the cost of fromwork &
Excluding cost of Reinforcement of Slabs,
landing, Shelves, Balconies, lintels, beams,
girder & cantilever 10mt to heighest level.
11a Lintel Cum 22,580.00
11b Chajja Cum 22,580.00
11c Coping Cum 22,580.00
11d Cantilever Cum 22,580.00
11e Slab Cum 22,580.00
ITEM NO:-12 REINFORCEMENT
12 Cum
WORK

187
 AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
Providing and laying reinforcement for
R.C.C. work and bending, binding &
placing in position completed upto heighest 18823 Kg 85.00 15,99,955
level Thermo Mechanical Treated Bars as
per I.S. Standard. (FE-500)
NOTE : Providing and erecting in position
Steel Plate shuttering work shuttering and
boxing using shuttering materials of
approved quality shuttering, for concrete
elements vertical, horizontal or inclined in
all shapes except circular shape, column
foundations, pedestals, wall footings, plinth
beams, cable trenches, compound wall,
U.G. water tank, pardi, fins, copings, etc. as
per drawing , line and level. Including
necessary Scaffolding, fastener nails, wires,
hacking and smoothening of RCC Surface
after de shuttering, keeping in position till
concrete is laid and concrete members have
acquired required strength, removal,
thereafter, applying de-shuttering oil or
surface preparation chemical of approved
make, etc. complete as directed by structural
consultant / Engineer-In-Charge. At all
levels in foundation and up to heighest
plinth level.
A1 RCC WORK FINS (M-25) 2 Cum NQ
A2 EXPOSED RCC WORK FINS (M-25) 2 Cum NQ
STONE CLADDING WORK FOR FINS
A3 281 Sqft NQ
(Basic Rate = 36/- Sft)
Sub total of R.C.C 39,10,755.00
EARTH
FILLING
13 ITEM NO:-13 BACK FILLING WORK
Filling in foundation and plinth with
murrum or selected soil in layers of 20cm
thickness or up to required level including
116 Cum 175.00 20,300.00
watering, rolling, dressing so as to obtain a
Proctar Density of 95% consolidated with
Availabe Soil .
14 ITEM NO:-14 SAND FILLING WORK
Sand Filling in foundation and plinth in
layers of 20cm thickness including ramming
and consolidating etc. complete below 68 Cum 1,200.00 81,600.00
Foundation & Grade Slab as per directed by
Consultant.
ITEM NO:-15 EARTH FILLING AND
15
COMPACTING WORK
Providing and filling in plinth and trenches,
sides of foundation with excavation,
supplying & filling Murrum / Selected earth
brought from outside site including freight,
transportation, loading, unloading, taxes,
10 Cum 725.00 7,250.00
royalty, and screening. Rate to include for
spreading, watering, ramming and
compacting of each layer of 150 to 200mm
by using mechanical plate compactor or
rollers, up to 95% proctor density achieved

188
 AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
etc. complete as directed by Engineer-In-
Charge. (CBR not less than 6% in 4-day
socked condition) Note: Consolidated
measurements of fill shall be paid for filing
work.(Note : Each building plinth to have
at least one set of test of MDP conducted
irrespective of plinth area or for every 500
sqm of compacted area and part there of ). (
Filling with Earth / murrum brought from
outside )
Sub total of Earth Filling 1,09,150.00
FLOORING
16 ITEM NO:-16 TILES WORK
Providing & fixing vitrified tiles glazed
(Double charge) finish in floor and (over
bed of 20mm thick cement mortar 1:3 (over
rough plaster of CM 1:3) and jointed with
105 Sqmt 1,425.00 1,49,625.00
white cement and finished to give an elegant
appearance.(Size 300 to 600 mm Sq.) Make
kajaria,somani,jhonson, Nitko Basic rate
75/- sft
16a In Flooring & steps 16 Sqmt 1,500.00 24,000.00
16b Walls 33 Sqmt 1,550.00 51,150.00
Providing and fixing vitrified tiles DEDO
16c Sqmt 1,650.00
.As per 16.
17 ITEM NO:-17 KOTA STONE WORK
Providing and fixing 25 to 40 mm thick
machine cut polished Kota stone flooring of
size 600 x 600 mm over 35 mm thick
bedding of cement mortar 1:8, leaving
4X10 mm deep groove joint using spacer
327 Sqmt 1,575.00 5,15,025.00
and joint to be filled with Epoxy material
(Fosrock or equivalent) including cleaning
and drying of joints and Semi Mirror
polishing etc. complete.(Basic Rate = 36/-
Sft)
ITEM NO:-18 GRANITE FLOORING
18
WORK
Providing and fixing 20 mm thick granite
stone in cement Mortar 1:8 including
polishing etc. complete. (Basic Rate =
2000/- smt)
18a In Flooring & steps Sqmt 6,925.00
Providing and fixing 20 mm thick granite
18B stone in cement Mortar 1:8 including Sqmt 8,000.00
polishing etc. complete.(DEDO)
19 ITEM NO:-19 GROOVING WORK
Providing and making 12mm/20mm.x
12mm / 40mm. Grooves, drip moulds /
pattas etc. in plain plaster/double coat sand 20 Rmt 200 4,000.00
faced plaster in perfect line and level
including scaffolding, curing etc. complete.
20 ITEM NO:-20 COVING WORK
Providing Making corner rounding 40
to75mm radius at the joints of two walls or
20 Rmt 325 6,500.00
at the joints of walls and ceilings ( in cement
mortar of same mix as that of the plaster)

189
 AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
and finished along with plaster using fine
sand for getting smooth finish including
curring, scaffolding etc. complete.
ITEM NO:-21 TERMITE
21
TREATMENT WORK
Providing Carrying out plinth treatment to
Pre constrution by spraying chemical
solution for termite control treatment
338 Sqmt 90.00 30,420.00
including labour and material consistent
with I.S.I specification as per Directed by
Consultant.(10 Year Garrenty)
22 ITEM NO:-22 LDPE SHEET WORK
Providing and laying LDPE film as per IS
2508, required thick as below on sand
bedding, including welding of joints, laps,
338 Sqmt 70.00 23,660.00
wastage, etc. Complete as directed by
Engineer-In-Charge. (Laid area shall be
paid for) - for 250 mm Micron Thickness
ITEM NO:-23 RUBBLE SOILING
23
WORK
Providing & Laying Rubble Soling of
40mm to 63mm Metal including all Below 83 Cum 2,400.00 1,99,200.00
Grade Slab P.C.C.
24 ITEM NO:-24 SKIRTING WORK
Same as item 17 above but for skirting 100
mm high to be laid flush with the wall
6 Sqmt 2,400.00 14,400.00
plaster.(The rate is inclusive of cutting brick
wall).
25 ITEM NO:-25 EPOXY COVING WORK
Providing & Rounding of junction of floor
to wall with 70 mm radius, finishing it with
epoxy mortar, fixing 75 mm wide Kota
14 Rmt 800 11,200.00
Stone Skirting above rounding of junction
& painting the junction with apoxy paint &
polishing the [Link]. complete.
25.1 DENSE FLOORING
Providing and applying Dense floor coating
as approved by PTC and [Link]
213 Sqmt 240 51,120.00
coating system shall be uniform in color
combinations, texture, and appearance.
ITEM NO:-26 FLOOR TRIMIX WORK
26 (only labour charges)(150m to 200mm
thickness
Labour charges for laying R.C.C. floor of
M-20 grade of concrete (trimix) to be
concreted in alternate panels ,maximum
panel size of 4 mtr. x 4 [Link] panel shall
be formed on four sides with [Link]
bolted in position for forming the size. The
entire concrete mass shall be vibrated with
213 [Link] 425.00 90,525.00
skirt vibrator so as to bring out slurry on top
and smooth finished integrally as per
instruction of Engineer in charge using
vaccume de watering system as per
Manufacturer's specification including
applying "NITO FLOOR HARD TOP" or
equivalent (Fair creat, sikka applied at the

190
 AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
rate of 2.5 kg/10 sq.m on R.C.C. floor as per
Manufacturer's pecification) after base
concrete has stiffened to the point when
light foot traffic leaves an imprint of about
3 mm. Any bleed water should have
evaporated including providing expansion
joints with 200 mm X 20 mm with salitex
board fitting, joint cutting, filling bitumen
curing etc complete as per instruction of site
Engineer. Excluding steel & including form
work with all tools, plants, Machinery and
all cost of chemical with alternate panel
(Instructed by site encharge).
ITEM NO:-27 WATERPROOFING
27
WORK
Providing and laying India type Brick bat
Coba water proofing treatment of 120mm
average thickness consisting surface
cleaning, applying and grouting a cement
slurry coat of neat cement using 2.75 kg/
sqm, with proprietary water proofing
compound (Conplast X421IC-Fosroc, Sika,
Dr. Fixit or approved make) over the slab.
Laying cement concrete using broken
bricks/brick bats 25mm to 100mm size with
50% of cement mortar (1 cement: 5 coarse
sand) admixed with proprietary water
proofing compound to required slope and
treating similarly the adjoining walls up to
300mm height including rounding of
junctions of walls and slabs, after 2 days of
proper curing applying a second coat of
cement slurry admixed with proprietary
water proofing compound. Finishing the
surface with 20mm thick joint less cement
mortar of mix 1:4 (1 cement: 4 coarse sand)
admixed with proprietary water proofing
compound and finally finishing the surface
with trowel with neat cement slurry and
making of 300X300 mm square. The whole
finished shall be flooded with water for a
minimum period of two weeks for curing
and for final test. With average thickness of
120mm and minimum thickness at khurra as
65mm, all lead, lift and laid to proper slope
to drain off water entirely, scoop, including
quarter around vata at the junction of
parapet and floor up to a height of 300mm.
10 years’ free maintenance guarantee
against any leakage, defect etc. on stamp
paper etc. All above operations to be done
in order specialised water proofing agency
and as directed by the Engineer-in-charge.
27a Toilet Sunken Area 13 [Link] 1,250.00 16,250.00
27b Terrace Area 338 [Link] 890.00 3,00,820.00
ITEM NO:-27(a1) CHINA MOSAIC
27(a1)
WORK

191
 AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
Providing and laying broken China Mosaic
Flooring for Terrace using 12mm to 20mm
broken pieces of glazed tiles to be laid over
cement mortar 1:3 to plain or slope and to
be tempered to bring mortar crème out upto 338 [Link] 725.00 2,45,050.00
surface using white cement including
rounding off junctions and extending them
up to 15cm. along the wall, clearing with
water and oxalic acid etc. as directed
Sub total of Flooring 17,32,945.00
MASONARY
AND
PLASTERING
28 ITEM NO:-28 BRICK WORK
providing & laying Half Brick work (115
mm)using common burnt clay building
brick having crushing strength not less than
35 kg/sq. cm. up to 5mt level in cement 14 Sqmt 1,190.00 16,660.00
mortar 1:6 (1 Cement : 6 fine sand) Extra for
brick in super structure above per floor per
plinth level up to 5mt level .(B) Convetional
29 ITEM NO:-29BRICK WORK
Providing & laying Half Brick work (115
mm)using common burnt clay building
brick having crushing strength not less than
35 kg/sq. cm.5mt to 10mt level in cement Sqmt 1,400.00
mortar 1:6 (1 Cement : 6 fine sand) Extra for
brick in super structure above 5mt level .(B)
Convetional
30 ITEM NO:-30 BRICK WORK
Providing & laying Half Brick work (115
mm)using common burnt clay building
brick having crushing strength not less than
35 kg/sq. cm.10mt to heighest level in Sqmt 1,650.00
cement mortar 1:6 (1 Cement : 6 fine sand)
Extra for brick in super structure above
10mt level .(B) Convetional
31 ITEM NO:-31 BRICK WORK
Providing & laying Brick work (230
mm)using common burnt clay building
brick having crushing strength not less than
35 kg/sq. cm. up to 5mt level in cement Cum 7,275.00
mortar 1:6 (1 Cement : 6 fine sand) Extra for
brick in super structure above per floor per
plinth level up to 5mt level .(B) Convetional
32 ITEM NO:-32 BRICK WORK
Providing & laying Brick work (230
mm)using common burnt clay building
brick having crushing strength not less than
35 kg/sq. cm.5mt to 10mt level in cement 53 Cum 7,275.00 3,85,575.00
mortar 1:6 (1 Cement : 6 fine sand) Extra for
brick in super structure above 5mt level .(B)
Convetional
33 ITEM NO:-33 BRICK WORK
Providing & laying Brick work (230
mm)using common burnt clay building Cum 8,525.00
brick having crushing strength not less than

192
 AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
35 kg/sq. cm.10mt to heighest level in
cement mortar 1:6 (1 Cement : 6 fine sand)
Extra for brick in super structure above
10mt level .(B) Convetional
34 ITEM NO:-34 PLASTERING WORK
Providing & laying 20 mm thick sand face
plaster in plumb, making texture with grains
of fine sand (washed, cleaned) and applying
with spray machine (of Best make) or Brush
up to 5mt level to the RCC or Masonry
surface two coat base coat 12 mm thick in
CM 1:4 including accoproof or inpermo
130 [Link] 720.00 93,600.00
water proofing compound (2% by weight of
cement) & finishing coat 1:3 as approved by
consultants including fixing 150mm wide
chicken wire mesh at Brick work & Column
Junction curring, moulding, grooves in
plaster where to different materials meet,
scaffolding, curring etc. complete.
35 ITEM NO:-35 PLASTERING WORK
Providing and rendering 20mm. thick
smooth cement plaster in CM 1:4 on internal
brick work or concrete surfaces two coats
in plumb using fine sand but without using
extra cement up to 5mt level. including
scaffolding, hacking joints, finishing
smooth with fine sand to correct level, line,
394 [Link] 600.00 2,36,400.00
plumb including fixing 150mm wide
chicken wire mesh at Brick work & Column
Junction, curring, moulding, grooves in
plaster where ever to different materials
meet (Rate shall include finishing the edges
of electrical boxes, fittings or inserts fixed
by other agencies.
36 ITEM NO:-36 PLASTERING WORK
Providing and rendering 12mm. thick
smooth cement plaster in two coats in CM
1:4 on concrete surfaces (ceilling) in plumb
using fine sand but without using extra
cement at all heights including scaffolding,
hacking joints, finishing smooth with fine
sand to correct level, line, plumb including 277 [Link] 530.00 1,46,810.00
fixing 150mm wide chicken wire mesh at
Brick work & Column Junction curring,
moulding, grooves in plaster where ever to
different materials meet (Rate shall include
finishing the edges of electrical boxes,
fittings or inserts fixed by other agencies.
37 ITEM NO:-37 PLASTERING WORK
Providing & laying 20 mm thick sand face
plaster in plumb, making texture with grains
of fine sand (washed, cleaned) and applying
with spray machine (of Best make) or Brush
at 5mt to 10 mt level the RCC or Masonry [Link] 900.00
surface two coat base coat 12 mm thick in
CM 1:4 including accoproof or inpermo
water proofing compound (2% by weight of
cement) & finishing coat 1:3 as approved by

193
 AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
consultants including fixing 150mm wide
chicken wire mesh at Brick work & Column
Junction curring, moulding, grooves in
plaster where to different materials meet,
scaffolding, curring etc. complete.
38 ITEM NO:-38 PLASTERING WORK
Providing and rendering 20mm. thick
smooth cement plaster in CM 1:4 on internal
brick work or concrete surfaces two coats
in plumb using fine sand but without using
extra cement at 5mt to 10mt level including
scaffolding, hacking joints, finishing
smooth with fine sand to correct level, line,
[Link] 860.00
plumb including fixing 150mm wide
chicken wire mesh at Brick work & Column
Junction, curring, moulding, grooves in
plaster where ever to different materials
meet (Rate shall include finishing the edges
of electrical boxes, fittings or inserts fixed
by other agencies.
39 ITEM NO:-39 PLASTERING WORK
Providing and rendering 12mm. thick
smooth cement plaster in two coats in CM
1:4 on concrete surfaces (ceilling) in plumb
using fine sand but without using extra
cement at all heights including scaffolding,
hacking joints, finishing smooth with fine
sand to correct level, line, plumb including [Link] 700.00
fixing 150mm wide chicken wire mesh at
Brick work & Column Junction curring,
moulding, grooves in plaster where ever to
different materials meet (Rate shall include
finishing the edges of electrical boxes,
fittings or inserts fixed by other agencies.
40 ITEM NO:-40 PLASTERING WORK
Providing & laying 20 mm thick sand face
plaster in plumb, making texture with grains
of fine sand (washed, cleaned) and applying
with spray machine (of Best make) or Brush
above 10mt heights to the RCC or Masonry
surface two coat base coat 12 mm thick in
CM 1:4 including accoproof or inpermo
[Link] 1,000.00
water proofing compound (2% by weight of
cement) & finishing coat 1:3 as approved by
consultants including fixing 150mm wide
chicken wire mesh at Brick work & Column
Junction curring, moulding, grooves in
plaster where to different materials meet,
scaffolding, curring etc. complete.
41 ITEM NO:-41 PLASTERING WORK
Providing and rendering 20mm. thick
smooth cement plaster in CM 1:4 on internal
brick work or concrete surfaces two coats
in plumb using fine sand but without using
[Link] 960.00
extra cement above 10mt heights including
scaffolding, hacking joints, finishing
smooth with fine sand to correct level, line,
plumb including fixing 150mm wide

194
 AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
chicken wire mesh at Brick work & Column
Junction, curring, moulding, grooves in
plaster where ever to different materials
meet (Rate shall include finishing the edges
of electrical boxes, fittings or inserts fixed
by other agencies.
42 ITEM NO:-42 PLASTERING WORK
Providing and rendering 12mm. thick
smooth cement plaster in two coats in CM
1:4 on concrete surfaces (ceilling) in plumb
using fine sand but without using extra
cement above 10mt heights including
scaffolding, hacking joints, finishing
smooth with fine sand to correct level, line,
[Link] 800.00
plumb including fixing 150mm wide
chicken wire mesh at Brick work & Column
Junction curring, moulding, grooves in
plaster where ever to different materials
meet (Rate shall include finishing the edges
of electrical boxes, fittings or inserts fixed
by other agencies.
ITEM NO:-43 ZIRI PLASTERING
43
WORK
Providing & grouting the electrical conduits
ziri with 1:4 cement mortar. Average width
Rmt 190
50mm wide and depth upto 50 mm.
including curring, scaffolding etc. complete.
Subtotal of Masonary and Plastering 8,79,045.00
PAINT WORK
44 ITEM NO:-44 PAINT WORK
providing & laying Applying two coat of
birla or asain acrylic lapy (putty) or any
other directed by consultant & two coat of
primer of approved brand and manufacture
on new wall surface to give an even shade
671 [Link] 290.00 1,94,590.00
including throughly brushing the surface
free from mortar dropping and other forien
matter and sand papered smoothas per
Directed by Consultant and applying two
coat interior paint approved by Consultant.
45 ITEM NO:-45 PAINT WORK
providing & laying Finishing wall with
weather proof exterior emulsion paint on
wall surface (two coat) to give an required
shape even shade after throughly grushing 130 [Link] 225.00 29,250.00
the surface to remove all dirt,and remains of
loose powdered materials, complete as per
Directed by Consultant.
Sub total of Paint Work 2,23,840.00
Structural Steel
work
Structure steel
Sheeting
Door & window LS 2,82,300.00
Sub Total of Structural Steel work 2,82,300.00
Total amount of Civil works 75,63,060.00
Note: Details mentioned above are in-verbatim from the quotations received.

195
Summary of civil work:

Particulars Rate (₹) Quantit Total Quotation Date of Validity

y estimated s received quotatio
costs (₹)* from ns
Civil work with finishes for packing 15,73,10,9 1 15,73,10,9 Hetu August -
material store, raw material store, 80 80 Constructi 07, 2024
plastic (granules+cap+transfer on Private
system), finished goods/general Limited
quarantine
Civil work with finishes for Bottle 4,26,89,56 1 4,26,89,56 Hetu August Decemb
making, Filling - Mixing Room and 0 0 Constructi 07, 2024 er 31,
stoarge room, Sterliser Area, on Private 2025
Packing Area, WFI/RO 2 / Limited
storage tank area, Change Room,
Service Area
Civil work with finishes for Utility 35,29,445 1 35,29,445 Hetu August Decemb
Area Cosntruction, DG Set Constructi 07, 2024 er 31,
Construction on Private 2025
Limited
Civil work with finishes for 62,85,800 1 62,85,800 Hetu August Decemb
washing area(laundry), Constructi 07, 2024 er 31,
prod/packing Office/IPQA/Docu, on Private 2025
ancillaries Docking station area Limited
(warehouse)

Civil work with finishes for 75,63,060 1 75,63,060 Hetu August Decemb
Chemical/Micro/Packing/Docu/sta Constructi 07, 2024 er 31,
bility, Retained Sample room on Private 2025
Limited
Total - - 21,73,78,8 - - -
45
Total (in lakhs) - - 2,173.79 - - -
*Out of total estimation of Civil work amounting to ₹ 2,173.79 lakhs, company has placed following purchase
order of ₹ 1,196.29 lakhs for Civil work of the new line of Steriport Project:

Particulars Rate (₹) Quantity Total Quotations Date of Validity

estimated received quotations
costs (₹) from
Civil Work 8,20,99,775 1 8,20,99,775 Hetu - PO placed on
Construction June 11, 2024
Private
Limited
PPGI 1,62,43,833 1 1,62,43,833 Ajni - PO placed on
Partation Industries April 14,
Panel, Pvt. ltd. 2025
Windows,
Doors, Risers
Supply
PEB shed 101.70 per 168000 Kg 1,70,85,600 Vedang Infra - PO Placed on
with 2 stage Kg Projects LLP March 01,
chequered 2025
platform
PEB - For 42,00,000 1 42,00,000 Dhrumi Steel - PO Placed on
Plastic Scrap & Building September
Processing Solutions 25, 2024
Unit

Further details of civil construction works are as follows:

196
• The excavation rate considered is INR 175 per cubic meter.
• PCC rate considered is INR 7,800 per cubic meter
• RCC rate for M-25 and M-20 are INR 19,880 per cubic meter and INR 21,080 per cubic meter.
• The TMT bars of grade Fe-500 are taken at INR 38,000 per MT.
• The total civil construction area is 88,716 [Link]. as per the BOQ and thereby the per [Link]. construction cost
for clean room is INR 2,450 per [Link].
• Interior work like oil painting on wall is scheduled to commence after the installation of machinery.
• There are no separate floor, only ground floor and mezzanine floor is planned.

Further, we have ensured that Hetu Construction Private Limited has handled projects of similar or large scale by
examination of its annual report of 3 years where the Company has revenue from operations of ₹ 355.33 lakhs, ₹
425.96 lakhs and ₹ 972.96 lakhs for the financial year 2021-2022, 2022-23 and 2023-24 respectively. Hetu
Construction Private Limited was incorporated in year 1985 and has completed 13 projects approx. amounting to
₹ 112.95 crores and Hetu Construction Private Limited has 8 project on hand approximately amounting to ₹ 225.44
crore.

2. Machineries and equipment

[Rest of the page has been intentionally left blank]

197
Particulars Description / Brand Rate (₹) Quantity Total estimated Quotations Date of Validity of
Model / costs (₹) received from quotations Quotation /
Specifications Date of
Purchase
Order (PO)
Pretreatment & Pretreatment Praj Hi Purity 1,42,62,147 1 1,42,62,147 Praj Hi Purity May 10, 2024 December 31,
purified water System - Hypo System Systems Limited 2025
generation system Dosing + MGF + 3
Dosing + CSRO
Purified Water
Generation System -
GLACIER System
(HSRO +
HSEDI+UV) -
Capacity: 7500 LPH
Common Control
Panel For
Pretreatment & PW
Generation System
Water for injection Capacity 5916 LPH Pharmalab 2,40,00,000 1 2,40,00,000 Pharmalab India August 06, December 31,
generation plant @ 4 bar plant steam Private Limited 2024 2025
pressure, operation
at 8 kg/cm2 plant
steam pressure. 6
column designs.
Pure steam Capacity – 500 Innovus 35,00,000 1 35,00,000 Innovus Concept June 25, 2025 December 31,
generator kg/hr Pure system Private Limited 2025
@pure system
(Output) : 500 kg/hr
at 3 kg/cm2 at 143 C.
as per IP/BP/ USP
norms.
@INLET Boiler
system- Minimum 5
to 6 kg/cm2 pressure
at 165 C.
Purified water PW Storage tank Praj Hi Purity 71,23,438 1 71,23,438 Praj Hi Purity May 10, 2024 December 31,
distribution system with accessories, System Systems Limited 2025

198
Particulars Description / Brand Rate (₹) Quantity Total estimated Quotations Date of Validity of
Model / costs (₹) received from quotations Quotation /
Specifications Date of
Purchase
Order (PO)
PW Skid with
accessories &
Control Panel and
PW Variable piping
Water for injection WFI Storage tank Praj Hi Purity 98,58,987 1 98,58,987 Praj Hi Purity May 10, 2024 December 31,
distribution system with accessories, System Systems Limited 2025
WFI Skid with
accessories &
Control Panel and
WFI Variable
piping
Manufacturing 8.5 kl Syrup Praj Hi Purity 2,68,00,200 1 2,68,00,200 Praj Hi Purity October 07, PO issued on
vessels with process preparation veseel, System Systems Limited 2024 October 10,
accessories 14kl manufacturing 2024
vessel, 14kl storage
vessel, Heat
exchanger 95c -
SSe, Hydraulic lift
for material loading
of 500kg, With its
process piping and
valves
700 DPW V4 Machine Leveling ASB 3,38,50,000 3 10,15,50,000 ASB International July 29, 2024 PO issued on
machine for making Pads, Standard Private Limited October 03,
PP IV fluid bottle Spare Parts Tool 2024
with hanger Box, IV fluid
optional pack
Complete 14 Cavity - ASB 1,27,75,000 3 3,83,25,000 ASB International July 29, 2024 PO issued on
Mold Compatible Private Limited October 03,
ASB70 DPW 2024
Machine
Complete 14 Cavity Weight 17.5+/- ASB 1,82,00,000 3 5,46,00,000 ASB International July 29, 2024 PO Issued on
Mold Compatible 1gms Modification Private Limited June 05, 2025

199
Particulars Description / Brand Rate (₹) Quantity Total estimated Quotations Date of Validity of
Model / costs (₹) received from quotations Quotation /
Specifications Date of
Purchase
Order (PO)
ASB70 DPW (Closer Tolerances)
Machine Stainless Steel
(HPM-77) Injection
Cavity Block
Capacity Engraving
Blow Cavity Direct
Cooling Channel
Pre Hardened Steel
Blow Shell (SUS)
Oval Bottle
1.3<ovality
Dehumidifier, Air Includes: NU-VU 33,74,998 1 33,74,998 NU-VU Conair April 24, 2025 PO issued on
dryer, MTC & Surge bin and silo Private Limited April 24,
Granules vacuum feeding system (1 2025
transfer system unit), Online Hot
Air Dryer And Trio
Loaoer With Fix
Piping And
Accessories (3
units), Mould Space
Dryer Combo (3
units) and Mould
Temperature
Controller (9 units)
PP Bottle ionized - PBL 8,54,90,500 1 8,54,90,500^ P.B.L s.r.l April 05, 2024 PO issued on
air washing, filling June 06, 2024
and cap welding
machine (SL-3)
Robotic automation Conveyors & TECHNOROBOTIC 87,00,000 1 87,00,000 Technorobotic May 22, 2025 PO issued on
system mechanism Transfer Machines Private June 25, 2025
Mechanism from Limited
3nos. Bottle
Blowing ASB

200
Particulars Description / Brand Rate (₹) Quantity Total estimated Quotations Date of Validity of
Model / costs (₹) received from quotations Quotation /
Specifications Date of
Purchase
Order (PO)
70DPW Machine
To Filling Machine
Hot Water Sprat Size: 2500 Dia X Machinfabrik 1,20,00,000 1 1,20,00,000 Machinfabrik July 29, 2024 PO issued on
Sterilizer 7950 (D) MM Industries Private December 12,
Limited 2024
SS 304 tray made Size: 940 x 1550 x Innovus 35,000 190 66,50,000 Innovus Concept June 25, 2025 Upto
of 14 swg 100 ht Private Limited December 31,
perforated plates 2025
SS 304 trolley Size : 950 x 1560 Innovus 45,000 21 9,45,000 Innovus Concept June 25, 2025 Upto
made of 3 mm thick Private Limited December 31,
40 mm sq. pipes 2025
SS 304 spacers For 100 ml (70 long Innovus 1,000 84 84,000 Innovus Concept June 25, 2025 Upto
made of 40 mm sq. for 20 mm ht. Private Limited December 31,
rod difference) 2025
SS 304 spacers For 500 ml (140 Innovus 1,000 84 84,000 Innovus Concept June 25, 2025 Upto
made of 40 mm sq. long for 92 mm ht. Private Limited December 31,
rod difference) 2025
SS 304 spacers For 1000 ml (190 Innovus 1,600 84 1,34,400 Innovus Concept June 25, 2025 Upto
made of 40 mm sq. long for 142 mm ht. Private Limited December 31,
rod difference 2025
IV fluid bottle Leak Includes: Polestar Technoart 27,64,060 1 27,64,060 Polestar April 29, 2025 PO issued on
test, Visual Leak test machine Technoart April 23,
inspection, (2 unit), visual 2025
Automatic labeling inspection booth (2
machine & buffer unit), labelling
table with conveyor machine with
thermal inject
printer (2 unit) and
buffer table with
conveyor (2 units)
IV fluid bottle Leak Includes: Polestar Technoart 27,64,060 4 1,10,56,240 Polestar July 15, 2025 December 31,
test, Visual Leak test machine (3 Technoart 2025
inspection, unit), visual

201
Particulars Description / Brand Rate (₹) Quantity Total estimated Quotations Date of Validity of
Model / costs (₹) received from quotations Quotation /
Specifications Date of
Purchase
Order (PO)
Automatic labeling inspection booth (3
machine & buffer unit), labelling
table with conveyor machine with
thermal inject
printer (3 unit) and
buffer table with
conveyor (3 units)
3.0 tonne powered Capacity 3000 KG, Godrej 5,45,000 4 21,80,000 Radix Innovations June 25, 2025 Upto
pallet truck GPPT Load Center Private Limited December 31,
3000 W Pro with 600mm, Fork 2025
battery charger Length 1150 mm
Fork Spread (Outer)
540/685 mm, Fork
Width 173, Drive
Motor 2.2KW,
Pump Motor
2.2KW, Traction
Battery 24V / 250
Godrej Pallet Truck Capacity: 2.5 ton, Godrej 24,300 5 1,21,500 Radix Innovations June 25, 2025 Upto
Model GPT 2500 fork length: 1220 Private Limited December 31,
W mm, fork width: 2025
160mm, Maximum
fork height: 200mm,
fork spread: 685
mm, wheel type:
polyurethane/nylon
Ceiling Suspended Internal size: 5' X 3', Fabsafe 3,79,500 1 3,79,500 Fabsafe June 23, 2025 09 months
Vertical LAF external size: 1719 x Technologies
1110 x 665 mm Private Limited
Ceiling Suspended Internal size: 17' x 6' Fabsafe 24,79,400 1 24,79,400 Fabsafe June 23, 2025 09 months
Vertical LAF External size: 4959 Technologies
x 2040 x 665 mm Private Limited

202
Particulars Description / Brand Rate (₹) Quantity Total estimated Quotations Date of Validity of
Model / costs (₹) received from quotations Quotation /
Specifications Date of
Purchase
Order (PO)
Dynamic pass Internal size: 600 x Fabsafe 1,77,100 1 1,77,100 Fabsafe June 23, 2025 09 months
boxes 600 x 600mm Technologies
External size: 780 x Private Limited
670 x 1,270 mm
Static pass boxes Internal size: 600 x Fabsafe 75,900 4 3,03,600 Fabsafe June 23, 2025 09 months
600 x 600mm Technologies
External size: 740 x Private Limited
670 x 910 mm
Pallet Model: Nilkamal 4,035 450 18,15,750 Nilkamal Limited June 26, 2025 Upto
RP1210F9LUS53 December 31,
2025
Pine Wooden Size – 1100 x 1200 Keshar 1,793 2000 35,86,000 Shree Keshar June 24, 2025 Upto
Pallets x 162 mm, type: 4 Trading Co. December 31,
letsway pallets 2025
Dispensing Booth Internal size: 1910 Fabsafe 6,52,740 1 6,52,740 Fabsafe June 23, 2025 09 months
x 1285 x 2000 mm Technologies
External size: 2010 Private Limited
x 1985 x 2370 mm
Sampling Booth Internal size: 1910 Fabsafe 6,52,740 1 6,52,740 Fabsafe June 23, 2025 09 months
x 1285 x 2000 mm Technologies
External size: 2010 Private Limited
x 1985 x 2370 mm
SS 304, 16 Swg Innovus 50,00,000 1 50,00,000 Innovus Concepts June 27, 2025 Upto
thick clean room Private Limited December 12,
cross 2025
Over benches as per
your entry passages
for men, female &
visitors.
Total - - 42,86,51,300 - - -
Total (in lakhs) - - 4,286.51 - - -
^ Exchange rate of 1 Euro = ₹ 89.99([Link]), January 23, 2025

203
3. Utilities

Particulars Description / Model Brand Rate (₹) Quantity Total estimated Quotations Date of Validity of
/ Specifications (unit) costs (₹) received from quotations Quotation /
Date of
Purchase
Order (PO)
Water softening Size: 1680 mm dia X Tech Aid 9,60,000 2 19,20,000 Techaid June 25, 2025 December 31,
plant 2800 mm ht, Systems Private 2025
shell/Dish:- 6 mm/8 Limited
mm,
Rubber Lining:- 5
mm With Strainer
Plate
HVAC Material - 5,70,00,000 1 5,70,00,000 Shinryo Suvidha February 12, PO issued on
Supply and Engineers India 2025 March 28, 2025
Erection Private Limited
Supply, SS 316L Innovus 39,99,900 1 39,99,900 Innovus June 27, 2025 Upto December
Installation, Electropolished 16 Concepts 31, 2025
commissioning, swg Tube Private Limited
Testing of piping
product piping
Piping and Includes CSE piping, Innovus 1,46,60,000 Lot 1,46,60,000 Innovus June 27, 2025 Upto December
insulation work CSS-IBR, GI, Valves Concepts 31, 2025
and accessories and Private Limited
structure
Macwin make Model - Macwin 3,00,000 4 12,00,000 Macwin June 24, 2025 Upto December
horizontal WMBP:20H2P, Suc Engineers 31, 2025
centrifugal X Del Size - 100 X
monoblock 80, Impeller Type -
pump Close Type, Seal
Type- Gland Type,
Recommended Motor
(Hp/Kw/Rpm) - 20
Hp/15 Kw/2900
RPM, Insulation-
Class F, Copper
Winding

204
 Particulars Description / Model Brand Rate (₹) Quantity Total estimated Quotations Date of Validity of
/ Specifications (unit) costs (₹) received from quotations Quotation /
Date of
Purchase
Order (PO)
KSB Pumps Includes model nos.: KSB 12,70,200 Lot 12,70,200 Goodluck June 27, 2025 Upto December
ETANORM GG 80- Marketing 31, 2025
65-200, ETANORM Private Limited
GG 150 – 125 – 400
and ETANORM GG
150 – 125 – 400
Effluent Design, detailed Alep 49,00,000 1 49,00,000 Alep June 23, 2025 Upto December
treatment plant engineering Management Management 31, 2025
(including G.A. LLP LLP
drawings), supply,
Installation &
Commissioning of
Mechanical &
Electrical equipment,
Supply of piping with
valves and fittings,
Supply of Electrical
components and
instrumentation
including panel and
Internal cabling etc
Compaitable Air 405CFM HP Air COMPTECH 39,44,500 1 39,44,500 Comptech June 18, 2025 PO issued on
Dryer compressor + 1m3 Air Equipments June 25, 2025
Reciver Tank+ Limited
405cfm
Water-Cooled Design Capacity: 502 Trane 71,35,391 1 71,35,391* Trane January 08, PO issued on
VFD Screw TR , 350.4 KW, Technologies 2025 June 26, 2025
Chiller Refrigerant with India Pvt Ltd
Capacity 450 kgs
Water Cooled R410A; EP3W-12 NU-VU 23,25,000 1 23,25,000 NU-VU Conair April 24, 2025 PO issued on
Water Chiller – With Standard Micro Private Limited April 24, 2025
Control; W/650

205
 Particulars Description / Model Brand Rate (₹) Quantity Total estimated Quotations Date of Validity of
/ Specifications (unit) costs (₹) received from quotations Quotation /
Date of
Purchase
Order (PO)
LPM-7.5 Bar Pump;
W/360
Ltrs. Tank; Standard
Voltage &
Frequency (50HZ);
Fixed Speed
Compressor
Heat exchanger SS 316L Shell & tube Innovus 39,00,000 1 39,00,000 Innovus June 25, 2025 Upto December
of 80.0M² type, 1 pass with Concept Private 31, 2025
straight tubes. Limited
Borewell - - 12,50,000 1 12,50,000 Ajay June 18, 2025 Upto December
Submarsibal 31, 2025
Pump Kheda
Water tank - - 3,00,000 3 9,00,000 Shri Hari June 28, 2025 Upto December
HDPE tank Hardware 31, 2025
Cooling tower Model: HSS 011.011 Himgiri 6,12,000 1 6,12,000 Himgiri FRP July 30, 2024 Upto December
for sterilizer Type: Induced Draft Cooling Towers 31, 2025
Square Counter Flow Private Limited
Quantity / Number of
Cells: 1 No. Tower
Size (Lxwxh): 3345 X
3345 X 3075mm and
Weight: 1400 Kgs /
4200 Kgs. Per Tower
Cooling tower Model: HSS–013.013 Himgiri 8,20,000 1 8,20,000 Himgiri FRP July 30, 2024 Upto December
for process Type: Induced Draft Cooling Towers 31, 2025
Square Counter Flow Private Limited
Quantity / Number Of
Cells: 1 Cell Tower
Size (Lxwxh)
(Approx): 3965 Mm
X 3965 Mm X 3771
Mm

206
 Particulars Description / Model Brand Rate (₹) Quantity Total estimated Quotations Date of Validity of
/ Specifications (unit) costs (₹) received from quotations Quotation /
Date of
Purchase
Order (PO)
Weight: 2000 Kgs. /
6000 Kgs
Cooling tower Model: HPS: 069.075 Himgiri 2,97,000 1 2,97,000 Himgiri FRP July 30, 2024 Upto December
for compressor Type: Induced Draft Cooling Towers 31, 2025
Square Counter Flow Private Limited
Quantity / Number
Of Cells: 1 Cell.
Tower Size (Lxwxh):
2134 X 2134 X 2400
Mm
Basin Size (Lxwxh)
and
Weight: 695 Kgs /
2090 Kgs. – Per Cell
Cooling tower Model: HSS – Himgiri 16,40,000 1 16,40,000 Himgiri FRP July 30, 2024 Upto December
for vapour 013.013 Type: Cooling Towers 31, 2025
absorption Induced Draft Square Private Limited
chiller machine Counter Flow
(VAM) Quantity / Number Of
Cells: 2 Cells
Tower Size (Lxwxh)
(Approx): 3965 Mm
X 3965 Mm X 3771
Mm (Per Cell)
Weight: 2000 Kgs. /
6000 Kgs. (Per Cell)
CS Air Receiver Type: Cylindrical - 12,00,000 2 24,00,000 Reliable June 28, 2025 December 31,
having capacity vertical dish end type Fabricators 2025
5000 Litres Complete with
Handhole, Nozzles,
Lilling Lugs, Bottom
skirt suitable tor
35Kg pressure

207
 Particulars Description / Model Brand Rate (₹) Quantity Total estimated Quotations Date of Validity of
/ Specifications (unit) costs (₹) received from quotations Quotation /
Date of
Purchase
Order (PO)
Shell: 25mm thk, CS
Plate SA516Gr70
Both end : 25mm
Thk Dished end CS
SA516 Gr70 Bottom
skirt: 1000MM
Height MS Plate
Nozzles Pipe: CS Sch
80 Seamless Pipe
Nozzle Flange: ASA
300#
CS Air Receiver Type: Cylindrical - 7,00,000 2 14,00,000 Reliable June 28, 2025 Upto December
having capacity vertical dish end type Fabricators 31, 2025
2000 Litres Complete with
Handhole, Nozzles,
Lilling Lugs, Bottom
skirt suitable tor 11
Kg pressure
Shell: 10mm thk, CS
Plate SA516Gr70
Both end : 12mm
Thk Dished end CS
SA516 Gr70 Bottom
skirt: 1000MM
Height MS Plate
Nozzles Pipe: CS Sch
80 Seamless Pipe
Nozzle Flange: ASA
300#
Effluent Type of System: Innovus 2,50,00,000 1 2,50,00,000 Innovus March 29, 2025 Upto December
treatment plant – Triple Effect Forced Concepts 31, 2025
230 KLD Circulation Private Limited
Evaporator (3FC)
Capacity

208
 Particulars Description / Model Brand Rate (₹) Quantity Total estimated Quotations Date of Validity of
/ Specifications (unit) costs (₹) received from quotations Quotation /
Date of
Purchase
Order (PO)
(Evaporation Plant):
As per 3% w/w TDS
Oil Free Rotary Supply, Installation, COMP-AIR 67,60,000 1 67,60,000 Tech Aid June 12, 2025 PO issued on
Screw Commissioning & Systems Pvt Ltd June 14, 2025
Compressor. Validation;
1300cfm@ 8.5bar.
Air Dryer Supply, Installation, COMP-AIR 25,00,000 1 25,00,000 Tech Aid June 12, 2025 PO issued on
Compatible Commissioning & Systems Pvt Ltd June 14, 2025
Validation.1300cfm
@ 8.5 Bar Pressure
With Continuous
40°C PDP
Total - - 14,58,33,991.00 - - -
Total (in lakhs) - - 1,458.34 - - -

*Exchange rate of 1 USD = ₹ 86.46 ([Link]), January 23, 2025

4. Electrical

Particulars Description / Model / Brand Rate (₹) Quantity Total Quotations Date of Validity of
Specifications (unit) estimated received from quotations Quotation /
costs (₹) Date of
Purchase
Order (PO)
PCC Panels Includes Lighting Panel Patel electric 71,46,800 1 71,46,800 Patel Electric January 08, PO Issued on
(Qty 1), Process & air 2025 June 20, 2025
comp. Cooling Tower
panel (LVP line- 6)
(Qty-1), PCC-2 Panel
(SVP)(Qty-1), PCC-2
Panel (LVP)(Qty-1),
Equipment Panel (LVP
line-6) )(Qty-1),

209
Particulars Description / Model / Brand Rate (₹) Quantity Total Quotations Date of Validity of
Specifications (unit) estimated received from quotations Quotation /
costs (₹) Date of
Purchase
Order (PO)
Process Utility Panel
(LVP line 6)(Qty-1),
APFC Panel
(LVP)(Qty-1), APFC
Panel (SVP)(Qty-1),
HVAC Vent Feeder
Panel (Qty-1)
Power Capacity 3500KVA SKP transformer 37,00,000 1 37,00,000 Akuntha April 07, PO issued on
Transformer with OLTC Projects 2025 April 11, 2025
Private
Limited
Online UPS, Includes APC 27,55,916 1 27,55,916 Proton Power January 09, Upto
battery and servo APCMAKE160KVA Products 2025 December 31,
stabillizer Online UPS, 2025
ExideSMFBattery
(12V-150 AH), Battery
Rack+Link+Bus
Bar+DC Cable etc, 500
KVA oil cooled
servostabilizer360- 480
“CG” make Capacity having 2880 Crompton 2,33,000 1 2,33,000 Prakash January 01, Upto
Motors RPM 3PH TEFC IE2 Greaves Electric Stores 2025 December 31,
FOOT (7.5 HP, 10 HP, 2025
20HP, 30HP, 50HP)
Fixtures – TOCR- 60W recessed Mounted Yamuna 12,325 123 15,15,975 Yamuna June 26, 2025 Upto
60- Top Opening White Industries December 31,
WH-MS Cleanroom LED Light 2025
fixture
Fixtures – BOCR- 45W Recessed Yamuna 425 8665 36,82,625 Yamuna June 26, 2025 Upto
45- Mounted Bottom Industries December 31,
WH-MS Opening White 2025
Cleanroom LED Light
fixture

210
 Particulars Description / Model / Brand Rate (₹) Quantity Total Quotations Date of Validity of
Specifications (unit) estimated received from quotations Quotation /
costs (₹) Date of
Purchase
Order (PO)
Polycab Cabling - Polycab 55,24,316 1 55,24,316 Adishwar July 01, 2025 Upto
Electricals December 31,
2025
Electrical Items - - 31,04,953 1 31,04,953 Arush June 20, 2025 PO issued on
Engineering June 24, 2025
Electricity - - 2,13,33,000 1 2,13,33,000 Madhya - Based on
Security Deposit Gujarat Vij actual
Company requirement of
Limited the Project
Total - - 4,89,96,585 - - -
Total (in lakhs) - - 489.96 - - -

5. Quality Control equipment

211
Particulars Description / Brand Rate (₹) Quantity (unit) Total estimated Quotations Date of Validity of
Model / costs (₹) received from quotations Quotation /
Specifications Date of
Purchase
Order (PO)
Walk in Capacity – Kesar Control 10,72,500 4 42,90,000 Kesar Control June 25, 2025 Upto December
stability 8,000 litres, System Systems 31, 2025
chamber Internal
Dimension
W-1850 mm, D-
2080 mm, H-
2080 mm,
External
Dimension
W-1970 mm, D-
2200 mm, H-
2200 mm
High - Shimadzu 26,00,000 2 52,00,000 Spincotech August 03, 2024 Upto December
performance Systems LLP 31, 2025
liquid
chromatography
(HPCL) system
with UV system
with
Accessories
Glassware - Borosil 3,76,281 1 3,76,281 Scientific Sales January 21, Upto December
Research 2025 31, 2025
Chemicals
Private Limited
Total - - 98,66,281 - - -
Total (in lakhs) - - 98.66 - - -

212
In addition to estimated expenses mentioned above, there may be revision in the final amounts payable towards
these quotations pursuant to any taxes, levies payable and/or freight or installing cost, if any, on such items. Our
Company shall have the flexibility to deploy the equipment to replace any existing equipment or set up a new
equipment in the newly expanded portion as proposed as per the internal estimates of our management and
business requirements. This may vary depending on the demand for replacement in our existing equipment.

Means of finance for purchase of equipment, plant and machinery

The fund requirements for purchase of equipment, plant and machinery for expansion of our manufacturing
facilities at Hariyala, Kheda, Gujarat are proposed to be entirely funded from the Net Proceeds and internal
accruals. Accordingly, we confirm that there is no requirement for us to make firm arrangements of finance under
Regulation 7(1)(e) the SEBI ICDR Regulations through verifiable means towards at least 75% of the stated means
of finance, excluding the amount to be raised through the Issue or through existing identifiable internal accruals.

2. Funding capital expenditure requirements towards civil construction work, purchase of equipment,
plant and machinery for setting up new manufacturing line for SVP at Hariyala, Kheda, Gujarat

As a part of our strategy to enhance our market position with focus on additional capacity for manufacturing of
SVP, which will allow us to better serve our existing customers and also assist us in better addressing our business
requirements we intend to utilize up to ₹ 3,013.11 lakhs towards civil construction work and purchase of
machinery equipment, plant and machinery, utilities and electricals for additional capacity for manufacturing of
SVP at our existing production facilities at Hariyala, Kheda, Gujarat in order to increase the automated processes
available at such facilities as well as for the replacement of existing machinery, for facility improvisations. The
production from this capital expenditure is proposed to commence from January 01, 2027.

The total estimated cost for proposed capacity expansion comprises of the following:
(₹ in lakhs)
S. No. Particulars Total estimated cost
1. Civil construction works 139.38
2. Machineries and equipment 2,620.54
3. Utilities 232.85
4. Electricals 20.33
Total 3,013.11

Means of finance for proposed capacity expansion

The total estimated cost for proposed capacity expansion is approximately ₹ 3,013.11 lakhs. We intend to fund
the estimated cost of proposed capacity expansion entirely from Net Proceeds

Break-down of estimated expense

We are yet to place orders for the new manufacturing facility at Hariyala, Kheda, Gujarat to purchase the following
equipment, utilities and undertake construction activities and no payments have been made towards these items.

In relation to the purchase of machinery as set out above, we have not entered into any definitive agreements with
any of these vendors and there can be no assurance that the same vendors would be engaged to eventually supply
the machinery or at the same costs. The quantity of machinery to be purchased will be based on management
estimates and our business requirements. Our Company shall have the flexibility to deploy such machinery
according to the business requirements of our Company and based on estimates of our management.

No second-hand or used machinery is proposed to be purchased out of the Net Proceeds. Each of the units of
machinery mentioned above is proposed to be acquired in a ready-to-use condition, post installation and
commissioning requirement. Further, the Promoters, Directors, Key Managerial Personnel and the Group
Company do not have any interest in the proposed acquisition of the machinery or in the entity from which we
have obtained quotations in relation to such proposed acquisition of the machinery and our Company has
confirmed that such entities do not form part of our Promoter Group or Group Company

The detailed break-down of these estimated costs for new manufacturing facility is provided in the table below:

1. Civil construction works

213
a. Civil work with finishes for Packing Material Store, Packing Material Store, Plastic, transfer system,
dispencing area, Retained Sample Room

Our Company has received quotation dated August 07, 2024 from Hetu Construction Private Limited with a
validity up to December 31, 2025 details of which are set forth below:

AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
Excavation for foundation up to 1.5 Mt
Depth including sorting out and
stacking of useful materials and
disposing of the excavated stuff up to
1a 84 Cum 175.00 14,700.00
100 meter lead including shoring and
strutting and dewatering as necessary
and disposing of the excavated stuff as
directed.
Excavation for foundation up to 1.5 Mt
to 3 M Depth including sorting out and
stacking of useful materials and
disposing of the excavated stuff up to
1b 28 Cum 275.00 7,700.00
100 meter lead including shoring and
strutting and dewatering as necessary
and disposing of the excavated stuff as
directed.
Excavation for foundation up to 3 Mt to
5 Mt Depth including sorting out and
stacking of useful materials and
disposing of the excavated stuff up to
1c Cum 550.00
100 meter lead including shoring and
strutting and dewatering as necessary
and disposing of the excavated stuff as
directed.
Subtotal of Excavation 22,400.00
P.C.C
2 ITEM NO:-2 P.C.C WORK
Providing and laying plain cement
concrete (nominal mix) using specified
graded coarse aggregate of approved
quality at various locations etc. machine
mixing, consolidating with rammer/
vibrators, curing, providing
scaffolding, staging etc. complete as 30 Cum 7,800.00 2,34,000.00
directed and instructed by Engineer.
(Form work shall not be paid for
P.C.C.). Do with 1:4:8 grade concrete
using 40 mm maximum size and down
graded aggregate below foundations,
base slab, plinth beams, walls etc.
Subtotal of P.C.C 2,34,000.00
R.C.C
ITEM NO:-3 CONTROLLED
3
CEMENT CONCRETE WORK
Providing and laying controlled cement
concreate M-25 and curring etc for
foundation. complete including the cost
of fromwork & Excluding Cost of
Reinforcement Foundation,Footing
base of Columns and mass Concrete.
3a a) Foundation 18 Cum 10,500.00 1,89,000.00

214
 AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
ITEM NO:-4 CONTROLLED
4
CEMENT CONCRETE WORK
Providing and laying controlled cement
concreate M-25 and curring etc for
plinth beam and column. complete
including the cost of fromwork up to
plinth level & Excluding cost of
Reinforcement Slabs, landing, Shelves,
Balconies, lintels, beams, girder &
cantilever up to Plinth Lvl.
4a a)Plinth Beam 8 Cum 14,000.00 1,12,000.00
4b b)Column 2 Cum 14,150.00 28,300.00
4c c)Retaing wall 21,300.00
ITEM NO:-5 GRADE SLAB
5 CONTROLLED CEMENT
CONCRETE WORK
Providing and laying controlled cement
concreate M-20 and curring etc.
complete Including the cost of 33 Cum 9,500.00 3,13,500.00
fromwork & Excluding Cost of
Reinforcement for Grade Slab.
ITEM NO:-6 CONTROLLED
6 CEMENT CONCRETE WORK (M-
25)
Providing and laying controlled cement
concreate M-25 and curring etc.
complete including the cost of
fromwork & Excluding cost of
Reinforcement of Slabs, landing,
Shelves, Balconies, lintels, beams,
girder & cantilever Plinth to 5mt level.
6a Column 5 Cum 14,250.00 71,250.00
6b Slab 27 Cum 14,400.00 3,88,800.00
6c Floor Beams 11 Cum 14,750.00 1,62,250.00
6d Staircase Cum 18,750.00
6e Concrete Wall 21,800.00
ITEM NO:-7 CONTROLLED
7 CEMENT CONCRETE WORK(M-
20)
Providing and laying controlled cement
concreate M-20 and curring etc.
complete including the cost of
fromwork & Excluding cost of
Reinforcement of Slabs, landing,
Shelves, Balconies, lintels, beams,
girder & cantilever Plinth to 5mt level.
7a Lintel Cum 19,880.00
7b Chajja 19,880.00
7c Coping 19,880.00
7d Cantilever 19,880.00
7e Slab 19,880.00
ITEM NO:-8 CONTROLLED
8 CEMENT CONCRETE WORK (M-
25)
Providing and laying controlled cement
concreate M-25 and curring etc.
complete including the cost of

215
 AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
fromwork & Excluding cost of
Reinforcement of Slabs, landing,
Shelves, Balconies, lintels, beams,
girder & cantilever 5mt to 10mt level.
8a Column Cum 16,450.00
8b Slab Cum 16,450.00
8c Floor Beams Cum 16,450.00
8d Staircase Cum 19,950.00
8e Concrete Wall Cum 23,000.00
ITEM NO:-9 CONTROLLED
9 CEMENT CONCRETE WORK(M-
20)
Providing and laying controlled cement
concreate M-20 and curring etc.
complete including the cost of
fromwork & Excluding cost of
Reinforcement of Slabs, landing,
Shelves, Balconies, lintels, beams,
girder & cantilever 5mt to 10mt level.
9a Lintel Cum 21,080.00
9b Chajja Cum 21,080.00
9c Coping Cum 21,080.00
9d Cantilever Cum 21,080.00
9e Slab Cum 21,080.00
ITEM NO:-10 CONTROLLED
10 CEMENT CONCRETE WORK (M-
25)
Providing and laying controlled cement
concreate M-25 and curring etc.
complete including the cost of
fromwork & Excluding cost of
Reinforcement of Slabs, landing,
Shelves, Balconies, lintels, beams,
girder & cantilever 10mt to heighest
level.
10a Column Cum 17,950.00
10b Slab Cum 17,950.00
10c Floor Beams Cum 17,950.00
10d Staircase Cum 21,450.00
10e Concrete Wall Cum 24,500.00
ITEM NO:-11 CONTROLLED
11 CEMENT CONCRETE WORK(M-
20)
Providing and laying controlled cement
concreate M-20 and curring etc.
complete including the cost of
fromwork & Excluding cost of
Reinforcement of Slabs, landing,
Shelves, Balconies, lintels, beams,
girder & cantilever 10mt to heighest
level.
11a Lintel Cum 22,580.00
11b Chajja Cum 22,580.00
11c Coping Cum 22,580.00
11d Cantilever Cum 22,580.00
11e Slab Cum 22,580.00

216
 AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
ITEM NO:-12 REINFORCEMENT
12 Cum
WORK
Providing and laying reinforcement for
R.C.C. work and bending, binding &
placing in position completed upto
11208 Kg 85.00 9,52,680.00
heighest level Thermo Mechanical
Treated Bars as per I.S. Standard. (FE-
500)
NOTE : Providing and erecting in
position Steel Plate shuttering work
shuttering and boxing using shuttering
materials of approved quality
shuttering, for concrete elements
vertical, horizontal or inclined in all
shapes except circular shape, column
foundations, pedestals, wall footings,
plinth beams, cable trenches, compound
wall, U.G. water tank, pardi, fins,
copings, etc. as per drawing , line and
level. Including necessary Scaffolding,
fastener nails, wires, hacking and
smoothening of RCC Surface after de
shuttering, keeping in position till
concrete is laid and concrete members
have acquired required strength,
removal, thereafter, applying de-
shuttering oil or surface preparation
chemical of approved make, etc.
complete as directed by structural
consultant / Engineer-In-Charge. At all
levels in foundation and up to heighest
plinth level.
A1 RCC WORK FINS (M-25) 1 Cum NQ
EXPOSED RCC WORK FINS (M-
A2 1 Cum NQ
25)
STONE CLADDING WORK FOR
A3 181 Sqft NQ
FINS (Basic Rate = 36/- Sft)
Subtotal of R.C.C 22,17,780.00
EARTH
FILLING
ITEM NO:-13 BACK FILLING
13
WORK
Filling in foundation and plinth with
murrum or selected soil in layers of
20cm thickness or up to required level
75 Cum 175.00 13,125.00
including watering, rolling, dressing so
as to obtain a Proctar Density of 95%
consolidated with Availabe Soil .
ITEM NO:-14 SAND FILLING
14
WORK
Sand Filling in foundation and plinth in
layers of 20cm thickness including
ramming and consolidating etc. 44 Cum 1,200.00 52,800.00
complete below Foundation & Grade
Slab as per directed by Consultant.
ITEM NO:-15 EARTH FILLING
15
AND COMPACTING WORK

217
 AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
Providing and filling in plinth and
trenches, sides of foundation with
excavation, supplying & filling Murrum
/ Selected earth brought from outside
site including freight, transportation,
loading, unloading, taxes, royalty, and
screening. Rate to include for spreading,
watering, ramming and compacting of
each layer of 150 to 200mm by using
mechanical plate compactor or rollers,
up to 95% proctor density achieved etc. 6 Cum 725.00 4,350.00
complete as directed by Engineer-In-
Charge. (CBR not less than 6% in 4-day
socked condition) Note: Consolidated
measurements of fill shall be paid for
filing work.(Note : Each building plinth
to have at least one set of test of MDP
conducted irrespective of plinth area or
for every 500 sqm of compacted area
and part there of ). ( Filling with Earth /
murrum brought from outside )
Subtotal of Earth Filling 70,275.00
FLOORING
16 ITEM NO:-16 TILES WORK
Providing & fixing vitrified tiles glazed
(Double charge) finish in floor and (over
bed of 20mm thick cement mortar 1:3
(over rough plaster of CM 1:3) and
jointed with white cement and finished Sqmt 1,425.00
to give an elegant appearance.(Size 300
to 600 mm Sq.) Make
kajaria,somani,jhonson, Nitko Basic
rate 75/- sft
16a In Flooring & steps Sqmt 1,500.00
16b Walls Sqmt 1,550.00
Providing and fixing vitrified tiles
16c Sqmt 1,650.00
DEDO .As per 16.
ITEM NO:-17 KOTA STONE
17
WORK
Providing and fixing 25 to 40 mm thick
machine cut polished Kota stone
flooring of size 600 x 600 mm over 35
mm thick bedding of cement mortar
1:8, leaving 4X10 mm deep groove joint
196 Sqmt 1,575.00 3,08,700.00
using spacer and joint to be filled with
Epoxy material (Fosrock or equivalent)
including cleaning and drying of joints
and Semi Mirror polishing etc.
complete.(Basic Rate = 36/- Sft)
ITEM NO:-18 GRANITE
18
FLOORING WORK
Providing and fixing 20 mm thick
granite stone in cement Mortar 1:8
including polishing etc. complete.
(Basic Rate = 2000/- smt)
18a In Flooring & steps Sqmt 6,925.00

218
 AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
Providing and fixing 20 mm thick
granite stone in cement Mortar 1:8
18B Sqmt 8,000.00
including polishing etc.
complete.(DEDO)
19 ITEM NO:-19 GROOVING WORK
Providing and making 12mm/20mm.x
12mm / 40mm. Grooves, drip moulds /
pattas etc. in plain plaster/double coat
13 Rmt 200 2,600.00
sand faced plaster in perfect line and
level including scaffolding, curing etc.
complete.
20 ITEM NO:-20 COVING WORK
Providing Making corner rounding 40
to75mm radius at the joints of two walls
or at the joints of walls and ceilings ( in
cement mortar of same mix as that of the
13 Rmt 325 4,225.00
plaster) and finished along with plaster
using fine sand for getting smooth finish
including curring, scaffolding etc.
complete.
ITEM NO:-21 TERMITE
21
TREATMENT WORK
Providing Carrying out plinth treatment
to Pre constrution by spraying chemical
solution for termite control treatment
218 Sqmt 90.00 19,620.00
including labour and material consistent
with I.S.I specification as per Directed
by Consultant.(10 Year Garrenty)
22 ITEM NO:-22 LDPE SHEET WORK
Providing and laying LDPE film as per
IS 2508, required thick as below on sand
bedding, including welding of joints,
laps, wastage, etc. Complete as directed 218 Sqmt 70.00 15,260.00
by Engineer-In-Charge. (Laid area shall
be paid for) - for 250 mm Micron
Thickness
ITEM NO:-23 RUBBLE SOILING
23
WORK
Providing & Laying Rubble Soling of
40mm to 63mm Metal including all 50 Cum 2,400.00 1,20,000.00
Below Grade Slab P.C.C.
24 ITEM NO:-24 SKIRTING WORK
Same as item 17 above but for skirting
100 mm high to be laid flush with the
4 Sqmt 2,400.00 9,600.00
wall plaster.(The rate is inclusive of
cutting brick wall).
ITEM NO:-25 EPOXY COVING
25
WORK
Providing & Rounding of junction of
floor to wall with 70 mm radius,
finishing it with epoxy mortar, fixing 75
mm wide Kota Stone Skirting above 9 Rmt 800 7,200.00
rounding of junction & painting the
junction with apoxy paint & polishing
the [Link]. complete.
25.1 DENSE FLOORING

219
 AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
Providing and applying Dense floor
coating as approved by PTC and
[Link] coating system shall be 137 Sqmt 240 32,880.00
uniform in color combinations, texture,
and appearance.
ITEM NO:-26 FLOOR TRIMIX
26 WORK (only labour charges)(150m
to 200mm thickness
Labour charges for laying R.C.C. floor
of M-20 grade of concrete (trimix) to be
concreted in alternate panels ,maximum
panel size of 4 mtr. x 4 [Link] panel
shall be formed on four sides with
[Link] bolted in position for
forming the size. The entire concrete
mass shall be vibrated with skirt vibrator
so as to bring out slurry on top and
smooth finished integrally as per
instruction of Engineer in charge using
vaccume de watering system as per
Manufacturer's specification including
applying "NITO FLOOR HARD TOP"
or equivalent (Fair creat, sikka applied
137 [Link] 425.00 58,225.00
at the rate of 2.5 kg/10 sq.m on R.C.C.
floor as per Manufacturer's pecification)
after base concrete has stiffened to the
point when light foot traffic leaves an
imprint of about 3 mm. Any bleed water
should have evaporated including
providing expansion joints with 200 mm
X 20 mm with salitex board fitting, joint
cutting, filling bitumen curing etc
complete as per instruction of site
Engineer. Excluding steel & including
form work with all tools, plants,
Machinery and all cost of chemical with
alternate panel (Instructed by site
encharge).
ITEM NO:-27 WATERPROOFING
27
WORK
Providing and laying India type Brick
bat Coba water proofing treatment of
120mm average thickness consisting
surface cleaning, applying and grouting
a cement slurry coat of neat cement
using 2.75 kg/ sqm, with proprietary
water proofing compound (Conplast
X421IC-Fosroc, Sika, Dr. Fixit or
approved make) over the slab. Laying
cement concrete using broken
bricks/brick bats 25mm to 100mm size
with 50% of cement mortar (1 cement: 5
coarse sand) admixed with proprietary
water proofing compound to required
slope and treating similarly the
adjoining walls up to 300mm height
including rounding of junctions of walls
and slabs, after 2 days of proper curing

220
 AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
applying a second coat of cement slurry
admixed with proprietary water
proofing compound. Finishing the
surface with 20mm thick joint less
cement mortar of mix 1:4 (1 cement: 4
coarse sand) admixed with proprietary
water proofing compound and finally
finishing the surface with trowel with
neat cement slurry and making of
300X300 mm square. The whole
finished shall be flooded with water for
a minimum period of two weeks for
curing and for final test. With average
thickness of 120mm and minimum
thickness at khurra as 65mm, all lead,
lift and laid to proper slope to drain off
water entirely, scoop, including quarter
around vata at the junction of parapet
and floor up to a height of 300mm. 10
years’ free maintenance guarantee
against any leakage, defect etc. on stamp
paper etc. All above operations to be
done in order specialised water proofing
agency and as directed by the Engineer-
in-charge.
27a Toilet Sunken Area 9 [Link] 1,250.00 11,250.00
27b Terrace Area 218 [Link] 890.00 1,94,020.00
ITEM NO:-27(a1) CHINA MOSAIC
27(a1)
WORK
Providing and laying broken China
Mosaic Flooring for Terrace using
12mm to 20mm broken pieces of glazed
tiles to be laid over cement mortar 1:3 to
plain or slope and to be tempered to
218 [Link] 725.00 1,58,050.00
bring mortar crème out upto surface
using white cement including rounding
off junctions and extending them up to
15cm. along the wall, clearing with
water and oxalic acid etc. as directed
Subtotal of Flooring 9,41,630.00
MASONARY
AND
PLASTERING
28 ITEM NO:-28 BRICK WORK
providing & laying Half Brick work
(115 mm)using common burnt clay
building brick having crushing strength
not less than 35 kg/sq. cm. up to 5mt
9 Sqmt 1,190.00 10,710.00
level in cement mortar 1:6 (1 Cement :
6 fine sand) Extra for brick in super
structure above per floor per plinth level
up to 5mt level .(B) Convetional
29 ITEM NO:-29BRICK WORK
Providing & laying Half Brick work
(115 mm)using common burnt clay
building brick having crushing strength Sqmt 1,400.00
not less than 35 kg/sq. cm.5mt to 10mt
level in cement mortar 1:6 (1 Cement :

221
 AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
6 fine sand) Extra for brick in super
structure above 5mt level .(B)
Convetional
30 ITEM NO:-30 BRICK WORK
Providing & laying Half Brick work
(115 mm)using common burnt clay
building brick having crushing strength
not less than 35 kg/sq. cm.10mt to
Sqmt 1,650.00
heighest level in cement mortar 1:6 (1
Cement : 6 fine sand) Extra for brick in
super structure above 10mt level .(B)
Convetional
31 ITEM NO:-31 BRICK WORK
Providing & laying Brick work (230
mm)using common burnt clay building
brick having crushing strength not less
than 35 kg/sq. cm. up to 5mt level in
Cum 7,275.00
cement mortar 1:6 (1 Cement : 6 fine
sand) Extra for brick in super structure
above per floor per plinth level up to
5mt level .(B) Convetional
32 ITEM NO:-32 BRICK WORK
Providing & laying Brick work (230
mm)using common burnt clay building
brick having crushing strength not less
than 35 kg/sq. cm.5mt to 10mt level in 29 Cum 7,275.00 2,10,975.00
cement mortar 1:6 (1 Cement : 6 fine
sand) Extra for brick in super structure
above 5mt level .(B) Convetional
33 ITEM NO:-33 BRICK WORK
Providing & laying Brick work (230
mm)using common burnt clay building
brick having crushing strength not less
than 35 kg/sq. cm.10mt to heighest level Cum 8,525.00
in cement mortar 1:6 (1 Cement : 6 fine
sand) Extra for brick in super structure
above 10mt level .(B) Convetional
ITEM NO:-34 PLASTERING
34
WORK
Providing & laying 20 mm thick sand
face plaster in plumb, making texture
with grains of fine sand (washed,
cleaned) and applying with spray
machine (of Best make) or Brush up to
5mt level to the RCC or Masonry
surface two coat base coat 12 mm thick
in CM 1:4 including accoproof or
84 [Link] 720.00 60,480.00
inpermo water proofing compound (2%
by weight of cement) & finishing coat
1:3 as approved by consultants
including fixing 150mm wide chicken
wire mesh at Brick work & Column
Junction curring, moulding, grooves in
plaster where to different materials
meet, scaffolding, curring etc. complete.
ITEM NO:-35 PLASTERING
35
WORK

222
 AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
Providing and rendering 20mm. thick
smooth cement plaster in CM 1:4 on
internal brick work or concrete surfaces
two coats in plumb using fine sand but
without using extra cement up to 5mt
level. including scaffolding, hacking
joints, finishing smooth with fine sand
to correct level, line, plumb including 254 [Link] 600.00 1,52,400.00
fixing 150mm wide chicken wire mesh
at Brick work & Column Junction,
curring, moulding, grooves in plaster
where ever to different materials meet
(Rate shall include finishing the edges
of electrical boxes, fittings or inserts
fixed by other agencies.
ITEM NO:-36 PLASTERING
36
WORK
Providing and rendering 12mm. thick
smooth cement plaster in two coats in
CM 1:4 on concrete surfaces (ceilling)
in plumb using fine sand but without
using extra cement at all heights
including scaffolding, hacking joints,
finishing smooth with fine sand to
correct level, line, plumb including 179 [Link] 530.00 94,870.00
fixing 150mm wide chicken wire mesh
at Brick work & Column Junction
curring, moulding, grooves in plaster
where ever to different materials meet
(Rate shall include finishing the edges
of electrical boxes, fittings or inserts
fixed by other agencies.
ITEM NO:-37 PLASTERING
37
WORK
Providing & laying 20 mm thick sand
face plaster in plumb, making texture
with grains of fine sand (washed,
cleaned) and applying with spray
machine (of Best make) or Brush at 5mt
to 10 mt level the RCC or Masonry
surface two coat base coat 12 mm thick
in CM 1:4 including accoproof or
[Link] 900.00
inpermo water proofing compound (2%
by weight of cement) & finishing coat
1:3 as approved by consultants
including fixing 150mm wide chicken
wire mesh at Brick work & Column
Junction curring, moulding, grooves in
plaster where to different materials
meet, scaffolding, curring etc. complete.
ITEM NO:-38 PLASTERING
38
WORK
Providing and rendering 20mm. thick
smooth cement plaster in CM 1:4 on
internal brick work or concrete surfaces
[Link] 860.00
two coats in plumb using fine sand but
without using extra cement at 5mt to
10mt level including scaffolding,

223
 AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
hacking joints, finishing smooth with
fine sand to correct level, line, plumb
including fixing 150mm wide chicken
wire mesh at Brick work & Column
Junction, curring, moulding, grooves in
plaster where ever to different materials
meet (Rate shall include finishing the
edges of electrical boxes, fittings or
inserts fixed by other agencies.
ITEM NO:-39 PLASTERING
39
WORK
Providing and rendering 12mm. thick
smooth cement plaster in two coats in
CM 1:4 on concrete surfaces (ceilling)
in plumb using fine sand but without
using extra cement at all heights
including scaffolding, hacking joints,
finishing smooth with fine sand to
correct level, line, plumb including [Link] 700.00
fixing 150mm wide chicken wire mesh
at Brick work & Column Junction
curring, moulding, grooves in plaster
where ever to different materials meet
(Rate shall include finishing the edges
of electrical boxes, fittings or inserts
fixed by other agencies.
ITEM NO:-40 PLASTERING
40
WORK
Providing & laying 20 mm thick sand
face plaster in plumb, making texture
with grains of fine sand (washed,
cleaned) and applying with spray
machine (of Best make) or Brush above
10mt heights to the RCC or Masonry
surface two coat base coat 12 mm thick
in CM 1:4 including accoproof or
[Link] 1,000.00
inpermo water proofing compound (2%
by weight of cement) & finishing coat
1:3 as approved by consultants
including fixing 150mm wide chicken
wire mesh at Brick work & Column
Junction curring, moulding, grooves in
plaster where to different materials
meet, scaffolding, curring etc. complete.
ITEM NO:-41 PLASTERING
41
WORK
Providing and rendering 20mm. thick
smooth cement plaster in CM 1:4 on
internal brick work or concrete surfaces
two coats in plumb using fine sand but
without using extra cement above 10mt
heights including scaffolding, hacking
[Link] 960.00
joints, finishing smooth with fine sand
to correct level, line, plumb including
fixing 150mm wide chicken wire mesh
at Brick work & Column Junction,
curring, moulding, grooves in plaster
where ever to different materials meet

224
 AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
(Rate shall include finishing the edges
of electrical boxes, fittings or inserts
fixed by other agencies.
ITEM NO:-42 PLASTERING
42
WORK
Providing and rendering 12mm. thick
smooth cement plaster in two coats in
CM 1:4 on concrete surfaces (ceilling)
in plumb using fine sand but without
using extra cement above 10mt heights
including scaffolding, hacking joints,
finishing smooth with fine sand to
correct level, line, plumb including [Link] 800.00
fixing 150mm wide chicken wire mesh
at Brick work & Column Junction
curring, moulding, grooves in plaster
where ever to different materials meet
(Rate shall include finishing the edges
of electrical boxes, fittings or inserts
fixed by other agencies.
ITEM NO:-43 ZIRI PLASTERING
43
WORK
Providing & grouting the electrical
conduits ziri with 1:4 cement mortar.
Average width 50mm wide and depth Rmt 190
upto 50 mm. including curring,
scaffolding etc. complete.
Subtotal of Masonary and Plastering 5,29,435.00
PAINT WORK
44 ITEM NO:-44 PAINT WORK
providing & laying Applying two coat
of birla or asain acrylic lapy (putty) or
any other directed by consultant & two
coat of primer of approved brand and
manufacture on new wall surface to give
an even shade including throughly 433 [Link] 290.00 1,25,570.00
brushing the surface free from mortar
dropping and other forien matter and
sand papered smoothas per Directed by
Consultant and applying two coat
interior paint approved by Consultant.
45 ITEM NO:-45 PAINT WORK
providing & laying Finishing wall with
weather proof exterior emulsion paint
on wall surface (two coat) to give an
required shape even shade after
84 [Link] 225.00 18,900.00
throughly grushing the surface to
remove all dirt,and remains of loose
powdered materials,complete as per
Directed by Consultant.
Subtotal of Paint Work 1,44,470.00
Structural Steel
work
Structure steel 262 [Link] 900.00 2,35,800.00
Sheeting 8210 kg 140.00 11,49,400.00
Door & window LS 2,53,130.00
Subtotal of Structural Steel work 16,38,330.00

225
 AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
Total amount of Civil works 57,98,320.00

b. Civil work with finishes for Filling - Mixing Room, Sterliser Area, Distillation area, Packing area,
Change Room, Service Area

Our Company has received quotation dated August 07, 2024 from Hetu Construction Private Limited with a
validity up to December 31, 2025 details of which are set forth below:

AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
Excavation for foundation up to 1.5 Mt
Depth including sorting out and stacking of
useful materials and disposing of the
1a excavated stuff up to 100 meter lead 135 Cum 175.00 23,625.00
including shoring and strutting and
dewatering as necessary and disposing of the
excavated stuff as directed.
Excavation for foundation up to 1.5 Mt to 3
M Depth including sorting out and stacking
of useful materials and disposing of the
1b excavated stuff up to 100 meter lead 45 Cum 275.00 12,375.00
including shoring and strutting and
dewatering as necessary and disposing of the
excavated stuff as directed.
Excavation for foundation up to 3 Mt to 5 Mt
Depth including sorting out and stacking of
useful materials and disposing of the
1c excavated stuff up to 100 meter lead Cum 550.00
including shoring and strutting and
dewatering as necessary and disposing of the
excavated stuff as directed.
Subtotal of Excavation 36,000.00
P.C.C
2 ITEM NO:-2 P.C.C WORK
Providing and laying plain cement concrete
(nominal mix) using specified graded coarse
aggregate of approved quality at various
locations etc. machine mixing, consolidating
with rammer/ vibrators, curing, providing
scaffolding, staging etc. complete as
49 Cum 7,800.00 3,82,200.00
directed and instructed by Engineer. (Form
work shall not be paid for P.C.C.). Do with
1:4:8 grade concrete using 40 mm maximum
size and down graded aggregate below
foundations, base slab, plinth beams, walls
etc.
Subtotal of P.C.C 3,82,200.00
R.C.C
ITEM NO:-3 CONTROLLED CEMENT
3
CONCRETE WORK
Providing and laying controlled cement
concreate M-25 and curring etc for
foundation. complete including the cost of
fromwork & Excluding Cost of
Reinforcement Foundation,Footing base of
Columns and mass Concrete.
3a a) Foundation 29 Cum 10,500.00 3,04,500.00

226
 AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
ITEM NO:-4 CONTROLLED CEMENT
4
CONCRETE WORK
Providing and laying controlled cement
concreate M-25 and curring etc for plinth
beam and column. complete including the
cost of fromwork up to plinth level &
Excluding cost of Reinforcement Slabs,
landing, Shelves, Balconies, lintels, beams,
girder & cantilever up to Plinth Lvl.
4a a)Plinth Beam 13 Cum 14,000.00 1,82,000.00
4b b)Column 4 Cum 14,150.00 56,600.00
4c c)Retaing wall 21,300.00
ITEM NO:-5 GRADE SLAB
5 CONTROLLED CEMENT CONCRETE
WORK
Providing and laying controlled cement
concreate M-20 and curring etc. complete
Including the cost of fromwork & 57 Cum 9,500.00 5,41,500.00
Excluding Cost of Reinforcement for Grade
Slab.
ITEM NO:-6 CONTROLLED CEMENT
6
CONCRETE WORK (M-25)
Providing and laying controlled cement
concreate M-25 and curring etc. complete
including the cost of fromwork & Excluding
cost of Reinforcement of Slabs, landing,
Shelves, Balconies, lintels, beams, girder &
cantilever Plinth to 5mt level.
6a Column 9 Cum 14,250.00 1,28,250.00
6b Slab 45 Cum 14,400.00 6,48,000.00
6c Floor Beams 19 Cum 14,750.00 2,80,250.00
6d Staircase Cum 18,750.00
6e Concrete Wall 21,800.00
ITEM NO:-7 CONTROLLED CEMENT
7
CONCRETE WORK(M-20)
Providing and laying controlled cement
concreate M-20 and curring etc. complete
including the cost of fromwork & Excluding
cost of Reinforcement of Slabs, landing,
Shelves, Balconies, lintels, beams, girder &
cantilever Plinth to 5mt level.
7a Lintel Cum 19,880.00
7b Chajja 19,880.00
7c Coping 19,880.00
7d Cantilever 19,880.00
7e Slab 19,880.00
ITEM NO:-8 CONTROLLED CEMENT
8
CONCRETE WORK (M-25)
Providing and laying controlled cement
concreate M-25 and curring etc. complete
including the cost of fromwork & Excluding
cost of Reinforcement of Slabs, landing,
Shelves, Balconies, lintels, beams, girder &
cantilever 5mt to 10mt level.
8a Column Cum 16,450.00
8b Slab Cum 16,450.00
8c Floor Beams Cum 16,450.00

227
 AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
8d Staircase Cum 19,950.00
8e Concrete Wall Cum 23,000.00
ITEM NO:-9 CONTROLLED CEMENT
9
CONCRETE WORK(M-20)
Providing and laying controlled cement
concreate M-20 and curring etc. complete
including the cost of fromwork & Excluding
cost of Reinforcement of Slabs, landing,
Shelves, Balconies, lintels, beams, girder &
cantilever 5mt to 10mt level.
9a Lintel Cum 21,080.00
9b Chajja Cum 21,080.00
9c Coping Cum 21,080.00
9d Cantilever Cum 21,080.00
9e Slab Cum 21,080.00
ITEM NO:-10 CONTROLLED
10
CEMENT CONCRETE WORK (M-25)
Providing and laying controlled cement
concreate M-25 and curring etc. complete
including the cost of fromwork & Excluding
cost of Reinforcement of Slabs, landing,
Shelves, Balconies, lintels, beams, girder &
cantilever 10mt to heighest level.
10a Column Cum 17,950.00
10b Slab Cum 17,950.00
10c Floor Beams Cum 17,950.00
10d Staircase Cum 21,450.00
10e Concrete Wall Cum 24,500.00
ITEM NO:-11 CONTROLLED
11
CEMENT CONCRETE WORK(M-20)
Providing and laying controlled cement
concreate M-20 and curring etc. complete
including the cost of fromwork & Excluding
cost of Reinforcement of Slabs, landing,
Shelves, Balconies, lintels, beams, girder &
cantilever 10mt to heighest level.
11a Lintel Cum 22,580.00
11b Chajja Cum 22,580.00
11c Coping Cum 22,580.00
11d Cantilever Cum 22,580.00
11e Slab Cum 22,580.00
ITEM NO:-12 REINFORCEMENT
12 Cum
WORK
Providing and laying reinforcement for
R.C.C. work and bending, binding & placing
in position completed upto heighest level 18861 Kg 85.00 16,03,185.00
Thermo Mechanical Treated Bars as per I.S.
Standard. (FE-500)
NOTE : Providing and erecting in position
Steel Plate shuttering work shuttering and
boxing using shuttering materials of
approved quality shuttering, for concrete
elements vertical, horizontal or inclined in all
shapes except circular shape, column
foundations, pedestals, wall footings, plinth
beams, cable trenches, compound wall, U.G.
water tank, pardi, fins, copings, etc. as per

228
 AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
drawing , line and level. Including necessary
Scaffolding, fastener nails, wires, hacking
and smoothening of RCC Surface after de
shuttering, keeping in position till concrete is
laid and concrete members have acquired
required strength, removal, thereafter,
applying de-shuttering oil or surface
preparation chemical of approved make, etc.
complete as directed by structural consultant
/ Engineer-In-Charge. At all levels in
foundation and up to heighest plinth level.
A1 RCC WORK FINS (M-25) 2 Cum NQ
A2 EXPOSED RCC WORK FINS (M-25) 2 Cum NQ
STONE CLADDING WORK FOR FINS
A3 290 Sqft NQ
(Basic Rate = 36/- Sft)
Subtotal of R.C.C 37,44,285.00
EARTH
FILLING
13 ITEM NO:-13 BACK FILLING WORK
Filling in foundation and plinth with murrum
or selected soil in layers of 20cm thickness
or up to required level including watering,
120 Cum 175.00 21,000.00
rolling, dressing so as to obtain a Proctar
Density of 95% consolidated with Availabe
Soil .
14 ITEM NO:-14 SAND FILLING WORK
Sand Filling in foundation and plinth in
layers of 20cm thickness including ramming
and consolidating etc. complete below 70 Cum 1,200.00 84,000.00
Foundation & Grade Slab as per directed by
Consultant.
ITEM NO:-15 EARTH FILLING AND
15
COMPACTING WORK
Providing and filling in plinth and trenches,
sides of foundation with excavation,
supplying & filling Murrum / Selected earth
brought from outside site including freight,
transportation, loading, unloading, taxes,
royalty, and screening. Rate to include for
spreading, watering, ramming and
compacting of each layer of 150 to 200mm
by using mechanical plate compactor or
rollers, up to 95% proctor density achieved
10 Cum 725.00 7,250.00
etc. complete as directed by Engineer-In-
Charge. (CBR not less than 6% in 4-day
socked condition) Note: Consolidated
measurements of fill shall be paid for filing
work.(Note : Each building plinth to have at
least one set of test of MDP conducted
irrespective of plinth area or for every 500
sqm of compacted area and part there of ). (
Filling with Earth / murrum brought from
outside )
Subtotal of Earth Filling 1,12,250.00
FLOORING
16 ITEM NO:-16 TILES WORK

229
 AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
Providing & fixing vitrified tiles glazed
(Double charge) finish in floor and (over bed
of 20mm thick cement mortar 1:3 (over
rough plaster of CM 1:3) and jointed with
Sqmt 1,425.00
white cement and finished to give an elegant
appearance.(Size 300 to 600 mm Sq.) Make
kajaria,somani,jhonson, Nitko Basic rate
75/- sft
16a In Flooring & steps Sqmt 1,500.00
16b Walls Sqmt 1,550.00
Providing and fixing vitrified tiles DEDO
16c Sqmt 1,650.00
.As per 16.
17 ITEM NO:-17 KOTA STONE WORK
Providing and fixing 25 to 40 mm thick
machine cut polished Kota stone flooring of
size 600 x 600 mm over 35 mm thick
bedding of cement mortar 1:8, leaving 4X10
mm deep groove joint using spacer and joint 313 Sqmt 1,575.00 4,92,975.00
to be filled with Epoxy material (Fosrock or
equivalent) including cleaning and drying of
joints and Semi Mirror polishing etc.
complete.(Basic Rate = 36/- Sft)
ITEM NO:-18 GRANITE FLOORING
18
WORK
Providing and fixing 20 mm thick granite
stone in cement Mortar 1:8 including
polishing etc. complete. (Basic Rate = 2000/-
smt)
18a In Flooring & steps Sqmt 6,925.00
Providing and fixing 20 mm thick granite
18B stone in cement Mortar 1:8 including Sqmt 8,000.00
polishing etc. complete.(DEDO)
19 ITEM NO:-19 GROOVING WORK
Providing and making 12mm/20mm.x 12mm
/ 40mm. Grooves, drip moulds / pattas etc. in
plain plaster/double coat sand faced plaster 21 Rmt 200 4,200.00
in perfect line and level including
scaffolding, curing etc. complete.
20 ITEM NO:-20 COVING WORK
Providing Making corner rounding 40
to75mm radius at the joints of two walls or
at the joints of walls and ceilings ( in cement
mortar of same mix as that of the plaster) and 21 Rmt 325 6,825.00
finished along with plaster using fine sand
for getting smooth finish including curring,
scaffolding etc. complete.
ITEM NO:-21 TERMITE TREATMENT
21
WORK
Providing Carrying out plinth treatment to
Pre constrution by spraying chemical
solution for termite control treatment
348 Sqmt 90.00 31,320.00
including labour and material consistent with
I.S.I specification as per Directed by
Consultant.(10 Year Garrenty)
22 ITEM NO:-22 LDPE SHEET WORK
Providing and laying LDPE film as per IS
348 Sqmt 70.00 24,360.00
2508, required thick as below on sand

230
 AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
bedding, including welding of joints, laps,
wastage, etc. Complete as directed by
Engineer-In-Charge. (Laid area shall be paid
for) - for 250 mm Micron Thickness
ITEM NO:-23 RUBBLE SOILING
23
WORK
Providing & Laying Rubble Soling of 40mm
to 63mm Metal including all Below Grade 81 Cum 2,400.00 1,94,400.00
Slab P.C.C.
24 ITEM NO:-24 SKIRTING WORK
Same as item 17 above but for skirting 100
mm high to be laid flush with the wall
7 Sqmt 2,400.00 16,800.00
plaster.(The rate is inclusive of cutting brick
wall).
25 ITEM NO:-25 EPOXY COVING WORK
Providing & Rounding of junction of floor to
wall with 70 mm radius, finishing it with
epoxy mortar, fixing 75 mm wide Kota Stone
13 Rmt 800 10,400.00
Skirting above rounding of junction &
painting the junction with apoxy paint &
polishing the [Link]. complete.
25.1 DENSE FLOORING
Providing and applying Dense floor coating
as approved by PTC and [Link] coating
219 Sqmt 240 52,560.00
system shall be uniform in color
combinations, texture, and appearance.
ITEM NO:-26 FLOOR TRIMIX WORK
26 (only labour charges)(150m to 200mm
thickness
Labour charges for laying R.C.C. floor of M-
20 grade of concrete (trimix) to be concreted
in alternate panels ,maximum panel size of 4
mtr. x 4 [Link] panel shall be formed on
four sides with [Link] bolted in
position for forming the size. The entire
concrete mass shall be vibrated with skirt
vibrator so as to bring out slurry on top and
smooth finished integrally as per instruction
of Engineer in charge using vaccume de
watering system as per Manufacturer's
specification including applying "NITO
FLOOR HARD TOP" or equivalent (Fair
219 [Link] 425.00 93,075.00
creat, sikka applied at the rate of 2.5 kg/10
sq.m on R.C.C. floor as per Manufacturer's
pecification) after base concrete has stiffened
to the point when light foot traffic leaves an
imprint of about 3 mm. Any bleed water
should have evaporated including providing
expansion joints with 200 mm X 20 mm with
salitex board fitting, joint cutting, filling
bitumen curing etc complete as per
instruction of site Engineer. Excluding steel
& including form work with all tools, plants,
Machinery and all cost of chemical with
alternate panel (Instructed by site encharge).
ITEM NO:-27 WATERPROOFING
27
WORK

231
 AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
Providing and laying India type Brick bat
Coba water proofing treatment of 120mm
average thickness consisting surface
cleaning, applying and grouting a cement
slurry coat of neat cement using 2.75 kg/
sqm, with proprietary water proofing
compound (Conplast X421IC-Fosroc, Sika,
Dr. Fixit or approved make) over the slab.
Laying cement concrete using broken
bricks/brick bats 25mm to 100mm size with
50% of cement mortar (1 cement: 5 coarse
sand) admixed with proprietary water
proofing compound to required slope and
treating similarly the adjoining walls up to
300mm height including rounding of
junctions of walls and slabs, after 2 days of
proper curing applying a second coat of
cement slurry admixed with proprietary
water proofing compound. Finishing the
surface with 20mm thick joint less cement
mortar of mix 1:4 (1 cement: 4 coarse sand)
admixed with proprietary water proofing
compound and finally finishing the surface
with trowel with neat cement slurry and
making of 300X300 mm square. The whole
finished shall be flooded with water for a
minimum period of two weeks for curing and
for final test. With average thickness of
120mm and minimum thickness at khurra as
65mm, all lead, lift and laid to proper slope
to drain off water entirely, scoop, including
quarter around vata at the junction of parapet
and floor up to a height of 300mm. 10 years’
free maintenance guarantee against any
leakage, defect etc. on stamp paper etc. All
above operations to be done in order
specialised water proofing agency and as
directed by the Engineer-in-charge.
27a Toilet Sunken Area 13 [Link] 1,250.00 16,250.00
27b Terrace Area 348 [Link] 890.00 3,09,720.00
ITEM NO:-27(a1) CHINA MOSAIC
27(a1)
WORK
Providing and laying broken China Mosaic
Flooring for Terrace using 12mm to 20mm
broken pieces of glazed tiles to be laid over
cement mortar 1:3 to plain or slope and to be
tempered to bring mortar crème out upto 348 [Link] 725.00 2,52,300.00
surface using white cement including
rounding off junctions and extending them
up to 15cm. along the wall, clearing with
water and oxalic acid etc. as directed
Subtotal of Flooring 15,05,185.00
MASONARY
AND
PLASTERING
28 ITEM NO:-28 BRICK WORK
providing & laying Half Brick work (115
14 Sqmt 1,190.00 16,660.00
mm)using common burnt clay building brick

232
 AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
having crushing strength not less than 35
kg/sq. cm. up to 5mt level in cement mortar
1:6 (1 Cement : 6 fine sand) Extra for brick
in super structure above per floor per plinth
level up to 5mt level .(B) Convetional
29 ITEM NO:-29BRICK WORK
Providing & laying Half Brick work (115
mm)using common burnt clay building brick
having crushing strength not less than 35
kg/sq. cm.5mt to 10mt level in cement Sqmt 1,400.00
mortar 1:6 (1 Cement : 6 fine sand) Extra for
brick in super structure above 5mt level .(B)
Convetional
30 ITEM NO:-30 BRICK WORK
Providing & laying Half Brick work (115
mm) using common burnt clay building
brick having crushing strength not less than
35 kg/sq. cm.10mt to heighest level in Sqmt 1,650.00
cement mortar 1:6 (1 Cement : 6 fine sand)
Extra for brick in super structure above 10mt
level .(B) Convetional
31 ITEM NO:-31 BRICK WORK
Providing & laying Brick work (230
mm)using common burnt clay building brick
having crushing strength not less than 35
kg/sq. cm. up to 5mt level in cement mortar Cum 7,275.00
1:6 (1 Cement : 6 fine sand) Extra for brick
in super structure above per floor per plinth
level up to 5mt level .(B) Convetional
32 ITEM NO:-32 BRICK WORK
Providing & laying Brick work (230
mm)using common burnt clay building brick
having crushing strength not less than 35
kg/sq. cm.5mt to 10mt level in cement 47 Cum 7,275.00 3,41,925.00
mortar 1:6 (1 Cement : 6 fine sand) Extra for
brick in super structure above 5mt level .(B)
Convetional
33 ITEM NO:-33 BRICK WORK
Providing & laying Brick work (230
mm)using common burnt clay building brick
having crushing strength not less than 35
kg/sq. cm.10mt to heighest level in cement Cum 8,525.00
mortar 1:6 (1 Cement : 6 fine sand) Extra for
brick in super structure above 10mt level .(B)
Convetional
34 ITEM NO:-34 PLASTERING WORK
Providing & laying 20 mm thick sand face
plaster in plumb, making texture with grains
of fine sand (washed, cleaned) and applying
with spray machine (of Best make) or Brush
up to 5mt level to the RCC or Masonry
surface two coat base coat 12 mm thick in
133 [Link] 720.00 95,760.00
CM 1:4 including accoproof or inpermo
water proofing compound (2% by weight of
cement) & finishing coat 1:3 as approved by
consultants including fixing 150mm wide
chicken wire mesh at Brick work & Column
Junction curring, moulding, grooves in

233
 AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
plaster where to different materials meet,
scaffolding, curring etc. complete.
35 ITEM NO:-35 PLASTERING WORK
Providing and rendering 20mm. thick
smooth cement plaster in CM 1:4 on internal
brick work or concrete surfaces two coats in
plumb using fine sand but without using
extra cement up to 5mt level. including
scaffolding, hacking joints, finishing smooth
with fine sand to correct level, line, plumb
406 [Link] 600.00 2,43,600.00
including fixing 150mm wide chicken wire
mesh at Brick work & Column Junction,
curring, moulding, grooves in plaster where
ever to different materials meet (Rate shall
include finishing the edges of electrical
boxes, fittings or inserts fixed by other
agencies.
36 ITEM NO:-36 PLASTERING WORK
Providing and rendering 12mm. thick
smooth cement plaster in two coats in CM
1:4 on concrete surfaces (ceilling) in plumb
using fine sand but without using extra
cement at all heights including scaffolding,
hacking joints, finishing smooth with fine
sand to correct level, line, plumb including 285 [Link] 530.00 1,51,050.00
fixing 150mm wide chicken wire mesh at
Brick work & Column Junction curring,
moulding, grooves in plaster where ever to
different materials meet (Rate shall include
finishing the edges of electrical boxes,
fittings or inserts fixed by other agencies.
37 ITEM NO:-37 PLASTERING WORK
Providing & laying 20 mm thick sand face
plaster in plumb, making texture with grains
of fine sand (washed, cleaned) and applying
with spray machine (of Best make) or Brush
at 5mt to 10 mt level the RCC or Masonry
surface two coat base coat 12 mm thick in
CM 1:4 including accoproof or inpermo
[Link] 900.00
water proofing compound (2% by weight of
cement) & finishing coat 1:3 as approved by
consultants including fixing 150mm wide
chicken wire mesh at Brick work & Column
Junction curring, moulding, grooves in
plaster where to different materials meet,
scaffolding, curring etc. complete.
38 ITEM NO:-38 PLASTERING WORK
Providing and rendering 20mm. thick
smooth cement plaster in CM 1:4 on internal
brick work or concrete surfaces two coats in
plumb using fine sand but without using
extra cement at 5mt to 10mt level including
scaffolding, hacking joints, finishing smooth [Link] 860.00
with fine sand to correct level, line, plumb
including fixing 150mm wide chicken wire
mesh at Brick work & Column Junction,
curring, moulding, grooves in plaster where
ever to different materials meet (Rate shall

234
 AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
include finishing the edges of electrical
boxes, fittings or inserts fixed by other
agencies.
39 ITEM NO:-39 PLASTERING WORK
Providing and rendering 12mm. thick
smooth cement plaster in two coats in CM
1:4 on concrete surfaces (ceilling) in plumb
using fine sand but without using extra
cement at all heights including scaffolding,
hacking joints, finishing smooth with fine
sand to correct level, line, plumb including [Link] 700.00
fixing 150mm wide chicken wire mesh at
Brick work & Column Junction curring,
moulding, grooves in plaster where ever to
different materials meet (Rate shall include
finishing the edges of electrical boxes,
fittings or inserts fixed by other agencies.
40 ITEM NO:-40 PLASTERING WORK
Providing & laying 20 mm thick sand face
plaster in plumb, making texture with grains
of fine sand (washed, cleaned) and applying
with spray machine (of Best make) or Brush
above 10mt heights to the RCC or Masonry
surface two coat base coat 12 mm thick in
CM 1:4 including accoproof or inpermo
[Link] 1,000.00
water proofing compound (2% by weight of
cement) & finishing coat 1:3 as approved by
consultants including fixing 150mm wide
chicken wire mesh at Brick work & Column
Junction curring, moulding, grooves in
plaster where to different materials meet,
scaffolding, curring etc. complete.
41 ITEM NO:-41 PLASTERING WORK
Providing and rendering 20mm. thick
smooth cement plaster in CM 1:4 on internal
brick work or concrete surfaces two coats in
plumb using fine sand but without using
extra cement above 10mt heights including
scaffolding, hacking joints, finishing smooth
with fine sand to correct level, line, plumb
[Link] 960.00
including fixing 150mm wide chicken wire
mesh at Brick work & Column Junction,
curring, moulding, grooves in plaster where
ever to different materials meet (Rate shall
include finishing the edges of electrical
boxes, fittings or inserts fixed by other
agencies.
42 ITEM NO:-42 PLASTERING WORK
Providing and rendering 12mm. thick
smooth cement plaster in two coats in CM
1:4 on concrete surfaces (ceilling) in plumb
using fine sand but without using extra
cement above 10mt heights including
[Link] 800.00
scaffolding, hacking joints, finishing smooth
with fine sand to correct level, line, plumb
including fixing 150mm wide chicken wire
mesh at Brick work & Column Junction
curring, moulding, grooves in plaster where

235
 AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
ever to different materials meet (Rate shall
include finishing the edges of electrical
boxes, fittings or inserts fixed by other
agencies.
ITEM NO:-43 ZIRI PLASTERING
43
WORK
Providing & grouting the electrical conduits
ziri with 1:4 cement mortar. Average width
Rmt 190
50mm wide and depth upto 50 mm.
including curring, scaffolding etc. complete.
Subtotal of Masonary and Plastering 8,48,995.00
PAINT
WORK
44 ITEM NO:-44 PAINT WORK
providing & laying Applying two coat of
birla or asain acrylic lapy (putty) or any
other directed by consultant & two coat of
primer of approved brand and manufacture
on new wall surface to give an even shade
692 [Link] 290.00 2,00,680.00
including throughly brushing the surface free
from mortar dropping and other forien matter
and sand papered smoothas per Directed by
Consultant and applying two coat interior
paint approved by Consultant.
45 ITEM NO:-45 PAINT WORK
providing & laying Finishing wall with
weather proof exterior emulsion paint on
wall surface (two coat) to give an required
shape even shade after throughly grushing 135 [Link] 225.00 30,375.00
the surface to remove all dirt,and remains of
loose powdered materials,complete as per
Directed by Consultant.
Subtotal of Paint Work 2,31,055.00
Providing and doing plinth protection around
10.0
building
Structural
Steel work
Structure steel 184 [Link] 900.00 1,65,600.00
Sheeting
Door & window LS 6,28,000.00
Subtotal of Structural Steel work 7,93,600.00
Total amount of Civil works 76,53,570.00

c. Civil work with finishes for prod/packing Office

Our Company has received quotation dated August 07, 2024 from Hetu Construction Private Limited with a
validity up to December 31, 2025 details of which are set forth below:

AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
Excavation for foundation up to 1.5 Mt Depth
including sorting out and stacking of useful
materials and disposing of the excavated stuff up
1a 8 Cum 175.00 1,400.00
to 100 meter lead including shoring and
strutting and dewatering as necessary and
disposing of the excavated stuff as directed.

236
 AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
Excavation for foundation up to 1.5 Mt to 3 M
Depth including sorting out and stacking of
useful materials and disposing of the excavated
1b 3 Cum 275.00 825.00
stuff up to 100 meter lead including shoring and
strutting and dewatering as necessary and
disposing of the excavated stuff as directed.
Excavation for foundation up to 3 Mt to 5 Mt
Depth including sorting out and stacking of
useful materials and disposing of the excavated
1c Cum 550.00
stuff up to 100 meter lead including shoring and
strutting and dewatering as necessary and
disposing of the excavated stuff as directed.
Subtotal of Excavation 2,225.00
P.C.C
2 ITEM NO:-2 P.C.C WORK
Providing and laying plain cement concrete
(nominal mix) using specified graded coarse
aggregate of approved quality at various
locations etc. machine mixing, consolidating
with rammer/ vibrators, curing, providing
scaffolding, staging etc. complete as directed 3 Cum 7,800.00 23,400.00
and instructed by Engineer. (Form work shall
not be paid for P.C.C.). Do with 1:4:8 grade
concrete using 40 mm maximum size and down
graded aggregate below foundations, base slab,
plinth beams, walls etc.
Subtotal of P.C.C 23,400.00
R.C.C
ITEM NO:-3 CONTROLLED CEMENT
3
CONCRETE WORK
Providing and laying controlled cement
concreate M-25 and curring etc for foundation.
complete including the cost of fromwork &
Excluding Cost of Reinforcement
Foundation,Footing base of Columns and mass
Concrete.
3a a) Foundation 2 Cum 10,500.00 21,000.00
ITEM NO:-4 CONTROLLED CEMENT
4
CONCRETE WORK
Providing and laying controlled cement
concreate M-25 and curring etc for plinth beam
and column. complete including the cost of
fromwork up to plinth level & Excluding cost of
Reinforcement Slabs, landing, Shelves,
Balconies, lintels, beams, girder & cantilever up
to Plinth Lvl.
4a a)Plinth Beam 1 Cum 14,000.00 14,000.00
4b b)Column Cum 14,150.00
4c c)Retaing wall 21,300.00
ITEM NO:-5 GRADE SLAB
5 CONTROLLED CEMENT CONCRETE
WORK
Providing and laying controlled cement
concreate M-20 and curring etc. complete
4 Cum 9,500.00 38,000.00
Including the cost of fromwork & Excluding
Cost of Reinforcement for Grade Slab.

237
 AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
ITEM NO:-6 CONTROLLED CEMENT
6
CONCRETE WORK (M-25)
Providing and laying controlled cement
concreate M-25 and curring etc. complete
including the cost of fromwork & Excluding
cost of Reinforcement of Slabs, landing,
Shelves, Balconies, lintels, beams, girder &
cantilever Plinth to 5mt level.
6a Column 2 Cum 14,250.00 28,500.00
6b Slab 4 Cum 14,400.00 57,600.00
6c Floor Beams 2 Cum 14,750.00 29,500.00
6d Staircase Cum 18,750.00
6e Concrete Wall 21,800.00
ITEM NO:-7 CONTROLLED CEMENT
7
CONCRETE WORK(M-20)
Providing and laying controlled cement
concreate M-20 and curring etc. complete
including the cost of fromwork & Excluding
cost of Reinforcement of Slabs, landing,
Shelves, Balconies, lintels, beams, girder &
cantilever Plinth to 5mt level.
7a Lintel Cum 19,880.00
7b Chajja 19,880.00
7c Coping 19,880.00
7d Cantilever 19,880.00
7e Slab 19,880.00
ITEM NO:-8 CONTROLLED CEMENT
8
CONCRETE WORK (M-25)
Providing and laying controlled cement
concreate M-25 and curring etc. complete
including the cost of fromwork & Excluding
cost of Reinforcement of Slabs, landing,
Shelves, Balconies, lintels, beams, girder &
cantilever 5mt to 10mt level.
8a Column Cum 16,450.00
8b Slab Cum 16,450.00
8c Floor Beams Cum 16,450.00
8d Staircase Cum 19,950.00
8e Concrete Wall Cum 23,000.00
ITEM NO:-9 CONTROLLED CEMENT
9
CONCRETE WORK(M-20)
Providing and laying controlled cement
concreate M-20 and curring etc. complete
including the cost of fromwork & Excluding
cost of Reinforcement of Slabs, landing,
Shelves, Balconies, lintels, beams, girder &
cantilever 5mt to 10mt level.
9a Lintel Cum 21,080.00
9b Chajja Cum 21,080.00
9c Coping Cum 21,080.00
9d Cantilever Cum 21,080.00
9e Slab Cum 21,080.00
ITEM NO:-10 CONTROLLED CEMENT
10
CONCRETE WORK (M-25)
Providing and laying controlled cement
concreate M-25 and curring etc. complete
including the cost of fromwork & Excluding

238
 AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
cost of Reinforcement of Slabs, landing,
Shelves, Balconies, lintels, beams, girder &
cantilever 10mt to heighest level.
10a Column Cum 17,950.00
10b Slab Cum 17,950.00
10c Floor Beams Cum 17,950.00
10d Staircase Cum 21,450.00
10e Concrete Wall Cum 24,500.00
ITEM NO:-11 CONTROLLED CEMENT
11
CONCRETE WORK(M-20)
Providing and laying controlled cement
concreate M-20 and curring etc. complete
including the cost of fromwork & Excluding
cost of Reinforcement of Slabs, landing,
Shelves, Balconies, lintels, beams, girder &
cantilever 10mt to heighest level.
11a Lintel Cum 22,580.00
11b Chajja Cum 22,580.00
11c Coping Cum 22,580.00
11d Cantilever Cum 22,580.00
11e Slab Cum 22,580.00
12 ITEM NO:-12 REINFORCEMENT WORK Cum
Providing and laying reinforcement for R.C.C.
work and bending, binding & placing in position
completed upto heighest level Thermo 1260 Kg 85.00 1,07,100.00
Mechanical Treated Bars as per I.S. Standard.
(FE-500)
NOTE : Providing and erecting in position Steel
Plate shuttering work shuttering and boxing
using shuttering materials of approved quality
shuttering, for concrete elements vertical,
horizontal or inclined in all shapes except
circular shape, column foundations, pedestals,
wall footings, plinth beams, cable trenches,
compound wall, U.G. water tank, pardi, fins,
copings, etc. as per drawing , line and level.
Including necessary Scaffolding, fastener nails,
wires, hacking and smoothening of RCC
Surface after de shuttering, keeping in position
till concrete is laid and concrete members have
acquired required strength, removal, thereafter,
applying de-shuttering oil or surface preparation
chemical of approved make, etc. complete as
directed by structural consultant / Engineer-In-
Charge. At all levels in foundation and up to
heighest plinth level.
A1 RCC WORK FINS (M-25) Cum NQ
A2 EXPOSED RCC WORK FINS (M-25) Cum NQ
STONE CLADDING WORK FOR FINS
A3 Sqft NQ
(Basic Rate = 36/- Sft)
Subtotal of R.C.C 2,95,700.00
EARTH FILLING
13 ITEM NO:-13 BACK FILLING WORK
Filling in foundation and plinth with murrum or
selected soil in layers of 20cm thickness or up to 8 Cum 175.00 1,400.00
required level including watering, rolling,

239
 AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
dressing so as to obtain a Proctar Density of 95%
consolidated with Availabe Soil .
14 ITEM NO:-14 SAND FILLING WORK
Sand Filling in foundation and plinth in layers
of 20cm thickness including ramming and
4 Cum 1200.00 4,800.00
consolidating etc. complete below Foundation
& Grade Slab as per directed by Consultant.
ITEM NO:-15 EARTH FILLING AND
15
COMPACTING WORK
Providing and filling in plinth and trenches,
sides of foundation with excavation, supplying
& filling Murrum / Selected earth brought from
outside site including freight, transportation,
loading, unloading, taxes, royalty, and
screening. Rate to include for spreading,
watering, ramming and compacting of each
layer of 150 to 200mm by using mechanical
plate compactor or rollers, up to 95% proctor
1 Cum 725.00 725.00
density achieved etc. complete as directed by
Engineer-In-Charge. (CBR not less than 6% in
4-day socked condition) Note: Consolidated
measurements of fill shall be paid for filing
work.(Note : Each building plinth to have at
least one set of test of MDP conducted
irrespective of plinth area or for every 500 sqm
of compacted area and part there of ). ( Filling
with Earth / murrum brought from outside )
Subtotal of Earth Filling 6,925.00
FLOORING
16 ITEM NO:-16 TILES WORK
Providing & fixing vitrified tiles glazed
(Double charge) finish in floor and (over bed of
20mm thick cement mortar 1:3 (over rough
plaster of CM 1:3) and jointed with white
Sqmt 1,425.00
cement and finished to give an elegant
appearance.(Size 300 to 600 mm Sq.) Make
kajaria,somani,jhonson, Nitko Basic rate 75/-
sft
16a In Flooring & steps Sqmt 1,500.00
16b Walls Sqmt 1,550.00
Providing and fixing vitrified tiles DEDO .As
16c Sqmt 1,650.00
per 16.
17 ITEM NO:-17 KOTA STONE WORK
Providing and fixing 25 to 40 mm thick machine
cut polished Kota stone flooring of size 600 x
600 mm over 35 mm thick bedding of cement
mortar 1:8, leaving 4X10 mm deep groove joint
18 Sqmt 1,575.00 28,350.00
using spacer and joint to be filled with Epoxy
material (Fosrock or equivalent) including
cleaning and drying of joints and Semi Mirror
polishing etc. complete.(Basic Rate = 36/- Sft)
ITEM NO:-18 GRANITE FLOORING
18
WORK
Providing and fixing 20 mm thick granite stone
in cement Mortar 1:8 including polishing etc.
complete. (Basic Rate = 2000/- smt)
18a In Flooring & steps Sqmt 6,925.00

240
 AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
Providing and fixing 20 mm thick granite stone
18B in cement Mortar 1:8 including polishing etc. Sqmt 8,000.00
complete.(DEDO)
19 ITEM NO:-19 GROOVING WORK
Providing and making 12mm/20mm.x 12mm /
40mm. Grooves, drip moulds / pattas etc. in
plain plaster/double coat sand faced plaster in 1 Rmt 200 200.00
perfect line and level including scaffolding,
curing etc. complete.
20 ITEM NO:-20 COVING WORK
Providing Making corner rounding 40 to75mm
radius at the joints of two walls or at the joints
of walls and ceilings ( in cement mortar of same
mix as that of the plaster) and finished along 1 Rmt 325 325.00
with plaster using fine sand for getting smooth
finish including curring, scaffolding etc.
complete.
ITEM NO:-21 TERMITE TREATMENT
21
WORK
Providing Carrying out plinth treatment to Pre
constrution by spraying chemical solution for
termite control treatment including labour and 21 Sqmt 90.00 1,890.00
material consistent with I.S.I specification as
per Directed by Consultant.(10 Year Garrenty)
22 ITEM NO:-22 LDPE SHEET WORK
Providing and laying LDPE film as per IS 2508,
required thick as below on sand bedding,
including welding of joints, laps, wastage, etc.
21 Sqmt 70.00 1,470.00
Complete as directed by Engineer-In-Charge.
(Laid area shall be paid for) - for 250 mm
Micron Thickness
23 ITEM NO:-23 RUBBLE SOILING WORK
Providing & Laying Rubble Soling of 40mm to
63mm Metal including all Below Grade Slab 5 Cum 2,400.00 12,000.00
P.C.C.
24 ITEM NO:-24 SKIRTING WORK
Same as item 17 above but for skirting 100 mm
high to be laid flush with the wall plaster.(The Sqmt 2,400.00
rate is inclusive of cutting brick wall).
25 ITEM NO:-25 EPOXY COVING WORK
Providing & Rounding of junction of floor to
wall with 70 mm radius, finishing it with epoxy
mortar, fixing 75 mm wide Kota Stone Skirting
1 Rmt 800 800.00
above rounding of junction & painting the
junction with apoxy paint & polishing the
[Link]. complete.
25.1 DENSE FLOORING
Providing and applying Dense floor coating as
approved by PTC and [Link] coating
13 Sqmt 240 3,120.00
system shall be uniform in color combinations,
texture, and appearance.
ITEM NO:-26 FLOOR TRIMIX WORK
26 (only labour charges)(150m to 200mm
thickness
Labour charges for laying R.C.C. floor of M-20
grade of concrete (trimix) to be concreted in 13 [Link] 425.00 5,525.00
alternate panels ,maximum panel size of 4 mtr.

241
 AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
x 4 [Link] panel shall be formed on four sides
with [Link] bolted in position for forming
the size. The entire concrete mass shall be
vibrated with skirt vibrator so as to bring out
slurry on top and smooth finished integrally as
per instruction of Engineer in charge using
vaccume de watering system as per
Manufacturer's specification including applying
"NITO FLOOR HARD TOP" or equivalent
(Fair creat, sikka applied at the rate of 2.5 kg/10
sq.m on R.C.C. floor as per Manufacturer's
pecification) after base concrete has stiffened to
the point when light foot traffic leaves an
imprint of about 3 mm. Any bleed water should
have evaporated including providing expansion
joints with 200 mm X 20 mm with salitex board
fitting, joint cutting, filling bitumen curing etc
complete as per instruction of site Engineer.
Excluding steel & including form work with all
tools, plants, Machinery and all cost of
chemical with alternate panel (Instructed by site
encharge).
27 ITEM NO:-27 WATERPROOFING WORK
Providing and laying India type Brick bat Coba
water proofing treatment of 120mm average
thickness consisting surface cleaning, applying
and grouting a cement slurry coat of neat cement
using 2.75 kg/ sqm, with proprietary water
proofing compound (Conplast X421IC-Fosroc,
Sika, Dr. Fixit or approved make) over the slab.
Laying cement concrete using broken
bricks/brick bats 25mm to 100mm size with
50% of cement mortar (1 cement: 5 coarse sand)
admixed with proprietary water proofing
compound to required slope and treating
similarly the adjoining walls up to 300mm
height including rounding of junctions of walls
and slabs, after 2 days of proper curing applying
a second coat of cement slurry admixed with
proprietary water proofing compound. Finishing
the surface with 20mm thick joint less cement
mortar of mix 1:4 (1 cement: 4 coarse sand)
admixed with proprietary water proofing
compound and finally finishing the surface with
trowel with neat cement slurry and making of
300X300 mm square. The whole finished shall
be flooded with water for a minimum period of
two weeks for curing and for final test. With
average thickness of 120mm and minimum
thickness at khurra as 65mm, all lead, lift and
laid to proper slope to drain off water entirely,
scoop, including quarter around vata at the
junction of parapet and floor up to a height of
300mm. 10 years’ free maintenance guarantee
against any leakage, defect etc. on stamp paper
etc. All above operations to be done in order
specialised water proofing agency and as
directed by the Engineer-in-charge.

242
 AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
27a Toilet Sunken Area 1 [Link] 1,250.00 1,250.00
27b Terrace Area 21 [Link] 890.00 18,690.00
27(a1)
ITEM NO:-27(a1) CHINA MOSAIC WORK
Providing and laying broken China Mosaic
Flooring for Terrace using 12mm to 20mm
broken pieces of glazed tiles to be laid over
cement mortar 1:3 to plain or slope and to be
tempered to bring mortar crème out upto surface 21 [Link] 725.00 15,225.00
using white cement including rounding off
junctions and extending them up to 15cm. along
the wall, clearing with water and oxalic acid etc.
as directed
Subtotal of Flooring 88,845.00
MASONARY AND PLASTERING
28 ITEM NO:-28 BRICK WORK
providing & laying Half Brick work (115
mm)using common burnt clay building brick
having crushing strength not less than 35 kg/sq.
cm. up to 5mt level in cement mortar 1:6 (1 1 Sqmt 1,190.00 1,190.00
Cement : 6 fine sand) Extra for brick in super
structure above per floor per plinth level up to
5mt level .(B) Convetional
29 ITEM NO:-29BRICK WORK
Providing & laying Half Brick work (115
mm)using common burnt clay building brick
having crushing strength not less than 35 kg/sq.
Sqmt 1,400.00
cm.5mt to 10mt level in cement mortar 1:6 (1
Cement : 6 fine sand) Extra for brick in super
structure above 5mt level .(B) Convetional
30 ITEM NO:-30 BRICK WORK
Providing & laying Half Brick work (115
mm)using common burnt clay building brick
having crushing strength not less than 35 kg/sq.
Sqmt 1,650.00
cm.10mt to heighest level in cement mortar 1:6
(1 Cement : 6 fine sand) Extra for brick in super
structure above 10mt level .(B) Convetional
31 ITEM NO:-31 BRICK WORK
Providing & laying Brick work (230 mm)using
common burnt clay building brick having
crushing strength not less than 35 kg/sq. cm. up
to 5mt level in cement mortar 1:6 (1 Cement : 6 Cum 7,275.00
fine sand) Extra for brick in super structure
above per floor per plinth level up to 5mt level
.(B) Convetional
32 ITEM NO:-32 BRICK WORK
Providing & laying Brick work (230 mm)using
common burnt clay building brick having
crushing strength not less than 35 kg/sq. cm.5mt
3 Cum 7,275.00 21,825.00
to 10mt level in cement mortar 1:6 (1 Cement :
6 fine sand) Extra for brick in super structure
above 5mt level .(B) Convetional
33 ITEM NO:-33 BRICK WORK
Providing & laying Brick work (230 mm)using
common burnt clay building brick having
Cum 8,525.00
crushing strength not less than 35 kg/sq.
cm.10mt to heighest level in cement mortar 1:6

243
 AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
(1 Cement : 6 fine sand) Extra for brick in super
structure above 10mt level .(B) Convetional
34 ITEM NO:-34 PLASTERING WORK
Providing & laying 20 mm thick sand face
plaster in plumb, making texture with grains of
fine sand (washed, cleaned) and applying with
spray machine (of Best make) or Brush up to
5mt level to the RCC or Masonry surface two
coat base coat 12 mm thick in CM 1:4 including
accoproof or inpermo water proofing compound 8 [Link] 720.00 5,760.00
(2% by weight of cement) & finishing coat 1:3
as approved by consultants including fixing
150mm wide chicken wire mesh at Brick work
& Column Junction curring, moulding, grooves
in plaster where to different materials meet,
scaffolding, curring etc. complete.
35 ITEM NO:-35 PLASTERING WORK
Providing and rendering 20mm. thick smooth
cement plaster in CM 1:4 on internal brick work
or concrete surfaces two coats in plumb using
fine sand but without using extra cement up to
5mt level. including scaffolding, hacking joints,
finishing smooth with fine sand to correct level,
24 [Link] 600.00 14,400.00
line, plumb including fixing 150mm wide
chicken wire mesh at Brick work & Column
Junction, curring, moulding, grooves in plaster
where ever to different materials meet (Rate
shall include finishing the edges of electrical
boxes, fittings or inserts fixed by other agencies.
36 ITEM NO:-36 PLASTERING WORK
Providing and rendering 12mm. thick smooth
cement plaster in two coats in CM 1:4 on
concrete surfaces (ceilling) in plumb using fine
sand but without using extra cement at all
heights including scaffolding, hacking joints,
finishing smooth with fine sand to correct level,
17 [Link] 530.00 9,010.00
line, plumb including fixing 150mm wide
chicken wire mesh at Brick work & Column
Junction curring, moulding, grooves in plaster
where ever to different materials meet (Rate
shall include finishing the edges of electrical
boxes, fittings or inserts fixed by other agencies.
37 ITEM NO:-37 PLASTERING WORK
Providing & laying 20 mm thick sand face
plaster in plumb, making texture with grains of
fine sand (washed, cleaned) and applying with
spray machine (of Best make) or Brush at 5mt
to 10 mt level the RCC or Masonry surface two
coat base coat 12 mm thick in CM 1:4 including
accoproof or inpermo water proofing compound [Link] 900.00
(2% by weight of cement) & finishing coat 1:3
as approved by consultants including fixing
150mm wide chicken wire mesh at Brick work
& Column Junction curring, moulding, grooves
in plaster where to different materials meet,
scaffolding, curring etc. complete.
38 ITEM NO:-38 PLASTERING WORK

244
 AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
Providing and rendering 20mm. thick smooth
cement plaster in CM 1:4 on internal brick work
or concrete surfaces two coats in plumb using
fine sand but without using extra cement at 5mt
to 10mt level including scaffolding, hacking
joints, finishing smooth with fine sand to correct
[Link] 860.00
level, line, plumb including fixing 150mm wide
chicken wire mesh at Brick work & Column
Junction, curring, moulding, grooves in plaster
where ever to different materials meet (Rate
shall include finishing the edges of electrical
boxes, fittings or inserts fixed by other agencies.
39 ITEM NO:-39 PLASTERING WORK
Providing and rendering 12mm. thick smooth
cement plaster in two coats in CM 1:4 on
concrete surfaces (ceilling) in plumb using fine
sand but without using extra cement at all
heights including scaffolding, hacking joints,
finishing smooth with fine sand to correct level,
[Link] 700.00
line, plumb including fixing 150mm wide
chicken wire mesh at Brick work & Column
Junction curring, moulding, grooves in plaster
where ever to different materials meet (Rate
shall include finishing the edges of electrical
boxes, fittings or inserts fixed by other agencies.
40 ITEM NO:-40 PLASTERING WORK
Providing & laying 20 mm thick sand face
plaster in plumb, making texture with grains of
fine sand (washed, cleaned) and applying with
spray machine (of Best make) or Brush above
10mt heights to the RCC or Masonry surface
two coat base coat 12 mm thick in CM 1:4
including accoproof or inpermo water proofing
[Link] 1,000.00
compound (2% by weight of cement) &
finishing coat 1:3 as approved by consultants
including fixing 150mm wide chicken wire
mesh at Brick work & Column Junction curring,
moulding, grooves in plaster where to different
materials meet, scaffolding, curring etc.
complete.
41 ITEM NO:-41 PLASTERING WORK
Providing and rendering 20mm. thick smooth
cement plaster in CM 1:4 on internal brick work
or concrete surfaces two coats in plumb using
fine sand but without using extra cement above
10mt heights including scaffolding, hacking
joints, finishing smooth with fine sand to correct
[Link] 960.00
level, line, plumb including fixing 150mm wide
chicken wire mesh at Brick work & Column
Junction, curring, moulding, grooves in plaster
where ever to different materials meet (Rate
shall include finishing the edges of electrical
boxes, fittings or inserts fixed by other agencies.
42 ITEM NO:-42 PLASTERING WORK
Providing and rendering 12mm. thick smooth
cement plaster in two coats in CM 1:4 on
[Link] 800.00
concrete surfaces (ceilling) in plumb using fine
sand but without using extra cement above 10mt

245
 AMOUNT
[Link] ITEM DESCRIPTION QTY UNIT Rate (₹)
(₹)
heights including scaffolding, hacking joints,
finishing smooth with fine sand to correct level,
line, plumb including fixing 150mm wide
chicken wire mesh at Brick work & Column
Junction curring, moulding, grooves in plaster
where ever to different materials meet (Rate
shall include finishing the edges of electrical
boxes, fittings or inserts fixed by other agencies.
43 ITEM NO:-43 ZIRI PLASTERING WORK
Providing & grouting the electrical conduits ziri
with 1:4 cement mortar. Average width 50mm
Rmt 190
wide and depth upto 50 mm. including curring,
scaffolding etc. complete.
Subtotal of Masonary and Plastering 52,185.00
PAINT WORK
44 ITEM NO:-44 PAINT WORK
providing & laying Applying two coat of birla
or asain acrylic lapy (putty) or any other
directed by consultant & two coat of primer of
approved brand and manufacture on new wall
surface to give an even shade including
42 [Link] 290.00 12,180.00
throughly brushing the surface free from mortar
dropping and other forien matter and sand
papered smoothas per Directed by Consultant
and applying two coat interior paint approved by
Consultant.
45 ITEM NO:-45 PAINT WORK
providing & laying Finishing wall with weather
proof exterior emulsion paint on wall surface
(two coat) to give an required shape even shade
after throughly grushing the surface to remove 8 [Link] 225.00 1,800.00
all dirt,and remains of loose powdered
materials,complete as per Directed by
Consultant.
Subtotal of Paint Work 13,980.00
Providing and doing plinth protection around
10.0
building
Structural Steel work
Structure steel
Sheeting
Door & window LS 3,300.00
Subtotal of Structural Steel work 3,300.00
Total amount of Civil works 4,86,560.00
Note: Details mentioned above are in-verbatim from the quotations received

Summary of civil work:

Particulars Rate (₹) Quantity Total Quotations Date of Validity of

estimated received quotations Quotation /
costs (₹) from Date of
Purchase Order
(PO)
Civil work 57,98,320 1 57,98,320 Hetu August 07, December 31,
finishes for Construction 2024 2025
packing Private
material Limited
store, plastic,

246
 Particulars Rate (₹) Quantity Total Quotations Date of Validity of
estimated received quotations Quotation /
costs (₹) from Date of
Purchase Order
(PO)
transfer
system,
dispensing
area, retained
sample room
Civil work 76,53,570 1 76,53,570 Hetu August 07, December 31,
finishes for Construction 2024 2025
filing – Private
mixing room, Limited
sterliser area,
distillation,
packing area,
change room,
service area
Civil work 4,86,560 1 4,86,560 Hetu August 07, December 31,
with finishes Construction 2024 2025
for Private
prod/packing Limited
office
Total - - 1,39,38,450 - - -
Total (in - - 139.38 - - -
lakhs)

Further details of civil construction works are as follows:

• The excavation rate considered is INR 175 per cubic meter.

• PCC rate considered is INR 7,800 per cubic meter.
• RCC rate for M-25 and M-20 are INR 19,880 per cubic meter and INR 21,080 per cubic meter respectively.
• The TMT bars of grade Fe-500 are taken at INR 38,000 per MT.
• The total civil construction area is 50,841 sqft as per the BOQ and thereby the per sqft construction cost for
clean room is INR 274 per sqft.
• Interior work like oil painting on wall is scheduled to commence after the installation of machinery.
• There are no separate floor, only ground floor and mezzanine floor is planned.

[Rest of the page has been intentionally left blank]

247
2. Machineries and equipment

Particulars Description / Model / Brand Rate (₹) Quantity Total Quotations received Date of Validity of
Specifications estimated from quotations Quotation /
costs (₹) Date of
Purchase
Order (PO)
3000 LPH Purified Water Includes RO Water Pump with Innovus 39,30,000 1 39,30,000 Innovus Concept June 25, Upto
Generation System Piping and Valve, 3280 LPH Private Limited 2025 December
Second Pass C.S.R.O. System 31, 2025
with pH Correction System with
Instruments and Control, 3000
LPH [Link] System with
Conductivity Monitor System,
3000 LPH UF System with
Backwash and Cleaning System
WFI Generation Plant Capacity:1000LPH@3Kg/Cm2, Innovus 60,00,000 1 60,00,000 Innovus Concept June 25, Upto
Operation up to Max 6Bar Plant Private Limited 2025 December
Steam Pressure 31, 2025
Purified Water Storage, - Innovus 32,73,750 1 32,73,750 Innovus Concept June 25, Upto
Distribution & Monitoring Private Limited 2025 December
System 31, 2025
WFI Water Storage, - Innovus 53,42,250 1 53,42,250 Innovus Concept June 25, Upto
Distribution & Monitoring Private Limited 2025 December
System 31, 2025
SS 316L 2200 Litres Size: - 1300 mm ᴓ X 1650 mm Innovus 60,00,000 1 60,00,000 Innovus Concept June 25, Upto
Mixing Vessel Shell Height, Vessel’s Private Limited 2025 December
Thickness: SS 316L, 6 mm thk 31, 2025
for shell & top dish & 8 mm thk
for bottom dish.
Material Dish End Baffles: 50 X
6 mm Thick SS 316 X 2 Nos,
Spiral Stiffeners: 32 X 5 SS 304
SS 316L 2200 Litres Size: - 1300 mm ᴓ X 1650 mm Innovus 30,00,000 1 30,00,000 Innovus Concept June 25, Upto
Holding Vessel Shell Height, Vessel’s Private Limited 2025 December
Thickness: SS 316L, 6 mm thk 31, 2025
for shell & top dish & 8 mm thk

248
Particulars Description / Model / Brand Rate (₹) Quantity Total Quotations received Date of Validity of
Specifications estimated from quotations Quotation /
costs (₹) Date of
Purchase
Order (PO)
for bottom dish. Spiral
Stiffeners: 32 X 5 SS 304
200 Litre Auto CIP Capacity 200 Ltrs. Working Innovus 15,00,000 1 15,00,000 Innovus Concept June 25, Upto
System volume, Tank Type: Private Limited 2025 December
Cylindrical, Vertical, Agitated, 31, 2025
Jacketed, Insulated, Leg
Supported with ball feet.
Surface Finish: a) Internal: Ra <
0.5 µm Mirror finish (Electro
Polish)
b) External: Ra < 0.9 µm Matt
finish (Mechanical Polish)
Centrifugal pump with Pump Model LKH-10, Flow Alfa Laval 2,65,778 4 10,63,112 CAS Private Limited June 25, Upto
motors 3HP (m3/hr)- 5 2025 December
31, 2025
Centrifugal pump with Pump Model LKH-10, Flow Alfa Laval 2,65,778 4 10,63,112 CAS Private Limited June 25, Upto
motors 3HP (m3/hr)- 15 2025 December
31, 2025
Centrifugal pump with Pump Model LKH-20, Flow Alfa Laval 3,19,652 4 12,78,608 CAS Private Limited June 25, Upto
motors 5HP (m3/hr)- 25 2025 December
31, 2025
MCF Housing with Filter 30” Long X 1 Nos. Code-7 Innovus 50,000 5 2,50,000 Innovus Concept June 25, Upto
Cartridge Filter Housing Private Limited 2025 December
31, 2025
MCF Housing with Filter 10” Long X 1 Nos. Code-7 Innovus 40,000 4 1,60,000 Innovus Concept June 25, Up to June
Vent Filter Housing Private Limited 2025 30, 2025
Inline High Shear Includes PROCESS PILOT IKA 31,10,000 1 31,10,000 IKA India Private June 23, Up to 8
Dispersing Machine 2000/4 Complete basic machine Limited 2025 months
Process Pilot with DR (4 kW) with clamp connections,
Modul locking pressure vessel and
module UTL, Module DR,
Accessories for circulating

249
Particulars Description / Model / Brand Rate (₹) Quantity Total Quotations received Date of Validity of
Specifications estimated from quotations Quotation /
costs (₹) Date of
Purchase
Order (PO)
operation, Electric Controller-
4KW
Vacuum Transfer System- System configuration: Bulk Prash 8,87,000 1 8,87,000 Prash Engimach April 18, Upto
VTS Tube Hopper Series Density of 1.0 gm/cc to 1.2 Private Limited 2025 December
5 for Plastic Granules to gm/cc, Conveying Distance will 31, 2025
Silo and Series 15 for FFS be Appx. 3 Meter Horizontal
machine and 3 Meter Vertical,
Conveying Rate is Designed at
200 – 300 Kg/Hr.
Model 640 Blow/Fill/Seal Produce 2.5-3.0ml respules. It Weiler 22,13,35,808* 1 22,13,35,808 Weiler Engineering, June 23, Upto 8
50 cavity system includes parison head and an Engineering Inc. 2025 months
electronic filing system,
Container Design in C301-11-
4120, All containers are
processed from low density
polyethylene resin
Packing line for 5 Visual Inspection 12 feet, 4x4 Shri Balaji 2,75,000 1 2,75,000 Shri Balaji Packing July 29, Upto
Cassetes /Ampouls both side, 8 person seating with Machine 2024 December
VFD 31, 2025
Packing line for 5 Labelling machine two side Shri Balaji 8,75,000 1 8,75,000 Shri Balaji Packing July 29, Upto
Cassetes /Ampouls labelling for 5 cassetes without Machine 2024 December
printer 31, 2025
Packing line for 5 Buffer Conveyor with VFD Shri Balaji 1,25,000 1 1,25,000 Shri Balaji Packing July 29, Upto
Cassetes /Ampouls Machine 2024 December
31, 2025
Packing line for 5 Shrink machine, SS Shri Balaji 95,000 1 95,000 Shri Balaji Packing July 29, Upto
Cassetes /Ampouls construction, LXWXH in Machine 2024 December
inches: 24X8X8. 31, 2025
3.0 tonne powered pallet Capacity 3000 KG, Load Center Godrej 5,45,000 1 5,45,000 Radix Innovations June 25, Upto
truck GPPT 3000 W Pro 600mm, Fork Length 1150 mm Private Limited 2025 December
with battery charger Fork Spread (Outer) 540/685 31, 2025
mm, Fork Width 173, Drive
Motor 2.2KW, Pump Motor

250
Particulars Description / Model / Brand Rate (₹) Quantity Total Quotations received Date of Validity of
Specifications estimated from quotations Quotation /
costs (₹) Date of
Purchase
Order (PO)
2.2KW, Traction Battery 24V /
250
Fully electric stacker Capacity1500kg@600 mm Godrej 8,27,500 1 8,27,500 Radix Innovations June 25, 06 months
Model – ESW 1563 with Load Centre, External Charger Private Limited 2025
accessories 24V, 1 Phase, Single Rate, for
225Ah Battery:- 08 Hr., Travel
Alarm, Flashing Light
Sampling booth (6' X 4') Internal Size: 1910 x 1285 x Fabsafe 5,93,400 1 5,93,400 Fabsafe Technologies June 23, Upto 9
2000 mm Private Limited 2025 months
External Size: 2010 x 1985 x
2370 mm
Pine wood pallets Size: 1100 x 1200 x 162 mm, Keshar 1,793 100 1,79,300 Shree Keshar Trading June 24, Upto
Type: 4 Letsway Pallets Co. 2025 December
31, 2025
Ceiling Suspended Internal Size: 5' X 3' Fabsafe 3,45,000 1 3,45,000 Fabsafe Technologies June 23, Upto 9
Vertical LAF External Size: 1719 x 1110 x Private Limited 2025 months
665 mm
Total - - 26,20,53,840 - - -
Total (in lakhs) - - 2,620.54 - - -
* Exchange rate of 1 USD = ₹ 86.46 ([Link]), January 23, 2025

3. Utilities

Particulars Description / Brand Rate per unit Quantity Total Quotations Date of Validity of
Model / (₹) (unit) estimated costs received from quotations Quotation /
Specifications (₹) Date of
Purchase
Order (PO)
HVAC SVP -Air 1. BOQ - AHU - 1,75,00,000 1 1,75,00,000 Shinryo June 25, 2025 Up to
Handling Units 2. BOQ – Electrical Suvidha December 31,
Heater Battery Engineers India 2025
3. BOQ – CHW Pvt Ltd
(Chilled Water

251
Particulars Description / Brand Rate per unit Quantity Total Quotations Date of Validity of
Model / (₹) (unit) estimated costs received from quotations Quotation /
Specifications (₹) Date of
Purchase
Order (PO)
Manifold) & HW
Manifold
4. BOQ Low Side
5. BOQ – Electrical
6. BOQ -
Validation
Erection, Testing and Piping work - 3,200 Rmt/ Inch 1000 32,00,000 Mechpure June 24, 2025 Up to
Commissioning of 1.0”OD Dia Industries December 31,
Orbitally Welded Private Limited 2025
SS316L
Erection, Testing and MS - 1,565 Rmt/ Inch 1000 15,65,000 Mechpure June 24, 2025 Up to
Commissioning of Piping work Dia Industries December 31,
Arc Welded 1.0”NB Private Limited 2025

Horizontal Model - Macwin 51,000 8 4,08,000 Macwin June 24, 2025 Up to

centrifugal WMBP:10h2, Suc Engineers December 31,
monoblock pump X Del Size - 80 X 2025
65, Impeller Type -
Close Type, Seal
Type- Gland Type,
5. Recommended
Motor
(Hp/Kw/Rpm) - 10
Hp/7.5 Kw/2900
Rpm, Insulation-
Class F,Copper
Winding
Cooling tower for Model No. -HSS Himgiri 6,12,000 1 6,12,000 Himgiri FRP July 30, 2024 Up to
sterilizer 011.011 Cooling December 31,
Vertical Flange Towers Private 2025
Mounted, Squirrel Limited
Cage TEFC
Weather Proof

252
 Particulars Description / Brand Rate per unit Quantity Total Quotations Date of Validity of
Model / (₹) (unit) estimated costs received from quotations Quotation /
Specifications (₹) Date of
Purchase
Order (PO)
Induction Motor
suitable for supply
of 415 ± 6% 50 Hz
± 3%
with class of
insulation “F” and
IP-55 Degree
of Protection.
Total - - 2,32,85,000 - - -
Total (in lakhs) - - 232.85 - - -

4. Electrical

Particulars Description / Brand Rate per unit Quantity Total Quotations Date of Validity of
Model / (₹) (unit) estimated costs received from quotations Quotation /
Specifications (₹) Date of
Purchase
Order (PO)
Electrical Panel– Main LT panel– - 18,00,480 1 18,00,480 Microtech July 29, 2024 Up to
main LTT panel L&T switchgear Systems December 31,
–L&T 2025
switchgear
“CG” make 7.5, 10, 20, 30, 50 - 2,33,000 1 2,33,000 Prakash Electric June 24, 2025 08 months
Motor HP 2880 RPM Stores
3PH TEFC IE2
Foot
Total - - 20,33,480 - - -
Total (in lakhs) - - 20.33 - - -

253
In addition to estimated expenses mentioned above, there may be revision in the final amounts payable towards
these quotations pursuant to any taxes, levies payable and/or freight or installing cost, if any, on such items. Our
Company shall have the flexibility to deploy the equipment to replace any existing equipment or set up a new
equipment in the newly expanded portion as proposed as per the internal estimates of our management and
business requirements. This may vary depending on the demand for replacement in our existing equipment.

Means of finance for purchase of equipment, plant and machinery

The fund requirements for purchase of equipment, plant and machinery for our manufacturing facilities at
Hariyala, Kheda, Gujarat are proposed to be entirely funded from the Net Proceeds. Accordingly, we confirm that
there is no requirement for us to make firm arrangements of finance under Regulation 7(1)(e) the SEBI ICDR
Regulations through verifiable means towards at least 75% of the stated means of finance, excluding the amount
to be raised through the Issue or through existing identifiable internal accruals.

3. General Corporate Purposes

Our Company proposes to deploy the balance Net Proceeds, aggregating to ₹ [●] lakhs, towards general corporate
purposes as approved by our management from time to time, subject to such utilisation not exceeding 25% of the
Gross Proceeds, in compliance with the SEBI ICDR Regulations. The general corporate purposes for which our
Company proposes to utilise Net Proceeds include, without limitation, business development initiatives, design
and development, meeting any expense including salaries and wages, rent, administration costs, insurance
premiums, repairs and maintenance, payment of taxes and duties, inorganic opportunities and similar other
expenses incurred in the ordinary course of our business any of the other Objects, payment of liabilities (including
repayment of any amount secured loans which are used for the aforesaid proposed object/issue), capital
expenditure or towards any exigencies. The quantum of utilisation of funds towards each of the above purposes
will be determined by our Board, based on the amount actually available under this head and the business
requirements of our Company, from time to time, subject to compliance with applicable law.

In addition to the above, our Company may utilise the Net Proceeds towards other purposes considered expedient
and as approved periodically by our Board, subject to compliance with necessary provisions of the Companies
Act. Our Company’s management shall have flexibility in utilising surplus amounts, if any. Our management will
have the discretion to revise our business plan from time to time and consequently our funding requirement and
deployment of funds may change. This may also include rescheduling the proposed utilization of Net Proceeds.
Our management, in accordance with the policies of our Board, will have flexibility in utilizing the proceeds
earmarked for general corporate purposes. In the event that we are unable to utilize the entire amount that we have
currently estimated for use out of Net Proceeds in a Fiscal, we will utilize such unutilized amount in the subsequent
Fiscals.

Interim use of Net Proceeds

The Net Proceeds pending utilisation for the purposes stated in this section, shall be deposited only with scheduled
commercial banks included in the Second Schedule of the Reserve Bank of India Act, 1934, as amended. In
accordance with Section 27 of the Companies Act, our Company confirms that it shall not use the Net Proceeds
for buying, trading or otherwise dealing in equity shares of any other listed company or for any investment in the
equity markets.

Bridge Financing Facilities

Our Company has not raised any bridge loans from any bank or financial institution as on the date of this Red
Herring Prospectus, which are proposed to be repaid from the Net Proceeds. However, depending upon business
requirements, our Company may consider raising bridge financing facilities, including through secured or
unsecured loans or any short-term instrument like non-convertible debentures, commercial papers etc. pending
receipt of the Net Proceeds. If any bridge financing is availed to fund any of the objects mentioned above, then
the same would be repaid out of the IPO proceeds and such utilization (towards repayment of Bridge Loan) shall
be construed to be done for the specific object itself.

Issue Expenses

254
The total Issue related expenses are estimated to be approximately ₹ [●] lakhs. The Issue related expenses
primarily include fees payable to the BRLM and legal counsel, fees payable to the Auditors, brokerage and selling
commission, underwriting commission, commission payable to Registered Brokers, RTAs, CDPs, SCSBs’ fees,
Sponsor Banks’ fees, Registrar’s fees, printing and stationery expenses, advertising and marketing expenses and
all other incidental and miscellaneous expenses for listing the Equity Shares on the Stock Exchanges.

The break-up for the estimated Issue expenses is set forth below:

Estimated As a % of the As a % of
Activity expenses1 (in total estimated the total
₹lakhs) Issue expenses1 Issue size1
Book Running Lead Manager’s fees and
commissions (including underwriting commission, [●] [●] [●]
brokerage and selling commission)
Commission/processing fee for SCSBs, Sponsor
Bank(s) and Bankers to the Issue. Brokerage,
underwriting commission and selling commission [●] [●] [●]
and bidding charges for Members of the Syndicate,
Registered Brokers, RTAs and CDPs (2)(3)(4)(5)
Fees payable to the Registrar to the Issue [●] [●] [●]
Fees payable to other parties, including but not
limited to professional service provider, industry [●] [●] [●]
service provider and Monitoring Agency;
Statutory Auditors, for issuing auditors report on
[●] [●] [●]
Restated Financial Information
Independent Chartered Accountant, to verify the
details and provide certifications with respect to
[●] [●] [●]
certain information included in the DRHP/RHP/
Prospectus
Others [●] [●] [●]
- Listing fees, SEBI filing fees, upload fees,
BSE & NSE processing fees, book building
[●] [●] [●]
software fees and other regulatory
expenses
- Printing and distribution of issue stationery [●] [●] [●]
- Advertising and marketing expenses [●] [●] [●]
- Fee payable to legal counsel [●] [●] [●]
- Miscellaneous [●] [●] [●]
Total Estimated Issue Expenses [●] [●] [●]
(1) Amounts will be finalized and incorporated in the Prospectus on determination of Issue Price.
(2) Issue expenses include applicable taxes, where applicable. Issue expenses are estimates and are subject to change.
(3) Selling commission payable to the SCSBs on the portion for Retail Individual Investors and Non-Institutional Investors which are directly
procured and uploaded by the SCSBs, would be as follows:

Portion for Retail Individual Investors* 0.15% of the Amount Allotted (plus applicable taxes)
Portion for Non-Institutional Investors* 0.10% of the Amount Allotted (plus applicable taxes)
*Amount Allotted is the product of the number of Equity Shares Allotted and the Issue Price
Selling Commission payable to the SCSBs will be determined on the basis of the bidding terminal ID as captured in the Bid book of BSE
or NSE. No additional uploading/processing charges shall be payable by our Company to the SCSBs on the Bid cum Applications Forms
directly procured by them.
(4) Processing fees payable to the SCSBs for capturing Syndicate Member/Sub-syndicate (Broker)/Sub-broker code on the ASBA Form for
Non-Institutional Investors and Qualified Institutional Investors with bids above ₹5.00 lakhs would be ₹ 10 plus applicable taxes, per
valid application.
Notwithstanding anything contained above the total processing fee payable under this clause will not exceed ₹2.50 lakhs (plus applicable
taxes) and in case if the total processing fees exceeds ₹ 2.50 lakhs (plus applicable taxes) then processing fees will be paid on pro-rata
basis for portion of (i) Non-Institutional Investors and (ii) Qualified Institutional Investors, as applicable.
(5) Selling commission of Retail Individual Investors using the UPI mechanism and Non Institutional Investors which are procured by
Members of the Syndicate (including their sub-Syndicate Members), RTAs and CDPs or for using 3-in-1 type accounts- linked online
trading, demat & bank account provided by some of the Registered Brokers which are members of Syndicate (including their sub-
Syndicate Members) would be as follows:

255
 Portion for Retail Individual Investors* 0.15% of the Amount Allotted (plus applicable taxes)
Portion for Non-Institutional Investors* 0.10% of the Amount Allotted (plus applicable taxes)
* Amount Allotted is the product of the number of Equity Shares Allotted and the Issue Price.
The Selling commission payable to the Syndicate / sub-Syndicate Members will be determined:
(i) For Retail Individual Investors and Non-Institutional Investors (up to ₹ 5.00 lakhs), on the basis of the application form number /
series, provided that the application is also bid by the respective Syndicate / sub-Syndicate Member. For clarification, if a Syndicate
ASBA application on the application form number / series of a Syndicate / sub-Syndicate Member, is bid by an SCSB, the Selling
Commission will be payable to the SCSB and not the Syndicate / sub-Syndicate Member.
(ii) For Non-Institutional Investors (above ₹ 5.00 lakhs), Syndicate ASBA Form bearing SM Code & Sub Syndicate Code of the
application form submitted to SCSBs for Blocking of the Fund and uploading on the Exchanges platform by SCSBs. For clarification, if
a Syndicate ASBA application on the application form number / series of a Syndicate / Sub-Syndicate Member, is bid by an SCSB, the
Selling Commission will be payable to the Syndicate / Sub Syndicate members and not the SCSB.
The payment of selling commission payable to the sub-brokers / agents of sub-syndicate members are to be handled directly by the
respective sub-syndicate member. The selling commission and bidding charges payable to Registered Brokers, the RTAs and CDPs will
be determined on the basis of the bidding terminal ID as captured in the bid book of BSE or NSE.
(6) Uploading Charges:
(i) payable to Members of the Syndicate (including their sub-Syndicate Members) on the applications made using 3-in-1 accounts would
be ₹ 10 plus applicable taxes, per valid application bid by the Syndicate (including their sub-Syndicate members);
(ii) payable to SCSBs on the QIB Portion and Non-Institutional Investors (excluding UPI Bids) which are procured by the Syndicate/sub-
Syndicate/Registered Broker/RTAs/ CDPs and submitted to SCSBs for blocking and uploading would be ₹ 10 per valid application (plus
applicable taxes).
The selling commission and bidding charges payable to Syndicate (including their sub-Syndicate Members) will be determined on the
basis of the bidding terminal id as captured in the Bid Book of BSE or NSE.
Notwithstanding anything contained above the total uploading charges payable under this clause will not exceed overall maximum cap
of ₹ 2.50 lakhs (plus applicable taxes) and in case if the total uploading charges exceeds ₹ 2.50 lakhs (plus applicable taxes) then
processing fees will be paid on pro-rata basis for portion of (i) Retail Individual Investors and (ii) Non-Institutional Investors, as
applicable.
(7) Selling commission/ uploading charges payable to the Registered Brokers on the portion for Retail Individual Investors (up to ₹ 200,000)
through UPI Mechanism and Non-Institutional Investors which are directly procured by the Registered Broker and submitted to SCSB
for processing, would be as follows:

Portion for Retail Individual Investors* ₹ 10 per valid application (plus applicable taxes)
Portion for Non-Institutional Investors* ₹ 10 per valid application (plus applicable taxes)
* Based on valid applications.
Notwithstanding anything contained above the total Selling commission/ uploading charges payable to the Registered Brokers under
this clause will not exceed overall maximum cap of ₹ 2.50 lakhs (plus applicable taxes) and in case if the total Selling commission/
uploading charges exceeds ₹ 2.50 lakhs (plus applicable taxes) then Selling commission/ uploading charges will be paid on pro-rata
basis for portion of (i) Retail Individual Investors and (ii) Non-Institutional Investors, as applicable.
(8) Uploading charges/ Processing fees for applications made by RIBs (up to ₹ 200,000) and Non-Institutional Investors (for an amount
more than ₹ 200,000 and up to ₹ 500,000) using the UPI Mechanism would be as under:

Members of the Syndicate / RTAs / CDPs/ Registered

₹ 10 per valid application (plus applicable taxes)
Brokers (uploading charges)*
Axis Bank Limited - ₹ NIL charges up to 4,50,000 UPI mandates, ₹ 6.5 per
UPI mandates above 4,50,000 mandates (plus applicable taxes). The
Sponsor Bank shall be responsible for making payments to third parties
Sponsor Bank / Escrow Bank
such as the remitter bank, the NPCI and such other parties as required in
connection with the performance of its duties under applicable SEBI
circulars, agreements and other Applicable Laws.
All such commissions and processing fees set out above shall be paid as per the timelines in terms of the Syndicate Agreement.
* The total uploading charges/ processing fees payable to members of the Syndicate, RTAs, CDPs, Registered Brokers will be subject to
a maximum cap of ₹2.50 lakhs (plus applicable taxes). In case the total uploading charges/processing fees payable exceeds ₹2.50 lakhs,
then the amount payable to members of the Syndicate, RTAs, CDPs, Registered Brokers would be proportionately distributed based on
the number of valid applications such that the total uploading charges / processing fees payable does not exceed ₹2.50 lakhs.
Notwithstanding anything contained above the total processing / uploading / bidding charges under above clauses payable to Syndicate/
Sub Syndicate members, SCSBs, RTAs, CDPs, Registered Brokers will not exceed ₹ 10.00 lakhs (plus applicable taxes) and in case if
the total uploading / bidding charges exceeds ₹ 10.00 lakhs (plus applicable taxes) then total processing / uploading / bidding charges
will be paid on pro-rata basis except the fee payable to respective Sponsor Bank.
Pursuant to SEBI circular no. SEBI/HO/CFD/DIL2/P/CIR/2022/75 dated May 30, 2022, applications made using the ASBA facility in
initial public offerings shall be processed only after application monies are blocked in the bank accounts of investors (all categories).
Accordingly, Syndicate / sub-Syndicate Member shall not be able to accept Bid cum Application Form above ₹ 5.00 lakhs and the same
Bid cum Application Form need to be submitted to SCSB for blocking of the fund and uploading on the Stock Exchange bidding platform.
To identify bids submitted by Syndicate / sub-Syndicate Member to SCSB a special Bid-cum application form with a heading / watermark

256
 “Syndicate ASBA” may be used by Syndicate / sub-Syndicate Member along with SM code and broker code mentioned on the Bid-cum-
Application Form to be eligible for brokerage on allotment. However, such special forms, if used for Retail Individual Investor and Non-
Institutional Investor Bids up to ₹ 5.00 lakhs will not be eligible for brokerage.
All processing fees for applications made by UPI Bidders may be released to the remitter banks (SCSBs) only after such banks provide
a written confirmation on compliance with SEBI circular no. SEBI/HO/CFD/DIL2/CIR/P/2022/51 dated April 20, 2022 read with SEBI
Circular No: SEBI/HO/CFD/DIL2/CIR/P/2021/570 dated June 02, 2021 read with SEBI Circular No:
SEBI/HO/CFD/DIL2/CIR/P/2021/2480/1/M dated March 16, 2021 and SEBI Circular No: SEBI/HO/CFD/DIL2/P/CIR/2022/75 dated
May 30, 2022.

The processing fees for applications made by UPI Bidders using the UPI Mechanism may be released to the
remitter banks (SCSBs) only after such banks provide a written confirmation incompliance with SEBI ICDR
Master Circular.
Monitoring Utilization of Funds

In terms of Regulation 41 of the SEBI ICDR Regulations, prior to filing this Red Herring Prospectus with the
RoC, we will appoint a monitoring agency to monitor the utilization of the Gross Proceeds. Our Audit Committee
and the Monitoring Agency will monitor the utilisation of the Gross Proceeds. Our Company undertakes to place
the report(s) of the Monitoring Agency upon receipt before the Audit Committee without any delay.

Our Company will disclose the utilisation of the Gross Proceeds, including interim, use under a separate head in
our balance sheet for such fiscals as required under applicable law, specifying the purposes for which the Gross
Proceeds have been utilised. Our Company will also, in its balance sheet for the applicable fiscals, provide details,
if any, in relation to all such Gross Proceeds that have not been utilised, if any, of such unutilised Gross Proceeds.
Our Company will indicate investments, if any, of unutilised Gross Proceeds in the balance sheet of our Company
for the relevant fiscals subsequent to receipt of listing and trading approvals from the Stock Exchanges.

Pursuant to Regulation 18(3) and Regulation 32(3) of the SEBI Listing Regulations, our Company shall on a
quarterly basis disclose to the Audit Committee the uses and application of the Gross Proceeds. Additionally, the
Audit Committee shall review the report submitted by the Monitoring Agency and make recommendations to our
Board for further action, if appropriate. Our Company shall, on an annual basis, prepare a statement of funds
utilised for purposes other than those stated in this Red Herring Prospectus and place it before the Audit
Committee. Such disclosure shall be made only till such time that all the Gross Proceeds have been utilised in
full. The statement shall be certified by the statutory auditors of our Company. Furthermore, in accordance with
the SEBI Listing Regulations, our Company shall furnish to the Stock Exchanges, on a quarterly basis, a statement
including deviations, if any, in the utilization of the Gross Proceeds of the Issue from the Objects as stated above.
The information will also be published in newspapers simultaneously with the interim or annual financial results
and explanation for such variation (if any) will be included in our Directors’ report, after placing the same before
the Audit Committee. We will disclose the utilization of the Gross Proceeds under a separate head along with
details in our balance sheet(s) until such time as the Gross Proceeds remain unutilized clearly specifying the
purpose for which such Gross Proceeds have been utilized. In the event that we are unable to utilize the entire
amount that we have currently estimated for use out of the Gross Proceeds in a Fiscal, we will utilize such
unutilized amount in the next Fiscal.

Our Company will disclose the utilisation of the Net Proceeds, including interim use, under a separate head in our
balance sheet for such financial years as required under applicable law, specifying the purposes for which the Net
Proceeds have been utilised. Our Company will also, in its balance sheet for the applicable financial years, provide
details, if any, in relation to all such Net Proceeds that have not been utilised, if any. Our Company will indicate
investments, if any, of unutilised Net Proceeds in the balance sheet of our Company for the relevant fiscals
subsequent to receipt of listing and trading approvals from the Stock Exchanges.

Pursuant to Regulation 32(3) of the SEBI Listing Regulations, our Company shall, on a quarterly basis, disclose
to the Audit Committee the uses and applications of the Net Proceeds. On an annual basis, our Company shall
prepare a statement of funds utilised for purposes other than those stated in this Red Herring Prospectus and place
it before the Audit Committee and make other disclosures as may be required until such time as the Net Proceeds
remain unutilised. Such disclosure shall be made only until such time that all the Net Proceeds have been utilised
in full. Further, our Company, on a quarterly basis, shall include the deployment of Net Proceeds under various
heads, as applicable, in the notes to our financial results. The statement shall be certified by the Statutory Auditor
of our Company. Furthermore, in accordance with Regulation 32(1) of the SEBI Listing Regulations, our
Company shall furnish to the Stock Exchanges on a quarterly basis, a statement indicating (i) deviations, if any,
in the actual utilisation of the proceeds of the Issue from the Objects; and (ii) details of category wise variations
in the actual utilisation of the proceeds of the Issue from the Objects of the Fresh Issue as stated above. This

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information will also be published in newspapers simultaneously with the interim or annual financial results and
explanation for such variation (if any) will be included in our Director’s report, after placing the same before the
Audit Committee.

Variation in Objects

In accordance with Section 13(8) and 27 of the Companies Act and applicable rules, our Company shall not vary
the Objects of the Issue including the period of utilization and the amount of utilization, unless our Company is
authorised to do so by way of a special resolution of its Shareholders. In addition, the notice issued to the
Shareholders in relation to the passing of such special resolution (“Shareholders’ Meeting Notice”) shall specify
the prescribed details, provide Shareholders with the facility to vote by electronic means and shall be published
in accordance with the Companies Act, 2013 read with the relevant rules.

The Shareholders’ Meeting Notice shall simultaneously be published in the newspapers, one in English and one
in Gujarati (Gujarati also being the regional language of the jurisdiction where our Registered and Corporate
Office is situated). Our Promoters will be required to provide an exit opportunity to the Shareholders who do not
agree to such proposal to vary the Objects, subject to the provisions of the Companies Act, 2013 and in accordance
with such terms and conditions, including in respect of pricing of the Equity Shares, in accordance with the
Companies Act, 2013 and provisions of Regulation 59 and Schedule XX of the SEBI ICDR Regulations.

Appraising agency

None of the Objects require appraisal form, or have been appraised by, any bank/ financial institutions/ any other
agency, in accordance with applicable laws.

Other confirmations

There is no proposal whereby any portion of the Net Proceeds will be paid to our Directors, Promoters, members
of the Promoter Group or Key Managerial Personnel or Senior Managerial Personnel, except in the ordinary course
of business. There are no material existing or anticipated transactions in relation to the utilisation of the Net
Proceeds entered into or to be entered into by our Company with our Promoters, Promoter Group, Directors and/or
Key Managerial Personnel.

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 BASIS OF ISSUE PRICE

The Issue Price will be determined by our Company in consultation with the BRLM, on the basis of assessment
of market demand for the Equity Shares issue in the Issue through the Book Building Process and on the basis
of the qualitative and quantitative factors as described below. The face value of the Equity Shares is ₹ 10 each
and the Floor Price is [●] times the face value of Equity Shares and Cap Price is [●] times the face value of
Equity Shares.

Investors should also refer to the sections “Risk Factors”, “Our Business”, “Financial Information” and
“Management’s Discussion and Analysis of Financial Condition and Results of Operations” beginning on
pages 29, 313, 389 and 462 respectively, to have an informed view before making an investment decision.

Qualitative Factors

Some of the qualitative factors and our strengths which form the basis for computing the Issue Price are as
follows:

a. Well established manufacturer of pharmaceutical formulations with diverse product portfolio and diverse
market;
b. Large manufacturing capabilities;
c. Wide Domestic and International Marketing Network
d. Experienced management team supported by large, diverse and skilled work force.

For further details, please see “Our Business – Competitive Strengths” on page 315.

Quantitative Factors

Certain information presented in this section relating to our Company is based on and derived from the Restated
Financial Information. For details, see “Financial Information” beginning on page 389.

Some of the quantitative factors, which may form the basis for computing the Issue Price, are as follows:

1. Basic and Diluted Earnings per Share (“EPS”), as adjusted for changes in capital

As derived from the Restated Financial Information:

(a) After Exceptional items:

Financial Year Basic EPS (in ₹) Diluted EPS (in ₹) Weight

Financial Year ended March 31, 2025 3.71 3.71 3
Financial Year ended March 31, 2024 1.35 1.35 2
Financial Year ended March 31, 2023 (0.79) (0.79) 1
Weighted Average EPS 2.18 2.18

(b) Before exceptional items:

Financial Year Basic EPS (in ₹) Diluted EPS (in ₹) Weight

Financial Year ended March 31, 2025 3.71 3.71 3
Financial Year ended March 31, 2024 1.35 1.35 2
Financial Year ended March 31, 2023 (0.79) (0.79) 1
Weighted Average EPS 2.18 2.18
Notes:
i. Basic EPS (₹) = Basic earnings per share is calculated by dividing the Restated Profit for the year by the
number of weighted average Equity Shares outstanding at the year end.
ii. Diluted EPS (₹) = Diluted earnings per share is calculated by dividing the Restated Profit for the year by
the number of weighted average equity Shares outstanding during the year as adjusted for the effects of all
dilutive potential weighted average Equity Shares outstanding during the year.

259
iii. Earnings per Share calculations are in accordance with the notified Indian Accounting Standard 33
‘Earnings per share’.
iv. The number of Equity Shares issued by the Company remained unchanged as at March 31, 2024, March 31,
2023. However, the Company issued 20,00,000 Equity Shares on 11th July 2024. Accordingly, the weighted
average number of Equity Shares outstanding during the year ended March 31, 2025 has been adjusted to
reflect the effect of this issuance for the purpose of Earnings Per Share (EPS) calculation.
v. The above statements and tables should be read with Material Accounting Policies and the Notes to the
Restated Financial Information.
vi. Weighted average EPS= Aggregate of year-wise weighted EPS divided by the aggregate of weights i.e. (EPS
x Weight) for each year / Total of weights

2. Price/Earning (“P/E”) ratio in relation to Price Band of ₹ [●] to ₹ [●] per Equity Share:

As derived from the Restated Financial Information:

P/E at the lower end of Price P/E at the higher end of Price
Particulars
Band (number of times) * Band (number of times) *
Based on Basic EPS for the
Financial Year ended March 31, [●] [●]
2025
Based on Diluted EPS for the
Financial Year ended March 31, [●] [●]
2025
*The details shall be provided post the fixing of the price band by our Company at the stage of the Red Herring Prospectus or the filing of
the price band advertisement

3. Industry Peer Group P/E ratio

Based on the peer group information (excluding our Company) given below in this section:

Face value of Equity

Particulars P/E Ratio Name of Company
Shares (₹)
15.92 Denis Chem Lab 10.00
Highest
Limited
15.92 Denis Chem Lab 10.00
Lowest
Limited
Average 15.92
Notes:
i. The industry high and low has been considered from the peers set provided later in this chapter. The
industry average has been calculated as the arithmetic average of P/E of the industry peers set disclosed
in this section. For further details, see para 6 below – “Comparison of Accounting Ratios with Listed
Industry Peers” on page 170.
ii. The Peer’s P/E ratio mentioned above is based on EPS for the financial year ended March 31, 2025 as
considered from the audited financial statements of the year ended March 31, 2025 as available on
[Link] and market price on March 31, 2025 or the latest date earlier to March 31,
2025 for which the market price is available on [Link]

4. Average Return on Net Worth (“RoNW”)

As derived from the Restated Financial Information of our Company:

Fiscal Ended RoNW % Weight

2025 10.89 3
2024 5.48 2
2023 (3.36) 1
Weighted Average for the above three Fiscals 6.71 6

Notes:
1. Weighted average = Aggregate of year-wise weighted RoNW divided by the aggregate of weights i.e. (RoNW
x Weight) for each year/Total of weights.

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2. Return on Net Worth means Restated Profit/(Loss) for the year divided by Net worth as at the end of the
relevant fiscal.
3. Net Worth has been defined under Regulation 2(1)(hh) of the SEBI ICDR Regulations as the aggregate
value of the paid-up share capital and all reserves created out of the profits and securities premium account
and debit or credit balance of profit and loss account, after deducting the aggregate value of the
accumulated losses, deferred expenditure and miscellaneous expenditure not written off, as per the audited
balance sheet, but does not include reserves created out of revaluation of assets, write-back of depreciation
and amalgamation.

5. Net Asset Value (NAV) per Equity Share of face value of ₹ 10 each, as adjusted for changes in
capital.

As derived from the Restated Financial Information:

NAV derived from the Restated Financial

Particulars
Information (₹)
As on March 31, 2025 33.43
As on March 31, 2024 24.71
As on March 31, 2023 23.44
At Floor Price: [●]
After the completion of the Issue
At Cap Price: [●]
Issue Price [●]
Notes:
i. Issue Price per Equity Share will be determined on conclusion of the Book Building Process.
ii. NAV per Equity Share = Net worth divided by the outstanding number of equity shares at the end of the
financial year.
iii. The Issue Price will be determined by our Company in consultation with the Book Running Lead
Manager.

6. Comparison of accounting ratios with listed industry peers

Following is the comparison with our peer group companies listed in India and in the same line of business as
our Company:

Name of the Total Face P/E CMP Restate Restated RoNW NAV
company Income (₹ Value d basic diluted (%) per
in lakhs) (₹) earning earnings/ equity
s/(loss) (loss) per share
per share (₹)
share
Amanta
Healthcare 27,609.34 10.00 [●] [●] 3.71 3.71 10.89 33.43
Limited
Denis Chem
17,567.42 10.00 15.92 92.65 5.82 5.82 9.49 61.33
Lab Limited*
*Source: Financial information for listed industry peers mentioned above is based on annual reports of peer companies for the year ended
March 31, 2025 submitted to stock exchanges and with respect to our company, the information is based on Restated Financial Information
for the year ended March 31, 2025.

Notes:
i. All the financial information for listed industry peer mentioned above is on a standalone basis.
ii. Basic & Diluted earnings/(loss) per share for peers sourced from the annual report for the Financial Year 2025, whereas for our
Company it is based on the Restated Financial Information of Company.
iii. P/E Ratio has been computed based on the closing market price of equity shares on BSE on the latest date available earlier to March
31, 2025, divided by the Diluted EPS.
iv. RoNW means Restated Profit/(Loss) for the year divided by Net worth as at the end of the relevant fiscal.
v. Net Asset Value (NAV) per Equity Share = Net worth divided by the outstanding number of equity shares at the end of the financial
year.
vi. The Issue Price will be determined by our Company in consultation with the Book Running Lead Manager is justified based on the
above accounting ratios.

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7. The Issue Price is [●] times of the face value of the Equity Shares.

The Issue Price of ₹ [●] has been determined by our Company in consultation with the BRLM, on the basis of
assessment of demand from investors for Equity Shares through the Book Building Process and, is justified in
view of the above qualitative and quantitative parameters.

Investors should read the above-mentioned information along with “Risk Factors”, “Our Business”, “Financial
Information” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”
on pages 29, 313, 389 and 462 respectively, to have a more informed view. The trading price of the Equity Shares
could decline due to the factors mentioned in the “Risk Factors” on page 29 and you may lose all or part of your
investments.

8. Key Performance Indicators (“KPIs”)

The table below sets forth the details of KPIs that our Company considers have a bearing for arriving at the basis
for the Issue Price. All the KPIs disclosed below have been approved by a resolution of our Audit Committee
dated August 22, 2025. Further, the KPIs herein have been certified by S G D G & Associates LLP Chartered
Accountants pursuant to certificate dated August 22, 2025. This certificate has been included as a material
document for inspection in connection with the Issue. See “Material Contracts and Documents for Inspection”
on page 599.

Details of our KPIs as at and for the Fiscals ended March 31, 2025, March 31, 2024 and March 31, 2023

As of and for the Fiscal

Particulars
2025 2024 2023
GAAP Measures
Total Income (₹ in lakhs) 27,609.34 28,160.68 26,269.62
Total revenue from operation (₹ in 27,470.82 28,034.03 25,912.93
lakhs)
PAT (4) (₹ in lakhs) 1,050.07 363.32 (211.06)
Non-GAAP Measures
Growth in Revenue from Operations (1) (2.01) 8.19 14.94
(%)
EBITDA (2) (₹ in lakhs) 6,105.37 5,875.65 5,630.67
EBITDA margins (3) (%) 22.11 20.86 21.43
PAT Margin (5) (%) 3.86 1.30 (0.82)
Growth in PAT (6) (%) 189.02 272.14 NA
Return on Net Worth (7) (%) 10.89 5.48 (3.36)

RoE (8) (%) 12.42 5.27 (3.27)

RoCE (9) (%) 13.72 12.76 12.19

Debt Equity Ratio (10) 2.02 3.10 3.43
Net Cash Flow from Operating activities 4,662.00 5,807.30 4,258.04
(₹ in lakhs)

Notes:
1. Growth in Revenue from Operations = Percentage growth in Total Revenue from operations as of the last
day of the relevant Fiscal over the Total Revenue from operations as of the last day of the preceding Fiscal.
2. EBITDA = Restated Earnings before interest, tax, depreciation and amortisation (EBITDA) and
exceptional item.
3. EBITDA Margin is EBITDA (Restated Earnings before interest, tax, depreciation, amortisation and
exceptional item) as a percentage of total income.
4. PAT = Restated profit/loss for the year as per Restated Financial Information.
5. PAT Margin is calculated as restated profit/ (loss) for the year as a percentage of revenue of contract with
customers.
6. Growth in PAT = Percentage growth in Total PAT as of the last day of the relevant Fiscal over the Total
PAT as of the last day of the preceding Fiscal.
7. Return on Net Worth is PAT as a % of closing Net Worth.

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 8. RoE = Restated total comprehensive income/ (loss) for the year divided by Average Shareholder Equity.
9. RoCE = Earnings before interest and taxes and exceptional items divided by average capital employed.
Capital Employed includes Tangible Net worth (i.e. subtracting Net worth by Intangible Assets and
Deferred Expenditure, if any), net deferred tax (asset)/ liability, non-current borrowing and current
borrowing.)
10. Debt Equity Ratio = Total borrowings (non current and current) divided by total equity

Operational KPIs of the Company:

As of and for the Fiscal

Particulars
2025 2024 2023
Workforce Strength 1,718 1694 1626
Contribution to revenue from operations of top customers
Top 1 Customer (%) 4.00% 3.57 4.55
Top 3 Customers (%) 10.78% 10.28 12.89
Top 5 Customers (%) 16.84% 16.43 19.09
Top 10 Customers (%) 28.59% 28.33 31.41
Contribution to purchase material of top suppliers
Top 1 Supplier (%) 23.94% 20.21 20.32
Top 3 Suppliers (%) 50.63% 44.00 42.11
Top 5 Suppliers (%) 61.91% 54.95 53.07
Top 10 Suppliers (%) 75.56% 71.50 70.65

Explanation for the Key Performance Indicators

KPI Explanation
Total Income: Total Income represents the scale of our business and provides information of
our Company’s operating and non-operating income
Total revenue from Revenue from Operations is used by our management to track the revenue profile
operation of the business and in turn helps assess the overall financial performance of our
Company and size of our business.
EBITDA: EBITDA provides information regarding the operational efficiency of the
business of our Company and enables comparison of year-on-year performance
of our business.
EBITDA Margin: EBITDA Margin is an indicator of the operational profitability of our business
before interest, depreciation, amortisation, and taxes.
PAT: PAT represents the profit / loss that our Company makes for the financial year.
It provides information regarding the profitability of the business of our
Company.
PAT Margin: PAT Margin provides the financial benchmarking against peers as well as to
compare against the historical performance of our business.
Return on Net Worth Return on Net Worth is an indicator of our Company’s efficiency as it measures
our Company’s profitability, and is indicative of the profit generated by our
Company against the equity contribution
RoE(%) RoE provides how efficiently the Company generates profits from shareholders’
funds.
RoCE (%) ROCE provides how efficiently the Company generates earnings from the
average capital employed in the business.
Debt Equity Ratio Debt-equity ratio is a gearing ratio which compares shareholder’s equity to
company debt to assess the company’s amount of leverage and financial
stability.
Operating Cash Flows Operating cash flows provides how efficiently our company generates cash
through its core business activities.

263
 KPI Explanation
Workforce Strength Workforce strength shows the Employees strength of our Company.
Contribution to revenue This metric enables us to track the contribution of our key customers to our
from operations of top 1, revenue and also assess any concentration risks.
3, 5, and 10 customers
Contribution to purchase This metric enables us to track the contribution of our key suppliers to our
material of top 1, 3, 5 and purchases and also assess any concentration risks.
10 suppliers

For further details on the Key Performance Indicators, please see the section “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” on page 462.

9. Description on the historic use of the KPIs by our Company to analyse, track or monitor the
operational and/or financial performance of our Company.

Further, the Audit Committee vide its resolution dated August 22, 2025 has confirmed that verified details for
all the key performance indicators pertaining to our Company that have been disclosed to the earlier investors at
any point of time during the three years period prior to the date of filing this Red Herring Prospectus are disclosed
above.

Our Company shall continue to disclose the KPIs disclosed above, on a periodic basis, at least once in a year (or
for any lesser period as determined by our Company), for a duration that is at least the later of (i) one year after
the listing date or period specified by SEBI; or (ii) till the utilization of the Net Proceeds. Any change in these
KPIs, during the aforementioned period, will be explained by our Company. The ongoing KPIs will continue to
be certified as required under the SEBI ICDR Regulations

10. Comparison with Listed Industry Peers

a. Comparison with listed industry peers (Fiscal 2025)

Fiscal 2025
Amanta Healthcare Denis Chem Lab
Particulars Limited Limited
Restated Financial
Standalone
Information
Total Income (₹ in lakhs) 27,609.34 17,567.42
Total revenue from operation (₹ in lakhs) 27,470.82 17,329.97
Growth in Revenue from Operations (%) (1) (2.01) 3.26
(2)
EBITDA (₹ in lakhs) 6,105.37 1,848.28
EBITDA margins (3) (%) 22.11 10.52
(4)
PAT (₹ in lakhs) 1,050.07 807.58
PAT Margin (5) (%) 3.86 4.66
Growth in PAT (%) (6) 189.02 (27.61)
Return on Net Worth (7) (%) 10.89 9.49
RoE (8) (%) 12.42 9.92
RoCE (%)(9) 13.72 13.91
Debt Equity Ratio (10) 2.02 0.01
Net Cash Flow from Operating activities (₹ in lakhs) 4,662.00 1,209.19
Notes:
1. Growth in Revenue from Operations = Percentage growth in Total Revenue from operations as of the last
day of the relevant Fiscal over the Total Revenue from operations as of the last day of the preceding Fiscal.
2. EBITDA = Restated Earnings before interest, tax, depreciation and amortisation (EBITDA) and
exceptional item.
3. EBITDA Margin is EBITDA (Restated Earnings before interest, tax, depreciation, amortisation and
exceptional item) as a percentage of total income.
4. PAT = Restated profit/loss for the year as per Restated Financial Information.

264
 5. PAT Margin is calculated as restated profit/ (loss) for the year as a percentage of revenue of contract with
customers.
6. Growth in PAT = Percentage growth in Total PAT as of the last day of the relevant Fiscal over the Total
PAT as of the last day of the preceding Fiscal.
7. Return on Net Worth is PAT as a % of closing Net Worth.
8. RoE = Restated total comprehensive income/ (loss) for the year divided by Average Shareholder Equity.
9. RoCE = Earnings before interest and taxes and exceptional items divided by average capital employed.
Capital Employed includes Tangible Net worth (i.e. subtracting Net worth by Intangible Assets and
Deferred Expenditure, if any), net deferred tax (asset)/ liability, non-current borrowing and current
borrowing.)
10. Debt Equity Ratio = Total borrowings (non current and current) divided by total equity

b. Comparison with listed industry peers (Fiscal 2024)

Fiscal 2024
Amanta Healthcare Denis Chem Lab
Particulars Limited Limited
Restated Financial
Standalone
Information
Total Income (₹ in lakhs) 28,160.68 16,920.97
Total revenue from operation (₹ in lakhs) 28,034.03 16,782.20
Growth in Revenue from Operations (%) (1) 8.19 4.34
(2)
EBITDA (₹ in lakhs) 5,875.65 2,262.09
EBITDA margins (%) (3) 20.86 13.37
(4)
PAT (₹ in lakhs) 363.32 1,115.58
PAT Margin (5) (%) 1.30 6.65
Growth in PAT (%) (6) 272.14 41.93
Return on Net Worth (7) (%) 5.48 13.88
RoE (8) (%) 5.27 14.26
RoCE (%)(9) 12.76 19.83
Debt Equity Ratio (10) 3.10 0.01
Net Cash Flow from Operating activities (₹ in lakhs) 5,807.30 1,781.47
Notes:
1. Growth in Revenue from Operations = Percentage growth in Total Revenue from operations as of the last
day of the relevant Fiscal over the Total Revenue from operations as of the last day of the preceding Fiscal.
2. EBITDA = Restated Earnings before interest, tax, depreciation and amortisation (EBITDA) and
exceptional item.
3. EBITDA Margin is EBITDA (Restated Earnings before interest, tax, depreciation, amortisation and
exceptional item) as a percentage of total income.
4. PAT = Restated profit/loss for the year as per Restated Financial Information.
5. PAT Margin is calculated as restated profit/ (loss) for the year as a percentage of revenue of contract with
customers.
6. Growth in PAT = Percentage growth in Total PAT as of the last day of the relevant Fiscal over the Total
PAT as of the last day of the preceding Fiscal.
7. Return on Net Worth is PAT as a % of closing Net Worth.
8. RoE = Restated total comprehensive income/ (loss) for the year divided by Average Shareholder Equity.
9. RoCE = Earnings before interest and taxes and exceptional items divided by average capital employed.
Capital Employed includes Tangible Net worth (i.e. subtracting Net worth by Intangible Assets and
Deferred Expenditure, if any), net deferred tax (asset)/ liability, non-current borrowing and current
borrowing.)
10. Debt Equity Ratio = Total borrowings (non current and current) divided by total equity

c. Comparison with listed industry peers (Fiscal 2023)

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 Fiscal 2023
Amanta Healthcare Denis Chem Lab
Particulars Limited Limited
Restated Financial
Standalone
Information
Total Income (₹ in lakhs) 26,269.62 16,144.12
Total revenue from operation (₹ in lakhs) 25,912.93 16,084.89
Growth in Revenue from Operations (%) (1) 14.94 17.79
(2)
EBITDA (₹ in lakhs) 5,630.67 1,937.22
EBITDA margins (3) (%) 21.43 12.00
(4)
PAT (₹ in lakhs) (211.06) 785.98
PAT Margin (5) (%) (0.82) 4.89
Growth in PAT (6) (%) NA 25.50
Return on Net Worth (7) (%) (3.36) 10.88
(8)
RoE (%) (3.27) 11.38
RoCE (%)(9) 12.19 15.71
Debt Equity Ratio (10) 3.43 0.02
Net Cash Flow from Operating activities (₹ in lakhs) 4,258.04 1,633.96
Notes:
1. Growth in Revenue from Operations = Percentage growth in Total Revenue from operations as of the last
day of the relevant Fiscal over the Total Revenue from operations as of the last day of the preceding Fiscal.
2. EBITDA = Restated Earnings before interest, tax, depreciation and amortisation (EBITDA) and
exceptional item.
3. EBITDA Margin is EBITDA (Restated Earnings before interest, tax, depreciation, amortisation and
exceptional item) as a percentage of total income.
4. PAT = Restated profit/loss for the year as per Restated Financial Information.
5. PAT Margin is calculated as restated profit/ (loss) for the year as a percentage of revenue of contract with
customers.
6. Growth in PAT = Percentage growth in Total PAT as of the last day of the relevant Fiscal over the Total
PAT as of the last day of the preceding Fiscal.
7. Return on Net Worth is PAT as a % of closing Net Worth.
8. RoE = Restated total comprehensive income/ (loss) for the year divided by Average Shareholder Equity.
9. RoCE = Earnings before interest and taxes and exceptional items divided by average capital employed.
Capital Employed includes Tangible Net worth (i.e. subtracting Net worth by Intangible Assets and
Deferred Expenditure, if any), net deferred tax (asset)/ liability, non-current borrowing and current
borrowing.)
10. Debt Equity Ratio = Total borrowings (non current and current) divided by total equity

11. Weighted Average Cost of Acquisition

a. The price per share of our Company based on the primary/ new issue of shares (equity/ convertible
securities)

There have been no issuance of Equity Shares or convertible securities, excluding shares issued under
ESOP/ESOS and issuance of bonus shares, during the 18 months preceding the date of this Red Herring
Prospectus, where such issuance is equal to or more than 5% of the fully diluted paid-up share capital of the
Company (calculated based on the pre-issue capital before such transaction(s)), in a single transaction or multiple
transactions combined together over a span of 30 days except as disclosed below.

Date of Number of Face value Issue price Form of Reasons / Total

allotment securities (₹) per security consideration Nature of consideration
allotted (₹) allotment (in ₹ lakhs)
July 11, 20,00,000 10.00 100.00 Cash Private 2,000.00
2024 Placement
Total 20,00,000 - - - - 2,000.00
Weighted average cost of acquisition (WACA) for
100.00
Primary Transactions (in ₹)

266
b. The price per share of our Company based on secondary sale/ acquisitions of shares (equity/ convertible
securities)

There have been no secondary sale / acquisition of whether equity shares or convertible securities, where the
promoter, members of the promoter group, or shareholder(s) having the right to nominate director(s) in the board
of directors of the Company are a party to the transaction (excluding gifts), during the 18 months preceding the
date of this Red Herring Prospectus, where either acquisition or sale is equal to or more than 5% of the fully
diluted paid up share capital of the Company (calculated based on the pre-issue capital before such transaction(s)
and excluding employee stock options granted but not vested), in a single transaction or multiple transactions
combined together over a span of rolling 30 days.

For further details in relation to the share capital history of our Company, see “Capital Structure” on page 88.

Based on the above transactions, below are the details of the weighted average cost of acquisition, as compared
to the Floor Price and the Cap Price:

Weighted average cost Floor Price (i.e., ₹ [●])* Cap Price (i.e., ₹ [●])
Past Transactions
of acquisition (in ₹)
WACA of Primary
100.00 [●] times [●] times
Transactions
WACA of Secondary
NA [●] times [●] times
Transactions
*To be updated at Prospectus stage

12. Justification for Basis of Issue Price

Explanations for Issue Price being [●] times of weighted average cost of acquisition of primary issuance price /
secondary transaction price of Equity Shares (set out at page [●] above) along with our Company’s key
performance indicators and financial ratios for the Financial Years 2025, 2024 and 2023 and in view of the
external factors which may have influenced the pricing of the Issue, are provided below:

[●]

The Issue Price of ₹ [●] has been determined by our Company, in consultation with the BRLM, on the basis of
market demand from investors for Equity Shares through the Book Building Process and is justified in view of
the above stated qualitative and quantitative parameters.

Investors should read the above-mentioned information along with “Risk Factors”, “Our Business”, “Financial
Information” and “Management’s Discussion and Analysis of Financial Conditions and Results of Operations”
on pages 29, 313, 389 and 462 respectively, to have a more informed view. The trading price of the Equity Shares
of our Company could decline due to the factors mentioned in “Risk Factors” on page 29 and you may lose all
or part of your investments.

267
 STATEMENT OF POSSIBLE SPECIAL TAX BENEFITS

Certificate on Special Tax Benefits Available to the Company and its Shareholders and its Material
Subsidiaries under the Applicable Direct and Indirect Taxes
To,

The Board of Directors,

Amanta Healthcare Limited
8th Floor, Shaligram Corporates C.J. Marg,
Ambli, Ahmedabad-380058
Gujarat, India.

AND

Beeline Capital Advisors Private Limited

B/1311-1314, Thirteenth Floor,
Shilp Corporate Park, Rajpath Rangoli Road,
Thaltej, Ahmedabad,
Gujarat, India- 380054.

(Beeline Capital Advisors Private Limited with any other book running lead managers that may be appointed in
connection with the Issue, the “BRLMs”)

Dear Sir / Madam,

Re: Proposed initial public offering of equity shares of face value of Rs. 10 each (the “Equity Shares” and
such offering, the “Issue”) of ‘Amanta Healthcare Limited’ (the “Company”)

1. This certificate is issued in accordance with the terms of our engagement letter dated May 27, 2024.

2. We, S G D G & Associates LLP, Chartered Accountant, have received a request from the Company to
certify the possible special tax benefits, available to the Company, its shareholders and its material
subsidiaries under the direct and indirect tax laws presently in force in India and under the applicable tax
laws of the material subsidiaries, as on the date of this certificate.

Management responsibility

1. The preparation of the accompanying information with respect to the certificate is the responsibility of
the management of the Company (“Management”).

2. The Management is also responsible for ensuring that the Company complies with the requirements of
the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations,
2018, as amended (the “SEBI ICDR Regulations”), the Guidance Note on Reports in Company
Prospectuses (Revised 2019) (“Guidance Note”) issued by the Institute of Chartered Accountants of India
(“ICAI”), Companies Act, 2013, and applicable Indian Accounting Standards.

268
3. The Management is further responsible to communicate to us in writing about any change to the
information / confirmation given in the certificate after its signing as and when the Management become
aware of any such changes. In the absence of any such communication from the Management until the
equity shares commence trading on BSE Limited and National Stock Exchange of India Limited
(collectively, the “Stock Exchanges”), we can assume that there is no change to the information /
confirmations forming the certificate and accordingly, information given and prepared by the
Management in respect of certificate is true and accurate.

Independent Chartered Accountant’s Responsibility

4. Our responsibility is to obtain reasonable assurance and form of an opinion as to whether information
given in the certificate is true, fair, correct, accurate and in compliance of SEBI ICDR Regulations,
Guidance Note issued by ICAI, Companies Act, 2013 and applicable Indian Accounting Standards.

5. We hereby report that the enclosed Annexure I prepared by the Company, initialed by us and the Company
for identification purpose, states the possible special tax benefits available to the Company its
shareholders and its material subsidiaries, under direct and indirect taxes (together “the Tax Laws”),
presently in force in India and applicable laws of the material subsidiary as on the signing date, which are
defined in Annexure I. These possible special tax benefits are dependent on the Company, its shareholders
and its material subsidiaries fulfilling the conditions prescribed under the relevant provisions of the Tax
Laws. Hence, the ability of the Company, its shareholders and its material subsidiaries to derive these
possible special tax benefits is dependent upon their fulfilling such conditions, which is based on business
imperatives the Company may face in the future and accordingly, the Company, its shareholders and its
material subsidiaries may or may not choose to fulfill.

6. The benefits discussed in the enclosed Annexure I cover the possible special tax benefits available to the
Company its shareholders and its material subsidiaries but does not cover any general tax benefits
available to the Company and its shareholders. Further, the preparation of the enclosed Annexure I and
its contents is the responsibility of the management of the Company and is not exhaustive. We were
informed that the Statement is only intended to provide general information to the investors and is neither
designed nor intended to be a substitute for professional tax advice. In view of the individual nature of the
tax consequences and the changing Tax Laws, each investor is advised to consult his or her own tax
consultant with respect to the specific tax implications arising out of their participation in the proposed
initial public offering of equity shares of the Company comprising of fresh issue of the Equity Shares by
the Company particularly in view of the fact that certain recently enacted legislation may not have a direct
legal precedent or may have a different interpretation on the possible special tax benefits, which an
investor can avail. Neither we are suggesting nor advising the investors to invest money based on this
Statement.

7. We have conducted our examination in accordance with the Guidance Note on Reports or Certificates for
Special Purposes (Revised 2016) issued by the ICAI. It requires that we comply with ethical requirements
of the Code of Ethics issued by the ICAI. We have also complied with the relevant applicable requirements
of the Standard on Quality Control (SQC) 1, “Quality Control for Firms that Perform Audits and Reviews
of Historical Financial information, and Other Assurance and Related Services Engagements”.

8. We undertake to update you in writing of any changes in the abovementioned information / confirmation,
until the date the Equity Shares issued pursuant to the Issue commence trading on the Stock Exchanges.
In the absence of any such communication from the Management until the equity shares commence
trading on Stock Exchanges, the Company, the BRLMs and the Legal Advisors appointed in respect to
Issue can assume that there is no change to the information / confirmations forming the certificate and
accordingly, information given and prepared by the Management in respect of certificate is true and
accurate.

Opinion

9. We do not express any opinion or provide any assurance as to whether:

i) the Company and its shareholders will continue to obtain these possible special tax benefits in

269
 future; or

ii) the conditions prescribed for availing the possible special tax benefits where applicable, have
been/ would be met with.

The contents of enclosed Annexures are based on the information, explanation and representations
obtained from the Company and on the basis of our understanding of the business activities and
operations of the Company.

10. Our views expressed herein are based on the facts and assumptions indicated to us. No assurance is given
that the revenue authorities/ courts will concur with the views expressed herein. Our views are based on
the existing provisions of the Tax Laws and its interpretation, which are subject to change from time to
time. We do not assume responsibility to update the views consequent to such changes. We shall not be
liable to the Company for any claims, liabilities or expenses relating to this assignment except to the extent
of fees relating to this assignment, as finally judicially determined to have resulted primarily from bad
faith or intentional misconduct. We will not be liable to the Company and any other person in respect of
this Statement, except as per applicable law.

Restriction on Use

11. This certificate is issued for the sole purpose of the Issue and this certificate or any extracts or annexures
thereof, can be used, in full or part, for inclusion in the Red Herring Prospectus (the “RHP”) and the
Prospectus (the “Prospectus”), which the Company intends to file with the Registrar of Companies,
Gujarat at Ahmedabad (“RoC”), and thereafter file with the Securities Exchange Board of India (“SEBI”),
the Stock Exchanges and; any other material used in connection with the Issue, and for the submission
of this certificate as may be necessary, to any regulatory / statutory authority, Stock Exchanges, any other
authority as may be required and/or for the records to be maintained by the BRLMs in connection with
the Issue and in accordance with applicable law.

12. This certificate may be relied on by the BRLMs, its affiliates and legal counsels in relation to the Issue
for documenting and conducting their due-diligence and due-enquiry of the affairs of the Company in
connection with the Issue. Accordingly, we consent to this certificate and its contents (in whole or in part)
being presented and/or utilised for the purpose of any defence that the BRLMs may wish to advance
before any statutory/regulatory authority in connection with the Issue and/or the Issue Documents.

13. Terms capitalized and not defined herein shall have the same meaning as ascribed to them in the red
herring prospectus or prospectus, as applicable.

Yours faithfully,

For and on behalf of S G D G & Associates LLP

Chartered Accountants
ICAI Firm No: W100188

Authorized signatory
Ankit Thakkar
Partner
Membership No.: 168717
Place: Ahmedabad
Date: July 18, 2025
UDIN: 25168717BMRKNN4145

Encl: As above

CC:

270
Legal Counsel to the Issue

M/s. Crawford Bayley & Co.

State Bank Buildings
N.G. N. Vaidya Marg
Fort, Mumbai 400 023.

271
 ANNEXURE I

STATEMENT OF TAX BENEFITS

STATEMENT OF POSSIBLE TAX BENEFITS AVAILABLE TO THE COMPANY AND TO ITS

SHAREHOLDERS AND TO THE MATERIAL SUBSIDIARIES OF THE COMPANY UNDER INCOME
TAX ACT, 1961 (ACT), THE CENTRAL GOODS AND SERVICES TAX ACT, 2017, THE INTEGRATED
GOODS AND SERVICES TAX ACT, 2017 AND THE APPLICABLE STATES’ GOODS AND SERVICES
TAX ACTS AND OTHER APPLICABLE TAX LAWS.

I. Special tax benefits available to the Company

A. Direct Tax

Lower corporate tax rates on income of domestic companies - Section 115BAA of the Act

The Taxation Laws (Amendment) Act, 2019 introduced section 115BAA wherein domestic companies are
entitled to avail a concessional tax rate of 22% (plus applicable surcharge and cess) on fulfilment of certain
conditions. The option to apply this tax rate is available from Financial Year (‘FY’) 2019-20 relevant to
Assessment Year (‘AY’) 2020-21 and the option once exercised shall apply to subsequent assessment years. The
concessional rate of 22% is subject to the company not availing any of the following specified tax
exemptions/incentives under the Act:

1. Deduction under the provisions of section 10AA (deduction for units in Special Economic Zone.

2. Deduction under clause (iia) of sub-section (1) of section 32 (Additional depreciation).

3. Deduction under section 32AD or section 33AB or section 33ABA (Investment allowance in backward
areas, Tea/Coffee/Rubber Development account, site restoration fund).

4. Deduction under sub-clause (ii) or sub-clause (iia) or sub-clause (iii) of sub-section (1) or subsection
(2AA) or sub-section (2AB) of section 35 (Expenditure on scientific research).

5. Deduction under section 35AD or section 35CCC (Deduction for specified business, agricultural
extension project).

6. Deduction under section 35CCD (Expenditure on skill development).

7. Deduction under any provisions of Chapter VI-A other than the provisions of section 80JJAA or
Section 80M or Section 80LA.

8. No set-off of any loss carried forward or depreciation from any earlier assessment year, if such loss or
depreciation is attributable to any of the deductions referred above.

9. No set off of any loss or allowance for unabsorbed depreciation deemed so under section 72A, if such
loss or depreciation is attributable to any of the deductions referred from clause i) to vii) above Further,
it was clarified by CBDT vide Circular No. 29/ 2019 dated 2 October 2019 that if the Company opts
for concessional income tax rate under section 115BAA, the provisions of section 115JB regarding
Minimum Alternate Tax (MAT) itself are not applicable and hence, such Company will not be entitled
to claim tax credit relating to MAT.

10. The total income of a company availing the beneficial tax rate of 25.17% (i.e., 22% plus 10% surcharge
and 4% health & education cess) is required to be computed without set-off of any carried forward loss
and depreciation attributable to any of the aforesaid deductions/incentives.

Note: The company has opted the lower rate benefit for the financial year 2021-22 relevant to the
assessment year 2022-23 as mentioned in the Section 115BAA for which declaration for the same has
already been filed with the tax authority.

B. Indirect Tax

272
1. Benefits under The Foreign Trade (Development and Regulation) Act, 1992 (read with Foreign Trade Policy
2015-20)

Remission of Duties and Taxes on Exported Products (RoDTEP)

The Remission of Duties and Taxes on Exported Products (RoDTEP) scheme was announced by Government of
India (GOI) on September 14, 2019 to boost exports by allowing reimbursement of taxes and duties, which are
not exempted or refunded under any other scheme in accordance with World Trade Organization (WTO) norms.

RoDTEP is a combination of the current Merchandise Export from India Scheme (MEIS) and Rebate of State
and Central Taxes and Levies (RoSCTL) and will replace all these schemes once come in operations.

At present, embedded duties and taxes, which are not refunded under any other scheme, range from 1-3%.
Under the scheme, rebate of these taxes will be given in the form of duty credit/electronic scrip.

2. Benefits of Duty Drawback scheme under Sections 74 and 75 of the Customs Act, 1962

Section 74 of the Act grants duty drawback up to 98% of the import duty paid on goods, if the goods are
reexported by the importer. The importer is entitled to drawback subject to the fulfilment of the certain
conditions. Presently the rate of Duty Drawback ranges from 0% to 95%.

As per section 75, Central Government is empowered to allow duty drawback on export of goods, where the
imported materials are used in the manufacture of such goods. Unlike drawback of a portion of the customs duty
paid on imported goods, here the main principle is that the Government fixes a rate per unit of final article to be
exported out of the country as the amount of drawback payable on such goods.

• Duty Concession on Import against Advance License

• Duty Concession in respect of import of certain product

II. Special tax benefits available to the Shareholders

There are no special tax benefits available to the shareholders of the Company for investing in the shares of the
Company.

III. Special tax benefits available to the material subsidiaries

There are no material subsidiaries of the Company.

273
 SECTION IV – ABOUT THE COMPANY
INDUSTRY OVERVIEW

Unless otherwise indicated, industry and market data used in this section has been derived from the industry
report titled “Assessment of the Indian pharmaceuticals industry” dated June, 2024 read with addendum dated
August, 2025 (the “Crisil Report”) prepared and issued by Crisil Limited. The Crisil Report will be made
available on the website of our Company at [Link], (Please scan the QR code to view the CRISIL

Report: ) the date of the Red Herring Prospectus until the Bid/Issue Closing Date. We officially
engaged Crisil Limited in connection with the preparation of the Crisil Report on June 30, 2025, and exclusively
paid and commissioned Crisil Limited for the purpose of confirming our understanding of the industry we operate
in, in connection with the Issue. There are no parts, data or information (which may be relevant for the Issue),
that have been left out or changed in any manner. See “Certain Conventions, Presentation Of Financial, Industry
And Market Data And Currency Of Presentation” and “Risk Factors — Internal Risk Factors — Certain sections
of this Red Herring Prospectus contain information from the CRISIL Report which we have commissioned and
purchased and any reliance on such information for making an investment decision in the Issue is subject to
inherent risks.” on page 16 and 59, respectively.

Global macroeconomic assessment

Global GDP outlook

Global GDP is estimated to grow at 3.2% in CY 2024 and CY 2025 amid moderating inflation and steady
growth in key economies

As per the International Monetary Fund’s (IMF) April 2024 update, global gross domestic product (GDP) growth
is estimated at 3.2% for 2023 and projected to grow at the same rate in 2024, 2025 and 2026. The latest estimate
for 2024 is 0.1 percentage points higher compared with IMF’s previous forecast in January 2024, mainly due to
greater-than-expected resilience in the United States (US) and several large emerging markets and developing
economies, as well as fiscal support in China. Emerging market and developing economies are also expected to
experience stable growth through 2024 and 2025, with regional differences.

With disinflation and steady growth, the likelihood of a hard landing has receded, and risks to global growth are
broadly balanced. Amid favourable global supply developments, inflation has been falling faster than expected.
On the upside, faster disinflation could lead to further easing of financial conditions. On the downside, new
commodity price spikes from geopolitical shocks and supply disruptions or more persistent underlying inflation
could prolong tight monetary conditions. Property sector distress in China or, elsewhere, a disruptive turn to tax
hikes and spending cuts could also lead to moderation in growth in the near term.

Note: E: Estimated, P: Projection

274
Source: IMF economic database, CRISIL Market Intelligence and Analytics (MI&A)

India among the world’s fastest-growing key economies

Following the recovery from the COVID-19 pandemic, India exhibited a faster growth rate of 7.2% in FY23,
surpassing both advanced economies at 2.6% and emerging and developing economies at 4.1%. This trend is
expected to continue, with India leading the growth compared to its key counterparts.

United States: In the United States, growth is projected to shift from 2.5% in 2023 to 2.7% in 2024 and 1.9% in
2025, with the lagged effects of monetary policy tightening, gradual fiscal tightening, and a softening in labour
markets slowing the aggregate demand.
United Kingdom: Growth in the United Kingdom is projected to rise modestly from an estimated 0.1% in 2023
to 0.5% in 2024, due to lagged negative effects of high energy prices wane. Then in 2025, as disinflation allows
an easing in financial conditions and permits real incomes to recover, the economy is expected to see a growth of
1.5%.
Euro zone: Growth in the euro area is projected to recover from 0.4% in 2023, which reflected relatively high
exposure to the war in Ukraine, to 0.8% in 2024 and 1.5% in 2025. As per IMF estimates, the growth in is driven
by strong household consumption as the energy prices subside and inflation falls, supporting the real income
growth. Further, in recent years, the EU technology industry has faced disruptions due to currency fluctuations on
account of fall in Euro and Pound against US dollar impacting the imports coupled with Russia-Ukraine war
disrupting the supply chains which further impacted the sector.
In terms of emerging and developing economies, growth is projected to be relatively stable at 4.2% in 2024 and
2025, respectively.

Real GDP growth comparison among India vs Advanced and emerging economies

Real GDP growth

2018 2019 2020 2021 2022 2023 2024P 2025P
(Annual % change)
Canada 2.7 1.9 -5.0 5.3 3.8 1.1 1.2 2.3
China 6.8 6.0 2.2 8.4 3.0 5.2 4.6 4.1
Euro Zone 1.8 1.6 -6.1 5.9 3.4 0.4 0.8 1.5
India* 6.5 3.9 -5.8 9.8* 7.0* 8.2* 6.8* 6.5
Japan 0.6 -0.4 -4.1 2.6 1.0 1.9 0.9 0.6
UK 1.4 1.6 -10.4 8.7 4.3 0.1 0.5 1.5
USA 3.0 2.5 -2.2 5.8 1.9 2.5 2.7 1.9
Advanced economies 2.3 1.8 -3.9 5.7 2.6 1.6 1.7 1.8
Emerging market and developing economies 4.7 3.6 -1.8 7.0 4.1 4.3 4.2 4.2
World 3.6 2.8 -2.7 6.5 3.5 3.2 3.2 3.2

Note: P: Projected. * Numbers for India are for financial year (2020 is FY21 and so on) and as per the IMF’s
forecast. ^India GDP estimate for the FY24 is 7.6% according to provisional estimates from MoSPI. Note:
Projection as per IMF update
Source: IMF economic database, World Bank national accounts data, OECD national accounts data, c

Overview of healthcare spending

Global healthcare expenditure recorded a new high of US$ 9.8 trillion, accounts for ~10% of global GDP
The pharmaceuticals industry is driven by a number of demographic and macroeconomic factors, such as lifestyle
changes, which have led to more chronic diseases (diabetes, cancer and cardiovascular diseases); increased uptake
of medicines owing to higher per capita income and awareness; wider spread and availability of health insurance;
and population growth. These factors are expected to drive growth of the pharmaceuticals industry.
Global healthcare spending has been rising in sync with economic growth. As economy grows, public and private
spending on health grows, too. Further, sedentary lifestyle has heightened the risk of chronic diseases, which is
also raising healthcare spending. This is evident primarily in fast-growing economies. Furthermore, Covid-19
pandemic has also contributed to increased healthcare expenditure due to increasing focus on healthcare by the
governments.

India’s healthcare spending as a percentage of GDP increased

275
In 2021, healthcare expenditure as a percentage of GDP increased to 10.3% globally (~$ 9.8 trillion), owing to
prioritization of public health during the pandemic, availability of better medical facilities, advancements in
medicine and increase in disposable incomes. During the year, the US, Germany and UK recorded high current
healthcare expenditure (CHE) as a percentage of GDP at 17.4%, 12.9% and 12.4% respectively.
India’s CHE as a percent of GDP is much lower than that of its global peers. In 2021, India’s expenditure on
healthcare was 3.3% of GDP; it trails not just developed countries such as the US and the UK, but also developing
countries such as Brazil, Nepal, Singapore, Sri Lanka, Malaysia and Thailand. However, India’s CHE as a
percentage of its GDP improved post onset of Covid to by ~3% percentage points, suggesting higher focus on
healthcare.

CHE as % of GDP (2021)

Source: Global Health Expenditure Database of the World Health Organization (WHO), CRISIL MI&A

Additionally, it is to be noted that majority of countries have seen an uptick in their CHE as percentage GDP ratio
post Covid, signifying increased focus on healthcare. Countries like USA, UK, and Canada saw a significant
increase of 2.2, 2.1 and 2.0 percentage points respectively. Furthermore, even though share of CHE as percent of
GDP had moderated in 2021, it still stands higher than the average ratio during pre-Covid (2017-2019) for most
of the countries.

Current healthcare expenditure as a percentage of GDP (2021)

Country Pre-Covid Post- start of Covid

2017 2018 2019 2020 2021

USA 16.8 16.6 16.7 18.8 17.4

Germany 11.3 11.5 11.7 12.7 12.9

UK 9.6 9.7 10.0 12.2 12.4

France 11.4 11.2 11.1 12.1 12.3

Japan 10.7 10.7 11.0 11.0 10.8

Brazil 9.5 9.5 9.6 10.2 9.9

Republic of Korea 7.0 7.5 8.2 8.3 9.3

Singapore 4.4 4.1 4.4 5.7 5.6

Nepal 4.7 4.5 4.4 5.2 5.4

China 5.1 5.2 5.4 5.6 5.4

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 Country Pre-Covid Post- start of Covid

2017 2018 2019 2020 2021

Thailand 3.9 3.9 3.8 4.4 5.2

Viet Nam 5.0 5.0 5.0 4.3 4.6

Malaysia 3.7 3.8 3.8 4.1 4.4

Sri Lanka 3.3 3.6 3.9 4.0 4.1

Bhutan 3.3 3.2 3.6 4.4 3.8

Indonesia 2.9 2.9 2.9 3.4 3.7

India 2.9 2.9 3.0 3.3 3.3

Source: Global Health Expenditure Database of the World Health Organization (WHO), CRISIL MI&A

Pharmaceutical expenditure constituted ~21% of healthcare spending in India in 2020.

Pharmaceutical care is constantly evolving, with many novel drugs entering the market. These offer alternative
treatments, and, in some cases, the prospect of treating conditions previously considered incurable. However, the
cost of new drugs can be very high, with significant implications for healthcare budgets.

Furthermore, it is observed that generally pharmaceutical spending as a percent of CHE is relatively higher in
emerging economies compared to developed economies. In 2021, Egypt and Mexico had pharmaceutical spending
as a percentage of CHE at 29.5%, and 22.1%, respectively. Similarly, India pharmaceutical spending as a percent
of CHE stood at 21% in 2020, relatively higher compared to developed economies like USA, UK, Germany, etc.

Pharmaceuticals and Other medical durable goods, as % of Current Health Expenditure (CHE)
Countries 2017 2018 2019 2020 2021
Egypt 27.0 29.8 N.A. 31.9 29.5
Lebanon 9.3 9.3 25.5 24.6 24.4
Mexico 23.0 22.7 22.2 21.5 22.1
India 23.0 22.4 22.0 21.0 N.A.
Canada 16.4 15.9 15.8 14.2 13.8
Germany 14.2 14.2 13.7 13.6 13.9
Finland 12.2 12.4 12.4 12.3 11.3
USA 12.0 11.8 11.8 11.0 11.7
UK 11.8 11.3 11.0 10.6 9.5
UAE 3.5 3.8 3.8 8.6 9.7

Source: Global Health Expenditure Database – WHO, World Bank database, OECD, CRISIL MI&A

Healthcare expenditure accounted for 4.7% of private consumption spending in FY23

Personal healthcare expenditure increased from Rs 1,813 billion in fiscal 2012 to Rs 4,354 billion in fiscal 2023,
supported by an increase in government schemes, health spending by states, an increase in income levels, and a
rise in disease incidence. Healthcare expenditure in terms of constant prices logged an ~6% CAGR between fiscals
2012 and 2023, considering the rise in prices of health products and services. Health expenditure as a percentage
of total PFCE jumped to 4.7% in fiscal 2021, as healthcare spending rose because of the pandemic and has
remained relatively constant till fiscal 2023.

Healthcare spending in PFCE

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 (Rs Bn) CAGR (FY12-23): ~8.3%
5,000 4.7% 4.7% 4.7% 5.0%
4.5% 4.4% 4.5%
4.3% 4.4%
4.2% 4.5%
3.8% 3.9%
4,000 3.7% 4.0%
3.5%
3,000 3.0%
2.5%
2,000 2.0%
1.5%
1,000 1.0%
1,987
1,813

2,167

2,484

2,745

3,085

3,218

3,481

3,750

3,707

4,116

4,354
0.5%
0 0.0%

Health PFCE (Rs billion) Share in total PFCE

Source: MoSPI, CRISIL MI&A

Indian macroeconomic assessment

India’s GDP grew at 5.9% CAGR between FY12 and FY24

India’s GDP grew at 5.9% compounded annual growth rate (CAGR) between FY12 and FY24 to Rs 173.8 trillion
in FY24. A large part of the lower growth rate was because of challenges heaped by the Covid-19 pandemic in
FY20 and FY21. In FY22, the economy recovered with abating of the pandemic and subsequent easing of
restrictions and resumption in economic activity.

In FY23, GDP rose 7% on continued strong growth momentum, propelled by investments and private
consumption. The share of investments in GDP was at 33.3% and that of private consumption was at 58.0%.

The National Statistics Office (NSO) in its provisional estimates of Annua Gross Domestic Product (GDP) for
FY24, estimated India’s real GDP growth to be 8.2% which is higher than its Second Advanced Estimate of 7.6%.
Even as the agricultural economy slowed sharply following a weak monsoon, the surge in non-agricultural
economy has more than made up for it. The government’s investment push, along with easing input cost pressures
for industry, has also played a major role in shoring up growth. However, services have been slowing owing to
waning pent-up demand (post the pandemic), with the exception of financial, real estate and professional services,
which has powered ahead on the back of robust growth in banking and real estate sectors.

Analysis of the FY24 year's growth reveal notable dichotomies. Growth has primarily been fueled by fixed
investments, exhibiting a robust 9% expansion, while private consumption growth lagged at 4%, trailing overall
GDP growth. On the supply side, the manufacturing sector experienced the most substantial growth at ~9.9%,
while the agriculture exhibited more modest growth rate of 1.4%. These trends underscore the varied performance
across sectors, highlighting the nuanced dynamics shaping India's economic landscape in FY24. Overall, real
GDP of India is estimated to have grown at 8.2% in FY24 compared with 7.0% in FY23.

India real GDP growth at constant prices (new series)

278
 250 (In Rs trillion) CAGR FY12 to FY24 – 5.9%
(In %) 12.0%
9.8
200 8.0 8.3 8.2 8.0%
7.4 7.0
6.4 6.8 6.5 6.8%
5.5
150 3.9 4.0%

100 0.0%
174 186
150 161
131 140 145 137
114 123
50 92 98 105 -4.0%
87
-

0 -8.0%

FY24PE
FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22

FY23

FY25P
RE
GDP at constant prices (FY12) in Rs. trillion y-o-y GDP growth rate

RE – revised estimates, PE – Provision estimates, P – projection

Notes: The values are reported by the government under various stages of estimates
Actuals, estimates and projected data of GDP are provided in the bar graph
Source: Ministry of Statistics and Programme Implementation (MoSPI), CRISIL MI&A

Demographic factors to support India’s growth

India’s population projected to log 0.8% CAGR between 2020 and 2030

Census 2011 estimated India’s population at ~1.2 billion, clocking a CAGR of 1.9% between 2001 and 2011. The
number of households was estimated at ~246 million.

As per the United Nations Population Fund's (UNFPA) State of World Population Report of 2023, India’s
population by mid-2023 is estimated to have surpassed China by ~2.9 million.

India’s population growth

Population (billion)
1.7 1.51
1.5 1.40
1.32
1.24
1.3
1.06
1.1
0.87
0.9
0.70
0.7 0.55
0.45
0.5
0.3
0.1
-0.1 1960 1970 1980 1990 2000 2010 2015 2020 2030P
Note: P: projected
Source: UN Department of Economic and Social Affairs, World Population Prospects 2022, CRISIL MI&A

Healthy growth in GVA FY24 in line with GDP growth

As of FY24PE, GVA has reached to Rs 158.7 trillion, up from 148.0 trillion, registering a y-o-y growth of ~7.2%.
Financial, Real Estate & Professional Services had the highest contribution to GVA at ~23.3%, whereas
construction and manufacturing GVA had the registered the highest annual growth at ~9.9%.

GVA at constant prices

279
 Share in Annual
Rs FY23 FY24
FY12 FY19 FY20 FY21 FY22 GVA growth
trillion RE PE
FY24 in FY24
Agricult
ure,
forestry 15.0 18.8 19.9 20.7 21.7 22.7 23.0 14.5% 1.4%
and
fishing
Mining
and
2.6 3.3 3.2 2.9 3.1 3.2 3.4 2.1% 7.1%
quarryin
g
Manufac
14.1 23.3 22.6 23.3 25.6 25.0 27.5 17.3% 9.9%
turing
Electricit
y, gas,
water
supply & 1.9 2.9 3.0 2.9 3.2 3.5 3.7 2.4% 7.5%
other
utility
services
Construc
7.8 10.3 10.4 10.0 11.9 13.1 14.4 9.0% 9.9%
tion
Trade,
Hotels,
Transpor
t,
Commun
14.1 25.4 26.9 21.5 24.8 27.8 29.6 18.6% 6.4%
ication &
Services
related to
Broadcas
ting
Financial
, Real
Estate &
15.3 27.1 29.0 29.5 31.2 34.1 36.9 23.3% 8.4%
Professio
nal
Services
Public
Administ
ration,
10.3 16.3 17.3 16.0 17.2 18.8 20.2 12.7% 7.8%
Defence
& Other
Services
Total
GVA at
81.1 127.3 132.4 126.9 138.8 148.0 158.7 100.0% 7.2%
current
prices

Note: RE: revised estimate, PE: Provision estimates

Source: MoSPI, CRISIL MI&A

Indian domestic formulation market by key therapies

Chronic segment is dominated by Anti-diabetic & Cardiovascular while anti-infectives & gastro-intestinal
are the top therapeutic segments in acute segment
The Indian domestic formulation industry can be categorized into the chronic therapies segment and acute
therapies segment. The chronic segment mainly comprises of anti-diabetic, cardiovascular, oncology etc. The
acute segment mainly comprises of anti-infectives, gastro-intestinal, pain and analgesics etc.

As of fiscal 2024, chronic therapies and acute therapies constituted 53% and 47% of the total domestic formulation
market, respectively. As of fiscal 2024, anti-diabetic and cardiovascular were some of the largest therapeutic
segments catered by the Indian formulations industry in chronic therapies segment, together accounting for nearly
one-fourth share of the Indian domestic formulation market. As the prevalence of chronic diseases have grown in

280
the country, chronic diseases such as diabetes and cardiovascular disorders are more prevalent in the Indian
population. Anti-diabetic constituted approximately ~9% of all therapies catered by Indian domestic formulation
market. Similarly, cardiovascular constituted to approximately ~13% of all therapies catered by Indian domestic
formulation market. Sedentary lifestyles along with poor dietary habits have resulted in growing incidence of
chronic diseases in Indian population, which is expected to drive the growth of therapies such as anti-diabetic and
cardiovascular in the next few years.

In the acute segment, anti-infectives, gastro-intestinal and pain and analgesics are some of largest therapeutic
areas catered in the Indian domestic formulation market. The chronic therapies segment in the Indian domestic
formulation market is expected to register higher growth at a CAGR of 8.5-9.5% from fiscal 2024 to fiscal 2029
than the acute therapies segment which is expected to register a CAGR of 7.0-8.0% from fiscal 2024 to fiscal
2029.

Key therapy areas in domestic formulation market

Therapy Name CAGR
CAGR
Share in total Share in total Share in total
market FY19 market FY24 market FY29P (FY24 to
(FY19 to FY24)
FY29P)

Cardiovascular 12.4% 13.2% 14.1% 9.7% 10.0-11.0%

Anti-Infectives 12.6% 12.3% 11.7% 8.0% 7.5-8.5%
Gastrointestinal 11.2% 11.7% 11.6% 9.3% 8.5-9.5%
Anti-Diabetic 9.6% 9.1% 9.7% 7.2% 10.0-11.0%
Vitamins / Minerals / Nutrients 8.6% 8.8% 8.9% 8.8% 9.0-10.0%
Respiratory 7.4% 8.1% 8.2% 10.3% 9.0-10.0%
Pain / Analgesics 6.8% 7.1% 6.9% 9.5% 7.5-8.5%
Derma 7.6% 6.6% 6.4% 5.4% 7.5-8.5%
Neuro / CNS 6.0% 6.1% 6.1% 8.8% 8.0-9.0%
Gynecological 5.1% 5.0% 5.0% 7.8% 8.5-9.5%
Notes: P-Projected
Source: CRISIL MI&A

Rising prevalence of chronic diseases is likely to aid growth in the chronic segment in medium to long term.
Further, the rise in the anti-diabetic and cardiovascular segments would support growth of the domestic industry.

Chronic portfolios of major companies have seen a significant growth in the past few years, with anti-diabetes
being one of the fastest growing segments. Also, chronic therapies usually have better margins for players as these
it provides them with assured demand for chronic medications which are used for treatment for linger duration of
time. Also, multi-drug therapy in chronic diseases also helps players have strong demand for these medicines.
As per World Bank data, India's per capita expenditure on health is among the lowest among developing countries,
representing significant potential.

The chronic segment is also expected to benefit from factors such as rising incidence of lifestyle-related diseases,
and better healthcare, diagnostic and hospital infrastructure, which has helped improve the disease detection rate.
In the Acute segment the growth is expected to be lower than the chronic segment, the key therapies such as
gastro-intestinal and nutraceuticals are expected to aid the growth in the segment.

Key growth drivers for the Indian domestic formulation industry

With life expectancy improving and changing demographic profile, healthcare services a must

With improving life expectancy, the demographic of the country is also witnessing a change. As of 2011, nearly
8% of the Indian population was of 60 years or more, and this is expected to surge to 11% by 2026 and 13% by
2031.

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According to the Report on Status of Elderly in Select States of India, published by the United Nations Population
Fund (UNFPA) in September 2023, chronic ailments such as arthritis, hypertension, diabetes, asthma, and heart
diseases were commonplace among the elderly, over 30 percent of the elderly women and 28 percent of the men
suffered from one chronic morbid condition and nearly one fourth (across both sexes) suffered from more than
two morbid conditions.

With the Indian population expected to grow to approximately 1.4 billion by 2026, it is imperative to ensure
availability of healthcare services to this vast populace. This is expected to present substantial growth potential
for the Indian domestic formulation industry.

Trend and outlook on age-group wise segmentation of Indian population

Source: Census, CRISIL MI&A

Growth in chronic segment to continue to boost growth in medium term with long term treatments and
prescriptions

Chronic disease care drugs (meant to treat many non-communicable diseases) are seeing high growth rates. The
treatment for chronic diseases requires medium to long term treatment where medical practitioners prescribe chain
of prescriptions to treat these diseases. Also, with chronic diseases these prescriptions are used more frequently
as pharmacies dispense these medications with network effect across the pharmaceutical supply chain.

The rise in chronic diseases is primarily due to growth in the urban population, better awareness on healthcare,
and greater penetration of services. Disability-adjusted life years lost for the Indian population reflect the shift in
disease profile. The metric, published by the World Health Organization, is the number of life years lost due to
premature mortality plus the number of years lived with disability. The data indicates a rise in the number of life
years lost due to non-communicable diseases such as cancer, cardiovascular ailments, diabetes, and mental
disorders between 2009 and 2019 in India. Conversely, life years lost due to diarrhoea, tuberculosis, and
respiratory infections in India across the same period have dropped. CRISIL expects this shift in the disease profile
to continue in the future.

Disability adjusted life years lost in India led by non-communicable diseases

Particulars Disability adjusted life years (DALYs)

Communicable diseases 2009 2019

Tuberculosis 3.8% 3.4%
Diarrheal diseases 6.7% 4.3%
Respiratory infections 10.2 7.7%
Non-communicable diseases

282
 Particulars Disability adjusted life years (DALYs)

Cancer 4.3% 5.8%

Diabetes 1.6% 2.7%
Mental disorders 3.7% 4.7%
Cardiovascular 10.5% 13.9%
Respiratory 4.8% 6.3%
Other non-communicable diseases 20.0% 24.5%
Total non-communicable diseases 44.9% 57.9%
Source: The Institute for Health Metrics and Evaluation (IHME) / Global Burden of Disease Tool, CRISIL MI&A

Rising income levels along with strong awareness for health has resulted in people seeking quality
healthcare services

The Covid-19 pandemic had caused a temporary setback to the Indian economy in FY21, leading to a decline in
NNI per capita. However, the economy rebounded in FY22, with NNI per capita rising 9.3% on-year to Rs 94,054.
Furthermore, NNI per capita further increased to Rs 99,404 in FY23 and Rs 106,744 in FY24. With rising income
levels and health awareness people are seeking better and quality healthcare services. This includes availing of
better hospital services, better medicine and pharmacy services.
With per capita income rising to upper middle-income category by FY31, the share of PFCE is expected to be
dominant in India’s GDP growth.

Per capita NNI

RE: Revised estimates, PE: Provision estimates

Source: PIB, MoSPI, CRISIL MI&A

Improvement in health insurance penetration in India

The health insurance penetration in India has seen improvement in recent years. As per the Insurance Regulatory
and Development Authority (IRDA), nearly 550 million people have health insurance coverage in India (as
of fiscal 2023), as compared to 288 million (as of fiscal 2015). Despite this robust growth, health insurance
penetration in India stood at only 39% in fiscal 2023. With growing awareness for healthcare and government
sponsored schemes health insurance penetration in India is expected to reach approximately 46% in fiscal 2025.
This is expected to aid growth in the overall healthcare industry in India.

Population-wise distribution amongst various insurance business (in million)

283
Note: Coverage represents insurance penetration levels in India i.e., no. of individuals covered.
Source: IRDA, CRISIL MI&A

Government or government-sponsored schemes such as the Central Government Health Scheme (CGHS),
Employee State Insurance Scheme (ESIS), Rashtriya Swasthya Bima Yojana (RSBY), Rajiv Arogyasri (Andhra
Pradesh government), Kalaignar (Tamil Nadu government), and etc. account for 60% of health insurance coverage
provided. The remaining is through commercial insurance providers, both government (Oriental Insurance, New
India Assurance, etc.) and private (ICICI Lombard, Bajaj Allianz, etc.).

Overview and outlook of Indian pharmaceutical formulation exports market

New product launches, complex generics, specialty drugs to drive formulation exports growth over medium
term

Formulation exports grew by ~4.5% during fiscal 2023 after witnessing a high base-led flat growth during fiscal
2022. The pharma industry continued to witness pricing pressure in the US, the main export market, during fiscal
2022 and fiscal 2023. However, strong exports to the European market helped offset this to an extent.

For fiscal 2024, India exported formulations worth USD 12.3 bn to regulated markets, with US alone contributing
~66% of the total exports (to regulated markets). India's share of formulation exports is low in value terms as
India is primarily into trade generic and branded generics exports. However, India's share in formulation exports
to US markets has improved over the years as it capitalized on opportunities created by patent expiries. Europe is
another major export destination for India with a share of ~24% (overall exports to regulated markets). India
exported formulation worth USD 10.1 bn to semi-regulated markets in fiscal 2024. These exports are largely
directed towards Africa, Asia, Russia, and Latin America, with Africa having the largest share. Demand from
these markets is driven by an increase in volume led by increasing accessibility to healthcare and the launch of
products in newer markets. India's share in total exports to semi-regulated markets has also increased over the
years.

Manufacturers launching complex and specialty drugs and those receiving limited competition drug approvals are
expected to register higher growth. Incremental revenue for formulation exporters would be supported by new
launches. Even though pricing pressure for generics persists, it is expected it to reduce in the near to medium term.
United States Food and Drug Administration (USFDA) regulatory overhang continues to be monitorable. Moving
ahead, formulation exports are expected to witness healthy growth in fiscal 2025, on account of recovery in the
US and select African and Latin American countries, while exports to other geographies are likely to support this
growth. Consequently, formulation exports are expected to register growth of 6-8% in fiscal 2025.

Formulation export trend for India

284
 25 (US$ billion) FY25 growth :6-8%
FY19-24: 8-9% CAGR

20

15

10

14.4 15.9 19.1 19 19.8 22.10 23.5-24.0

0
FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025P

Note: P: Projected
Source: The Directorate General of Commercial Intelligence & Statistics (DGCIS), CRISIL MI&A

Formulation exports to regulated markets

Exports growth to remain moderate in near term

Exports to regulated markets are set to grow by around 13% (in $ terms) during fiscal 2024. Growth was supported
by the launch of new products in the US market and the easing of pricing pressure. Exports to European markets
are also expected to support the growth as there was shortage observed for certain cancer drugs, which fuelled the
growth. In the medium term, with companies focusing on complex generics and specialty products, pricing
pressure is expected to abate. Continued launch of new products across regulated markets is expected to support
the growth of formulation exports from India.

India’s exports to regulated markets are set to grow by around 11-13% in fiscal 2025. Growth is likely to be
supported by the launch of new products in the US market and the expected easing of pricing pressure. Exports
to Canada and Japan are expected to boost the growth in overall exports due to increasing demand in these markets.
In the medium term, with companies focusing on complex generics and specialty products, pricing pressure is
expected to abate.

Formulation exports to the regulated markets are expected to gain momentum, as the focus of manufacturers on
niche molecules, specialty drugs, complex generics, and bio-similars is expected to drive growth in the long term.

India's formulation exports: Share in regulated markets (FY2024)

Japan, 4% Canada, 4%
Australia, 1%

FY2024
Europe, 24%

USA, 68%

285
Source: CRISIL MI&A , DGCIS

Export momentum to European markets to continue

During the fiscal period between 2015 to 2020, pharma exports to European markets clocked a slow 6-7% CAGR
owing to stricter pricing regulations and adverse currency movements. Even the United Kingdom (UK) and
Germany, which traditionally had less stringent pricing mechanisms, introduced regulations to control the
government's healthcare expenditure.

It is expected that there will be healthy growth in formulation exports to Europe over the next five years on rising
generic penetration in the UK, France and Germany, among others. Also, players shifted their focus towards
Europe due to the ongoing pricing pressure in the US. While the rising clawback tax rates in these markets will
remain a key monitorable in the near term. High incidence of chronic diseases, an aging population, and adoption
of specialty medicines are set to drive growth in the European markets.

Formulation exports to semi-regulated markets

Players look to tap under-penetrated markets for growth

Semi-regulated markets registered a growth of 4% (in $ terms) during fiscal 2022 on a high base of fiscal 21 as
players targeted new geographies and new product launches. Indian players are also targeting newer and smaller
markets in Asia and Africa through both new launches and institutional sales. In fiscal 2023, exports witnessed a
decline of ~6% due to ongoing economic and geopolitical crisis in select African countries. For e.g. countries like
Zimbabwe, Ghana, Nigeria, Egypt and Uganda were running low of forex reserves and their local currencies
depreciated significantly against USD, hence the countries decided to cut down their imports to retain the forex
reserves.

Players increasing focus on semi-regulated markets

India's pharma exports to semi-regulated markets to demonstrate strong growth in near future, as players eye
growth opportunities in newer markets with low generic penetration and newer launches in the existing markets.
The semi-regulated markets are characterized by lower penetration of healthcare facilities, low per capita
consumption of medicines, high population growth rates, a wide base of patients with acute and chronic diseases,
and low penetration of generics. Many markets also exhibit disease profiles similar to those in India. In terms of
medicine consumption, these markets are mainly driven by low-cost generics.

Key growth drivers for Indian formulation exports

India - a preferred manufacturing hub

Indian pharmaceutical companies continue to enjoy a sizeable market share in the US generics market. The
number of firms seeking abbreviated new drug application (ANDA) approvals and tentative approvals from the
US Food and Drug Administration (FDA) is also on the rise. Mid- and small-sized formulation manufacturers,
who are traditionally engaged in contract manufacturing, are also looking at tapping the generic drugs opportunity
in regulated markets.

Increasing healthcare cost drives preference for generic drugs in regulated markets
Developed economies spend a major portion of their gross domestic product (GDP) on healthcare. Going forward,
demand for pharmaceutical products in developed markets is expected to be driven by factors such as an ageing
population and growing incidences of chronic diseases. CRISIL believes that austerity measures adopted in
Europe will continue to drive demand for generic drugs, though pricing realisations by suppliers may not be as
favourable as in the past. At the same time, healthcare reforms in the US are driving higher insurance coverage
and greater usage of generic medicines.
Key risk factors and challenges for the Indian pharmaceutical industry

Changes in government regulations

Pharmaceutical industry is highly regulated as it deals with health of human life. The pharmaceutical industry
entails higher requirement of certification and approvals, such as drug regulatory approvals, product (drug)
effectiveness testing, biological and chemistry testing, manufacturing plant certifications, quality standards, entry
to market qualification, etc.

286
The Indian Government has been taking various steps to control the prices of drugs and make it more affordable
to consumers. Between fiscal 2014 and fiscal 2015, the industry saw drug prices being regulated for more than
500 medicines under the Drug Price Control Order (DPCO), thereby negatively impacting the industry. Drugs
under the National List of Essential Medicines (NLEM) comprised approximately 20% of the overall domestic
pharmaceutical market.

Fluctuation in foreign exchange rates

Bulk drug players meet ~70% of their intermediary requirements through imports and ~40% of the end-products
are exported to regulated as well as semi-regulated markets. As the bulk drug industry is fragmented, many small
bulk drug players (<Rs 2.5 billion) export to the semi-regulated markets without hedging against their currency
risk. Therefore, bulk drug players will continue to face the risk of currency volatility. However, the large bulk
drug players who have long-term contract with formulation players are unlikely to face major risk, as they hedge
against currency appreciation.

Dependence on China for imports

India imports ~70% of intermediaries required for active pharmaceutical ingredients (API) from China. Over the
past few years, many chemical-based companies have been shut down in China due to failure to meet environment
norms. Further, Covid-19 led disruptions had further disrupted supplies. Any such disruptions in the bulk drug
industry will adversely impact the Indian API industry and subsequently the formulations industry. Further, the
Chinese bulk drug industry receives extensive support from the government in the form of subsidies. Any change
in policy in this front, will also lead to pressure on margins for the Indian players.

Domestic formulation industry is highly fragmented; manufacturing bases concentrated in few states

The domestic formulations industry is highly fragmented in terms of both number of manufacturers and products.
Over 100,000 drugs across various therapeutic categories are produced annually in India. In terms of number of
manufacturers, there are 300-400 organised players and about 15,000 unorganised players in the industry, with
organized players dominate the market in term of sales. Traditionally, Indian pharma companies operate largely
in a few states, including Maharashtra, Gujarat and Andhra Pradesh. After the imposition of an MRP-based excise
duty system in 2015, many players have shifted their manufacturing bases to excise-free zones such as Baddi
(Himachal Pradesh), Haridwar (Uttaranchal) and Sikkim.

Pricing pressure in the US market

Wholesale consolidation in the United States pharmaceutical market has led to lower bargaining power for Indian
players thereby exerting pricing pressures. Only three players in the United States pharmaceutical market held
approximately 90% of the market share in 2022.

Further, faster Abbreviated New Drug Application (ANDA) approvals due to implementation of Generic Drug
User Fee Amendments (GDUFA) has led to more players entering the US generic pharmaceutical market, thereby
putting pressure on realisations.

Compliance with US FDA regulations

Adherence to good manufacturing practices (cGMP) prescribed by the US FDA and maintenance of data integrity
remain key challenges for the Indian players. High number of warning letters were imposed on Indian players by
US FDA in 2013 and 2014, resulting in Indian players hiring US-based consultants to advise on compliance with
the US FDA regulations. Thereafter, the larger players have already taken substantial steps to implement
corrective measures and make their facilities US FDA compliant. US FDA audit will still be challenging for mid
and small-sized players, as their adherence to regulations is likely to be lower when compared with large players.
On the other front, maintaining data integrity will remain a key concern, as it is a human resource issue and
achieving organisational change within a short span of time is likely to be difficult.

Recent trends in Indian pharmaceutical industry

Time to market

287
The time-to-market of new products is an important source of pharmaceutical player’s comparative
advantages. Generic pharmaceutical companies in particular tend to improve their market position by being first
in the market when a patent on an original product expires. Research and development for the pharmaceutical
companies has been the area that takes significant amount of time.

Agility and Flexibility

Flexibility and agility in business relate with the dimensions of choice and speed at various levels in the conduct
of the business. These are required in view of changing business situation, customer needs, market dynamics, and
competition. As a result of the Covid-19 pandemic, businesses are required to be more flexible in their processes
especially in areas such as supply chain. This is particularly the case for pharmaceutical industry since the value
chain from research and development to final product is long.

With evolving business scenario in Indian pharmaceutical industry, companies have to bring in the new
technologies and processes in order to stay relevant in the industry.

Vertical Integration among pharma players

Vertical integration has been one of the key characteristics of pharmaceutical industry specially the generics
pharmaceutical industry. Reason for vertical integration can be the better control over supply chain and drug
development process especially for development of generics drugs.

New Drug Delivery systems in Injectables

Injectables industry has seen new forms of drug delivery systems as well as emergence of self-administered
injectables. Also, few technologies categorized as complex injectables have been proven to be better drug delivery
systems like liposomes, nanoparticles, microemulsion, microparticles, micelles, PEGylation, etc. These are
termed as New Drug Delivery Systems (NDDS).
Growth in outsourcing trend

Outsourcing has developed as an industry trend, and now comprises the full range of corporate activities –from
screening and lead identification to toxicology and several other processes like preclinical studies, clinical trials,
manufacturing, and marketing at all scales.

Indian pharmaceutical companies building specialty and complex generics capabilities

A complex generic is a generic that could have a complex active ingredient, complex formulation, complex route
of delivery, or complex drug device combinations. Specialty drugs are high-cost prescription medications used to
treat complex, chronic conditions such as cancer, rheumatoid arthritis, and multiple sclerosis. They can be used
in rare or orphan disease indications. It may have unique storage or shipment requirements and might require
additional patient education, adherence, and support beyond traditional dispensing activities.

Biosimilars presents opportunity for Indian players

Biologics share in total patent expires by value is expected to be higher in next few years, signifying a tremendous
opportunity for players. The top players have already started moving towards bio-similar.

New technology adoption a key factor for companies to grow in the industry
Indian pharmaceutical industry still lags behind when it comes to employing newer technologies in the research
and manufacturing processes. Automation and artificial intelligence are some of the key technological trends in
the industry. World health organization also recommends application of automated systems right from
documentation to the manufacturing of formulations. Newer technology helps in process efficiencies which can
aid Indian pharmaceutical players but implementing those changes will be a key challenge for the industry players.
Overview of some of the key government schemes

Government push for schemes such as Jan Aushadhi Pariyojana, a step towards increasing generic generics
penetration

Branded generics (drugs that are off-patent and sold on brand names) comprise a lion's share of the domestic
pharmaceutical industry. Retailers as well as manufacturers earn margins of over 20% on branded generics.

288
As branded drugs account for much of the market share, the government has undertaken steps to increase the
uptake of unbranded generics. It introduced the Jan Aushadhi Yojana in November 2008 to sell low-cost,
unbranded, but quality medicines to all citizens via stores called Jan Aushadhi Kendras.

Ayushman Bharat to support long term growth

Ayushman Bharat PM-JAY is the largest health assurance scheme in the world which aims at providing a health
cover of Rs. 0.5 million per family per year for secondary and tertiary care hospitalization to over 107.4 million
poor and vulnerable families (approximately 500 million beneficiaries) that form the bottom 40% of the Indian
population.

The scheme can be a huge positive for the pharmaceutical industry in the long run, as it will accelerate healthcare
coverage in the country, which is currently very low at 39%.

Ayushman Bharat is expected to provide volume momentum to the healthcare sector, with the scheme on its full-
scale implementation providing healthcare assurance of Rs 0.5 million per family (on floater basis) to nearly 107.4
million families (the actual coverage would be greater on account states extending the scheme to even some
sections of the uncovered populace). As of June 2024, nearly ~68.6 million treatments had taken place under
Ayushman Bharat since the inception of the scheme in September 2018. The claim amount for these treatments
has been ~Rs. 902.0 billion, indicating average treatment cost of ~Rs 13,146 per hospital admission.

Assessment of Indian Injectables pharmaceutical market

Overview of injectables drugs

Injectable drugs are a form of dosage, in which the active pharmaceutical ingredients (compounds which are
responsible for eliciting the therapeutic effects) are dissolved in a liquid medium, which ensures quick medical
effect. The route of administration via injections is selected based on the required onset of the action and the
pharmacokinetic profile desired for the medication.

Overview of injectables drugs market in India

Injectables are the second largest dosage form in the Indian domestic formulation market with share of
approximately ~13% as of fiscal 2024. Injectables have gained importance in the recent year in the Indian
pharmaceutical market with invention of newer drug delivery systems and development of complex injectables.
Indian pharmaceutical companies are also developing and investing in new complex molecules in the injectables
formulation segment.
Indian injectable market expected to grow at 7.5-8.5% CAGR from fiscal 2024 to fiscal 2029

Indian injectables market in Indian domestic formulation industry has recorded steady growth in recent years.
The market grew at a CAGR of 7.2% from Rs. 192 billion in fiscal 2019 to Rs. 272 billion in fiscal 2024. Going
ahead, the Indian injectables market is expected to grow at a CAGR of 7.5-8.5% over the next five fiscal years
from fiscal 2024 to fiscal 2029 to reach Rs. 375-400 billion by fiscal 2029.

Growth drivers and trends for Indian injectable market

Rise in chronic diseases

There is an increase in the prevalence of diabetes and other chronic diseases for which treatment is primarily
administered using injectables. Diabetes and other chronic disease has seen major prevalence in the world
population. According to the World Health Organization (WHO), communicable diseases were a major
contributor to disability-adjusted life years (DALYs) in India in 2000, with approximately 55% share. The major
reasons were lack of basic public healthcare facilities and vaccination, which led to communicable diseases.
Contribution of major disease groups to total DALYs in India
2000 2019

289
 Injuries, 9.4% Communicable, Communicabl
Injuries,
maternal, 11.0% e, maternal,
neonatal and neonatal and
nutritional… nutritional
diseases,
30.4%

Non-
Non-
communicable
communicable
diseases, 35.6%
diseases,…

Source: WHO, CRISIL MI&A

Growth of biologics
Biologics are making robust progress in the Indian pharmaceutical industry. Most of the biologics and biosimilar
drugs are administered through injectables. In biologic drugs, Injectables in the pharmaceutical industry are
witnessing increased adoption as the preferred drug delivery systems due to their ease of handling, less overfills
and more safety to patients.

Ease of administration
In an effort to deliver medication in an efficient and improved way with minimal side effects, there has been huge
innovation in the field of Novel Drug Delivery Systems (NDDS).

Emergence of New drug delivery systems

The development of new injectables delivery devices has facilitated increased access to self-administered
medications which are convenient and safe to use. NDDS helps the patients reduce frequency of their hospital
visits. Apart from Diabetes, NDDS has also found applications in segments like Oncology and hormone therapy
which entail delivery of multiple doses over the course of the treatment.

New therapeutic areas for Injectables

The market for injectables is growing for new ailments such as rheumatoid arthritis, multiple sclerosis, cancers
and autoimmune disorders. Pharmaceutical players, especially in the injectable segment are investing in research
and technology that will cater to formulations in this new segment of diseases.

Increased focus on complex molecules

In recent years, pharmaceutical manufacturers have shifted focus to building capacities for complex and niche
products due to the fading of opportunities in traditional molecules and presence of higher realisations in the
complex molecules segment. Furthermore, investments are being made in development of complex molecules for
treatment of diseases such as rheumatoid arthritis, multiple sclerosis, cancers and auto-immune disorders. Due to
ease of administration and improved safety, injectables such as prefilled syringes are being used to administer
these treatments which is likely to increase the demand for the injectable products.

Qualitative overview of IV fluids products in the Indian Injectable pharmaceutical industry

The administration of intravenous fluids is one of the most common and universal interventions in medicine.
Crystalloid solutions are the most frequently chosen, by far, with normal saline (NS) and lactated Ringer's (RL)
both being frequent choices globally.

The 2 primary types of IV fluids include crystalloid and colloid solutions. Crystalloid solutions include normal
saline, half-normal saline, lactated Ringer solution, combination of Dextrose and normal Saline, Electrolytes, etc.
Colloid solutions are albumin solutions, hyperoncotic starch, dextran, and gelatin. Crystalloid solutions are
typically preferred as the first-line treatment, whereas colloid solutions are not the recommended initial option for
hypovolemia, unless it is not due to bleeding.

Overview of IV fluids

290
 Normal saline

Crystalloid solutions Half-normal saline

Type of IV fluids

Lactated ringer solution

Albumin solutions

Hyperoncotic starch

Colloid solutions
Dextran

Gelatin

Source: National Library of Medicine, CRISIL MI&A

The application of IV Fluids spans from routine hydration and electrolyte balance to emergency medicines and
more complex clinical treatments including fluid resuscitation, nutrient delivery and medication administration.
Many adult hospital inpatients need IVF therapy to prevent or correct problems with their fluid and/or electrolyte
status. With rising awareness and access to healthcare facilities, people are seeking more treatments from clinics
and hospitals which is expected to support uptake of IV fluids products in the Indian market.

IV fluids industry in India to grow at a CAGR of 9-11% between fiscal 2024-2029

IV fluid market consisting of key products like normal saline, dextrose, lactate ringer and electrolytes have seen
traction in recent years owing to growth of overall healthcare system in India. Indian IV fluids market is estimated
to be valued at ~Rs 45-47 billion as of fiscal 2024, compared to ~Rs 29 billion in fiscal 2019. This growth was
supported by multiple factors including rising population, increasing prevalence of chronic diseases, and growing
demand for IV fluids in medical treatments due to fast acting way. Going ahead with growth of overall healthcare
delivery market in India and the factors outlined above the industry is estimated to register a CAGR of ~9-11%
between fiscals 2024- 2029 and reach Rs ~70-80 billion by fiscal 2029 owning to sustained demand from end use
segments like hospitals and clinics.

Review and outlook of IV fluids market in India

(Rs Billion)
80 CAGR (FY24-29) ~9-11% 70-80

60 CAGR (FY19-24) ~10.6%

45-47
43
40 37
34
32
29

20

0
FY19 FY20 FY21 FY22 FY23 FY24 FY29
Source: CRISIL MI&A

291
Qualitative overview of small volume parenteral products (SVP) in the Indian Injectable pharmaceutical
industry
As per National Library of Medicine, Parenteral products are sterile products that are administered as an injection,
infusion or implantation and must be manufactured and compounded using materials and methods (aseptic
techniques) that ensure sterility of the product. They usually contain one or more active ingredients intended for
administration and are packaged in either single-dose or multi dose containers.

Additionally, administration of a contaminated parenteral product can cause the patient significant harm, including
bloodstream infections, sepsis, meningitis and death. Hence, due care and precaution should be exercised during
its handling.

Overview of Parenteral

Parenteral

Based on Based on state of

volume product

Small-volume Large volume Injectable

Infusion
parenteral parenteral emulsion

Oily
Injection Others
injections

Source: CRISIL MI&A

Parenteral products can be further bifurcated based on their volume into Large- volume parenteral solutions
(LVPs) and Small- volume parenteral solutions(SVPs).

• Large-volume parenteral solutions (LVPs)- LVP as products in a container labelled as containing more
than 100ml of a single dose injection intended for administration by IV infusion. LVP can be
administrated through multiple routes including direct injection into the blood, open body cavities, and
surgical areas. Examples include electrolyte solutions, carbohydrates, nutrients solutions, etc.
• Small-volume parenteral solutions (SVPs) – a solution volume of less than 100 mL (as defined by USP)
or less that is intended for intermittent intravenous administration (usually defined as an infusion time
not lasting longer than 6-8 hours). Large part of SVP product includes water for injection (diluent used
for dissolving dry powder injection), Ophthalmic, Respiratory Care products, etc. In non-therapeutic
(medical device) product range, there are products like eye and wound irrigation, OTC Ophthalmic
products etc. Examples of SVPs include solutions, suspension, emulsion, etc.

Parenteral products can also be bifurcated based on state of products into injections, infusions, powders for
injections, implants, Concentrated Solutions for Injection, Injectable Emulsion, and oily injections.

Parenteral products can be highly useful in cases where patients cannot intake drug through oral route or drugs
are not suitable for oral intake. Additionally, these products allow rapid absorption of the drug, thereby providing
fast action. Furthermore, parenteral routes are better suited for drugs which have poor absorption in the
gastrointestinal tract or are destroyed by digestive secretions.

Review of overall healthcare delivery market in India

Healthcare delivery industry estimated to grow to ~Rs 9.4-9.8 trillion by FY28

292
Healthcare delivery market in India consists of inpatient department (IPD) treatments at government and private
hospitals and outpatient department (OPD) treatments at government, private hospitals and clinics. CRISIL MI&A
estimates the Indian healthcare delivery market to have reached ~ Rs 6.3 trillion in value terms by end of FY24,
with growth being contributed by continuation of regular treatments, surgeries and in-patient department (IPD)
including average revenue per occupied bed (ARPOB) expansion for the sector.

Key growth drivers of healthcare delivery industry

A combination of economic and demographic factors is expected to drive healthcare demand in India. CRISIL
MI&A believes the PMJAY scheme launched by the government would also support these drivers.

Conducive
govt policies
Change in
demographi
Medical cs and
tourism rising
income
levels
Growth
drivers

Health Increasing
insurance health
coverage awareness

Change in
desease
profile

Source: CRISIL MI&A

Government policies to improve healthcare coverage

The healthcare budget has seen increases on-year. Between FY11 and FY25, the budget for the MoHFW clocked
a CAGR of ~10%. In recent years, the utilisation rate has been 100% or above, as has been the case since FY16.
This, too, is a strong growth driver for the industry and particularly the PPP initiative from government so as to
achieve the government’s goal of providing healthcare services to all.
Budget estimates for MoHFW

CAGR:
876.6

1000.0
776.2
733.1
712.7
650.1
626.6

800.0
528.0
473.5

600.0
370.6
351.6
332.8
307.0

296.5
269.0
235.3

400.0

200.0

0.0
FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

Budget Estimates for MOHFW (Rs.

billion)
Source: Union Budgets, CRISIL MI&A

Medical tourism in India

293
Medical value travel, which is also referred to as ‘medical tourism’, has gained momentum over the years and
India is fast emerging as a major tourist destination, owing to the relatively low cost of surgery and critical care,
along with the presence of technologically advanced hospitals with specialized doctors and facilities, such as e-
medical visa.

India benefits from medical value travel stemming from neighboring countries such as Bangladesh, Nepal and
Bhutan. Eastern India is geographically well positioned for medical value travel from Bangladesh, Nepal and
Bhutan, from patients who prefer to obtain quality healthcare services in India.

According to the latest data available with the Ministry of Tourism, of the total foreign tourist arrivals in India,
the proportion of medical tourists has grown from 2.2% (0.11 million tourists) in 2009 to 6.4% (0.62 million
tourists) in 2019. However, the number of medical tourists fell sharply in 2020(0.18 million tourists) because of
international travel restrictions due to Covid-19. The number of medical tourists has recovered well to 0.63 million
tourists in 2023 (January-December 2023).

Growing health insurance penetration to propel demand

Low health-insurance penetration is one of the major impediments to growth of the healthcare delivery industry
in India, as affordability of quality healthcare facilities by the lower income groups continues to remain an issue.
As per the Insurance Regulatory and Development Authority of India (IRDAI), nearly 550 million people have
health insurance coverage in India (as of 2022-23), as against 288 million (in 2014-15), but despite this robust
growth the penetration in FY23 stood at only ~39%. CRISIL MI&A believes that while low penetration is a key
concern, it also presents a huge opportunity for the growth of healthcare delivery industry in India. And with the
PMJAY scheme, the insurance coverage in the country is expected to increase considerably.

Rising income levels to make quality healthcare services more affordable

Even though healthcare is considered a non-discretionary expense, considering that an estimated 83% of
households in India had an annual income of less than Rs 2 lakh in 2011-12, affordability of quality healthcare
facilities remains a major constraint.

Growth in household incomes, and consequently, disposable incomes, is, therefore, critical to the overall growth
in demand for healthcare delivery services in India. The share of households falling in the income bracket above
Rs 2 lakhs is expected to go up to 35% in 2021-22 from 23% in 2016-17, providing potential target segment (with
more paying capacity) for hospitals.

With life expectancy improving and changing demographic profile, healthcare services are a must
With improving life expectancy, the demographic of the country is also witnessing a change. As of 2011, nearly
8% of the Indian population was of 60 years or more, and this is expected to surge to 12.5% by 2026. However,
the availability of a documented knowledge base concerning the healthcare needs of the elderly (aged 60 years or
more) continues to remain a challenge. Nevertheless, the higher vulnerability of this age group to health-related
issues is an accepted fact.

Life expectancy (at birth) and infant mortality rate: India vs others
100
88

90
81

79
78

78
77
76
75

75
74
73

73

80
72

72
71

71

71
70

69

69

69

67
66

66
65

63

70
60

58

60
51
46

50
42
37

40
30

30
28
26

26

30
22
20
19
16

14
13

20
9

9
8

7
6

10
5

5
4

0
LEB IMR LEB IMR LEB IMR LEB IMR LEB IMR LEB IMR LEB IMR LEB IMR LEB IMR
United United Vietnam Brazil Thailand China Malaysia Russian India
Kingdom States Federation

1990 2000 2021

294
Note: LEB – life expectancy at birth; IMR – infant mortality rate (probability of dying by age one year per 1000
live births)
Source: World Bank, CRISIL MI&A
Key trends of healthcare delivery industry

Diversification into different format / areas to increase reach and efficiency

Despite the challenges present in the healthcare delivery system in India, innovations and newer business models
are being explored. The main objective of these innovations are to increase efficiencies through optimum resource
utilisation and widen the reach of healthcare services. Though different business models might being applied
depending on the location and services to be provided, the PMJAY is expected to lead to the adoption of new
business models focusing on volume-driven, affordable healthcare.

Single speciality healthcare units

Single-specialty healthcare units are those that treat patients with specific medical conditions, with the need of
specific medical/surgical procedures. A single-specialty healthcare unit can be a hospital, clinic, or care centre.
The advantage of these units is that, by focusing on providing care in a single segment, they can increase
efficiencies as well as create a niche in the target segments. Nowadays, birthing centres are among the fastest
growing single specialty centre. Specific regulatory headwinds, however, can affect the margins of these business
units.

Day-care centres
The objective of day-care centres is to reduce the need for overnight hospitalisation. In this type of setup, a patient
is allowed to go home on the same day after being treated. These centres have also given rise to the concept of
outpatient surgeries.

End-of-life/geriatric care centres

The objective of end-of-life care centres or hospices and palliative care centres is to provide care and support to
patients, who are suffering from terminal illness with a life expectancy of six months or less. Hospice and
palliative care focus more on pain management and symptom relief rather than continuing with curative treatment.
These centres are designed to provide patients a comfortable life during their remaining days and cover physical,
social, emotional, and spiritual aspects apart from the medical treatment. Such type of care can be delivered onsite,
where special facilities are set up, in the hospital premises, or at the patient’s home.

Home healthcare
The primary objective of home healthcare services is to provide quality health care at the patient’s premises. In
India, these services are still in the nascent stages. CRISIL MI&A believes that with increasing geriatric
population, institution of families and increasing disease burden causing a strain on conventional health delivery
systems, home healthcare will be a preferred alternative. A number of healthcare start-ups have started vying for
growth in this space.

Review of competition in the Indian pharmaceutical market

In this section, CRISIL MI&A has analysed some key players operating in the pharmaceutical industry in India.

Data in this section has been obtained from publicly available sources, including annual reports and investor
presentations of listed players, regulatory filings, rating rationales, and/or company websites. Financials in the
competitive section have been re-classified by CRISIL MI&A, based on annual reports and financial filings by
the relevant players. The financial ratios used in this report may not match the reported financial ratios by the
players on account of standardisation and re-classification done by CRISIL MI&A.

Note: The list of competitive landscape peers considered in this section is not exhaustive but an indicative list.

Operational Overview

295
 Company Year of Overview
Incorporatio
n

Aculife Healthcare Pvt Ltd 2014 Aculife Healthcare Pvt. Ltd. has its registered office in Gujarat, India
and is engaged in manufacturing and selling of various pharmaceutical
products. Its product portfolio includes manufacturing of large and
small volume infusions and bags, ophthalmics, respules, liquid and
gaseous anaesthesia, electrolytes Special Solution, parenteral nutrition
and general injectables.

Amanta healthcare 1994 Amanta Healthcare Limited is a Sterile liquid pharmaceutical products
manufacturing and formulation development and has headquarters at
Ahmedabad, Gujarat, India. The Company manufactures Large Volume
Parenterals (LVPs) and Small Volume Parenteral (SVPs). The product
group comprises of fluid therapy, formulations, diluents, ophthalmic,
respule and irrigation solutions, etc.

Axa Parenterals (India) Ltd 2005 AXA Parenterals Ltd. is into manufacturing & marketing of Sterile
parenterals preparations, other medicines and hospital products

B. Braun Medical India Pvt 1984 B. Braun Medical (India) Pvt. Ltd. was incorporated in the year 1984 as
Ltd a subsidiary of B. Braun Melsungen AG and has a registered office in
India. The company has products catering to therapeutic segments such
as anesthesia, surgery, interventional cardiology, orthopedics, dialysis
treatment, hospital care, etc.

Denis Chem Lab Ltd 1980 Denis Chem Lab Ltd is engaged in the business of manufacturing
pharmaceuticals transfusion solution in bottles and has its registered
office in Gujarat. The company manufactures IVFs bottles under three
packaging categories: glass bottles, euroheads, and plastic bottles.

Fresenius Kabi India Pvt Ltd 1995 Fresenius Kabi India [Link]. is a 100% subsidiary of Fresenius Kabi
AG Germany, which is a part of the Fresenius Health Care Group.
The Company is engaged primarily in production of intravenous fluids
and trading of intravenous fluids, medical devices and oncology drugs.

Otsuka Pharmaceutical India 2012 Otsuka Pharmaceutical India Private Limited (OPI) is a fully-owned
Pvt Ltd subsidiary of Japanese company, Otsuka Pharmaceutical Factory, Inc.
(OPF), Japan. The company has its headquarters in Ahmedabad, India.
OPI’s product portfolio includes anti- infectives, Basic Intravenous (IV)
Infusions, and Enteral Nutrition (EN)

Shree Krishnakeshav 1964 Shree Krishnakeshav Laboratories Ltd started was incorporated in the
Laboratories Ltd year 1964 as McGaw Ravindra Laboratories (India) Ltd and
manufactures I.V. fluids in glass bottles and quality cognate products. In
1984, the company changed its name to Shree Krishnakeshav
Laboratories Limited. Its product portfolio includes, Large Volume
Parenteral (LVP), Small Volume Parenteral (SVP) and Pre-Filled
Syringes (PFS)

Source: Company websites, annual reports, CRISIL MI&A

296
Addendum I - August 2025 to the report “Assessment of the Indian pharmaceuticals industry”

The following section is an addendum I to the report, ‘Assessment of the Indian pharmaceuticals industry’’, dated
June 2024. Crisil Intelligence has provided this addendum to cover relevant macroeconomic update and
competition analysis of key players as per the most recent available financial statements.

5.1 Global GDP outlook

◼ Global GDP is estimated to grow at 2.8% in CY25 and 3.0% in CY26

As per the International Monetary Fund’s (IMF) April 2025 update, global gross domestic product (GDP) growth
witnessed a growth of 3.3% in 2024 as signs of stabilization emerged- inflation came down from multidecade
highs, followed a gradual as well as labor markets normalized, with unemployment and vacancy rates returning
to pre pandemic levels.

However, major policy shifts are resetting the global trade system and giving rise to uncertainty in the global
economy. Since February 2025, a series of new tariff measures by the United States and countermeasures by its
trading partners have been announced and implemented, ending up in near-universal US tariffs on April 2 and
bringing effective tariff rates to levels not seen in a century. This, on its own is a major negative shock to growth
and the unpredictability with which these measures have been unfolding also has a negative impact on economic
activity and the outlook.

This swift escalation of trade tensions and extremely high levels of policy uncertainty are expected to have a
significant impact on global economic activity. Under the reference forecast that incorporates information as of
April 4, global growth is projected to drop to 2.8% in 2025 and 3.0% in 2026. Over the medium term (CY2027-
2029), global GDP is expected to expand at ~3.2% each year.

Global GDP trend and outlook (CY19-CY26P, $ trillion)

(In Rs trillion) (In %)
120 106 15%
100 103
93 97
87 90 10%
81 84 85
76 78
80 6.6%
5%
3.4% 3.3% 3.8% 3.7% 2.9% 3.6% 3.5% 3.3% 2.8% 3.0%
0%
40
-2.7%
-5%

0 -10%
CY15 CY16 CY17 CY18 CY19 CY20 CY21 CY22 CY23 CY24E CY25P CY26P

GDP ($ trillion) GDP growth (%)

Note: E: Estimated, P: Projection

Source: IMF economic database, CRISIL Intelligence
◼ India among fastest-growing major economies

India became the fifth largest in the world by fiscal 2023 and has grown at a faster growth rate (CY2019-2026)
compared to top key economies.

For advanced economies growth under the reference forecast is projected to drop from an estimated 1.8% in 2024
to 1.4 percent in 2025 and 1.5 percent in 2026. The forecasts for 2025 include downward revisions for Canada,
Japan, the United Kingdom, and the United States and an upward revision for Spain.

297
United States: For the United States, growth is projected to decrease in 2025 to 1.8%, 1% lower than the rate for
2024 as a result of greater policy uncertainty, trade tensions, and a softer demand outlook, given slower-than-
anticipated consumption growth. Tariffs are also expected to weigh on growth in 2026, which is projected at 1.7%
amid moderate private consumption.

Euro area: Growth in the euro area is expected to decline slightly to 0.8% in 2025, before picking up modestly
to 1.2% in 2026. Rising uncertainty and tariffs are key drivers of the subdued growth in 2025. Offsetting forces
that support the modest pickup in 2026 include stronger consumption on the back of rising real wages and a
projected fiscal easing in Germany.

Emerging market and developing economies: For emerging market and developing economies, growth is
projected to drop to 3.7% in 2025 and 3.9% in 2026, following an estimated 4.3% in 2024.

Real GDP growth comparison between India and advanced and emerging economies (across calendar
years)

Real GDP growth (Annual percent 2019 2020 2021 2022 2023 2024E 2025P 2026P
change)
Advanced economies 1.9 -4.0 6.0 2.9 1.7 1.8 1.4 1.5
Canada 1.9 -5.0 6.0 4.2 1.5 1.5 1.4 1.6
People's Republic of China 6.1 2.3 8.6 3.1 5.4 5.0 4.0 4.0
Emerging markets and developing
3.7 -1.7 7.0 4.1 4.7 4.3 3.7 3.9
economies
Euro area 1.6 -6.0 6.3 3.5 0.4 0.9 0.8 1.2
India 3.9 -5.8 9.7 7.6 9.2 6.5 6.2 6.3
United Kingdom 1.6 -10.3 8.6 4.8 0.4 1.1 1.1 1.4
United States 2.6 -2.2 6.1 2.5 2.9 2.8 1.8 1.7
World 2.9 -2.7 6.6 3.6 3.5 3.3 2.8 3.0
Notes: P- projected
* Numbers for India are for financial year from April to March (2020 is FY21 and so on).
India’s FY26 projection as per the CRISIL forecast is 6.5%
Source: IMF economic database, Crisil Intelligence

◼ Emerging market and developing economies’ per capita GDP growing faster than the global average
Between calendar years 2019 and 2024, global per capita GDP clocked a CAGR of 3.8% and advanced economies’
GDP per capita growth was at 3.8%, according to the IMF.

Meanwhile, India logged a higher per capita GDP than the global levels with a CAGR of 5.8%. The US, China
and UK clocked growth of 5.5%, 5.2% and 4.3%, respectively, during the same period. Moving forward, GDP
per capita (current prices, $) of India is estimated to register a CAGR of ~7.5% between CY2024 and CY2026.

298
 GDP per capita, CAGR
current prices (Us 2019 2020 2021 2022 2023 2024E 2025P 2026P (CY19-
dollar) CY24)
Advanced economies 48,585 47,603 53,109 54,045 56,668 58,626 60,321 62,572 3.8%
Canada 46,431 43,573 52,912 56,358 54,376 54,473 53,558 56,141 3.2%
People's Republic of
10,334 10,696 12,878 12,968 12,961 13,313 13,687 14,534 5.2%
China
Emerging market and
5,447 5,178 6,035 6,398 6,506 6,710 6,803 7,105 4.3%
developing economies
Euro area 39,310 38,244 43,057 41,672 45,298 46,823 47,857 49,519 3.6%
India 2,050 1,916 2,250 2,361 2,547 2,711 2,878 3,136 5.8%
United Kingdom 42,713 40,231 46,731 46,234 49,213 52,648 54,949 57,387 4.3%
United States 65,561 64,454 71,232 77,801 82,254 85,812 89,105 92,097 5.5%
World 11,554 11,147 12,610 13,030 13,474 13,933 14,213 14,742 3.8%
Notes: E – estimated; P – projected
Source: IMF, Crisil Intelligence

◼ Global inflation to subside in the medium term

As per the IMF, global headline inflation is expected to decline from an estimated 5.7% in CY2024 (annual
average) to 4.3% in CY2025 and 3.6% in CY2026. In advanced economies, the decrease in CY2025 is expected
to be of 10 basis points to 2.5%. In emerging market and developing economies, the decrease in CY2025 is
expected to be sharper at 220 basis points to 5.5%

Trend and outlook on consumer prices

12.0
9.5
10.0 8.0 7.7
8.0 5.8 8.6
4.9 5.1 5.2 5.5
6.0 4.6
7.3
6.6
4.0 5.7
4.7 4.6 4.3 3.6
2.0 3.6 3.5 3.3 3.1
0.7 2.6 2.5 2.2
0.0 2.0 1.4
CY2018 CY2019 CY2020 CY2021 CY2022 CY2023 CY2024 CY2025P CY2026P

Advanced economies Emerging market and developing economies World

Notes: P – projected
Source: International Monetary Fund - World Economic Outlook Database, April 2025, Crisil Intelligence

◼ Global population expected to reach 8.5 billion by 2030

Owning to improved life expectancy and increased penetration, world population have increased at steady 1.2%
CAGR from 2010 to 2023 to reach 8.1 billion in the year 2022. In 2020, the growth rate of the global population
fell under 1 per cent per year for the first time since 1950. The latest projections by the United Nations suggest
that the world’s population could grow to around 8.5 billion in 2030 and 9.6 billion in 2050.

299
Global population review and outlook

Population (in billions)

12.0
CAGR: 0.7%
CAGR: 1.2% 9.6
10.0
8.2 8.5
7.8 8.1
8.0 7.4
6.9

6.0

4.0

2.0

0.0
CY2010 CY2015 CY2020 CY2023 CY2025P CY2030P CY2050P
Note: P: Projected
Source: UN Department of Economic and Social Affairs, World Population Prospects 2024, Crisil Intelligence

Overview of healthcare spending

◼ Global healthcare expenditure at US$ 9.8 trillion in 2022, accounting for ~9.9% of global GDP
The pharmaceuticals industry is driven by a number of demographic and macroeconomic factors, such as lifestyle
changes, which have led to more chronic diseases (diabetes, cancer and cardiovascular diseases); increased uptake
of medicines owing to higher per capita income and awareness; wider spread and availability of health insurance;
and population growth. These factors are expected to drive growth of the pharmaceuticals industry.

Global healthcare spending has been rising in sync with economic growth. As economy grows, public and private
spending on health grows, too. Further, sedentary lifestyle has heightened the risk of chronic diseases, which is
also raising healthcare spending. This is evident primarily in fast-growing economies. Furthermore, Covid-19
pandemic has also contributed to increased healthcare expenditure due to increasing focus on healthcare by the
governments.

◼ India lags peers in healthcare expenditure

In 2022, current healthcare expenditure (CHE) as a percentage of GDP was at 9.9% globally (~$ 9.8 trillion).
Developed economies such as United states, Germany, France, Japan, United Kingdom, spend higher on
healthcare as compared to developing nations such as India, Vietnam, Indonesia, etc.

According to the Global Health Expenditure Database compiled by the WHO, in CY2022, India's expenditure on
healthcare was 3.3% of GDP. As of CY2022, India’s healthcare spending as a percentage of GDP trails not just
developed countries, such as the US and UK, but also developing countries such as Brazil, Vietnam, Sri Lanka
and Malaysia. However, India’s CHE as a percentage of its GDP improved post onset of Covid to by ~3%
percentage points, suggesting higher focus on healthcare.

Current healthcare expenditure as a % of GDP (CY22, CY23)

300
 Indonesia 2.7
India 3.3
Malaysia 3.9
Sri Lanka 4.4
Bhutan 4.4
Viet Nam 4.6
Singapore 4.9
Thailand 5.4
China 5.4
Nepal 6.7
Brazil 9.1
World - 9.9
Republic of… 9.9
UK 10.9
Japan 11.4
Germany 11.8
France 11.9
US 16.5

Note: Latest data has been considered. Data for UK, Korea and Germany is as of 2023, rest 2022
Source: Global Health Expenditure Database accessed in June 2025, World Health Organization; Crisil
Intelligence
Additionally, it is to be noted that majority of countries have seen an uptick in their CHE as percentage GDP ratio
post Covid till 2021, signifying increased focus on healthcare, and then a slight dip in 2022, the first in real terms
since 2000. So, while global spending on health in 2022 was off its peak, it remained above its 2019 level, the
year immediately preceding the pandemic. In 2022, global spending on health returned to a similar share of global
GDP as in 2019. Countries like Germany, UK, France, Korea still have their CHE as percentage GDP ratio much
above the pre-covid levels (2019).

Current healthcare expenditure as a percentage of GDP (CY2017-2022)

Country Pre-Covid Post- start of Covid

2017 2018 2019 2020 2021 2022

USA 16.8 16.6 16.7 18.8 17.4 16.5

Germany 11.3 11.5 11.7 12.7 12.9 12.6

UK 9.6 9.7 10.0 12.2 12.4 11.1

France 11.4 11.2 11.1 12.1 12.3 11.9

Japan 10.7 10.7 11.0 11.0 10.8 11.4

Brazil 9.5 9.5 9.6 10.2 9.9 9.1

Republic of Korea 7.0 7.5 8.2 8.3 9.3 9.4

Singapore 4.4 4.1 4.4 5.7 5.6 4.9

Nepal 4.7 4.5 4.4 5.2 5.4 6.7

China 5.1 5.2 5.4 5.6 5.4 5.4

Thailand 3.9 3.9 3.8 4.4 5.2 5.3

Viet Nam 5.0 5.0 5.0 4.3 4.6 4.6

Malaysia 3.7 3.8 3.8 4.1 4.4 3.9

301
 Country Pre-Covid Post- start of Covid

2017 2018 2019 2020 2021 2022

Sri Lanka 3.3 3.6 3.9 4.0 4.1 4.4

Bhutan 3.3 3.2 3.6 4.4 3.8 4.4

Indonesia 2.9 2.9 2.9 3.4 3.7 2.7

India 2.9 2.9 3.0 3.3 3.3 3.3

Source: Global Health Expenditure Database of the World Health Organization (WHO), Crisil Intelligence

In 2022, per capita CHE (at the international dollar rate, adjusted for purchasing power parity) for the US stood
at $12,434, for Germany at $7,758 and for UK at $6,372. For India, it was considerably lower at $273.

Per capita CHE (in current PPP)

In Us $
14,000
12,434
12,000

10,000
7,758
8,000 6,853 6,658
6,372
6,000 5,387 5,350

4,000
1,696 1,281
2,000 1,136 1,107
611 611 600 390 323 273
0
Japan

Lanka
France
USA

Brazil

Bhutan

Indonesi

India
Germany

Singapor

UK

China

Thailand

Viet Nam

Nepal
Republic

Malaysia
of Korea

Sri

a
e

Note: Latest data has been considered. Data for UK, Korea and Germany is as of 2023, rest 2022
Source: Global Health Expenditure Database accessed in June 2025, World Health Organization; Crisil
Intelligence

In terms of Domestic General Government Health Expenditure (GGHE-D) as % Gross Domestic Product (GDP),
India spent approximately 1.3% on healthcare in CY2022. In the national health policy document, 2017, it was
recommended that the government’s healthcare expenditure be increased to 2.5% of GDP by 2025.

Composition of India’s healthcare expenditure (fiscal 2022)

302
 Others/private
expenses, 12.6%

Government
healthcare
expenditure, 48.0%

Out of pocket
expenditure, 39.4%

Source: National Health Accounts (NHA) 2021-22, Crisil Intelligence

◼ Pharmaceutical expenditure constituted ~21% of healthcare spending in India in 2020

Pharmaceutical care is constantly evolving, with many novel drugs entering the market. These offer alternative
treatments, and, in some cases, the prospect of treating conditions previously considered incurable. However, the
cost of new drugs can be very high, with significant implications for healthcare budgets.

Furthermore, it is observed that generally pharmaceutical spending as a percent of CHE is relatively higher in
emerging economies compared to developed economies. In 2021, Egypt and Mexico had pharmaceutical spending
as a percentage of CHE at 29.5%, and 22.1%, respectively. Similarly, India pharmaceutical spending as a percent
of CHE stood at 21.0% in 2020, relatively higher compared to developed economies like USA, UK, Germany,
etc.

Pharmaceuticals and Other medical durable goods, as % of Current Health Expenditure (CHE)

Countries 2017 2018 2019 2020 2021 2022

Egypt 27.0 29.8 N.A. 31.9 29.5 NA
Lebanon 9.3 9.3 25.5 24.6 24.4 NA
Mexico 23.0 22.7 22.2 21.5 22.1 21.0
India 23.0 22.4 22.0 21.0 N.A. NA
Canada 16.4 15.9 15.8 14.2 13.8 14.5
Germany 14.2 14.2 13.7 13.6 13.9 13.6
Finland 12.2 12.4 12.4 12.3 11.3 11.6
USA 12.0 11.8 11.8 11.0 11.7 12.3
UK 11.8 11.3 11.0 10.6 9.5 9.6
UAE 3.5 3.8 3.8 8.6 9.7 NA
Source: Global Health Expenditure Database accessed in June 2025, World Health Organization; Crisil
Intelligence

303
◼ Health expenditure’s share in total PFCE consistently increasing
The share of health expenditure in total PFCE has been consistently increasing; it rose from 3.7% in FY12 to 5.2%
in FY24. In absolute terms, health expenditure increased at a CAGR of ~9.1% from Rs 1,813.3 billion in FY12 to
Rs 5,180.5 billion in FY24.

Share of health expenditure in total PFCE

(Rs. Bn.) CAGR (FY12-24): ~9.1%

6,000 5.2% 6.0%

4.5% 4.7% 4.7% 4.7%
5,000 4.3% 4.5% 4.4% 4.4% 5.0%
4.2%
3.7% 3.8% 3.9%
4,000 4.0%

3,000 3.0%

2,000 2.0%
2,166.8

3,217.7

4,116.3
1,986.6

2,484.4

2,745.5

3,084.9

3,481.0

3,749.9

3,707.4

4,413.2

5,180.5
1,813.3

1,000 1.0%

0 0.0%

Health PFCE (Rs billion) Share of Health PFCE in in Total PFCE

Note: FE: Final Estimates; FRE: First Revised Estimates

Source: Second Advance Estimates of Annual GDP for 2024-25, MoSPI, Crisil Intelligence

India’s macroeconomic overview

◼ India GDP logged 6.1% CAGR between FY14 and FY25

India’s GDP grew at 6.1% compounded annual growth rate (CAGR) between FY14 and FY25 to Rs. 188 trillion
in FY25 from Rs. 98 trillion in FY14. This growth was largely driven by the expansion of the non-agricultural
economy. Notably, the Gross Value Added (GVA) of the financial, state, and professional services sector
registered the highest CAGR of 7.4% during this period. In contrast, agriculture, livestock, forestry, and fishing
sector grew at a relatively modest CAGR of 4.0% during the same period. Additionally, a key contributor to GDP
growth during this period was the rise in the Private Final Consumption Expenditure (PFCE), which constitutes
the largest share of GDP. This was complemented by the improvements in exports and an increase in Gross Fixed
Capital Formation (GFCF). Collectively, these three components- PFCE, GFCF, and exports (imports- exports)
formed ~89% of the overall GDP in FY25.

According to the Second Advance Estimates of FY25, India's GDP is projected to grow at 6.5%, a moderation
from the 9.2% growth recorded in FY14. Despite this deacceleration, growth remains close to the pre pandemic
decadal average of 6.6 % between FY11- 520, enabling India to retain its position as the fastest growing major
economy. The slowdown in FY25 is primarily attributed to a moderation and fixed investment, which grew at
6.1% compared to 8.8% in FY24. On the other hand, consumption and export exports showed notable
improvement with growth rates of 7.6% and 7.1% respectively, up from 5.6% and 2.2% in the previous fiscal.
Additionally imports contracted by 1.1% in real terms, a significant reversal from the 13.8% growth in FY24.

Moving forward, Crisil projects GDP growth to remain steady at 6.5% in FY26, despite potential headwinds
arising from geopolitical developments and global trade uncertainties, including tariff actions by the United States.
Factors expected to support growth include easing food inflation, tax incentives announced in the Union Budget
2025-26, and lower borrowing cost, all of which are expected to boost discretionary consumption. However,
India's Current Account Deficit (CAD) is projected to widen slightly in FY26, driven by challenges in exports
amid subdued global demand and trade tensions. Nonetheless, a strong service trade surplus and continued growth
in remittances are expected to mitigate the extent of the widening CAD.

India real GDP growth at constant prices (new series)

304
(In Rs trillion) (In %)
240 CAGR (FY14-25): 6.1% 15%
200 9.7% 10%
8.0% 8.3% 9.2%
160 6.4% 7.4% 6.8% 6.5% 7.6% 6.5% 6.5%
3.9% 5%
120
137 0%
80
40 -5.8% -5%
98 105 114 123 131 140 145 150 162 177 188 200
- -10%

FY23FE

FY24FRE

FY25PE

FY26P
FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22
GDP yoy growth
Note: FE: Final Estimates, FRE: First Revised Estimates, PE: Provisional Estimates, P: Projected
These values are reported by the government under various stages of estimates
Only actuals and estimates of GDP are provided in the bar graph
Source: Provisional Estimates of annual GDP for 2024-25, Ministry of Statistics and Program Implementation
(MoSPI), Crisil Intelligence

◼ Per capita net national income of India further improved in FY25

India’s per capita income, a broad indicator of living standards, rose from Rs 68,572 in FY14 to Rs 114,715 in
FY25 as per SAE, logging 4.8% CAGR. Growth was led by better job opportunities, propped up by overall GDP
growth. Moreover, population growth remained stable at ~1% CAGR.

Per capita net national income at constant prices

FY1 FY1 FY1 FY1 FY23 FY24F FY25
FY18 FY19 FY20 FY21 FY22
4 5 6 7 FE RE PE
Per-
capita 68,5 72,8 77,6 83,0 87,58 92,13 94,42 86,03 94,05 100,1 114,7
108,786
NNI 72 05 59 03 6 3 0 4 4 63 10
(Rs.)
Y-o-Y
4.6 6.2 6.7 6.9 -
growth 5.5% 5.2% 2.5% 9.3% 6.5% 8.6% 5.4%
% % % % 8.9%
(%)
Note: Final Estimates, FRE: First Revised Estimates, PE: Provisional Estimates;
Source: Provisional Estimates of annual GDP for 2024-25, MoSPI, Crisil Intelligence

Demographic factors support India’s growth

◼ India’s population projected to increase at 0.9% CAGR between 2023 and 2030

India’s population is estimated to have grown to ~1.4 billion in 2023 as per World Population Prospects 2024,
compared to 1.0 billion in 2000, thereby registering a CAGR of ~1.4%. Additionally, as per World Population
Prospects 2024, the population of India is expected to remain the world’s largest throughout the century and will
likely reach its peak in the early 2060s at about 1.7 billion.

India’s population trajectory

Population (in
1.7billions) 1.43 1.51
1.40
1.24
1.2 1.06
0.87
0.70
0.7 0.55
0.45
0.34
0.2

-0.3 CY1950 CY1960 CY1970 CY1980 CY1990 CY2000 CY2010 CY2020 CY2023 CY2030P

305
Population is the above chart as of 1st January
Note: P: Projected
Source: UN Department of Economic and Social Affairs, World Population Prospects 2024, Crisil Intelligence

◼ Indian population’s median age to rise to 30.8 years by 2030

According to the UN, the global median age rose to 30.4 years in 2023 from 20.3 years in 1970. This is lower
than the median age in developed countries such as the US (38.0 years) and the UK (39.8 years).

Interestingly, India’s median age is 28.1 years, indicating a favourable demographic dividend. Furthermore, it is
the lowest among its BRIC peers: Brazil (33.9 years), Russia (39.5 years), and China (39.1 years). This trend is
expected to continue up to 2030, indicating the strong potential for an increase in income, and basic and healthcare
spending, with a large proportion of the population being employed. The median age is expected to reach 30.8
years in 2030, indicating a higher mid-age working population.

Median age trend across key countries

Country 1970 1990 2010 2020 2023 2030P

Brazil 17.3 21.4 28.2 32.7 33.9 36.9
China 18.0 23.7 34.1 37.5 39.1 42.9
India 18.1 19.7 23.6 27.0 28.1 30.8
Russian Federation 29.7 32.2 37.0 38.7 39.5 42.2
UK 33.2 34.9 38.2 39.2 39.8 40.7
US 26.7 31.9 35.9 37.2 38.0 39.6
World 20.3 22.9 27.2 29.6 30.4 32.0
st
Population is the above chart as of 1 July
Note: P:Projected
Source: UN Department of Economic and Social Affairs, World Population Prospects 2024, Crisil Intelligence

◼ Private final consumption expenditure to maintain dominant share in India’s GDP

PFCE continues to be the largest component of India's GDP with the share of 56.7% in FY25. It recorded a CAGR
of 6.1% between F14 and FY25, thereby mirroring the overall GDP growth rate during the same period and was
estimated at Rs 106.6 trillion in FY25 compared to Rs 55.6 trillion in FY14.

Growth was led by healthy monsoon, wage revisions due to the implementation of the Seventh Central Pay
Commission’s (CPC) recommendations (effective from 1st July 2017), benign interest rates, growing middle age
population and low inflation. Furthermore, the tax benefits announced in the Union Budget 2025-2026 are also
expected to positively boost the PFCE. As of FY25, PFCE is estimated to have increased to Rs. 106.6 trillion,
registering a y-o-y growth of 7.6% and forming ~56.7% of India’s GDP. Overall, PFCE has consistently led
India’s GDP growth from the demand side, underscoring sustained domestic consumption.

PFCE (at constant prices)

(In Rs trillion) CAGR (FY14-25): 6.1% (In %)
120.0 59%
58.1% 58.1% 58%
58%
80.0 57.1% 57%
56.7% 56.8%
56.5% 57%
56.2% 56.1% 56.1% 56.1% 56.1% 56%
40.0 55.8%
56%
55.6 59.1 63.8 69.0 73.3 78.5 82.6 78.2 87.3 93.8 99.1 106.2 55%
- 55%
FY14

FY16

FY18

FY20

FY22
FY15

FY21

FY23FE
FY17

FY19

FY24FRE

FY25PE

PFCE Share in GDP

306
Note: FE: Final Estimates, FRE: First Revised Estimates, PE: Provisional Estimates;
Source: Provisional Estimates of annual GDP for 2024-25, MoSPI, Crisil Intelligence

SWOT analysis of India’s pharmaceutical industry

• Increased awareness for healthcare: There is increased awareness for healthcare in

India supported by rising access to healthcare and medicines as well as penetration of
health insurance. This increased awareness bodes well for the Indian pharmaceutical
industry

S • Government support: The Indian government has implemented policies and initiatives
like PLI scheme to support the growth of the pharmaceutical industry. These initiatives
(strengths) include providing tax incentives, subsidies for investments in infrastructure
• Large talent pool: India has a large pool of skilled and educated professionals,
including scientists, researchers, and engineers, which provides an advantage in the
pharmaceutical industry.

• Low cost of production: India has a lower cost of production compared to many other
countries, which makes it an attractive destination for pharmaceutical manufacturing
• Dependence on Imports: India is heavily dependent on imports for active
pharmaceutical ingredients (APIs) and other raw materials, which can lead to supply
chain disruptions
W
• Fluctuation in foreign exchange: The volatility in currency has an impact on
(weaknesses) formulation exports realisations as well as on import of raw materials

• Compliance with US FDA regulations: Adherence to good manufacturing practices

(cGMP) prescribed by the US FDA remain key challenges for the Indian players

• Partnerships and collaborations: India can form partnerships and collaborations with
global pharmaceutical companies to access new technologies, markets, and expertise
O • Biotechnology and biosimilars: Indian pharmaceutical industry can leverage its
strengths in biotechnology and biosimilars to develop new products and therapies to
(opportunities) cater to the regulated and semi-regulated markets
• Contract research and manufacturing: Indian pharmaceutical industry can offer
contract research and manufacturing services to global pharmaceutical companies,
leveraging its low-cost and skilled workforce

• Regulatory and policy challenges: Changes in regulations and policies related to

manufacturing and pricing like Drug Price Control Order (DPCO) can have negative
impact on players

T • Competitive pressures: Indian pharmaceutical industry is characterized by presence of

large multinational & domestic players as well as small and mid-sized players. Thus,
(threats) intense competition from domestic as well as international players can put pressure on
margins

• Supply chain disruptions: Disruptions to the supply chain, such as natural calamities
or geopolitical events, can impact industry's operations and profitability

Source: Crisil Intelligence

5.2 Review of competition in the Indian pharmaceutical market

In this section, Crisil Intelligence has analysed some key players operating in the pharmaceutical industry in India.

Data in this section has been obtained from publicly available sources, including annual reports and investor
presentations of listed players, regulatory filings, rating rationales, and/or company websites. Financials in the
competitive section have been re-classified by Crisil Intelligence, based on annual reports and financial filings by

307
the relevant players. The financial ratios used in this report may not match the reported financial ratios by the
players on account of standardisation and re-classification done by Crisil Intelligence.

Note: The list of competitive landscape peers considered in this section is not exhaustive but an indicative list.

Operational Overview

Year of
Company Overview
Incorporation
Aculife 2014 Aculife Healthcare Pvt. Ltd. has its registered office in Gujarat, India
Healthcare Pvt and is engaged in manufacturing and selling of various
Ltd pharmaceutical products. Its product portfolio includes
manufacturing of large and small volume infusions and bags,
ophthalmics, respules, liquid and gaseous anaesthesia, electrolytes
Special Solution, parenteral nutrition and general injectables.
Amanta 1994 Amanta Healthcare Limited is a Sterile liquid pharmaceutical
healthcare products manufacturing and formulation development and has
headquarters at Ahmedabad, Gujarat, India. The Company
manufactures Large Volume Parenterals (LVPs) and Small Volume
Parenteral (SVPs). The product group comprises of fluid therapy,
formulations, diluents, ophthalmic, respiratory & irrigation
solutions, etc.
Axa Parenterals 2005 AXA Parenterals Ltd. is into manufacturing & marketing of Sterile
(India) Ltd parenterals preparations, other medicines and hospital products.
B. Braun 1984 B. Braun Medical (India) Pvt. Ltd. was incorporated in the year 1984
Medical India as a subsidiary of B. Braun Melsungen AG and has a registered
Pvt Ltd office in India. The company has products catering to therapeutic
segments such as anesthesia, surgery, interventional cardiology,
orthopedics, dialysis treatment, hospital care, etc.
Denis Chem Lab 1980 Denis Chem Lab Ltd is engaged in the business of manufacturing
Ltd pharmaceuticals transfusion solution in bottles and has its registered
office in Gujarat. The company manufactures IVFs bottles under
three packaging categories: glass bottles, euroheads, and plastic
bottles.
Fresenius Kabi 1995 Fresenius Kabi India [Link]. is a subsidiary of Fresenius Kabi AG
India Pvt Ltd Germany, which is a part of the Fresenius Health Care Group.
The Company is engaged primarily in production of intravenous
fluids and trading of intravenous fluids, medical devices and
oncology drugs.
Otsuka 2012 Otsuka Pharmaceutical India Private Limited (OPI) is a fully-owned
Pharmaceutical subsidiary of Japanese company, Otsuka Pharmaceutical Factory,
India Pvt Ltd Inc. (OPF), Japan. The company has its headquarters in Ahmedabad,
India. OPI’s product portfolio includes anti- infectives, Basic
Intravenous (IV) Infusions, and Enteral Nutrition (EN).
Shree 1964 Shree Krishnakeshav Laboratories Ltd started was incorporated in
Krishnakeshav the year 1964 as McGaw Ravindra Laboratories (India) Ltd and
Laboratories manufactures I.V. fluids in glass bottles and quality cognate
Ltd products. In 1984, the company changed its name to Shree
Krishnakeshav Laboratories Limited. Its product portfolio includes,
Large Volume Parenteral (LVP), Small Volume Parenteral (SVP)
and Pre-Filled Syringes (PFS).
Source: Company websites, annual reports, Crisil Intelligence

Key operational parameters

308
 Exporti
Export ng Manufactur
Company Installed Capacity
s Countri ing plants
es
Aculife Healthcare Pvt Ltd Yes 70+ 5 • 325 million bottles per annum
countrie (p.a) of LVP
s • 1,500 million bottles p.a. of
SVP
Amanta Healthcare Ltd Yes 47+ 1 • 56.6 million bottles p.a of LVP
(33.39 countrie • 209.1 million bottles p.a. of
%) s SVP
• 66.2 million bottles p.a. of
SteriPort
Axa Parenterals (India) Ltd1 Yes 12 1 • 50 million bottles p.a. of 100
countrie ml to 500 ml
s • 50 million vials of 5ml, 10 ml,
20 ml & 30 ml sizes
• 1 million Respules/day
B. Braun Medical India Pvt Ltd 2
Yes 64 3 • Ahlcon Parenterals Plant
countrie – 50 million bottles p.a. for
s LVP
– 150 million bottles p.a. for
SVP
• Chengalpet Plant
– 20 million units of sutures
p.a
Denis Chem Lab Ltd3 Yes N.A. 1 • 23 million p.a. glass bottles
• 50 million p.a. plastic bottles
• 43 million p.a. Euroheads
bottles
Fresenius Kabi India Pvt Ltd4 N.A. N.A. 1 N.A.
Otsuka Pharmaceutical India Pvt Yes 60+ 1 N.A.
Ltd (24.12 countrie
%) s
Shree Krishnakeshav Yes 50+ N.A. N.A.
Laboratories Ltd countrie
s
Note:
N.A.- Not available
1
AXA Parenterals Ltd. has I.V. Fluid plant in Roorkee, Uttarakhand, India as per its website
2
Installed capacity data not available for the third manufacturing plant (Oyster Medisafe)
3
For Denis Chem Lab Ltd, as per rating rationale dated August 2024, the company has manufacturing facility in
Gandhinagar.
4
For Fresenius Kabi India Pvt Ltd, the data is as per fiscal 2024 annual report
Source: Company websites, annual reports, rating rationales, Crisil Intelligence

Product offerings

309
 Company Product Portfolio

Aculife Healthcare Pvt Ltd Infusions (Bottle and Bag), Injectables, Anaesthesia (Gaseous and
Injectable), Critical Care Medicines (Including Parenteral Nutrition),
Ophthalmics, Respiratory Products, Dermatology & Gel Segment, Oral
Shots, Contact Lens Cleaning Solutions

Amanta Healthcare Limited Respiratory, Ophthalmics, Fluid Therapy, Anti-Infectives, Diluents,

Injectables, IV Sets

Axa Parenterals (India) Ltd Fluid Therapy – LVP, Eye Drops, Ear Drops, Nasal Drops, Respules,
Bioaxa Injectables

B. Braun Medical India Pvt Ltd Abdominal Surgery, Cardio-Thoracic Surgery, Continence Care &
Urology, Degenerative Spinal Disorders, Diabetes Care, Extracorporeal
Blood Treatment, Infection Prevention, Infusion Therapy,
Interventional Vascular Therapy, Neurosurgery, Nutrition Therapy,
Orthopaedic Joint Replacement, Ostomy Care, Pain Therapy, Sterile
Goods Management, Wound Management

Denis Chem Lab Ltd Antibiotic injections, Diuretic injections, Parenteral amino acid
injections, Plasma volume expanders, Anti anaerobic injections, Anti-
pyretic Injections

Fresenius Kabi India Pvt Ltd Parenteral nutrition, Enteral nutrition, Nephrology, Oncology,
Kabicriticare, Fluid therapy, Broad market, Transfusion medicine & cell
therapies, INS

Otsuka Pharmaceutical India Pvt Enteral Nutrition, Anti-infectives, Basic Intravenous (IV) Infusions,
Ltd Pain management, Parenteral Nutrition, Plasma volume expanders,
Special Intravenous (IV) Infusions, Sterilised water for injections,
Oncology

Shree Krishnakeshav Anti-Infectives, Dextrose Solutions, Dextrose & Saline Solutions,

Laboratories Ltd Saline Solutions, Sodium Lactate Solutions, Irrigation Solutions,
Potassium Chloride Injections, Multiple Electrolytes Solutions, Osmotic
Diuretics, Invert Sugar Solutions, Peritoneal/Hemo Dialysis Solutions,
Medical Disposables

Note: The list above is an indicative list and not an exhaustive list
Source: Company websites, annual reports, rating rationales, Crisil Intelligence

Financial overview

Financial snapshot for key listed competitors considered (fiscal 2025)

Parameters Amanta Healthcare Denis Chem Lab

Limited Ltd*
Operating Income (OI)- Rs Million 2,748.92 1,733.00
OI CAGR (FY23-25) 2.53% 3.80%
Operating Profit Before Depn. Interest and Taxes 599.20 161.10
(OPBDIT) - Rs Million
OPBDIT CAGR (FY22-24) 4.87% 7.41%
PAT - Rs Million 105.01 80.80
PAT CAGR (FY22-24) n.m 1.39%

310
 Parameters Amanta Healthcare Denis Chem Lab
Limited Ltd*
OPBDIT% 21.80 9.30
PAT% 3.82 4.66
ROE% 12.94 9.49
ROCE% 13.73 13.53
Gearing Ratio 2.04 0.01
Note:
The list of competitors above is an indicative list and not an exhaustive list
n.m.: not meaningful
*FY2025 financials have been updated using quarterly results filed by Denis Chem Lab Ltd
Ratios calculated as per Crisil Intelligence standards are described below:
OPBDIT margin = OPBDIT/Operating income
Net profit margin = Profit after tax/Operating income
RoCE = Profit before interest and tax (PBIT)/ (Average total debt +average tangible networth + average
deferred tax liability)
ROE= PAT/ Average tangible net worth
Gearing ratio = Total debt/Tangible net worth
Source: Company filings, Crisil Intelligence

Financial snapshot key competitors considered (fiscal 2024)

Operating income OPBDIT PAT

CAGR CAGR CAGR
Company name
FY24 FY22- FY24 FY22- FY24 FY22-
FY24 FY24 FY24
6,143.4
Aculife Healthcare Pvt Ltd* 8.69% 1267.20 5.41% 618.10 -0.14%
0
2,803.7
Amanta healthcare Ltd 11.51% 573.82 4.64% 35.33 -74.68%
6
2,148.7
Axa Parenterals (India) Ltd* 17.24% 352.30 11.67% 199.26 6.74%
4
6,542.6
B. Braun Medical India Pvt Ltd* 9.73% 454.99 n.m. 146.62 n.m.
3
1,678.2
Denis Chem Lab Ltd 10.87% 212.33 21.64% 111.56 33.46%
2
8,297.0 1,317.8
Fresenius Kabi India Pvt Ltd 0.32% 19.55% 1,184.83 n.m.
8 5
Otsuka Pharmaceutical India Pvt 6,035.9
16.92% 373.32 -28.16% 527.52 81.23%
Ltd^ 3
Shree Krishnakeshav Laboratories 1,510.7
6.24% 295.25 16.21% 189.83 33.56%
Ltd 2
Note:
Financials above are as per Crisil Intelligence standards
OPBDIT: operating profit before depreciation, interest and taxes, PAT: profit after tax
The list of competitors above is an indicative list and not an exhaustive list
*consolidated financial statements

311
^Otsuka Pharmaceutical India Pvt Ltd's financial year aligns with the calendar year, with the reported financials
corresponding to the period January 1, 2023 to December 31, 2023 (CY23) hence CY23 is considered as FY24
and so on.
n.m.-Not meaningful,
Source: Company filings, Crisil Intelligence

Financial ratios of key competitors considered (fiscal 2024)

Gearing
Company name OPBDIT% PAT% ROE% ROCE%
ratio
Aculife Healthcare Pvt Ltd* 20.63 10.06 26.27 17.30 1.29
Amanta Healthcare Limited 20.47 1.26 5.42 12.77 3.06
Axa Parenterals (India) Ltd* 16.40 9.27 10.06 11.73 0.29
B. Braun Medical India Pvt Ltd* 6.95 2.24 9.13 13.39 0.48
Denis Chem Lab Ltd 12.65 6.65 14.66 19.52 0.01
Fresenius Kabi India Pvt Ltd 15.88 14.28 21.97 25.66 0.00
Otsuka Pharmaceutical India Pvt Ltd 6.18 8.74 456.77 13.04 2.42
Shree Krishnakeshav Laboratories Ltd 19.54 12.57 59.06 57.13 0.31
Note:
n.m.- not meaningful
The list of competitors above is an indicative list and not an exhaustive list
OPBDIT margin = OPBDIT/Operating income
Net profit margin = Profit after tax/Operating income
RoCE = Profit before interest and tax (PBIT)/ (Average total debt +average tangible networth + average deferred
tax liability)
ROE= PAT/ Average tangible net worth
Gearing ratio = Total debt/Tangible net worth
*consolidated financial statements
Source: Company filings, Crisil Intelligence

Key observations
Amanta Healthcare Ltd had operating income of Rs 2,748.92 million in FY2025. Amanta’s sale of IV Fluid for
the FY2025 was Rs 1,757.35 million.
IV fluid solutions are usually available in two variations, i.e. single port and two port. As per the prices notified
by NPPA in March 2024, price of two-port IV fluid product (non-glass with special features) is generally
higher than the single-port IV fluid product products (non-glass). For example, single port glucose injection
5% of 500ml has ceiling price of Rs 37.98, whereas two port glucose injection 5% of 500ml has ceiling price
of Rs 82.27. The two-port packaging doffers special features like self-collapsibility, self-sealability, and
absence of air-vent.
Amanta Healthcare Ltd sells two port IV fluid products under the brand SteriPort. B. Braun Medical India Pvt Ltd
sells IV fluids under the brand Ecoflac plus. Simillarly Denis Chem Lab Ltd sells IV fluids under the brand
Aqua Pulse, Otsuka Pharmaceutical India Pvt Ltd sells IV fluids under the brand Unibag and Shree
Krishnakeshav Laboratories Ltd sells IV fluids under the brand Freeflex.

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 OUR BUSINESS

Some of the information in the following section, especially information with respect to our plans and strategies,
contain certain forward-looking statements that involve risks and uncertainties. You should read “Forward-
looking Statements” on page 19 for a discussion of the risks and uncertainties related to those statements and
“Risk Factors” on page 29 for a discussion of certain risks that may affect our business, financial condition or
results of operations. Our actual results may differ materially from those expressed in, or implied by, these
forward-looking statements.

We have included various operational and financial performance indicators in this Red Herring Prospectus, many
of which may not be derived from the Restated Summary Statements. The manner in which such operational and
financial performance indicators are calculated and presented, and the assumptions and estimates used in such
calculations, may vary from that used by other companies in India and other jurisdictions. Investors are
accordingly cautioned against placing undue reliance on such information in making an investment decision and
should consult their own advisors and evaluate such information in the context of the Restated Summary
Statements and other information relating to our business and operations included in this Red Herring Prospectus.

Unless otherwise indicated, industry and market data used in this section has been derived from the industry
report titled “Assessment of Indian Pharmaceuticals industry” dated June, 2024 read with addendum dated
August, 2025 (the “CRISIL Report”) prepared and issued by CRISIL Limited, appointed by us on June 30, 2025
and paid for and commissioned by our Company for an agreed fee in connection with the Issue. A copy of the
CRISIL Report is available on the website of our Company at [Link] (Please scan the QR code to

view the CRISIL Report: ). The data included herein includes excerpts from the CRISIL Report and
may have been re-ordered by us for the purposes of presentation. There are no parts, data or information (which
may be material for the proposed Issue), that has been left out or changed in any manner. Also see, “Certain
Conventions, Presentation of Financial, Industry and Market Data and Currency of Presentation – Industry and
Market Data” on page 18.

Our Financial Year commences on April 1 and ends on March 31 of the subsequent year, and references to a
particular Financial Year are to the 12 months ended March 31 of that year. Unless otherwise stated, or the
context otherwise requires, the financial information used in this section is derived from the “Restated Summary
Statements” beginning on page 72.

Overview

We are a pharmaceutical company engaged in developing, manufacturing and marketing a diverse range of sterile
liquid products - parenteral products, being packed in plastic container with Aseptic Blow-Fill-Seal (“ABFS”)
and Injection Strech Blow Moulding (“ISBM”) technology. We manufacture large volume parenterals (“LVPs”)
and small volume parenterals (“SVPs”) in six therapeutic segments. In addition to that, we also manufacturer
medical devices. We manufacture fluid therapy - (IV Fluid), formulations, diluents, ophthalmic, respiratory care
and irrigation solutions in therapeutic segment and products like irrigation, first-aid solution, eye lubricants etc.
in medical device segment. We offer wide range of closure systems, such as nipple head, twist-off, leur-lock and
screw types and container fill-volume ranging from 2ml to 1000 ml.

We market our products through three strategic business units namely (a) national sales, (b) international sales
and (c) product partnering with various foreign and Indian pharmaceutical companies. We manufacture diverse
generics product portfolio of over 45 products and market them under our own brands in the Indian market through
a network of over 320 distributors and stockists. We sell our products in various countries including the Africa,
Latin America, UK and the Rest of the world. Our Company’s products are currently registered with 19 countries
and have a compliance track record with a range of regulatory regimes across these markets. During the Fiscal
2025, we exported branded products to 21 countries. In product partnering, our Company undertakes
manufacturing for various pharmaceutical companies.

Our international sales business covers, advanced market countries and emerging market countries. As on the date
of this Red Herring Prospectus, we have a portfolio of 47 products registered across 120 international jurisdictions.
Our product partnering business include commercial large-scale manufacturing of generic products. We also

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undertake manufacturing under loan license agreements with our customers. Under product partnering model, we
have developed relationships across the Indian pharmaceutical industry and some of our key customers.

Our formulation and development operations help us to develop new formulation as well as modify / improve the
formulation for our own brand as well as our customers for product partnering business. We have a dedicated
Formulation and Development (“F&D”) and quality control laboratory located at our manufacturing facility in
Hariyala, District Kheda, Gujarat, India. We have four LVPs manufacturing lines, which include two lines of
conventional single port containers with ABFS technology and two lines for SteriPort products with ISBM
technology. Similarly, we have three operational SVPs manufacturing lines, which includes two ABFS lines and
one conventional three-piece container filling lines. Our manufacturing facility has good manufacturing practices
(“GMP”) certifications from the Food & Drugs Control Administration, Gujarat, in conformity with the format
recommended by the World Health Organization (the “WHO”), the GMP for formulations from Cambodia,
Sudan, Philippines, Zimbabwe. We also have certificate from DNV for exports of medical device products. Our
cGMP capabilities allow us to offer our customers various products of sterile liquid form in product categories of
quinolones, anti-biotics, anti-fungal, diuretic, anti-anaerobic, Ophthalmic, Respiratory etc.

We are led by a professional and experienced management team comprising qualified Key Managerial Personnel
and Senior Management Personnel. Our Promoters and Managing Director, Bhavesh Patel has extensive
experience in the Indian pharmaceutical industry. As of March 31, 2025, we employed a team of 123 employees
at our formulation and development and quality laboratory. Our team includes professionals with experience of
over 20 years. Our formulation & development and quality laboratory are equipped with various equipments for
the development of liquid dosage forms.

Certain Financial Information

Set forth below are certain financial information in relation to our Company’s business for the years indicated,
based on the Restated Financial Information.

As of and for the Fiscal

Particulars
2025 2024 2023
GAAP Measures
Total Income (₹ in lakhs) 27,609.34 28,160.68 26,269.62
Total revenue from operation (₹ in 27,470.82 28,034.03 25,912.93
lakhs)
PAT (4) (₹ in lakhs) 1,050.07 363.32 (211.06)
Non-GAAP Measures
Growth in Revenue from Operations (1) (2.01) 8.19 14.94
(%)
EBITDA (2) (₹ in lakhs) 6,105.37 5,875.65 5,630.67
EBITDA margins (3) (%) 22.11 20.86 21.43
PAT Margin (5) (%) 3.86 1.30 (0.82)
Growth in PAT (6) (%) 189.02 272.14 NA
Return on Net Worth (7) (%) 10.89 5.48 (3.36)

RoE (8) (%) 12.42 5.27 (3.27)

RoCE (9) (%) 13.72 12.76 12.19

Debt Equity Ratio (10) 2.02 3.10 3.43

Net Cash Flow from Operating activities 4,662.00 5,807.30 4,258.04
(₹ in lakhs)
Notes:
1. Growth in Revenue from Operations = Percentage growth in Total Revenue from operations as of the last
day of the relevant Fiscal over the Total Revenue from operations as of the last day of the preceding Fiscal.
2. EBITDA = Restated Earnings before interest, tax, depreciation and amortisation (EBITDA) and
exceptional item.
3. EBITDA Margin is EBITDA (Restated Earnings before interest, tax, depreciation, amortisation and
exceptional item) as a percentage of total income.
4. PAT = Restated profit/loss for the year as per Restated Financial Information.

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 5. PAT Margin is calculated as restated profit/ (loss) for the year as a percentage of revenue of contract with
customers.
6. Growth in PAT = Percentage growth in Total PAT as of the last day of the relevant Fiscal over the Total
PAT as of the last day of the preceding Fiscal.
7. Return on Net Worth is PAT as a % of closing Net Worth.
8. RoE = Restated total comprehensive income/ (loss) for the year divided by Average Shareholder Equity.
9. RoCE = Earnings before interest and taxes and exceptional items divided by average capital employed.
Capital Employed includes Tangible Net worth (i.e. subtracting Net worth by Intangible Assets and
Deferred Expenditure, if any), net deferred tax (asset)/ liability, non-current borrowing and current
borrowing.)
10. Debt Equity Ratio = Total borrowings (non current and current) divided by total equity

For changes in profit in the last three Financial Years please see “Management’s Discussion and Analysis of Financial
Condition and Results of Operations - Fiscal 2025 compared with Fiscal 2024 and Fiscal 2024 compared with Fiscal 2023”
and for reconciliation in relation to the EBITDA, EBITDA Margin, Return on Capital Employed, see “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” on page 462.

Competitive Strengths

Well established manufacturer of pharmaceutical formulations with diverse product portfolio and diverse
market

Incorporated in the year 1994, we have well diversified product portfolio with product group of six therapeutic
segments viz; fluid therapy, formulations, diluents, ophthalmic, respiratory care and irrigation solutions. In terms
of container offerings, we offer wide range of closure systems, such as nipple head, twist-off, leur-lock and screw
types and container fill-volume ranging from 2ml to 1000 ml. As on the date of this Red Herring Prospectus, we
have a portfolio of 47 products registered across 120 international jurisdictions. The diverse product portfolio is
giving us consistency and sustainability in business.

Large manufacturing capabilities

Our aim is to make quality an integral part of our culture. We have demonstrated our track record with respect to
regulatory inspections of our manufacturing facility which we attribute to the implementation of quality systems
and processes at our manufacturing facility. Our manufacturing facility is spread over 66,852.00 sq meters of land
located at village Hariyala, District Kheda, Gujarat, India. We have two manufacturing blocks, utility blocks,
centralized QA/QC and administrative office buildings. We have four LVPs manufacturing lines, which include
two lines of conventional single port containers with ABFS technology and two lines for SteriPort products with
ISBM technology. Similarly, we have three operational SVPs manufacturing lines, which includes two ABFS
lines and one conventional three-piece container filling lines.

Sterile liquid manufacturing is a specialized manufacturing skills and we have capability to provide fill volume
from 2ml to 1000 ml at one single location with different closure systems. We have adopted RO/RO configuration
for our water system. Our manufacturing facility is also accredited with ISO: 9001:2015, ISO 13485: 2016, ISO
14001: 2015, ISO 45001: 2018 and WHO-GMP certified. Our manufacturing infrastructure enables us to expand
our product range and change our product mix in response to changes in customer demand and to serve customer
requirements ranging from laboratory scale research to commercial production.

Wide Domestic and International Marketing Network

We have sales, marketing and distribution capabilities in India. We have over 320 distributors/stockist’ network
supported by sales team of approximately 96 people. We primarily sell our products to distributors in India, who
in turn supplies to Hospital and Nursing Homes, etc.

Further, the integration of our information technology systems with our sales and distribution infrastructure
enables us to standardize our processes, reduce cost, enhance productivity, improve workflow and
communications and improve our risk control mechanisms. We have implemented Pharma Cloud, which handles
all our sales and distribution transactions, demand planning and sale forecasting process. We also use sales force
automation tools to make our sales staff more productive.

Experienced management team supported by large, diverse and skilled work force.

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We are led by a qualified and experienced management team that we believe has the experience and vision to
manage and grow our business. Our Promoter, Chairman and Managing Director, Bhavesh Patel has
approximately 30 years’ industry experience in the field of manufacturing and marketing of pharmaceutical
products. In addition to our Promoters, our senior management team is also experienced in the pharmaceutical
industry and possess a range of qualifications, including graduate and post-graduate degrees in Accounts, science
and pharmacy. Our Managing Director and Promoter is associated with company since inception. We believe that
the knowledge and experience of our Promoter, along with senior management, and our team of dedicated
personnel provide us with a significant competitive advantage as we seek to expand into new products, grow our
existing markets and enter new geographic markets.

Further, we are supported by our technically qualified employee team who possess a range of qualifications,
including graduate and post-graduate degrees in science and pharmacy. Our employee base was over 506
employees as of March 31, 2025. Our position as the large pharmaceutical formulation manufacturer gives
significant competitive advantage in attracting and retaining high-quality scientists required to successfully
differentiate our service and product offerings from those of other peer group companies.

Our Strategies

We have adopted the following key business strategies:

Expansion of our manufacturing capacities

Presently, we have four LVPs manufacturing lines, which include two lines of conventional single port containers
with ABFS technology and two lines for SteriPort products with ISBM technology. Similarly, we have three
operational SVPs manufacturing lines, which includes two ABFS lines and one conventional three-piece container
filling lines.

We manufacture LVPs and SVPs in six therapeutic segments. We operate in three product group segments viz;
(1) Large Volume Parenteral, Nipple Head (Single Port), (2) SteriPort (Two Ports) and (3) Small Volume
Parenteral. The margin profile of all the three businesses are different. The margin profile ranges from 20% to
more then 60% depending upon the product. We are experiencing short supply in these segments and intends to
expand the capacity in these two segments. By expanding our manufacturing capacity in these areas, we will be
able to expand our product offering.

National Sales business

Our National Sales business consists of branded and Generic products, our branded products are marketed,
distributed and promoted in India under our name ‘SteriPort’. Our generics business consists of the development,
manufacture and distribution of generic formulation products, which are marketed and distributed in India and for
export internationally.

We commenced our branded generics with a strategic intention to capitalize on the market opportunity presented
by India’s unmet need of affordable and quality medicines. We offer our customers multiple dosage forms,
including injectables, Ophthalmic, Irrigation Product.

Expand National Sales Network

We aim to grow our National Sales business with the help of SteriPort Brand for our Large Volume Products, and
through a network of approximately 320 distributors and stockists across India. We also desire to grow our pan-
Indian network by including more distributors and expand our geographic reach. To that end, we shall employ
sales and marketing field team to expand our distributor, stockist and retailer relationships and support our new
generic product launches. In addition, we plan to expand our target-based incentive schemes to boost sales from
our distributors and we also aim to attract new retailers by continuous engagement.

Expand the wallet share of existing customers and develop new customers

We aim to expand our business with existing customers and to develop new customers. We aim to increase the
formulations manufactured for our existing customers by leveraging our inhouse formulation and development
and large-scale manufacturing capabilities. Further, we aim to build additional business from our existing

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customers by the expansion of our portfolio into new products and more complex dosages as well as the expansion
of our manufacturing capacities.

We believe that the relationships that we have enjoyed with our customers over the years are an indication of our
position as a preferred supplier. We believe that our continuing formulation and development endeavours and our
history of timely delivery will help us to increase our wallet share and product portfolio with existing customers.

We have a sales and marketing team. As of March 31, 2025, we had a total sales and marketing team of over 96
personnel. We have a sales and marketing office in Ahmedabad, Gujarat. In addition, we have a team of 5 sales
personnel to assist our international sales and marketing efforts. We intend to use our reputation and brand in all
SBUs to expand our customer base for our new products. Further, our formulation and development department
has played a key role in the expansion of our commercialized product portfolio increased from 41 products in
Fiscal 2023 to 47 products in Fiscal 2025. We believe that our formulation and development capabilities for new
products will be significant in attracting new customers to our business.

Our Business

Our product portfolio can be categorized into the following six therapeutic segments.

a. Fluid therapy - (IV Fluid)

b. Formulations
c. Diluents and Injectables
d. Ophthalmic
e. Respiratory care and
f. Irrigation solutions in therapeutic segment

Fluid Therapy Products (IV Fluid)

IV fluid is a short name for the product category called intravenous fluid. These products are sterile liquid
formulations and infused into the veins of human body. The products covered are dextrose, normal saline,
combination of dextrose normal saline, ringer lactate and electrolytes used in the event of dehydration, heat stroke
or loss of fluid due to any illness. it is also used for supplementary nutrition during critical health condition. It is
commonly known as drip and is increasingly becoming the preferred mode of drug administration. Given the
critical nature of application of IV fluid, the quality and hence market acceptance of the product is determined by
(a) the process of packing of the IV fluid and (b) packaging material used for the IV fluid.

When IV Fluid was developed, it was available only in glass bottles. The glass bottle manufacturing technology
is an open manufacturing technology, and it has an inherent disadvantage of contamination by air during filling,
human touch during manufacturing and glass and rubber particulate matter may get mixed with product while
handling.

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Our Company is manufacturing ‘SteriPort’ bottles for IV fluid with Injection stretch-blow moulding
(ISBM)Technology using poly propylene as raw material. Our Company offers two types of packing for IV fluid
products viz, single port container and two ports container. Our Company manufactures various IV fluid in fill
volume ranging from 100ml, 250ml, 500ml and 1000ml.

Formulations

Our formulations products predominantly cater to injectables, ophthalmic and respiratory therapies. Drugs like
Ciprofloxacin, Metronidazole, Ofloxacin, Paracetamol, Fluconazole etc. are formulated in sterile liquid from API
We provide these products in LVPs as well as SVPs packaging with fill volume of 2ml to 100 ml in aspectic BFS
(Blow Fill Seal) plastic bottles.

Major products in the formulations segment are as under:

Therapeutic segments Products

Anti- fungal Fluconazole
Anti –Pyretic Paracetamol
Diuretics Mannitol IV
Anti -Biotic Linezolid
Quinolones Ciprofloxacin, Levofloxacin, Gemifloxacin and
Moxifloxacin
Anti -Anaerobic Metronidazole Tinidazole

Diluent and Injectables

Diluents are mainly offered in pack sizes of 5 ml and 10 ml. These are either plain water for injection (WFI) or
normal saline WFI. Generally, many injections are available in dry powder form or in concentrated form. Many
pharma companies offer their dry power injection along with our Diluent.

Our Injectables portfolio includes Lidocaine, Potassium Chloride, Magnesium Sulphate, Calcium Chloride,
Calcium Gluconate

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Ophthalmic

Our ophthalmic products are available in 5 ml and 10 ml dosage form. Ophthalmic products are used for eyecare,
covering eye treatment for infections, glaucoma or inflammation. The Ophthalmic products are offered either in
Form Fill Seal (FFS) Pack or Three-Piece conventional pack.

Product Therapeutic segments

Ciprofloxacin Ophthalmic Solution U.S.P. (0.3 % w/v) Ophthalmic (FFS)
Timolol Maleate Eye Drops B.P. (0.5 % w/v & 0.25 % Ophthalmic (FFS)
w/v)
Gentamicin Eye Drops B.P. (0.3% w/v) Ophthalmic (FFS)
Gentamicin Sulphate (0.3 % base) & Dexamethasone (0.1 Ophthalmic (FFS)
% w/v) Eye / Ear Drops
Tobramycin (0.3% w/v) + Dexamethasone (0.1% w/v) Eye Ophthalmic (FFS)
drops
Carboxymethyl Cellulose Sodium Eye Drops (0.5 % w/v) Ophthalmic (3 Piece)
Hypromellose Eye Drops (0.5v% w/v) Ophthalmic (3 Piece)
Sodium Hyaluronate 0.3% w/v Eye Drops Ophthalmic (3 Piece)

Respiratory Solution

Respiratory solutions are generally in 2.5 ml doses form. The products like Budesonide, Salbutamol and
combination of Budesonide and Salbutamol are available in this segment. These products are used through
nebulizer for treatment of lungs affected by Asthma or Bronchiectasis.

Product
Budesonide Respiratory Suspension
Salbutamol Respiratory Solution
Salbutamol & Ipratropium Bromide Respiratory Solution
Levosalbutamol Inhalation solution
Levosalbutamol and Ipratropium Respiratory Solution

Irrigation solutions in therapeutic segment

Irrigation solution or medical device products covers products like OTC eye lubricant or ‘Wound Cleaning
Solution’. Products are available in 5 ml, 10 ml and 20 ml doses form.

Product
Sodium Chloride Eye Wash & Wound Cleaning

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We have three business units, viz; (i) National Sales, (ii) International Sales and (iii) Product Partnering. The table
set forth below provides on a restated basis our revenue from operations by business and as a percentage of revenue
from operations for the years indicated.

Business Restated Financial Information

Area Fiscal 2025 Fiscal 2024 Fiscal 2023
₹ lakhs % of ₹ lakhs % of ₹ lakhs % of
revenue revenue revenue
from from from
operatio operations operations
ns
Domestic
branded 15,236.70 55.47% 17,077.48 60.92% 15,625.69 60.30%
generics
Internation
al branded 9,083.09 33.09% 8,217.14 29.31% 8,018.51 30.94%
generics
Product
2,884.43 10.50% 2,549.76 9.10% 2,108.65 8.14%
Partnering
Revenue
from
contracts 27,204.22 99.03% 27,844.38 99.32% 25,752.85 99.38%
with
customer

International Generic and Branded Product Business

As of March 31, 2025 we had international accreditations in the markets set forth below, and in most of these
markets our manufacturing facilities are audited by the applicable authority.

Accreditation Authority Country Status

Certificate from DNV Norway Active
National Medicines and Poisons Sudan Active
Board
Pharmacy and Poisons Board Kenya Active
Kenya
Ministry of Health, Kingdom of Cambodia Active
Cambodia
Food and Drugs Administration Philippines Active
Philippines

Product Partnering services and products

Our Contract Manufacturing Service (Product Partnering Business) and products include commercial large-scale
manufacturing of generic products. We aim to deliver customized and efficacious generic products to our
customers. Our formulation capabilities allow us to offer our customers multiple dosage forms.

Product Partnering Agreements

Our Product Partnering agreements are typically long-term in nature, with the option of renewal on mutually
agreed terms. Our Product Partnering agreements with our customers typically (i) provide that the quality, quantity
and specifications for the products shall be approved by the customer and be in accordance with the requirements
specified in the relevant agreements; (ii) require us to be responsible for the procurement of raw materials and
packaging materials in accordance with the specifications provided by the customer and in certain cases, the
vendor shall be approved by the customer; and (iii) provide that the pricing and supply terms shall be mutually
agreed upon between the customer and us, and in accordance with the purchase orders placed.

In addition, certain of our agreements require customers to provide periodic forecasts and estimates indicating the
quantities of the product they intend to purchase, however, certain portions of such forecasts and estimates are
nonbinding in nature. These agreements also typically provide the customer the right to return / reject the product

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in case it fails to meet the specified specifications within a stipulated time frame and we are responsible to replace
such products free of any additional cost within a stipulated timeframe along with providing indemnity to the
customer for losses arising from breach of obligations, quality, contents, characteristics of the products and
manufacturing defect. In cases of recall of the product manufactured by our Company, our agreements typically
require us to bear all the expenses and costs of such recall either upfront or by way of deduction from our bills.
Further, these customers are typically provided the right to audit our manufacturing facilities, processes or
systems, under such agreements, by providing a certain amount of notice. In certain agreements, our customers
have the right to subject our products to quality control assessments either by themselves or by independent testing
authorities, and in case the defect is attributable to us, we are required to recall the products at our own cost and
expenses.

Certain agreements also allow our customers to opt for terminating the agreement with our Company if there is
any change in control or management of our Company.

Formulation and Development

We have a dedicated formulation and development and quality control laboratory equipment are located at our
manufacturing facility in village Hariyala, District Kheda, Gujarat, India. With a view to further strengthen our
formulation and development capabilities, we aim to appoint scientists of varied experience and expertise at our
formulation and development and quality control laboratory with an objective to successfully implement our
strategy of early identification of development and manufacturing opportunities.

Our formulation and development and quality control laboratory are equipped with various equipments for the
development of Sterile liquid dosage forms which includes high performance liquid chromatography machine,
dissolution test apparatuses, spectrometers and advanced volumetric moisture analyzers. Our formulation and
development have played a key role in the expansion of our commercialized product portfolio.

Product list of the Company

Fluid Therapy
Pack Size
Sr. No. Product Name
(mL)
1 Sodium Chloride Intravenous Infusion B.P. (9g / L) 100 / 500 / 1000
2 Sodium Chloride Infusion U.S.P. (0.45 % w/v) 100 / 500
3 Glucose Intravenous Infusion B.P. (50g / L) 100 / 500 / 1000
4 Glucose Intravenous Infusion B.P. (100 gm/lt) 100 / 500 / 1000
Sodium Chloride (4.5 gm/lt) & Glucose (50 gm/lt) Intravenous
6 100 / 500
Infusion B.P.
Sodium Chloride (9 gm/lt) & Glucose (50 gm/lt) Intravenous
7 100 / 500 / 1000
Infusion B.P.
Compound Sodium Lactate Intravenous Infusion B.P. (Ringer
8 100 / 500 / 1000
Lactate Infusion)
9 Multiple electrolyte M 500 / 1000
10 Electrolyte P Infusion 500
11 Dextrose 20+ Multiple electrolyte 500
12 Multiple electrolyte & Dextrose Injection 100/250/500
13 Dextrose 25% 100/500
Formulations
Pack Size
Sr. No. Product Name
(mL)
14 Ciprofloxacin Injection U.S.P. (0.2 % w/v) 100
15 Metronidazole Intravenous Infusion B.P. (5g / L) 100
16 Fluconazole Infusion ( 0.2 % w/v ) 100
17 Levofloxacin Infusion (500mg / 100mL) 100
18 Mannitol Intravenous Infusion B.P. (20 % w/v) 100 / 250 / 500
19 Paracetamol Infusion (10mg / mL) 100
20 Moxifloxacin Intravenous Infusion (400mg /100mL) 100
21 Linezolid Intravaneous Infusion (200mg/100mL) 300
22 Ofloxacin Infusion (0.2% w/v) 100

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 23 Ornidazole Infusion (500mg / 100mL) 100
24 Tinidazole Infusion 400
25 Sodium Chloride Hypertonic Injection (3% w/v) 100

Diluents
Pack Size
Sr. No. Product Name
(mL)
26 Sterilized Water for Injections B.P. / U.S.P. 2 / 5 / 10
27 Sodium Chloride Injection B.P. (0.9 % w/v) 5 / 10
28 Lidocaine Injection B.P. (1 % w/v) 3.5

Respiratory Solutions
Pack Size
Sr. No. Product Name
(mL)
29 Salbutamol Respirator Solution (2.5mg / 2.5mL) 2.5
Salbutamol + Ipratropium Respirator Solution (2.5mg + 500
30 2.5
mcg / 2.5mL)
Levosalbutamol + Ipratropium Respirator Solution (1.25 mg +
31 2.5
0.5 mg)

Injections
Pack Size
Sr. No. Product Name
(mL)
32 Lidocaine Injection B.P. (1 % w/v) 3.5
33 Potassium Chloride Injection (15.0 % w/v ) 10
34 Magnesium Sulfate Injection U.S.P. (50 % w/v) 10
35 Glucose Injection B.P. (40 % w/v) 20

Ophthalmics (FFS)
Pack Size
Sr. No. Product Name
(mL)
36 Ciprofloxacin Ophthalmic Solution U.S.P. (0.3 % w/v) 5
37 Timolol Maleate Eye Drops B.P. (0.5 % w/v & 0.25 % w/v) 5
38 Gentamicin Eye Drops B.P. (0.3% w/v) 5 / 10
Gentamicin Sulphate (0.3 % base) & Dexamethasone (0.1 %
39 5
w/v) Eye / Ear Drops
Tobramycin (0.3% w/v) + Dexamethason (0.1% w.v) Eye
40 5
drops
41 Moxifloxacin Eye Drops 5

Medical Devices (CE Mark)

Pack Size
Sr. No. Product Name
(mL)
42 Sodium Chloride Eye Wash & Wound Cleaning 5 / 20
43 Carboxymethyl Cellulose Sodium Eye Drops (0.5 % w/v) 10
44 Hypermellose Eye Drops (0.5v% w/v) 10
45 Sodium Hyaluronate 0.3% w/v Eye Drops 10

Irrigation Solutions
Pack Size
Sr. No. Product Name
(mL)
46 Balance Sault Solutions 250/500

Surgical

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 Sr. No. Product Name Brand Name
47 IV Set AeroVein

Manufacturing

We have a manufacturing facility in village Hariyala, District Kheda, Gujarat, India. Our facility produces
injections, oral liquids, eye care, respiratory and wound cleaning solutions.

A description of the manufacturing facilities is set forth below.

Address Area (in square Meters) Owned/ leased Type of Products

Produced
Block No: 872B, 873A, 66,852.00 Owned Injections and oral
874, 876 and 877 village liquids.
Hariyala, District Kheda,
Gujarat, India

We have adopted RO/RO configuration for our water system. Our manufacturing facility is also accredited with
ISO: 9001:2015, ISO 13485: 2016, ISO 14001: 2015, ISO 45001: 2018 and WHO-GMP certified. Our
manufacturing facility has good manufacturing practices (“GMP”) certifications from the Food & Drugs Control
Administration Gujarat, in conformity with the format recommended by the World Health Organization (the
“WHO”) and the GMP for formulations from Cambodia, Sudan, Philippines, Zimbabwe.

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Capacity, Production and Capacity Utilization

The following tables sets forth information relating to the installed capacity, actual production and capacity utilization of our Company, at our Kheda manufacturing facility
for the years indicated.

Production As of, and for the year ended, March 31, 2025* As of, and for the year ended, March 31, 2024* As of, and for the year ended, March 31, 2023*
Stream
Installed Actual Utilization Installed Actual Utilization Installed Actual Utilization
Capacity Production Capacity Production Capacity Production
Units in crores % Units in crores % Units in crores %
LVP 5.66 5.17 91.00% 5.66 5.24 93.00% 5.66 5.50 97.00%
SVP 20.91 20.64 99.00% 20.91 19.65 94.00% 20.91 18.72 89.00%
STERIPORT 6.62 6.02 91.00% 6.62 5.47 83.00% 6.62 4.80 73.00%
Total 33.19 31.83 96.00% 33.19 30.36 91.00% 33.19 29.02 87.00%
*Source: Certificate from Chartered Engineer Mr. Atishkumar Naishadbhai Patel dated July 01, 2025.

Notes: (1) The information relating to the installed capacity as of the dates included above are based on various assumptions and estimates that have been taken into account
for calculation of the installed capacity which are as follows:

Production Line Calculation Base Bottles/p.a.

(In crores.)
LVP CAPACITY
Line-I 3400 bts / Hour * 21 Hours*355 days 2.53
Line-II 4000 bts / Hour * 22 Hours *355 days 3.12
5.66
SVP CAPACITY
Line-I 7500 bts / Hour * 21 Hours *350 days 5.51
Line-II 20000 bts / Hour *21 Hours *350 days 14.70
Line-III 20,000/day 0.70
20.91
STERIPORT
Line-I 7000 bts / Hour *21 Hours *350 days 5.15
Line-II 2000 bts / Hour *21 Hours *350 days 1.47
6.62

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Manufacturing Process Flow Chart

Manufacturing Technology

SVP – PROCESS FLOW CHART

For Line - 1 and Line - 2 : Clean In Place of Manufacturing Vessel.

For Line - 3 and Line – 4 : Clean In Place of Manufacturing Vessel., Buffer Vessel and Filling Machine.

Filter Integrity of Sterilizing Grade Filters.

For Line - 1 and Line - 2 : Sterilization In Place of Manufacturing Vessel.

For Line - 3 and Line - 4 Sterilization In Place of Manufacturing Vessel., Buffer Vessel and Filling
Machine.

Line Clearance for Proceeding of Batch Manufacturing.

Batch Manufacturing.

Sampling of Bulk Sample from sampling valve of Manufacturing Vessel.

Analysis and Release Bulk from

QC

Clean In Place of Holding Vessel (Line 1 & 2) and Filling Machine.

Filter Integrity Testing of Sterilizing Grade Filters.

Sterilization In Place of the Holding Vessel (Line 1 & 2) and Filling Machine.

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 Sterilization In Place of the Holding Vessel (Line 1 & 2) and Filling Machine.

Product Transfer from Manufacturing Vessel to Holding Vessel (Line 1 & 2)

Buffer Vessel (Line 3) / Filling Machine (Line 4).

Post use- Filter Integrity of Sterilizing

Grade Filter installed between
manufacturing and Holding tank.

Line Clearance for Filling Machine Set Up.

Zero sample Collection and Release from QC.

In-Process checks.

Aseptic Product Filling Activity.

Post use- Filter Integrity of Sterilizing

In-Process chcks
Grade Filter installed on filling
machine just before filling station).

Terminal Sterilization of the filled Ampoules (Except Water for Injection, Sodium Chloride Injection,
Ophthalmic Solutions and Eye care Preparations.)

Leak test of Ampoules, Bottles and Vials .

Collection of Finished Product Samples.

Visual Inspection of the Ampoules, Bottles and Vials .

Labelling.

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 Packing.

Retain Samples Collection.

Transfer to Finished Goods.

Finished Product Release by Quality Assurance.

Dispatch.

Notes -
1. Perform the Clean In Place (CIP) for manufacturing vessel, Buffer vessel and Filling Vessel for Line 1, 2 and 3.

2. Check the Filters Integrity of the 0.45+ 0.2 µ sterilizing grade product filters for manufacturing, holding and filling machine

3. Perform the Sterilization In Place (SIP) for manufacturing vessel, Buffer vessel and Filling Vessel for Line 1, 2, and 3.

4. Line Clearance will be further proceed for Batch Manufacturing and will be performed by IPQA personnel as per Standard Operating
Procedure.

5. Start the Batch Manufacturing Process as per Master Formula Card (MFC).

6. Sampling valve will be open at the bottom of manufacturing vessel.

7. Bulk Sample Analysis will be Proceed and Release from QC.

8. Perform the Clean In Place (CIP) of Holding Vessel, Filling Machine as per Standard Operating Procedure.

9. Check the Filters Integrity of the 0.45+ 0.2 µ sterilizing grade product filters for manufacturing, holding and filling machine.

10. Sterilization in place of the Holding Vessel, Filling Machine and Filters shall be performed as per Standard Operating Procedure

11. Sterilization In Place of the Holding Vessel and Filling Machine for line 1 and 2.

12. Bulk will be transfer from manufacturing vessel to Holding Vessel throughout the filters (8 µ, 1.2µ and 0.45 + 0.2µ).

13. Post use- Filter Integrity of Sterilizing Grade Filter installed between manufacturing and Holding tank.

14. To set up the filling machine the next process is Line Clearance

15. Zero Sample Analysis will be Proceed and released from QC

16. In-Process checks.

17. Filling Activity shall be Perform for the Aseptic Product.

18. Post use- Filter Integrity of Sterilizing Grade Filter installed on filling machine just before filling station).

19. Terminal Sterilization occurred for the filled Ampoules (Except Water for Injection, Sodium Chloride Injection, Ophthalmic Solutions
and Eye care Preparations.)

20. Performing the Leak Test for the Final Products ( Ampoules, Bottles and Vials)

21. Collect finished product samples from sample location.

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22. Visual Inspection of the Ampoules, Bottles and Vials

23. Labelling

24. Packing

25. Collection of the retain samples for records.

26. Transfer to Finished Goods.

27. Finished Product Release by Quality Assurance

28. Dispatch

LVP – PROCESS FLOW CHART

Sampling and Release of WFI

For Line -1 2 and 3 : Clean in place of Syrup Vessel / Manufacturing Vessel

Filter Integrity of Sterilizing Grade Filters

For Line - 2 and 3 : Sterilization in place of Syrup Vessel / Manufacturing Vessel

Line clearance for Proceeding of Batch Manufacturing

WFI Collection

Batch Manufacturing

328
Sampling of Bulk Sample from sampling valve of manufactring vessel(bottom)

Bulk Sample Analysis and Release

from QC

Clean in place of Holding Vessel, Filling Machine and Product Pipelines

Filter Integrity Testing of Sterilizing Grade Filters

Sterilization in place of the Holding Vessel, Filling Machine and Product Pipelines

Line Clearence of Bulk Transfer

Bulk Transfer from manufacturing vessel to Holding Vessel

through filters (8 µ, 1.2µ and 0.45 + 0.2µ)

Bulk Transfer from Holding vessel to filling Nozzle through two 0.45 + 0.2µ
filters

Post use- Filter Integrity of

Sterilizing Grade Filter
installed between
Manufacturing and Holding
tank

Line clearance for Filling Machine Set Up

Zero sample Collection and Release from QC

329
 In-Process checks

Aseptic Product Filling Activity

Post use- Filter

Integrity of
Sterilizing Grade
Filter installed on
filling machine just
before filling
station)

Sterilization of Bottles

Collection of finished product samples from sample location of

Bottles Leak test

Visual Inspection of the Bottles

Labelling

Packing

Retain Sample
Colletion

Transfer to Finished Goods Store

Finished Goods Release by QA Personnel

Dispatch

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Notes:
1. Take the sample of WFI for release purpose to QC Laboratory.

2. Perform the Clean In Place (CIP) systems which are used to sanitize manufacturing vessels as well as syrup vessels for all line 1,2,and
3

3. Check the Filters Integrity of the 0.45+ 0.2 µ sterilizing grade product filters for manufacturing, holding and filling machine.

4. Perform the Sterilization In Place (SIP) systems which are used to sanitize Manufacturing vessels as well as Syrup vessels for line
2,and 3.

5. Line Clearance will be further proceed for Batch Manufacturing and will be performed by IPQA personnel as per Standard Operating
Procedure

6. Approx quantity of Water for Injection (WFI) will be collected.

7. Start the Batch Manufacturing Process as per Master Formula Card (MFC).

8. Sampling valve will be open at the bottom of manufacturing vessel. Bulk Sample Analysis will be Proceed and Release from QC.

9. Perform the Clean In Place (CIP) of Holding Vessel, Filling Machine and Product Pipelines as per Standard Operating Procedure.

10. Check the Filters Integrity of the 0.45+ 0.2 µ sterilizing grade product filters for manufacturing, holding and filling machine.

11. Sterilization in place of the Holding Vessel, Filling Machine , Filters , Cartridges and Product Pipelines shall be performed as per
Standard Operating Procedure

12. Line Clearence will be performed for the Bulk Transfer.

13. Bulk will be transfer from manufacturing vessel to Holding Vessel throughout the filters (8 µ, 1.2µ and 0.45 + 0.2µ)

14. From Holding vessel the Bulk will Transfer to filling Nozzle through two 0.45 + 0.2µ Filters

15. Post use- Filter Integrity of Sterilizing Grade Filter installed between Manufacturing and Holding tank

16. To set up the filling machine the next process is Line Clearance

17. Zero Sample Analysis will be Proceed and released from QC.

18. In-Process checks

19. Filling Activity shall be Perform for the Aseptic Product.

20. Post use- Filter Integrity of Sterilizing Grade Filter installed on filling machine just before filling station)

21. After filling activity the bottles are sterilized through different machines such as (Make:Machine Fabrik)

22. Collect finished product samples from sample location.

23. Performing the Leak Test.

24. Visual Inspection of the Bottles

25. Labelling

26. Packing

27. Collection of the retain samples for records.

28. Transfer to Finished Goods Store

29. Finished Goods Release by QA Personnel

30. Dispatch

STERIPORT – PROCESS FLOW CHART

Cleaning in Place of syrup vessel / filter press (if applicable)

/ Manufacturing Vessel along with product pipeline and product filters (8 µ, 1.2µ and 0.45 + 0.2µ)

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 WFI sampleing from U loop and send to QC for analysis

Filter Integrity of Sterilizing Grade Filters

Sterilization in Place of syrup vessel / filter press (if applicable) / Manufacturing Vessel along with product pipeline
and product filters (8 µ, 1.2µ and 0.45 + 0.2µ)

Line clearance for Proceeding of Batch Manufacturing

WFI Collection

Batch Manufacturing

Sampling of Bulk Sample from sampling valve of manufactring vessel(bottom)

Bulk Sample Analysis and Release

from QC

Cleaning in place of Holding Vessel, Filling Machine and Product Pipelines

Filter Integrity Testing of Sterilizing Grade Filters

332
Sterilization in Place of the Holding Vessel, Filling Machine and Product Pipelines

Line Clearence of Bulk Transfer

Bulk Transfer from manufacturing vessel to Holding Vessel

through filters (8 µ, 1.2µ and 0.45 + 0.2µ)

Bulk Transfer from Holding vessel to filling Nozzle through 0.45 + 0.2µ
filter

Post use- Filter Integrity of Sterilizing

Grade Filter installed between
Manufacturing and Holding tank

Line clearance and Filling Machine Set Up

Zero sample Collection and Release from QC

In-Process checks

Aseptic Product Filling Activity

Post use- Filter Integrity of

Sterilizing Grade Filter
installed on filling machine
just before filling station)

Sterilization of Bottles

Collection of finished product samples from sample location of

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 machine set up as per packing requirement and line clearance for packing

Bottles Leak test

Visual Inspection of the Bottles

Labelling

BOPP Film wrapping /cortoning

Final Packing

Retain Sample
Colletion
Transfer to Finished Goods Store

Finished Goods Release by QA Personnel

Dispatch

Notes -

1. Cleaning in Place of syrup vessel / Manufacturing Vessel filter press (if applicable)

2. along with product pipeline and product filters (8 µ, 1.2µ and 0.45 + 0.2µ)

3. Collection of WFI samples from U loop for QC Analysis

4. Check the Filters Integrity of the 0.45+ 0.2 µ sterilizing grade product filters for manufacturing, holding and filling machine

5. Sterilization in Place of syrup vessel / Manufacturing Vessel filter press (if applicable)

6. along with product pipeline and product filters (8 µ, 1.2µ and 0.45 + 0.2µ).

7. Line Clearance will be further proceed for Batch Manufacturing and will be performed by IPQA personnel as per Standard Operating
Procedure

8. Approx quantity of Water for Injection (WFI) will be collected.

9. Start the Batch Manufacturing Process as per Master Formula Card (MFC).

10. Sampling valve will be open at the bottom of manufacturing vessel.

334
 11. Bulk Sample Analysis will be Proceed and Release from QC.

12. Perform the Clean In Place (CIP) of Holding Vessel, Filling Machine and Product Pipelines as per Standard Operating Procedure.

13. Check the Filters Integrity of the 0.45+ 0.2 µ sterilizing grade product filters for manufacturing, holding and filling machine.

14. Sterilization in place of the Holding Vessel, Filling Machine , Filters , Cartridges and Product Pipelines shall be performed as per
Standard Operating Procedure.

15. Line Clearence will be performed for the Bulk Transfer.

16. From Holding vessel the Bulk will Transfer to filling Nozzle through two 0.45 + 0.2µ Filters.

17. Post use- Filter Integrity of Sterilizing Grade Filter installed between Manufacturing and Holding tank

18. To set up the filling machine the next process is Line Clearance

19. Zero Sample Analysis will be Proceed and released from QC.

20. In-Process checks.

21. Filling Activity shall be Perform for the Aseptic Product.

22. Post use- Filter Integrity of Sterilizing Grade Filter installed on filling machine just before filling station)

23. After filling activity the bottles are Sterilized through different machines such as (Make : SENOH).

24. Collect finished product samples from sample location.

25. Set up machine as per packing requirment and perform the line clearance before Packing.

26. Performing the Leak Test.

27. Visual Inspection of the Bottles

28. Labelling

29. BOPP Film wrapping /cartooning

30. Final Packing

31. Retain Sample Collection for record

32. Transfer to Finished Goods Store

33. Finished Goods Release by QA Personnel

34. Dispatch

Manufacturing Technology:

Form fill seal technology (FFS)

The FFS technology is the technology for packing of IV Fluid currently in operation. In FFS technology, in one
single operation a plastic bottle is formed from granules, then the bottle is filled with the required liquid and then
it is hermetically sealed without touch of human hands. It is a fully automatic, computer-controlled system, having
capacity to manufacture 8 bottles in around 15 Seconds. The system has nitrogen purging options for producing
sensitive formulations like paracetamol.

Injection stretch-blow moulding (ISBM)Technology

Unlike FFS technology, there are multiple stage of operations in ISBM technology. Our one-stage ISBM
technology is perfect for manufacturing plastic bottles from materials like PP, starting as small as 100 ml. On
injection moulding machine, a preform is formed and then on separate station, the bottle is formed by stretching
and blowing the preform. The stretch blown bottle is put on filling line, wherein bottle is air washed then washed
with WFI and again dried. The dried bottled is filled and then cap is sealed on the bottle.

The sterilizer

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We use water shower sterilizer for terminal sterilization of the product. It is a fully automatic, microprocessor
controlled, circulating water-shower sterilizer. In water shower sterilizer, hot water is showered on product from
the top and product is sterilized at a temperature of 109 degree centigrade. This is also known as terminal
sterilization of the product. The sterilizer helps to maintain the balance of the temperature through the chamber.

Quality Assurance

We are committed to quality by means of close in-process controls, superior benchmarks and sound support built
in the system to ensure quality at each stage of production. We have equipment’s to check the quality of our
products at each stage of production.

Our Formulation and development team strive to develop new product formulations in Sterile Injectables. We
have combination of technical resources & team that offers formulation & development services for sterile liquids.
We have a network of quality systems throughout our business units and facilities which relate to the design,
development, manufacturing, packaging, sterilization, handling, distribution and labelling of our products. To
assess and facilitate compliance with applicable requirements, we regularly review our quality systems to
determine their effectiveness and identify areas for improvement. We also perform assessments on our suppliers
of raw materials, components and finished goods. In addition, we conduct quality management reviews designed
to inform management of key issues that may affect the quality of products and services.

Raw Materials and Procurement

All raw materials, by and large, are procured from domestic market. As far as plastic granules for formation of
bottle/vial are concerned, it is imported from various suppliers across the globe. We purchase primary and
secondary packaging materials, corrugated box, cartons, lables etc. from local suppliers. We have testing
procedures to assess the reliability of all materials purchased to ensure that they comply with the quality and safety
standards required for our products. For products sold in regulated markets, we source our raw materials and
packaging materials from approved vendors.

In an effort to manage risks associated with raw materials supply, we work closely with our suppliers to help
ensure availability and continuity of supply while maintaining quality and reliability. Our raw material sourcing
is not dependant on a single source of supply, and we have access to alternate sources for our procurement of raw
materials. Our cost of materials consumed including cost of packaging material consumed for the Financial Years
2025, 2024 and 2023 was ₹10,126.14 lakhs, ₹ 8,561.82 lakhs and ₹ 10,065.92 lakhs, respectively, constituting
38.74%, 31.00% and 38.71% of our Adjusted Expenses, respectively

The table below sets outs the raw materials and packaging material which we have obtained from our largest
supplier and top 5 suppliers together with such supply as a percentage of our total raw materials and packaging
materials supply for the Fiscal 2025, Fiscal 2024 and Fiscal 2023:

Particulars Fiscal 2025 Fiscal 2024 Fiscal 2023

Materials % of total Materials % of total Materials % of total
sourced (in materials sourced (in materials sourced (in materials
₹ lakhs) sourced ₹ lakhs) sourced ₹ lakhs) sourced
(%) (%) (%)
Largest 2,280.75 23.94 1,888.71 20.21 2,012.20 20.32
supplier of
materials
Top 5 suppliers 5,897.37 61.91 5,135.81 54.95 5,254.64 53.07
of materials
Top 10 7,198.11 75.56 6,682.21 71.50 6,994.53 70.65
suppliers of
materials

Our raw material and packing material include significant purchase of LDPE and PP granules. The prices of LDPE
and PP are volatile and largely linked to crude price volatility. The table below sets outs consumption of top 10
raw material as a percentage of our total raw materials supply for the Fiscal 2025, Fiscal 2024 and Fiscal 2023:

336
 Fiscal 2025 Fiscal 2024 Fiscal 2023
Materials % of total Materials % of total Materials % of total
Particulars
sourced (in ₹ materials sourced (in ₹ materials sourced (in ₹ materials
lakhs) sourced (%) lakhs) sourced (%) lakhs) sourced (%)
LDPE 2616.71 27.47% 2754.94 29.48% 2581.60 26.07%
Cap 1760.62 18.48% 1664.78 17.81% 1568.96 15.85%
POLYPROPYLE 1188.65 12.48% 968.19 10.36% 984.37 9.94%
CORRUGATED
967.21 10.15% 915.19 9.79% 1185.95 11.98%
BOX
Carton 343.12 3.60% 384.79 4.12% 417.30 4.21%
Sticker 333.82 3.50% 321.74 3.44% 301.80 3.05%
HIPXX E 30 265.03 2.78% 231.96 2.48% - 0.00%
Mannitol 244.63 2.57% 330.89 3.54% 247.31 2.50%
Dextrose Anhydrous 242.30 2.54% 295.15 3.16% 275.51 2.78%
BOPP Roll 232.68 2.44% - 0.00% 254.18 2.57%
LOTRENE FE 8000 - 0.00% 333.54 3.57% 610.61 6.17%
Total 8194.78 86.02% 8201.17 87.75% 8427.58 85.12%

We also undertake measures such as assessment questionnaires for suppliers of raw materials to assess quality
systems. Our suppliers are selected based on quality, price, cost effectiveness, company history, service levels and
adequate staff with sufficient knowledge. We do not have any long-term contracts with our third-party suppliers.
Prices are negotiated for each purchase order, and we generally have more than one supplier for each raw material.
The terms and conditions including the return policy are set forth in the purchase orders. In addition, under certain
loan license agreements for our product partnering business, we are obligated to procure raw materials from
vendors specified by the customer. We have an procurement team that works on identifying new vendor, providing
pre-purchase samples and evaluating the material, its suitability and impact on product quality. Based on
successful evaluation, the vendor is added to the approved list and the vendor audit planner. We also inspect the
suppliers facility to ensure that they have adequate systems, premises, security management, GMP adherence and
approval from regulatory authorities.

See, “Risk Factors – We rely on limited suppliers for our raw material i.e., LDPE (Low Density Polyethylene)
and PP granules (Polypropylene). The prices of LDPE and PP granules are volatile and largely linked to crude
price volatility. Loss of these suppliers, or any fluctuation in the prices of these raw materials may have an adverse
effect on our business, results of operations and financial conditions.” on page 34.

Sales and marketing

We manufacture diverse generics product portfolio of over 47 products and market them under our own brands in
the Indian market through a network of over 320 distributors and stockists as on March 31, 2025. We sell our
products in various countries including the Africa, Latin America, UK and the Rest of the world. Our Company’s
products are currently registered with 19 countries and have a compliance track record with a range of regulatory
regimes across these markets. The key to effective marketing of Sterile formulations is the “Distribution Channel”
as the product is generic one. We enjoy market reputation and Senior Management talent helps us marketing our
products in export markets. As of March 31, 2025, we had a total sales and marketing team of over 96 personnel
across India. We market our product partnering products on a business-to-business basis. We focus on maintaining
our relationships with our top pharmaceutical customers, building our customer base and strengthening our
product basket for existing customers. As of March 31, 2025, we had 96 sales and marketing personnel focused
on our product partnering business

Distribution Net Work – National Sales

We market our domestic generic products under our own brand names to end-users through our network of
distributors and stockists. We sell our branded generic products through a network of approximately 320
distributors and stockists across India. Our wide distributor and stockist network, we believe gives us a
competitive advantage over smaller players. Our sales and marketing team focuses on maintaining our
relationships with our distributors. As of March 31, 2025, we had a total sales and marketing team of over 96
personnel focused on our domestic branded generics business. We aim at ensuring attractive packaging and also

337
run target-based schemes for our distributors. We believe that the primary sales and marketing drivers in our
domestic branded generics business are target-based incentives offered to our distributors and attractive
packaging.

International and exports

In the Fiscal 2025, we exported our generic products to 21 countries. Our product range includes common IV
Solutions, Anti-fungal and Anti protozol segments which are provided through LVP pack solutions and SWFI
(Sterile Water for Injection), Ophthalmic, Injections and Respiratory Products which are provided in SVP pack
solutions. These formulations address the disease management needs of the importing countries. Our Company
has registered parenterals formulations in many countries keeping in mind its future business interest in these
markets. We have focused our international branded generic product business on emerging and semi-regulated
international markets but are expanding our business to regulated markets like the UK and Zimbabwe, Sudan,
Cambodia, Philippines and Ethiopia. As on the date of this Red Herring Prospectus, we have a portfolio of 47
products registered across 120 international jurisdictions.

The following table sets forth a breakdown of our revenue from operations from our business (from India and
outside India), in absolute terms and as a percentage of total revenue from operations, for the periods indicated
basis the location of the customers:

338
 Fiscal 2025 Fiscal 2024 Fiscal 2023
Revenue % of total Revenue % of total Revenue % of total
Particulars from revenue from revenue from revenue
operations from operations from operations from
(amount in operation (amount in operation (amount in operation
₹lakhs ) (%) ₹lakhs ) (%) ₹lakhs) (%)
Domestic 18,493.54 67.32 19,816.89 70.69 17,894.42 69.06
Export 8,977.28 32.68 8,217.14 29.31 8,018.51 30.94
Total 27,470.82 100.00 28,034.03 100.00 25,912.93 100.00

The following table sets forth a break up of country wise sales in absolute terms and as a percentage of total
revenue from operations:

Fiscal 2025 Fiscal 2024 Fiscal 2023

% of total Revenue % of total Revenue % of total
Revenue from
revenue from revenue from revenue
Name of Country operations
from operations from operations from
(amount in
operation (amount in operation (amount in ₹ operation
₹lakhs)
(%) ₹lakhs) (%) lakhs) (%)

Burundi - - - - 10.21 0.04%

Ethiopia 265.93 0.97% 32.13 0.11% 1,422.92 5.49%
Ghana 624.01 2.27% 706.73 2.52% 220.72 0.85%
Italy 0.35 0.00% - - - -
China - - 85.07 0.30% 101.10 0.39%
Kenya 98.76 0.36% 322.04 1.15% 447.68 1.73%
Mauritius 111.85 0.41% 103.89 0.37% 77.08 0.30%
Nepal 613.29 2.23% 633.09 2.26% 480.75 1.86%
Netherlands - - - - 36.76 0.14%
Nigeria 59.24 0.22% - - 549.49 2.12%
Peru 151.32 0.55% 58.58 0.21% 12.17 0.05%
Philippines 1,021.16 3.72% 1,139.65 4.07% 717.57 2.77%
Republica De Panama 94.72 0.34% 30.14 0.11% 100.94 0.39%
Rwanda - - 197.89 0.71% 57.55 0.22%
Singapore 21.72 0.08% 16.58 0.06% 54.05 0.21%
South Africa - - 7.20 0.03% - -
Sudan 1,076.85 3.92% 2,276.38 8.12% 171.08 0.66%
Tanzania 67.66 0.25% 68.54 0.24% 230.23 0.89%
Thailand 824.65 3.00% 629.83 2.25% 842.47 3.25%
UAE 1,816.47 6.61% - - 7.37 0.03%
Uganda 9.87 0.04% 7.90 0.03% 148.80 0.57%
United Kingdom 1,213.74 4.42% 1,092.75 3.90% 1,602.58 6.18%
USA 11.95 0.04% 6.73 0.02% - -
Vietnam 203.56 0.74% 25.23 0.09% 7.12 0.03%
Yemen 370.09 1.35% 538.16 1.92% 549.54 2.12%
Zimbabwe 320.10 1.17% 238.63 0.85% 170.37 0.66%
India 18,493.54 67.32% 19,816.89 70.69% 17,894.42 69.06%

Product partnering

339
IV Parenterals formulations are important and integral part of any pharmaceutical company. However, most viable
option for their parenterals needs is outsourcing. The contract manufacturing requirements comes from pharma
companies for manufacturing of various formulations in infusion form. The prices are ‘cost plus’ and it is immune
from market volatility. Since requirement of these companies does not economically justify to set up their own
unit, sustained business is achieved from these customers. Providing innovative and specialized solution as well
as customer service is key factor affecting the business.

We have been engaged in contract manufacturing for many pharma companies. With increasing preference of
FFS pack, many existing pharma customers are registering their product from our site, with change of pack from
glass to FFS. We also provide contract manufacturing for ophthalmic & respiratory nebules products under our
SVP lines. Many pharma companies manufacture Dry Powder injections and they supply SWFI vials along with
the injection. We manufacture their SWFI requirements. We maintain direct contact with majority of our
customers which allows us to understand the technical needs and specifications of our customers as well as their
future requirements. We also engage senior management in the sales and marketing process to build more strategic
relationships with our customers and to enhance customer experience.

We aim to ensure that projects of our existing customers are managed by site-based project managers and business
managers. These activities can assist the site-based teams in obtaining additional work on existing projects and
identifying new projects with existing customers.

Quality Control, Testing and Certifications

Maintaining high standard of quality in our manufacturing operations is critical to our growth and success. The
quality department of the Company is responsible for ensuring safety, identity, strength, purity, and quality for
each product manufactured by effective implementation of pharmaceutical quality system processes, as well as
their sequences, linkages and interdependencies. We identify and approve multiple vendors to source our key raw
materials, in addition to the suppliers approved by our customers, pursuant to a vendor assessment that involves
an examination of the potential vendor’s regulatory accreditations, and supply strength in terms of delivering large
quantities on a consistent basis. As of March 31, 2025, our Quality control/quality assurance department consisted
of 123 employees.

Our quality check involves process performance, product quality monitoring system, corrective action and
preventive action system, change management system. We seek to identify risks relating to facility and equipment
operations condition, in-process controls, attributes related to drug product materials etc. Our manufacturing
facility has been accredited by the International Organisation for Standardisation - with ISO: 9001:2015, ISO
13485: 2016, ISO 14001: 2015, ISO 45001: 2018 and WHO-GMP certified.

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We are also required to comply with global practice standards such as the International Organization for
Standardization, European Union Good Manufacturing Practice, the World Health Organization Good
Manufacturing Practice. Our formulation and development and quality control laboratory are equipped with
various equipments for the development of liquid Sterile dosage forms which includes high performance liquid
chromatography machine, dissolution test apparatuses, spectrometers and advanced volumetric moisture
analyzers. We also have a newly equipped control sample storage facility. We also have implemented a laboratory
information management system for quality controls which enable us to undertake data analytics and track product
level information across the different facilities and teams. We also undertake process validations to ensure
expanded real time monitoring and adjustment of process. It also helps us in statistically evaluating process
performance and product variables. Our manufacturing units are also subject to periodic inspections and audits by
these regulatory authorities and our clients. During the Fiscals 2025, 2024 and 2023, our manufacturing facility
were subject to 19 inspections/audits by regulatory authorities and we have not received any warning letters,
imposition of sanctions or withdrawal of our existing approvals

Environment, Health and Safety

We are subject to national, regional and state laws and government regulations in India in relation to safety, health
and environmental protection. These laws and regulations impose controls on air and water discharge, noise levels,
storage handling, employee exposure to hazardous substances and other aspects of our manufacturing operations.
Further, our products, including the process of manufacture, storage and distribution of such products, are subject
to numerous laws and regulations in relation to quality, safety and health. We believe that accidents and
occupational health hazards can be significantly reduced through a systematic analysis and control of risks and by
providing appropriate training to our management and our employees.

We strive to manage the potential risks associated by implementing our health and safety policy which is aimed
at providing a safe and establish sound work practices in manufacturing operations and equipment selection and
maintenance with a focus on continual improvements of processes and products to prevent pollution and accidents.

We prioritize the health and safety of our employees and undertake several initiatives to promote employee health
and quality of life. We have adopted a comprehensive health and safety policy in this regard. We work to ensure
a safe and healthy workplace and provide our employees with the benefits, resources and flexibility to maintain
and improve their wellness.

To ensure the health and safety of employees during the ongoing pandemic, additional security and safety
measures were implemented.

Utilities

We consume fuel and power for our operations at our manufacturing facilities, which is sourced through the local
state power grid. In the Fiscal 2025, Fiscal 2024 and Fiscal 2023, our power and fuel expenses as per our Restated
Financial Information were ₹ 2,222.95 lakhs, ₹ 2,474.10 lakh, ₹ 2,335.86 lakh, respectively, and accounted for
8.50%, 8.96% and 8.98% respectively, of our Adjusted Expenses.

We use steam generated from boilers, and have installed vapour absorption heat pump for chilled water. We have
installed cooling tower for cooled water and heat exchanger for hot water. We source the water from sub soil at
our facility. We have RO/RO (two stage) plants one in utility section and another in manufacturing section for
purified water.

Information Technology

Our IT systems are vital to our business, and we have adopted IT policies to assist us in our operations. The key
functions of our IT team include establishing and maintaining enterprise information systems and infrastructure
services to support our business requirements, maintaining secure enterprise operations. We utilize an enterprise
resource planning solution. We also have Standard operating procedures for maintaining confidentiality of
electronic data, maintaining critical equipment, system designs, retrieval of critical data etc.

In addition, we have implemented a quality control laboratory information management system to assist
management and safeguarding our laboratory processes that allows for paperless operations and digital
information flows.

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Information security is one of the key focus areas. We have developed standard operating procedures for data
recovery in case of a disaster including regular backups. For information on the risk to our IT systems.

Competition

In international markets, we compete with local companies, multinational corporations and companies from other
emerging markets that are engaged in manufacturing and marketing generic pharmaceuticals. For further details
of comparison with our listed peers please see Basis of Issue Price – “Comparison with Listed Industry Peers”
on page 264.

To stay ahead of our competitors, we regularly try to update existing technology and develop new technology for
our manufacturing activities. We also continuously seek new product registrations, marketing authorisations and
other approvals from Indian and foreign governmental authorities and health regulatory bodies to increase our
product offerings. In addition, we foray into key international markets in order to grow our business and maintain
a high level of involvement across our network. We aim to keep our costs of production low to maintain our
competitive advantage and our profit margins.

For further information, see “Industry Overview” and “Basis for the Issue Price” on pages 274 and 135,
respectively.

Insurance

Our operations are subject to risks inherent in the pharmaceutical manufacturing industry, which include defects,
liability for property damage, fire, explosions, loss-in-transit for our products, accidents, personal injury or death,
environmental pollution and natural disasters. We maintain insurance coverage that we consider necessary for our
business. We maintain an insurance policy that insures against material damage to buildings, plant and machinery,
furniture, fixtures, fittings and stocks at our manufacturing unit. We also maintain a marine sales turnover
insurance policy that insures transit of commodities by sea, air, rail, road and courier. We may also be subject to
product liability claims if the products that we manufacture are not in compliance with regulatory standards and
the terms of our contractual arrangements.

Set forth below are the details of our total assets and the insurance coverage on such assets:

Particulars For the Financial Year

2025 2024 2023
Total assets (₹ in lakhs) (A) 38,175.85 35,211.97 37,406.14
Total book value of assets on which 27,855.18 28,020.82 29,620.33
insurance has been taken (₹ in lakhs) (B)
Insurance coverage (₹ in lakhs) (C) 27,855.18 28,020.82 29,620.33
% of insurance coverage (%) (C/B) 100.00 100.00 100.00

For further information, also see “Risk Factors – Our insurance coverage may not be sufficient or adequate to
cover our losses and liabilities. If we suffer a large uninsured loss or an insured loss that significantly exceeds
our insurance coverage, our business, results of operations, financial condition and cash flows may be
adversely affected.” on page 54.

Human Resources

Our work force is a critical factor in maintaining quality and safety which strengthen our competitive position.
We adopt a holistic approach in our recruitment process and career development by focusing on our values and
our employees’ values in addition to professional skills. We train our employees on a regular basis to improve
operational efficiency, improve productivity and maintain compliance standards on quality and safety. We offer
our sales and marketing employees performance-linked incentives and benefits and conduct employee
engagement programs from time to time.

As of March 31, 2025, we employed a total of 1,718 personnel, including 506 full-time employees and 1,166
personnel on a contractual-basis, 20 personnel in security, 6 trainees and 20 apprentice across our business. We
do not have any recognized trade unions at our manufacturing facilities in village Hariyala, District Kheda,
Gujarat, India. We have not experienced any material work stoppages due to labour disputes or cessation of work

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in the last three fiscal years. The table below provides the breakdown of our permanent employees by function,
as of March 31, 2025:

S. No. Function Number of employees

1. Managing Director 1
2. Finance & Account 17
3. Sales & Marketing 96
4. Production / Operations 243
5. Quality Control / Quality Assurance 123
6. Human Resources, Administration & Legal 25
7. Information Technology 1
Total 506

Intellectual Property

We rely on a combination of trademarks, trade secrets, and contractual restrictions to protect our intellectual
property. We do not own any copyrights. As of the date of this Red Herring Prospectus, we had 11 registered

trademarks. Our corporate logo “ ” is also registered with the Trademark Registry. For further
information, see “Government and Other Approvals” on page 491.

Also, many of the formulations used by us in manufacturing products to customer specifications are subject to
patents or other intellectual property rights owned by or licensed to the relevant customer. Further, our product
partnering agreements with customers that own or are licensed users of patented drugs and formulations include
non-disclosure, confidentiality, indemnity and other contractual provisions. For details, see “Government and
Other Approvals” on page 491.

Properties and Offices

The Registered and Corporate Office of our Company is located at, 8th Floor, Shaligram Corporates, C.J. Marg,
Ambli, Ahmedabad – 380058, Gujarat, India. Our Registered and Corporate Office is located on premises held
by us on a leasehold basis. Our manufacturing units are located in village Hariyala, District Kheda, Gujarat, India.

The tables below set forth certain details of our manufacturing units, warehouse and Registered and Corporate
Office:

Unit/ Facility Leased/ Address Area (in Term of Name of the Lessor Monthly
Owned square lease rent
meters)
Manufacturing Owned Block No, 66,852.00 - Not Applicable N/A
Units 872B,
873A, 874,
876 and 877
village
Hariyala,
District
Kheda,
Gujarat,
India
Warehouse Leased Gala no; 1, 6,465.66 For a period 1. Munaf R Sindhi ₹
2, 3, 4, 5, 6, of 5 years 2. Miyanumar 6,95,958.00
7, and 8 in commencing Doshubhai plus
shed E in from May 1, Sheth applicable
the 2024 to 3. Maniyar Firdaus GST per
complex April 30, Faishal month
sumar 2029 4. Memon
logistics FalakNaz
and Farukbhai
industrial

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 Unit/ Facility Leased/ Address Area (in Term of Name of the Lessor Monthly
Owned square lease rent
meters)
park, Block 5. Nagingar
No: 732 Tanvirbanu
village Mohammadrafik
Hariyala, 6. Pankaj Jadhav
District 7. Harsha Vijay
Kheda, Patel
Gujarat, 8. Kasturben
India Shantilal Patel
9. Karsan Khimji
Patel
10. Dayaben
Dhirajlal Patel
11. Vijay Dhirajlal
Patel
12. Sangeeta
Mangilal Jain
13. Mangilal
Babulal Jain
Registered and Leased 8th Floor, 1,032 For a period 1. Rokad ₹ 7,99,312
Corporate Shaligram square of 9 years Rasikbhai per month
Office Corporates, meters commencing Maganbhai for a period
C.J. Marg, from July 2. Rokad July 06,
Ambli, 22, 2022. Bhartiben 2024 upto
Ahmedabad Manishbhai July 05,
– 380058, 3. Meghani 2025
Gujarat, Sureshbhai
India Mohanbhai
4. Meghani
Nayanaben
Sureshbhai
5. Parikh Ankit
Surendrabhai
6. Parikh Dishita
Ankit

Corporate Social Responsibilities (“CSR”)

We have adopted a corporate social responsibility (“CSR”) policy in compliance with the requirements of the
Companies Act, 2013. For the Financial Years 2025, 2024 and 2023, our corporate social responsibility
expenditure amounted to ₹29.11 lakhs, ₹21.37 lakhs, ₹32.89 lakhs, respectively. Our CSR policy requires us to
focus on initiatives relating to health, education and livelihood improvement. We have in the past supported non-
profit organizations engaged in healthcare facilities, social welfare and rural development. We have also entered
into a memorandum of understanding with Health & Care Foundation, public charitable trust involved in health
care activities for executing our CSR.

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 KEY REGULATIONS AND POLICIES

The following description is a summary of the relevant regulations and policies as prescribed by the Government
of India and other regulatory bodies that are applicable to the business of our Company. The information detailed
below has been obtained from various legislations, including rules and regulations promulgated by regulatory
bodies, and the bye laws of the respective local authorities that are available in the public domain. The regulations
set out below may not be exhaustive and are merely intended to provide general information to the investors and
neither designed nor intended to substitute for professional legal advice. For details of government approvals
obtained by us, see “Government and Other Approvals” on page 491.

Given below is an indicative summary of certain relevant laws and regulations applicable to our Company. The
information in this section has been obtained from publications available in the public domain. The description
of the applicable regulations as given below has been provided in a manner to provide general information to the
investors and may not be exhaustive and is neither designed nor intended to be a substitute for professional legal
advice. The statements below are based on the current provisions of applicable law, which are subject to change
or modification by subsequent legislative, regulatory, administrative or judicial decisions.

LEGISLATIONS APPLICABLE TO THE COMPANY’S BUSINESS

Drugs and Cosmetics Act, 1940 (“DC Act”) & the Drugs Rules, 1945 (“Drugs Rules”)

The DCA regulates the import, manufacture, distribution, and sale of drugs and cosmetics and prohibits the import,
manufacture, and sale of certain drugs and cosmetics which are, inter alia, misbranded, adulterated, spurious or
harmful. The DCA and DCA Rules specify the requirement of a license for the manufacture or sale of any drug
or cosmetic including for the purpose of examination, testing, or analysis. It further mandates that every person
holding a license must keep and maintain such records, registers, and other documents as may be prescribed which
may be subject to inspection by the relevant authorities. Any violations of the provisions of the DCA, including
those pertaining to the manufacturing and import of spurious drugs, non-disclosure of specified information, and
a failure to keep the required documents are punishable with a fine, imprisonment, or both. The DCA Rules lay
down the functions of the central drugs laboratory established under Section 6 of the DCA. Under the DCA Rules,
an import license is required for importing drugs. The form and manner of application for import license have
also been provided under the DCA Rules.

Essential Commodities Act 1955 & the Essential Commodities (Amendment and Validation) Act, 2009 (“ECA”)

The ECA empowers the Central Government, to control production, supply and distribution, trade and commerce
in certain essential commodities for maintaining or increasing supplies or for securing their equitable distribution
and availability at fair prices or for securing any essential commodity for the defense of India or the efficient
conduct of military operations. Using the powers under it, various ministries/departments of the Central
Government have issued control orders for regulating production, distribution, quality aspects, movement, and
prices pertaining to the commodities that are essential and administered by them. The State Governments have
also issued various control orders to regulate various aspects of trading in essential commodities such as food
grains, edible oils, pulses kerosene, sugar, and drugs. Penalties in terms of fines and imprisonment are prescribed
under the ECA for contravention of its provisions.

Drugs (Prices Control) Order, 2013 & Drugs (Prices Control) Amendment Order, 2022 (“DPCO”)

The DPCO has been notified under the Essential Commodities Act, 1955 (“ECA”). The first schedule of the
DPCO consists of a list of essential medicines or formulations. In relation to these scheduled formulations, the
DPCO inter alia prescribes the method for calculating the ceiling price and provides that the Government shall fix
and notify the ceiling prices. The DPCO also prescribes the method for calculating the retail price of a new drug
in the domestic market for existing manufacturers of scheduled formulations. Further, under the DPCO, the
Government has been assigned the task of monitoring the production and availability of scheduled formulations
and the active pharmaceutical ingredients contained in the scheduled formulations.

The Drugs and Magic Remedies (Objectionable Advertisements) Act, 1954 (the “DMRA”)

The DMRA seeks to control advertisements of drugs in certain cases and prohibits the advertisement of remedies
that claim to possess magic qualities. In terms of the DMRA, advertisements include any notice, circular, label,
wrapper, or other document or announcement. It also specifies the ailments for which no advertisement is allowed

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and prohibits advertisements that misrepresent, make false claims, or mislead. Further, the Drugs and Magic
Remedies (Objectionable Advertisements) Rules, 1955 have been framed for effective implementation of the
provisions of the DMRA.

National Pharmaceutical Pricing Policy 2012 (“NPPP”)

National Pharmaceutical Pricing Policy has been formulated to put in place a regulatory framework for the pricing
of drugs to ensure the availability of essential medicines at reasonable prices while providing sufficient
opportunity for innovation and competition to support the growth of the pharma industry. The policy made a shift
from earlier ‘cost-based’ pricing under the Drug Policy, 1994 to ‘market-based’ pricing.

In pursuance of NPPP, 2012, the Government notified the Drugs (Prices Control) Order, 2013 (DPCO-2013). As
per the provisions of DPCO, 2013, the National Pharmaceutical Pricing Authority (NPPA) fixes the ceiling price
of all scheduled formulations appearing in the National List of Essential Medicines (NLEM). All the
manufacturers of these drugs are required to sell their products equal to or lower than the ceiling price. Further,
NPPA monitors the prices of non-scheduled drugs to ensure that the increase in their Maximum Retail Price
(MRP) is not more than 10% of what was prevalent during the preceding twelve months.

Manufacture, Storage and Import of Hazardous Chemicals Rules, 1989 (“MSIHC Rules”)

The MSIHC Rules regulate the usage and manufacture of, and dealings in, hazardous chemicals. Any occupier in
control of an industrial activity involving the specified hazardous substance is required to identify major accident
hazards, take adequate steps to prevent such accidents, limit their consequences to persons and the environment,
and provide persons working on-site with training and equipment to ensure their safety. Further, occupiers are
required to prepare safety reports on the industrial activities specified under the MSIHC Rules and submit such
reports to the concerned authorities prior to undertaking such industrial activities. The MSIHC Rules additionally
require that any person importing hazardous chemicals into India is required to provide information including the
quantity of chemical being imported and product safety information to the concerned authorities prior to such
import.

New Drugs & Clinical Trial Rules 2019 (“NDCT Rules”) & New Drugs & Clinical Trial (Amendment) Rules
2023

The clinical trials in India are controlled by the Directorate General of Health Services under the Ministry of
Health and Family Welfare, Government of India, and the NDC Rules lay down the process mechanics and
guidelines for clinical trials, including procedures for approval for clinical trials. Clinical trials require obtaining
free, informed, and written consent from each study subject. The NDC Rules also provide for compensation in
case of injury or death caused during clinical trials. The Central Drugs Standard Control Organization has issued
the guidance for the industry for submission of clinical trial applications for evaluating safety and efficacy, for
the purpose of submission of clinical trial applications as required under the NDC Rules. The Drugs and Magic
Remedies (Objectionable Advertisements) Act, 1954 (the “DMRA”) The DMRA seeks to control advertisements
of drugs in certain cases and prohibits advertisement of remedies that claim to possess magic qualities. In terms
of the DMRA, advertisements include any notice, circular, label, wrapper, or other document or announcement.
It also specifies the ailments for which no advertisement is allowed and prohibits advertisements that misrepresent,
make false claims, or mislead. Further, the Drugs and Magic Remedies (Objectionable Advertisements) Rules,
1955 have been framed for effective implementation of the provisions of the DMRA.

The Poisons Act, 1919 (the “Poisons Act”)

The Poisons Act enables state governments to grant licenses for the possession, sale, wholesale or retail and fixing
of the fee, if any, of poisons. The Poisons Act also enables state governments to regulate the classes of persons to
whom such license may be granted, and the maximum quantity of poison which may be permitted to be sold to
any one person.

The Indian Boilers Act, 1923 (the “Boilers Act”), the Indian Boiler Regulations, 1950, & the Jan Vishwas
(Amendment of Provisions) Act, 2023 (the “Boilers Regulations”)

The Boilers Act inter alia provides that no owner of a boiler shall use the boiler or permit it to be used unless it
has been registered in accordance with the provisions of the Boilers Act. Under the Boilers Act, “boiler” means a
pressure vessel in which steam is generated for use external to itself by application of heat which is wholly or

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partly under pressure when steam is shut off. The Boilers Act also provides for penalties for illegal use of boilers,
penalties for breach of rules, and other penalties. The Boilers Regulations provide for inter alia, standard
requirements with respect to the material, construction, safety, and testing of boilers.

The Guidelines for Prevention of Misleading Advertisements and Endorsements for Misleading
Advertisements, 2022 (the “Advertisement Guidelines”)

The Advertisement Guidelines provide for the prevention of false or misleading advertisements and making
endorsements relating thereto. The Advertisement Guidelines inter alia apply to a manufacturer and to all
advertisements regardless of form, format, or medium. The Advertisement Guidelines lays down the conditions
for non-misleading and valid advertisement and prohibit surrogate or indirect advertisements of goods or services
whose advertising is prohibited or restricted by law, by portraying it to be an advertisement for other goods or
services, the advertising of which is not prohibited or restricted by law. Further, the Advertisement Guidelines lay
down the duties of a manufacturer and provide that every manufacturer shall ensure that all descriptions, claims,
and comparisons in an advertisement that relate to matters of objectively ascertainable facts shall be capable of
substantiation.

Legal Metrology Act, 2009 (“LM Act”)

The LM Act aims to establish and enforce standards of weights and measures, regulate trade and commerce in
weights, measures and other goods which are sold or distributed by weight, measure or number. The LM Act and
rules framed thereunder regulate, inter alia, the labelling and packaging of commodities, verification of weights
and measures used, and lists penalties for offences and compounding of offences under it. The Controller of Legal
Metrology Department is the competent authority to grant the licence under the LM Act. Any manufacturer
dealing instruments for weights and measuring of goods must procure a license from the state department under
the LM Act. Any non-compliance or violation under the LM Act may result in inter alia a monetary penalty on
the manufacturer or seizure of goods or imprisonment in certain cases.

Bureau of Indian Standards Act 2016

BIS is the National Standards Body of India established under the BIS Act 2016 for the harmonious development
of the activities of standardization, marking, and quality certification of goods and for all connected matters. BIS
has been providing traceability and tangibility benefits to the national economy in a number of ways – providing
safe reliable quality goods; minimizing health hazards to consumers; promoting exports and imports substitute;
control the proliferation of varieties, etc. through standardization, certification, and testing.

ENVIRONMENT-RELATED LEGISLATIONS

Environment Protection Act, 1986 (the “EP Act”), Environment Protection Rules, 1986 (the “EP Rules”) and
Environmental Impact Assessment Notification, 2006 (“EIA Notification”)

The EP Act was enacted for the protection and improvement of the environment. EP Act empowers the
government to take all measures to protect and improve the quality of the environment, such as laying down
standards for the emission and discharge of pollutants, providing for restrictions regarding areas where industries
may operate, and laying down safeguards for handling hazardous substances, amongst others. It is in the form of
an umbrella legislation designed to provide a framework for the Central Government to coordinate the activities
of various central and state authorities established under previous laws. It is also in the form of an enabling law,
which delegates wide powers to the executive to enable bureaucrats to frame necessary rules and regulations.
Further, the EP Rules specify, inter alia, the standards for emission or discharge of environmental pollutants,
restrictions on the location of industries, and restrictions on the handling of hazardous substances in different
areas. For contravention of any of the provisions of the EP Act or the rules framed thereunder, the punishment
includes either imprisonment or fine, or both. Additionally, under the EIA Notification and its subsequent
amendments, projects are required to mandatorily obtain environmental clearance from the concerned authorities
depending on the potential impact on human health and resources.

Water (Prevention and Control of Pollution) Act, 1974 (the “Water Act”)

The Water Act aims to prevent and control water pollution and to maintain or restore wholesomeness of water.
The Water Act provides for one Central Pollution Control Board, as well as state pollution control boards, to be
formed to implement its provisions, including enforcement of standards for factories discharging pollutants into

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water bodies. Any person intending to establish any industry, operation, or process or any treatment and disposal
system likely to discharge sewage or other pollution into a water body, is required to obtain the consent of the
relevant state pollution control board by making an application.

Air (Prevention and Control of Pollution) Act, 1981 (the “Air Act”)

The Air Act aims to prevent, control, and abate air pollution and stipulates that no person shall, without prior
consent of the relevant state pollution control board, establish or operate any industrial plant that emits air
pollutants in an air pollution control area. They also cannot discharge or cause or permit to be discharged the
emission of any air pollutant in excess of the standards laid down by the state boards. The Central Pollution
Control Board and the state pollution control boards constituted under the Water Act perform similar functions
under the Air Act as well. Pursuant to the provisions of the Air Act, any person establishing or operating any
industrial plant within an air pollution control area, must obtain the consent of the relevant state pollution control
board prior to establishing or operating such industrial plant.

Hazardous and Other Wastes (Management and Transboundary Movement) Rules, 2016 (the “Hazardous
Waste Rules”)

The Hazardous Waste Rules regulate the management, treatment, storage, and disposal of hazardous waste by
imposing an obligation on every occupier and operator of a facility generating hazardous waste to dispose of such
waste without harming the environment. The term “hazardous waste” has been defined in the Hazardous Waste
Rules and any person who has, control over the affairs of the factory or the premises or any person in possession
of the hazardous waste has been defined as an occupier. Every occupier and operator of a facility generating
hazardous waste must obtain authorization from the relevant state pollution control board. Further, the occupier,
importer, or exporter is liable for damages caused to the environment resulting from the improper handling and
management, and disposal of hazardous waste and must pay any financial penalty that may be levied by the
respective state pollution control board.

Plastic Waste Management Rules 2016 & Plastic Waste Management (Amendment) Rules, 2024 (the “PWM
Rules”)

The Plastic Waste Management (Amendment) Rules, 2024 amends the Plastic Waste Management Rules, 2016,
mandating the generators of plastic waste take steps to minimize the generation of plastic waste, not to litter the
plastic waste, ensure segregated storage of waste at the source & hand over segregated waste in accordance with
rules. The rules mandate the responsibilities of local bodies, gram panchayats, waste generators, retailers, and
street vendors to manage plastic waste. The PWM Rules, 2016 cast Extended Producer Responsibility (EPR) on
the Producer, Importer, and Brand Owner, and EPR shall be applicable to both pre-consumer and post-consumer
plastic packaging waste.

Bio-Medical Waste Management (Amendment) Rules, 2019 and Bio-Medical Waste Management (Second
Amendment) Rules, 2019 (the “BMW Rules”)

The BMW Rules apply to all persons who generate, collect, receive, store, transport, treat, dispose of, or handle
biomedical waste in any form. The BMW Rules mandate every occupier of an institution generating bio-medical
waste to take all necessary steps to ensure that such waste is handled without any adverse effect to human health
and environment and inter alia to make a provision within the premises for a safe, ventilated, and secured location
for storage of segregated bio-medical waste, pre-treat laboratory waste and provide training to workers involved
in handling bio-medical waste. The BMW Rules further require every occupier or operator handling bio-medical
waste to apply to the prescribed authority for the grant of authorization and submit an annual report to the
prescribed authority and also to maintain records related to the generation, collection, receipt, storage,
transportation, treatment, disposal, or any other form of handling of bio-medical waste in accordance with the
BMW Rules and the guidelines issued thereunder.

The Public Liability Insurance Act, 1991 (the “PLI Act”) & the Public Liability Insurance Rules, 1991 (the
“PLI Rules”)

The PLI Act imposes liability on the owner or controller of hazardous substances for any damage arising out of
an accident involving such hazardous substances. A list of hazardous substances covered by the legislation has
been enumerated by the government by way of a notification. Under the law, the owner or handler is also required

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to take out an insurance policy insuring against liability. The PLI Rules mandate the employer to contribute
towards the environmental relief fund a sum equal to the premium paid on the insurance policies.

EMPLOYMENT AND LABOUR LAWS

In accordance with the terms outlined in the EPC contract/ work order, our responsibility includes obtaining
approvals related to labor. We have chosen to outsource this aspect of our operations to a contractor, who will
handle all labor-related tasks. Consequently, the obligation to secure approvals for labor-related matters rests with
the contracted party. It is important to note that most of our projects have not yet commenced. As each project
initiates, our contracted party will take the necessary steps to obtain the required labor approvals.

Factories Act, 1948 (the “Factories Act”)

The Factories Act defines a “factory” to cover any premises which employ 10 or more workers on any day of the
preceding 12 months and in which a manufacturing process is carried on with the aid of power or any premises
where at least 20 workers are employed, and where a manufacturing process is carried on without the aid of power.
Each state government has enacted rules in respect of the prior submission of plans and their approval for the
establishment of factories and registration/licensing thereof. The Factories Act provides for the imposition of fines
and imprisonment of the manager and occupier of the factory in case of any contravention of the provisions of
the Factories Act.

Industrial Disputes Act, 1947 ("ID Act") and Industrial Dispute (Central) Rules, 1957 (the “ID Act”)

The ID Act and the Rules made thereunder provide for the investigation and settlement of industrial disputes. The
ID Act was enacted to make provision for investigation and settlement of industrial disputes and for other purposes
specified therein. Workmen under the ID Act have been provided with several benefits and are protected under
various labour legislations. Employees may also be subject to the terms of their employment contracts with their
employer, which contracts are regulated by the provisions of the Indian Contract Act, 1872. The ID Act also sets
out requirements in relation to the termination of the services of the workman. The ID Act includes detailed
procedure prescribed for resolution of disputes with labour, removal and certain financial obligations up on
retrenchment. The Industrial Dispute (Central) Rules, 1957 specify procedural guidelines for lockouts, closures,
lay-offs and retrenchment.

Other Labour Laws:

The employment of workers, depending on the nature of activity, is regulated by a wide variety of generally
applicable labour laws, including the Trade Unions Act, 1926, Equal Remuneration Act, 1976, Apprentices Act,
1961 and Unorganised Workers Social Security Act, 2008, Industrial Employment Standing Order Act,1946
among others.

In order to rationalize and reform labour laws in India, the Government has enacted the following codes:

a. Code on Wages, 2019, which regulates and amalgamates wage and bonus payments and subsumes four
existing laws namely – the Payment of Wages Act, 1936, the Minimum Wages Act, 1948, the Payment of
Bonus Act, 1965, and the Equal Remuneration Act, 1976. It regulates, inter alia, the minimum wages payable
to employees, the manner of payment and calculation of wages and the payment of bonus to employees.

b. Industrial Relations Code, 2020, which consolidates and amends laws relating to trade unions, the conditions
of employment in industrial establishments and undertakings, and the investigation and settlement of
industrial disputes. It subsumes and simplifies the Trade Unions Act, 1926, the Industrial Employment
(Standing Orders) Act, 1946 and the Industrial Disputes Act, 1947.

c. Code on Social Security, 2020, which amends and consolidates laws relating to social security, and subsumes
various social security related legislations, inter alia including the Employee’s State Insurance Act, 1948,
the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952, the Maternity Benefit Act ,1961
and the Payment of Gratuity Act, 1972. It governs the constitution and functioning of social security
organisations such as the employee’s provident fund and the employee’s state insurance corporation,
regulates the payment of gratuity, the provision of maternity benefits and compensation in the event of
accidents that employees suffer, among others.

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d. Occupational Safety, Health and Working Conditions Code, 2020, which amends and consolidates laws
regarding the occupational safety, health and working conditions of persons employed in an establishment.
It subsumes various enactments including, among others, the Factories Act, 1948 and the Contract Labour
(Regulation and Abolition) Act, 1970.

While certain portions of the Code on Wages, 2019, have now been enforced by the Ministry of Labour and
Employment, the remainder of these codes shall become effective on the day that the Government shall notify for
this purpose.

FOREIGN INVESTMENT LAWS

Foreign Exchange Management Act, 1999 (the “FEMA”)

Foreign investment in India is primarily governed by the provisions of FEMA. Pursuant to FEMA, the GoI and
the RBI have promulgated various regulations, rules, circulars and press notes in connection with various aspects
of foreign exchange with facilitation of external trade and payments for promoting orderly developments and
maintenance of foreign exchange market in India.

FEMA Rules

The RBI, in exercise of its powers under the FEMA, has notified the Foreign Exchange Management (Mode of
Payment and Reporting of Non-Debt Instruments) Regulations, 2019 by Notification No. FEMA. 395/2019-RB
dated October 17, 2019 (“FEMA Rules”) to prohibit, restrict, or regulate transfer by or issue security to a person
resident outside India. As laid down by the FEMA Rules, no prior consents and approvals are required from the
RBI for Foreign Direct Investment (“FDI”) under the “automatic route” within the specified sectoral caps. In
respect of all industries not specified as FDI under the automatic route, and in respect of investment in excess of
the specified sectoral limits under the automatic route, approval may be required from the RBI. At present, the
FDI Policy does not prescribe any cap on the foreign investments in the sector in which the Company operates.
Therefore, foreign investment up to 100% is permitted in the Company under the automatic route.

Foreign Trade (Development and Regulation) Act, 1992 (“FTA”)

In India, the main legislation concerning foreign trade is FTA. The FTA read along with relevant rules provides
for the development and regulation of foreign trade by facilitating imports into, and augmenting exports from,
India and for matters connected therewith or incidental thereto. As per the provisions of the Act, the Government:
(i) may make provisions for facilitating and controlling foreign trade; (ii) may prohibit, restrict and regulate
exports and imports, in all or specified cases as well as subject them to exemptions; and (iii) is authorized to
formulate and announce an export and import policy and also amend the same from time to time, by notification
in the Official Gazette. FTA read with the Indian Foreign Trade Policy 2015 –2020 (extended up to September
30, 2021) provides that no export or import can be made by a company without an Importer-Exporter Code
(“IEC”) unless such person or company is specifically exempt. An application for an importer exporter code
number has to be made to the office of the Joint Director General of Foreign Trade, Ministry of Commerce. An
importer-exporter code number allotted to an applicant is valid for all its branches, divisions, units and factories.
Failure to obtain the IEC number shall attract penalty under the FTA.

Export Promotion Capital Goods Scheme (“The EPCG Scheme”)

The EPCG Scheme provides that importers can benefit from reduced duties on the import of capital goods
provided that they fulfil an export obligation to export a prescribed amount of their goods manufactured or services
rendered (such amount being a multiple of the duty saved) within a specified period. Export obligations can be
fulfilled by physical exports or by way of “deemed exports”, which are transactions deemed to be exports.

INTELLECTUAL PROPERTY RELATED LEGISLATIONS

The Trade Marks Act, 1999 (the “Trademarks Act”)

The Trademarks Act provides for the application and registration of trademarks in India for granting exclusive
rights to marks such as a brand, label, and heading and obtaining relief in case of infringement. The Trademarks
Act also prohibits any registration of deceptively similar trademarks or chemical compounds among others. It also
provides for infringement, falsifying and falsely applying for trademarks. Once granted, trademark registration is

350
valid for 10 years unless cancelled, subsequent to which, it can be renewed. If not renewed, the mark lapses, and
the registration is required to be restored.

European Directorate for the Quality of Medicines (the “EDQM”)

The EDQM is a Directorate of the Council of Europe located in Strasbourg, France. It is responsible for the
preparation, establishment and distribution of chemical and biological reference standards and for the evaluation
of applications for certificates of suitability of the monographs of the European Pharmacopoeia and coordination
of related inspections. The objective of EDQM is to establish and provide official standards applicable to the
manufacture and quality control of medicines in Europe, and ensuring application of these official standards to
substances used for the production of medicine.

OTHER LAWS

National Ethical Guidelines for Biomedical and Health Research Involving Human Participants, 2017
(“ICMR Code”)

The Indian Council of Medical Research has issued the ICMR Code which envisages that medical and related
research using human beings as research participants must only be carried out after due consideration of all
alternatives and the use of human participants is considered to be essential for the proposed study. The ICMR
Code lays down the requirement of ensuring privacy and confidentiality along with ensuring that such studies are
conducted in a transparent and environmentally friendly manner.

As required by the ICMR Code, it is mandatory that all proposals on biomedical research involving human
participants should be cleared by an appropriately constituted independent and impartial institutional ethics
committee to safeguard the welfare and the rights of the participants. The committee should preferably have seven
to fifteen persons while maintaining a balance between medical and non-medical/ technical and non-technical
members, depending upon the needs of the institution.

These ethics committees are entrusted with the initial review of research proposals prior to their initiation, and
also have a continuing responsibility to regularly monitor the approved research to ensure ethical compliance
during the conduct of research. Such an on-going review has to be in accordance with the international guidelines
wherever applicable and the Standard Operating Procedures of the World Health Organization.

The ICMR Code also provides that the human participants may be paid for the inconvenience and time spent, and
should be reimbursed for expenses incurred, in connection with their participation in the research. They may also
receive free medical services. During the period of research, if any such participant requires treatment for
complaints other than the one being studied necessary, free ancillary care or appropriate treatments may be
provided. However, the ethics committee is entrusted to ensure that payments should not be so large or the medical
services so extensive as to make a prospective participants consent readily to enrol in research against their better
judgment, which would then be treated as undue inducement.

Narcotic Drugs and Psychotropic Substances Act, 1985 (the “Narcotic Act”)

The Narcotic Act provides for the GoI to take all measures necessary or expedient for the purpose of preventing
and combating abuse of manufactured drugs and the illicit traffic therein. Violation of any provision under the
Narcotic Act may attract a penalty in excess of Rs. 1 lac.

Explosives Act, 1884 (the “Explosives Act”)

Under the Explosives Act, the Government has the power to regulate the manufacture, possession, use, sale,
transport and importation of explosives and grant of license for the same activities. The Government may prohibit
the manufacture, possession or importation of especially dangerous explosives. Any contravention of the
Explosives Act or rules made under it, being the Explosives Rules, 1983, may lead to an arrest without warrant
and imprisonment for three years, including a fine which may extend up to Rs. 5,000.

Digital Personal Data Protection Act, 2023

The Digital Personal Data Protection Act, 2023 was enacted to provide for the processing of digital personal data
in a manner that recognises both the right of individuals to protect on personal data and the need to process such

351
personal data for lawful purposes and for matters incidental to it. It was introduced for implementing
organizational and technical measures in processing personal data and lays down norms for cross-border transfer
of personal data and to ensure the accountability of entities processing personal data.

Fire Prevention Laws (the “Fire Prevention Law”)

State governments have enacted laws that provide for fire prevention and life safety. Such laws may be applicable
to our offices and Training Centers and include provisions in relation to providing fire safety and life saving
measures by occupiers of buildings, obtaining certification in relation to compliance with fire prevention and life
safety measures and impose penalties for non-compliance.

For further details, see “Our Business” on page 313. Our business and operations in such foreign jurisdictions are
and will be subject to applicable local laws.

SECURITIES LAWS

We are required to comply with all applicable securities laws, including those issued by SEBI, the Companies
Act, 2013, and the Securities Contracts (Regulation) Act, 1956. In relation to the Issue, our Company is required
to prepare this Red Herring Prospectus and the Prospectus that provides detailed disclosures about its business,
financials, and risks, which is submitted to SEBI, the RoC and the Stock Exchanges, as applicable, in compliance
with applicable laws. Additionally, our Company must comply with applicable post-issue SEBI Listing
Regulations, ensuring ongoing disclosure and governance standards. This regulatory framework ensures investor
protection and maintains market integrity throughout the Issue process.

352
 HISTORY AND CERTAIN CORPORATE MATTERS

Brief history of Our Company

Our Company was originally incorporated on December 21, 1994 as Marck Parenterals (India) Limited with RoC,
Gujarat, at Ahmedabad by converting the existing Partnership firm “Marck Parenterals (India)” under Part IX of
the Companies Act, 1956 and received the Certificate for Commencement of Business on January 06, 1995. The
name of our Company was changed to “Marck Biosciences Limited” pursuant to a special resolution passed by
our shareholders on October 29, 2005, and a fresh certificate of incorporation issued by the Registrar of
Companies, Gujarat, at Ahmedabad, dated November 2, 2005. Subsequently, the name of our Company was
changed to “Amanta Healthcare Limited” pursuant to a special resolution passed by our shareholders on June 12,
2014, and a fresh certificate of incorporation dated June 24, 2014 issued by the Registrar of Companies, Gujarat,
at Ahmedabad.

Changes in the registered office of our Company

Except as disclosed below, there has been no change in the registered office of our Company since incorporation:

Date of change Details of change Reasons for change

March 19, 2005 The registered office of our company was changed Operational and Administrative
from 3, Sahyadri Apartments, Thakorbhai Convenience
Swimming Pool, Stadium Road, Ahmedabad to 5 th
Floor, Heritage, Nr. Gujarat Vidhyapith, Off.
Ashram Road, Ahmedabad – 380 014, Gujarat, India
November 23, 2022 The registered office of our company was changed Operational and Administrative
from 5th Floor, Heritage, Nr. Gujarat Vidhyapith, Convenience
Off. Ashram Road, Ahmedabad – 380 014, Gujarat,
India to 8th Floor, Shaligram Corporates, C.J. Marg,
Ambli, Ahmedabad – 380058, Gujarat, India

Main objects of our Company

The main objects contained in our Memorandum of Association are as follows:

1. To manufacture, produce, perform, improve, buy, sell, distribute, import, export, infusion and transfusion,
solutions, disposable plastic sets, "hospital disposables such as infusion bags, dialysis bags, blood bags,
drip chambers, a stomy bags, urine bags, port protectors, catheters,” syringe sets, surgical goods, diagnostic
kits, syringes, needles and diagnostic chemicals, agents, pharmaceutical bulk drugs, formulation and related
chemicals.

2. To manufacture, process or refine, import, export, buy, sell and deal in pharmaceutical, herbal,
bacteriological and biological products. drugs, medicines and surgical, photographic, electronic,
ultrasonic, and other devices and apparatus of all kinds, health giving and curative materials and products,
tablets, powders, pastes, solutions, ointments, port, export infusion and transtrifices and all products,
substances, apparatus and things capable of being used or required by patients and medical practitioners.

3. To manufacture, prepare and process and to purchase, sell, import, export and otherwise deal in capsules,
tablets and collapsible device.

Amendments to our Memorandum of Association

The following table sets forth details of the amendments to our Memorandum of Association, in the last 10 years
preceding the date of this Red Herring Prospectus:

Date of shareholders’ Nature of amendment

resolution
November 10, 2015 Amendment to the MoA to reflect the increase in authorised share capital from
₹82,00,00,000 comprising of (i) ₹37,00,00,000 divided into 3,70,00,000 equity
shares of ₹10/- each and (ii) ₹45,00,00,000 divided into 4,50,00,000 preference
shares of ₹10 each, to ₹82,15,00,000 comprising of (i) ₹37,00,00,000 divided into

353
 Date of shareholders’ Nature of amendment
resolution
3,70,00,000 Equity Shares of ₹10/- each and (ii) ₹45,15,00,000 divided into
4,51,50,000 preference shares of ₹10/- each.
October 31, 2017 Amendment to MoA to reflect the re-classification of authorised share capital from
₹82,15,00,000 comprising of (i) ₹37,00,00,000 divided into 3,70,00,000 Equity
Shares of ₹10/- each and (ii) ₹45,15,00,000 divided into 4,51,50,000 preference
shares of ₹ 10/- each, to ₹82,15,00,000 divided into 8,21,50,000 Equity Shares of
₹10/- each.
August 7, 2018 Amendment to MoA to reflect the increase of authorised share capital pursuant to a
scheme of amalgamation from ₹82,15,00,000 divided into 8,21,50,000 Equity
Shares of ₹10/- each, to ₹90,15,00,000 divided into 9,01,50,000 Equity Shares of
₹10/- each
March 21, 2022 Amendment to the MoA to reflect the re-classification of authorised share capital
from ₹90,15,00,000 divided into 9,01,50,000 Equity Shares of ₹10/- each to
₹90,15,00,000 divided into (i) ₹80,15,00,000 divided into 8,01,50,000 equity share
of ₹10/- each and (ii) ₹10,00,00,000 divided into 1,00,00,000 redeemable preference
shares of ₹10/- each.

Major events and milestones of our Company

The table below sets forth the major events and milestones in the history of our Company:

Year Particulars
1994 Converted in a Public Limited Company
1997 Started implementation of Large Volume Parenterals (LVP) project for Formulations,
Fluid Therapy & Irrigation Solution
1998 Commencement of L-1 in Block A
2002 Launched a specialised production line “LVP Line II” for the manufacture of Large
Volume Parenterals in Kheda, Gujarat
2005 Launched a specialised production line “SVP Line I” for the manufacture of Small
Volume Parenterals in Kheda, Gujarat.
2007 Added L-III Large Volume Parenterals Facility for 500 ml products in Block -A
Launched a specialised production line “SVP line II” for the manufacture of Small
2008 Volume Parenterals in Kheda, Gujarat.
Approval from The National Pharmaceutical Control Bureau – Malaysia (a PIC member)
2021 Launched a specialised production line “SteriPort -Debottlenecking”
2023 Received WHO- GMP certification for Manufacturing facility at Kheda, Gujarat
2024 Got CE Mark Certification for Eye Wash Solutions
2024 Manufacturing out of seven (7) active production lines including SVP and LVP
Granted permission to manufacture and market the product named Linezolid I.V.
2024
injection (Domestic)

Key Awards, Accreditations and Recognition

The table below sets forth the some of the key awards, accreditation, and recognition

Year Particulars
2022 Received ISO 13485:2016/ EN ISO 13485:2016 accreditation for our management
system for the design, development, manufacturing, distribution and sales of sterile
ophthalmic ocular lubricant drops and sterile irrigation solutions.
2023 Received ISO 45001:2018, ISO 14001:2015 and ISO 9001:2015 accreditation for our
management system for the manufacture and dispatch of small and large volume
parenterals.

Details regarding material acquisitions or divestments of business/undertakings, mergers, amalgamation,

or revaluation of assets in the last 10 years

354
Except as stated below, our Company has not acquired any material business or undertaken any mergers or
amalgamations or divestments of business or undertaking in the last 10 years preceding the date of this Red
Herring Prospectus.

Amalgamation of Marck Remedies Private Limited with our Company

Our Company had filed the scheme of amalgamation with the National Company Law Tribunal, Ahmedabad
bench (“NCLT Ahmedabad”) seeking approval for the scheme of Amalgamation. NCLT Ahmedabad sanctioned
the scheme pursuant to order dated October 26, 2018.

As per the scheme of amalgamation, the entire undertaking of Marck Remedies Private Limited hereinafter
referred as MRPL was transferred to and vested in our Company as a going concern with effect from November
29, 2018. Pursuant to the Scheme of Amalgamation, among others:

1. The entire undertaking of MRPL, including all its assets, current assets, registrations, permits, approvals,
licenses, leasehold rights, sub-leases, tenancy rights, intellectual property rights, trade secrets, credits,
prepaid expenses, deferred charges, books of account, tax exemptions, agreements, contracts deeds,
commercial arrangements were transferred to and vested in our Company;
2. Any legal or other proceedings by or against MRPL are be continued and enforced by or against our
Company;
3. All liabilities, debt, duties, and obligations of MRPL were transferred to and vested in our Company;
4. All the staff and employees of MRPL became the staff and employees of our Company.

Pursuant to the Scheme of Amalgamation, the authorized share capital of MRPL was combined with that of our
Company, and our Company’s authorized share capital was reclassified and increased to ₹ 90,15,00,000 divided
into 9,01,50,000 Equity Shares of ₹10/- each, and in consideration of the transfer of MRPL’s undertaking, one
fully paid-up Equity Share of ₹10 of our Company was issued and allotted for every 38 equity shares of ₹ 10/-
each held in MRPL by their respective shareholders.

The Company had obtained valuation report on October 15, 2017, for determining the fair share exchange ratio,
pursuant to the scheme of amalgamation between our Company and Marck Remedies Private Limited. The
effective date of this scheme of amalgamation was April 01, 2017.

Time and cost over-

There have been no material time and cost over-runs in respect of our business operations.

Defaults or re-scheduling, restructuring of borrowings with financial institutions/banks or any other

lenders

There have been no defaults on repayment of any loan availed from any banks or financial institutions or any
other lenders.

Further, except as disclosed below there has been no re-scheduling/ re-structuring in relation to borrowings availed
by our Company from any financial institutions or banks or any other lenders:

1. Settlement Agreement with KKR India Financial Services Private Limited, KKR India Debt
Opportunities Fund II, BOI AXA Credit Risk Fund and Avendus Finance Private Limited

Our Company & others (including Bhavesh Patel) has entered into a settlement agreement dated March 30, 2022,
with KKR India Financial Services Limited, KKR India Debt Opportunities Fund II, Avendus Finance Private
Limited and BOI AXA Credit Risk Fund (“debt holder”) Pursuant to the arrangement, the Company has paid Rs.
15,251.72 Lakhs and issued Non-Convertible Preference Shares of Rs. 1,000 Lakhs to the lenders. The difference
between the carrying value of the borrowing and the settlement consideration amounting to Rs. 6,852.26 Lakhs
was waived off by the lender. This has been credited to the Restated Statement of Profit and Loss and disclosed
as an exceptional item. As on date of this Red Herring Prospectus there is no mention of our Company as a
defaulter in CIBIL searches.

BOI AXA Mutual Fund, in its "Update Note on Portfolio Companies" for December 31, 2021, noted that the
Company defaulted on its instalment due on September 30, 2021, but made a partial payment in December 2021.

355
Further, as of the date of this Red Herring Prospectus, CIBIL (CRILIT) searches do not list the Company as a
defaulter.

Lock-out and strikes

As on the date of this Red Herring Prospectus, there have been no lockouts or strikes at any time in our Company.

Accumulated Profits or Losses

As of the date of this Red Herring Prospectus, we do not have any subsidiary and hence there are no accumulated
profits and losses of any of our subsidiary that are not accounted for by our Company in the Restated Financial
Information.

Significant financial and strategic partners

As of the date of this Red Herring Prospectus, our Company does not have any significant financial or strategic
partners.

Material Agreements in relation to business operations of our Company

As on date of this Red Herring Prospectus, there are no other inter- se agreements/ arrangements and clauses/
covenants which are material and which needs to be disclosed and that there are no other clauses / covenants
which are adverse / pre-judicial to the interest of the minority / public shareholders. There are no other agreements,
deed of assignments, acquisition agreements, SHA, inter-se agreements, agreements of like nature other than
disclosed in this RHP.

As on date of this Red Herring Prospectus, no special rights are available to the Promoters/ Shareholders of our
Company

Details of subsisting shareholders’ agreements

As on the date of this Red Herring Prospectus, there are no subsisting shareholders’ agreements entered into
amongst the Shareholders with our Company.

Other material agreements

1. Settlement Agreement with KKR India Financial Services Private Limited, KKR India Debt
Opportunities Fund II, BOI AXA Credit Risk Fund and Avendus Finance Private Limited

Our Company & others (including Bhavesh Patel) has entered into a settlement agreement dated March 30, 2022,
with KKR India Financial Services Limited, KKR India Debt Opportunities Fund II, Avendus Finance Private
Limited and BOI AXA Credit Risk Fund (“debt holder”) Pursuant to the arrangement, the Company has paid Rs.
15,251.72 Lakhs and issued Non-Convertible Preference Shares of Rs. 1,000 Lakhs to the lenders. The difference
between the carrying value of the borrowing and the settlement consideration amounting to Rs. 6,852.26 Lakhs
was waived off by the lender. This has been credited to the Restated Statement of Profit and Loss and disclosed
as an exceptional item. As on date of this Red Herring Prospectus there is no mention of our Company as a
defaulter in CIBIL searches.

BOI AXA Mutual Fund, in its "Update Note on Portfolio Companies" for December 31, 2021, noted that the
Company defaulted on its instalment due on September 30, 2021, but made a partial payment in December 2021.
Further, as of the date of this Red Herring Prospectus, CIBIL (CRILIT) searches do not list the Company as a
defaulter.

For details on business agreements of our Company, see “Our Business” on page 313.

Other than the above agreement there are no other agreements/ arrangements, clauses / covenants which are
material and which needs to be disclosed or non disclosure of which may have bearing on the investment decision.

As on the date of this Red Herring Prospectus, there are no agreements entered into by the Shareholders,
Promoters, Promoter Group entities, related parties, Directors, KMPs, employees of our Company among

356
themselves or with our Company or with a third party, solely or jointly, which, either directly or indirectly or
potentially or whose purpose and effect is to, impact the management or control of our Company or impose any
restriction or create any liability upon our Company, whether or not our Company is a party to such agreements.

Launch of key products or services, entry into new geographies or exit from existing markets, capacity/
facility creation or location of plants

For information on key products or services launched by our Company, please see “Our Business” on page 313.

Our Company has not exited from existing markets. For details of capacity, facility creation or location of plant,
see “Our Business” on page 313.

Agreements with Key Managerial Personnel, Director, or any other employee

There are no agreements entered into by a Key Managerial Personnel or Director or any other employee of our
Company, either by themselves or on behalf of any other person, with any shareholder or any other third party
with regard to compensation or profit sharing in connection with dealings in the securities of our Company.

Other confirmations

There are no findings/observations of any of the inspections by SEBI or any other regulators which are material
and which needs to be disclosed or non-disclosure of which may have bearing on the investment decision.

Further, there are no material clauses of our Articles of Association that have been left out from disclosures having
bearing on the Issue or this Red Herring Prospectus. Further, no persons have any special rights (SR) either under
Articles of Association or in any other manner.

Our Holding Company

As on the date of this Red Herring Prospectus, our Company does not have a holding company.

Our Subsidiaries and joint ventures

As on the date of this Red Herring Prospectus, our Company does not have any subsidiary and joint ventures.

Associate Company

As on date of this Red Herring Prospectus, our Company does not have any associate company.

357
 OUR MANAGEMENT

Board of Directors

The Articles of Association of our Company require that our Board shall comprise of not less than three Directors
and not more than fifteen Directors, provided that our Shareholders may appoint more than fifteen Directors after
passing a special resolution in a general meeting.

As on the date of this Red Herring Prospectus, our Board comprises of Six Directors, including one Executive
Director who is also a Managing Director and Chairman, two Non-Executive Director and three Independent
Directors including one woman Independent Director. Our Company is in compliance with the corporate
governance laws prescribed under the SEBI Listing Regulations and the Companies Act, 2013 in relation to the
composition of our Board and constitution of committees thereof.

The following table sets forth details regarding our Board as of the date of this Red Herring Prospectus:

S. No. Name, designation, date of birth, address, Age Directorships in other

occupation, nationality, period and term and (years) companies
DIN
1. Bhavesh Patel 59 Listed Companies

Designation: Chairman and Managing Director Nil

Date of birth: July 03, 1966 Unlisted Companies

Address: 4-Saket-2, Gheljipura, Near Samruddha 1. Milcent Appliances Private

Dairy, Sarkhej, Ahmedabad -382210, Gujarat Limited
2. Magtech Motors Private
Occupation: Business Limited
3. The Pharmaceutical Form-Fill-
Current term: For a period of 3 years from October Seal Association of India. ***
01, 2024 to September 30, 2027 4. Avanta Lifesciences Private
Limited*
Period of directorship: Director since December 5. Amanta Lifesciences Private
21, 1994 Limited*
6. Amanta Hospitals Private
DIN: 00085505 Limited*
7. Amanta Technologies Private
Nationality: Indian Limited*
8. Gargi Builders and Estate
Developers Private Limited**
9. Magneto Induction Private
Limited**

Foreign Companies

Nil
2. Nimesh Patel 47 Listed Companies

Designation: Non- Executive Director Nil

Date of birth: July 17, 1978 Unlisted Companies

Address: Sheetal Aqua 1001-A, Off of Riverfront 1. Avanta Lifesciences Private

Road, Subhash Bridge, Ahmedabad – 380004, Limited*
Gujarat 2. Amanta Technologies Private
Limited*
Occupation: Social worker 3. Amanta Hospitals Private
Limited*
Current term: Liable to retire by rotation

358
S. No. Name, designation, date of birth, address, Age Directorships in other
occupation, nationality, period and term and (years) companies
DIN
4. Amanta Lifesciences Private
Period of directorship: Director since December Limited*
14, 2020
Foreign Companies
DIN: 09044772
Nil
Nationality: Indian
3. Kshitij Patel 57 Listed Companies

Designation: Independent Director Nil

Date of birth: October 15, 1967 Unlisted Companies

Address: House No. 24, Saket-2, Near Sarkhej 1. IT Action Gujarat Private
Circle, Near L.J college campus road, S.G Highway, Limited
AT-Makarba, Ahmedabad – 380 054, Gujarat. 2. Solutions Enterprise Private
Limited
Occupation: Professional 3. Solutions Outsourcing Private
Limited
Current term: For a period of 5 years from August 4. Vicpass (India) Private Limited
22, 2023, to August 21, 2028. 5. Strategic Solutions Private
Limited
Period of directorship: Since August 22, 2023 6. Paperchase Business Services
Private Limited
DIN: 00049181 7. M&Co. Advisors and
Consultants Private Limited
Nationality: Indian 8. Paperchase Software Solutions
Private Limited**
9. GESIA IT Associate***

Foreign Companies

Nil
4. Anjali Choksi 44 Listed Companies

Designation: Independent Director Nil

Date of birth: May 30, 1981 Unlisted Companies

Address: A-602 Indraprasth Kadamb, Opposite 1. Ananya Finance for Inclusive

Pinnacle Business Park, Prahladnagar Corporate Growth Private Limited
Road, Manekbag, Ahmedabad – 380 015, Gujarat 2. GTU Innovation & Start-Up
Center***
Occupation: Professional
Foreign Companies
Current term: For a period of 5 years from May
24, 2024, to May 23, 2029 Nil

Period of directorship: Since May 24, 2024

DIN: 08074336

Nationality: Indian
5. Nitin Jain 60 Listed Companies

Designation: Independent Director 1. Natco Pharma Limited

359
 S. No. Name, designation, date of birth, address, Age Directorships in other
occupation, nationality, period and term and (years) companies
DIN
Date of Birth: June 20, 1965 Unlisted Companies

Address: A-501, Sadanand Classic, 33rd Road, Off 2. Citadel Securities (India)
Linking Road, Khar Colony, Mumbai – 400052, Private Limited*
Maharashtra
Foreign Companies
Occupation: Business
Nil
Current term: For a period of 5 years from August
12, 2024, to August 11, 2029

Period of directorship: Since August 12, 2024

DIN: 00136245

Nationality: Indian
6. Pratik Gandhi 59 Listed Companies

Designation: Non-Executive Director Nil

Date of Birth: August 23, 1965 Unlisted Companies

Address: Unit-14 Shreenath Bunglows Off 30 MTR Nil

Road, Opp Yash Complex Gotri road, TB Sanatorium
Vadodara -390021, Gujarat Foreign Companies

Occupation: Professional Nil

Current term: Liable to retire by rotation

Period of directorship: Since August 12, 2024

DIN: 09212257

Nationality: Indian
*Strike off
**Amalgamated
***Non-Profit Companies

Brief Biographies of our Directors

Bhavesh Patel is the Chairman and Managing Director of our Company. He has been associated with our
company since its incorporation and is one of the promoters of our Company. He completed his diploma in
mechanical engineering from Maharashtra State Board of Technical Education and master’s degree in
management from B.K. School of Management, University of Gujarat. He has over 30 years of experience in
Formulation and manufacturing of IV Fluids in Pharmaceutical Industry.

Nimesh Patel is the Non-Executive and Non-Independent Director of our company. He has been on the Board of
our Company since December 14, 2020. He holds a degree of Bachelor of Science in Economics from Wharton
School, University of Pennsylvania, California state valedictorian. He has over 3 years of experience in
Pharmaceutical Industry.

Kshitij Patel is the Independent and Non-Executive Director of our Company. He has been associated with our
Company since August 22, 2023. He is a qualified chartered accountant having passed the final examination held
by ICAI in 1992. He holds a bachelor’s degree in commerce from H.L Commerce college, University of Gujarat.
He holds a bachelor’s degree in law from L.A Shah Law College, University of Gujarat. He was duly awarded

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with a fellow membership of CPA Australia in the year 2014. He is a partner of the firm Manubhai & Shah LLP
since 1992. He has over 25 years of experience in finance and accountancy.

Anjali Choksi is an Independent Director of our Company. She is a qualified chartered accountant having passed
the final examination held by ICAI in 2003. She holds a degree of doctor in philosophy from Sardar Patel
University, Gujarat. She is a partner at a Chartered Accountancy firm named DNV & Co. She has been associated
with our company with effect from May 24, 2024. She has over 15 years of experience in finance and accountancy.

Nitin Jain is an Independent Director of our Company. He holds bachelor's degree in science in chemical
engineering from Sambalpur University. In the year 1999 he completed his post graduate diploma in management
from Indian Institute of Management, Bangalore. He has been associated with our company with effect from
August 12, 2024. He has over 20 years of experience as an Investment Banker.

Pratik Gandhi is the Non-Executive Director of our Company. He is a qualified cost and work accountant having
passed the final examination held by ICWAI in 1993. In the year 2021 he was appointed as Adjunct Professor at
GSFC University, Vadodara. He was also appointed as a visiting faculty at Mansinhbhai Institute of Dairy & Food
Technology. He along with his team has conducted an in-house management development programme on
“Finance for Non-finance Executive” for various companies including Dudhsagar Dairy, Gujarat State Fertilizers
& Chemicals Limited, Sensewell Instruments Private Limited, Power Drives (Guj) Private Limited. He has been
associated with our company with effect from August 12, 2024. He has over 10 years of experience in teaching.

Arrangement or understanding with major shareholders, customers, suppliers or others

None of our Directors have been appointed to our Board pursuant to any arrangement or understanding with major
Shareholders, customers, suppliers or others.

Details of directorship in companies suspended or delisted

None of our Directors is or was, during the last five years preceding the date of this Red Herring Prospectus, a
director of any listed company whose shares have been or were suspended from being traded on the stock
exchanges during their tenure as a director in such company.

None of our Directors is or was a director of any listed company which has been or was delisted from any stock
exchange, during their tenure as a director in such company.

Confirmations

No consideration in cash or shares or otherwise has been paid or agreed to be paid to any of our Directors or to
the firms or companies in which they are interested by any person either to induce them to become or to help them
qualify as a Director, or otherwise for services rendered by them or by the firm or company in which they are
interested, in connection with the promotion or formation of our Company.

Further, none of our Directors has been identified as Wilful Defaulters or Fraudulent Borrower as defined under
The SEBI ICDR Regulations.

None of our Directors has been declared a fugitive economic offender in accordance with the Fugitive Economic
Offenders Act, 2018.

There is no conflict of interest between the lessors of our immovable properties of our Company (which are crucial
for operations of our Company) and any of our Directors or Key Managerial Personnel or Senior Management.

As on the date of this Red Herring Prospectus, there is no conflict of interest between the suppliers of raw materials
or third-party service providers of our Company (which are crucial for operations of our Company) and any of
our Directors or Key Managerial Personnel or Senior Management.

None of our Directors is prohibited from accessing the capital market or debarred from buying, selling or dealing
in securities under any order or direction passed by SEBI or any securities market regulator in any other
jurisdiction or any other authority/court.

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 Relationships between our Directors and our Directors and Key Managerial Personnel or Senior
Managerial Personnel

Sr. Name of Directors Relative Relationship

No.
1. Bhavesh Patel Nimesh Patel Nephew

Except as disclosed above, none of our Directors are related to each other or to any of our Key Managerial
Personnel or the Senior Management.

Payment or benefit to Directors of our Company

a) Remuneration to Executive Director:

1. Bhavesh Patel

Bhavesh Patel has been a Director on the Board of our Company since December 21, 1994, and was re-appointed
as Managing Director of the Company pursuant to a Board resolution dated September 02, 2024, and
Shareholder’s resolution dated September 30, 2024, for a period of 3 years with effect from October 01, 2024.

The details of the remuneration payable to Bhavesh Patel pursuant to the board resolution dated September 02,
2024 and shareholders resolution dated September 30, 2024, are mentioned in the below table:

1. Salary

Upto Rs. 10 lacs per month i.e. Rs. 120 lacs per annum.

2. Perquisites

CATEGORY -A:

(A) Housing:

House rent allowance or rent free unfurnished accommodation not exceeding 50% of the salary; reimbursement
of expenditure on gas, electricity, water, furnishing, etc. subject to a ceiling of 10% of salary.

(B) Medical Reimbursement:

Medical expenses incurred on self and/ or family subject to ceiling of one month salary in a year or 3 months'
salary over a period of 3 years.

(C) Leave Travel Concession:

Leave Travel Concession for self and family once in a year in accordance with any rules specified by the Company.

(D) Club Fees:

Membership fees in any two clubs not being admission and life membership fees.

(E) Personal Accident & Medical Insurance:

Personal Accident & Medical Insurance maximum upto Rs. 10 lacs p.a.

CATEGORY - B:

a) Contribution to provident fund, superannuation fund or annuity fund will not be included in the computation of
ceiling on perquisites to the extent these either singly or put together are not taxable under Income Tax Act.
Gratuity payable should not exceed half a month's salary for each completed year of service.

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 b) Encashment of leave at the end of the tenure will not be included in the computation in ceiling on perquisites.

CATEGORY - C:

Provision of car for use of the Company's business and telephone at residence will not be considered as perquisites.
Personal long distance calls on telephone and use of car for private purpose shall be billed by the Company to the
individual appointee concerned.

3. Commission

In addition to the Salary and Perquisites, Commission is also payable every year @ 1% of the net profits subject
to section 197 of the Companies Act, 2013.

In Fiscal 2025, he received an aggregate compensation of ₹ 108.00 Lakhs (excluding leave encashment and
gratuity).

b) Sitting fees and commission to Non – Executive and Independent Directors:

Pursuant to the Board resolution dated May 24, 2024, each Independent Director, is entitled to receive sitting fees
of ₹ 25,000 (Rupees Twenty-Five Thousand only) per meeting for attending meetings of the Board, ₹ 5,000
(Rupees Five Thousand only) per meeting for attending meetings of the committee of the Company.

Pursuant to resolution dated June 14, 2023, the professional fees of ₹50,000 payable to Nimesh Patel was
discontinued with effect from April 01, 2023

Details of the sitting fees paid to the Independent Directors of our Company for the Fiscal 2025 are as
follows:

Details of the remuneration paid to our Independent Directors in Fiscal 2025 are set forth below:

Sr. No. Name of Independent Directors Sitting fees for Fiscal 2025 (in ₹
lakhs)
1. Kshitij Patel 3.38
2. Anjali Choksi 2.85
3. Nitin Jain 1.50

Shareholding of Directors in our Company

Our Articles of Association do not require our Directors to hold any qualification shares.

Except as disclosed below, as on the date of this Red Herring Prospectus, none of our Directors hold any Equity
Shares in our Company:

Name of Director Number of Equity Shares held Percentage of the pre-issue paid
up Equity Share capital on a
fully diluted basis(%)
Bhavesh Patel 62,49,593 21.68
Anjali Choksi 1500 Negligible
Nitin Jain 1 Negligible

Interest of Directors

All our Independent Directors may be deemed to be interested to the extent of sitting fees payable, if any, to them
for attending meetings of our Board and committees thereof, and reimbursement of expenses available to them.
Our Executive Directors may be deemed to be interested to the extent of remuneration and reimbursement of
expenses payable to them as stated in “Our Management – Terms of appointment of Directors – Remuneration to
Executive Director” on page 362.

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Further, other than Bhavesh Patel our Chairman and Managing Director, none of our Directors have any interest
in the promotion or formation of our Company.

The Directors may also be regarded as interested in the Equity Shares held by them or by their relatives, if any,
or that may be subscribed by or allotted to them or the companies, firms and trusts, in which they are interested
as directors, members, partners, trustees and promoters, pursuant to this Issue. Our Directors may also be deemed
to be interested to the extent of any dividend payable to them and other distributions in respect of such Equity
Shares.

Bonus or profit-sharing plan of the Directors

None of our Directors are party to any bonus or profit-sharing plan of our Company.

Changes in our Board in the last three years

Except as stated below, there has been no change in the Board in the three preceding years:

Name Date of change Reason for change

Gurudutta Mishra July 11, 2022 Appointment as Nominee Director
Kshitij Manubhai Patel August 22, 2023 Appointment as an Independent Director
Gurudutta Mishra April 26, 2024 Resignation as Nominee director
Anjali Choksi May 24, 2024 Appointment as an Independent Director
Surendra Shah June 11, 2024 Resignation as an Independent Director*
Pradyumn Shrotriya June 11, 2024 Resignation as an Independent Director*
Pratik Gandhi August 12, 2024 Appointment as Non-Executive Director
Nitin Jain August 12, 2024 Appointment as an Independent Director
Note: This table does not include details of regularisations of additional directors and changes in designation.
*Resignation due to completion of their respective terms.

Borrowing powers of Board

In accordance with the Articles of Association, applicable provisions of the Companies Act, 2013 and pursuant
to the special resolution dated March 21, 2022 passed by the Shareholders, our Board is authorized to borrow a
sum or sums of money, which together with the monies already borrowed by our Company, apart from temporary
loans obtained our Company in the ordinary course of business and remaining undischarged , in excess of our
Company’s aggregate paid-up capital and free reserves, provided that the total amount which may be so borrowed
and outstanding shall not exceed a sum of ₹ 1,000 Crores.

Corporate Governance

The corporate governance provisions of the SEBI Listing Regulations will be applicable to us immediately upon
the listing of the Equity Shares on the Stock Exchanges. We are in compliance with the requirements of the
applicable regulations, including the SEBI Listing Regulations, the Companies Act and the SEBI ICDR
Regulations, in respect of corporate governance including constitution of the Board and committees thereof, as
applicable. The corporate governance framework is based on an effective independent Board and constitution of
the Board committees, as required under law.

In terms of the SEBI Listing Regulations and the provisions of the Companies Act, 2013, our Company has
constituted the following committees of the Board of directors:

(a) Audit Committee;

(b) Nomination and Remuneration Committee
(c) Stakeholders’ Relationship Committee;
(d) Corporate Social Responsibility Committee;
(e) IPO Committee

In addition to the above, our Board may, from time to time, constitute committees to delegate certain powers for
various functions, in accordance with applicable laws

(a) Audit Committee

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The Audit committee was constituted by a resolution of our Board dated June 29, 2010, and was re-constituted by
our Board at their meeting held on July 19, 2024. The current constitution of the Audit Committee is as follows:

Name of the Director Position in the Committee Designation

Kshitij Patel Chairperson Independent Director
Nimesh Patel Member Non- Executive Director
Anjali Choksi Member Independent Director

The Company Secretary and Compliance Officer of the Company will act as the Secretary of the Committee.

The constitution, scope and function of the Audit Committee are in compliance with Section 177 of the Companies
Act and Regulation 18 of the SEBI Listing Regulations.

The terms of reference of the Audit Committee include:

A. Role of Audit Committee

1. Overseeing the Company’s financial reporting process, examination of the financial statement and the
auditors’ report thereon and the disclosure of its financial information to ensure that the financial statement
is correct, sufficient and credible;

2. Recommendation to the Board for appointment, re-appointment, replacement, remuneration and terms of
appointment of auditors of the Company including the internal auditor, cost auditor and statutory auditor of
the Company, and fixation of the audit fee;

3. Approval of payment to statutory auditors for any other services rendered by the statutory auditors;

4. Reviewing, with the management, the annual financial statements and auditor's report thereon before
submission to the Board for approval, with particular reference to:

• Matters required to be included in the director’s responsibility statement to be included in the Board’s report
in terms of clause (c) of sub-section (3) of Section 134 of the Companies Act, 2013;
• Changes, if any, in accounting policies and practices and reasons for the same;
• Major accounting entries involving estimates based on the exercise of judgment by management;
• Significant adjustments made in the financial statements arising out of audit findings;
• Compliance with listing and other legal requirements relating to financial statements;
• Disclosure of any related party transactions; and
• Modified opinion(s) in the draft audit report;

5. Reviewing, with the management, the quarterly financial statements before submission to the Board for
approval;

6. Reviewing, with the management, the statement of uses / application of funds raised through an issue (public
issue, rights issue, preferential issue, etc.), the statement of funds utilized for purposes other than those stated
in the offer document / prospectus / notice and the report submitted by the monitoring agency monitoring the
utilisation of proceeds of a public or rights issue, and making appropriate recommendations to the Board to
take up steps in this matter;

7. Reviewing and monitoring the auditor’s independence and performance, and effectiveness of audit process;

8. Formulating a policy on related party transactions, which shall include materiality of related party
transactions;

9. Approval or any subsequent modification of transactions of the Company with related parties; All related
party transactions shall be approved by only Independent Directors who are the members of the committee
and the other members of the committee shall reuse themselves on the discussions related to related party

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 transactions;

Explanation: The term "related party transactions" shall have the same meaning as provided in Clause 2(zc) of the
SEBI Listing Regulations and/or the applicable Accounting Standards and/or the Companies Act, 2013.

10. Review, at least on a quarterly basis, the details of related party transactions entered into by the Company
pursuant to each of the omnibus approvals given;

11. Scrutiny of inter-corporate loans and investments;

12. Valuation of undertakings or assets of the Company, wherever it is necessary; Appointment of Registered
Valuer under Section 247 of the Companies Act, 2013.

13. Evaluation of internal financial controls and risk management systems;

14. Reviewing, with the management, performance of statutory and internal auditors, adequacy of the internal
control systems;

15. Reviewing the adequacy of internal audit function, if any, including the structure of the internal audit
department, staffing and seniority of the official heading the department, reporting structure coverage and
frequency of internal audit;

16. Discussion with internal auditors of any significant findings and follow up thereon;

17. Reviewing the findings of any internal investigations by the internal auditors into matters where there is
suspected fraud or irregularity or a failure of internal control systems of a material nature and reporting the
matter to the Board;

18. Discussion with statutory auditors before the audit commences, about the nature and scope of audit as well
as post-audit discussion to ascertain any area of concern;

19. To look into the reasons for substantial defaults in the payment to the depositors, debenture holders,
shareholders (in case of non-payment of declared dividends) and creditors;

20. To review the functioning of the whistle blower mechanism;

21. Approval of appointment of chief financial officer (i.e., the whole-time finance director or any other person
heading the finance function or discharging that function) after assessing the qualifications, experience and
background, etc. of the candidate;

22. Carrying out any other function as is mentioned in the terms of reference of the audit committee;

23. Reviewing the utilization of loans and/ or advances from/investment by the holding company in the subsidiary
exceeding rupees 100 crore or 10% of the asset size of the subsidiary, whichever is lower including existing
loans / advances / investments existing as on the date of coming into force of this provision.

24. To formulate, review and make recommendations to the Board to amend the Terms of Reference of Audit
Committee from time to time;

25. Establishing a vigil mechanism for directors and employees to report their genuine concerns or grievances;

26. Reviewing the utilization of loans and/or advances from/investment by the Company in the subsidiaries
exceeding rupees 100 crore or 10% of the asset size of the subsidiary, whichever is lower including existing
loans / advances / investments existing as on the date of coming into force of this provision;

27. The Audit Committee shall review compliance with the provisions of the SEBI Insider Trading Regulations,
at least once in a financial year and shall verify that the systems for internal control under the said regulations

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 are adequate and are operating effectively;

28. To consider the rationale, cost benefits and impact of schemes involving merger, demerger, amalgamation
etc. of the Company and provide comments to the Company’s shareholders; and

29. Carrying out any other functions as provided under the provisions of the Companies Act, the SEBI Listing
Regulations and other applicable laws, and carrying out any other functions as may be required / mandated
and/or delegated by the Board as per the provisions of the Companies Act, 2013, SEBI Listing Regulations,
uniform listing agreements and/or any other applicable laws or by any regulatory authority and performing
such other functions as may be necessary or appropriate for the performance of its duties

The Audit Committee shall mandatorily review the following information:

1. Management discussion and analysis of financial condition and results of operations;

2. Statement of significant related party transactions (as defined by the audit committee), submitted by
management;

3. Management letters / letters of internal control weaknesses issued by the statutory auditors;

4. Internal audit reports relating to internal control weaknesses; and

5. The appointment, removal and terms of remuneration of the chief internal auditor shall be subject to review
by the audit committee.

6. Statement of deviations:

• quarterly statement of deviation(s) including report of monitoring agency, if applicable, submitted to stock
exchange(s) in terms of Regulation 32(1) of SEBI Listing Regulations; and

• annual statement of funds utilized for purposes other than those stated in the offer document/prospectus/notice
in terms of Regulation 32(7) of SEBI Listing Regulations

7. the financials statements, in particular, the investment made by an unlisted subsidiary;

8. such as may be prescribed under the Companies Act and SEBI Listing Regulations.

B. Powers of Audit Committee

The Audit Committee shall have powers, including the following:

1. To investigate any activity within its terms of reference;

2. To seek information from any employee of the Company;
3. To obtain outside legal or other professional advice; and
4. To secure attendance of outsiders with relevant expertise, if it considers necessary.
5. Such powers as may be prescribed under the Companies Act and SEBI Listing Regulations.

(b) Nomination and Remuneration Committee

The Nomination and Remuneration Committee was constituted by a resolution of our Board dated June 29, 2010
and was last reconstituted by our Board at their meeting held on July 19, 2024. The current constitution of the
Nomination and Remuneration Committee is as follows:

Name of the Director Position in the Committee Designation

Kshitij Patel Chairperson Independent Director
Nimesh Patel Member Non- Executive Director
Anjali Choksi Member Independent Director

The constitution, scope and function of the Nomination and Remuneration Committee are in compliance with

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Section 178 of the Companies Act and Regulation 19 of the SEBI Listing Regulations.

A. Role of Nomination and Remuneration Committee

Formulating the criteria for determining qualifications, positive attributes and independence of a director and
recommend to the Board a policy, relating to the remuneration of the directors, key managerial personnel and
other employees.

For every appointment of an independent director, the Nomination and Remuneration Committee shall evaluate
the balance of skills, knowledge and experience on the Board and on the basis of such evaluation, prepare a
description of the role and capabilities required of an independent director. The person recommended to the Board
for appointment as an independent director shall have the capabilities identified in such description. For the
purpose of identifying suitable candidates, the Committee may :-

• use the services of an external agencies, if required;

• consider candidates from a wide range of backgrounds, having due regard to diversity; and
• consider the time commitments of the candidates;

The Nomination and Remuneration Committee, while formulating the above policy, should ensure that:

1. The level and composition of remuneration be reasonable and sufficient to attract, retain and motivate
directors of the quality required to run our Company successfully;

2. Relationship of remuneration to performance is clear and meets appropriate performance benchmarks; and

3. Remuneration to directors, key managerial personnel and senior management involves a balance between
fixed and incentive pay reflecting short and long term performance objectives appropriate to the working of
the Company and its goals.

4. Formulating criteria for evaluation of performance of independent directors and the Board;

5. Devising a policy on diversity of Board;

6. Identifying persons who are qualified to become directors and who may be appointed in senior management
in accordance with the criteria laid down, and recommend to the Board their appointment and removal and
shall specify the manner for effective evaluation of performance of the Board, its committees and individual
directors to be carried out either by the Board, by the Nomination and Remuneration Committee or by an
independent external agency and review its implementation and compliance. The Company shall disclose
the remuneration policy and the evaluation criteria in its annual report;

7. Extending or continuing the term of appointment of the independent director, on the basis of the report of
performance evaluation of independent directors;

8. Recommending to the board, all remuneration, in whatever form, payable to senior management;

9. Analysing, monitoring and reviewing various human resource and compensation matters, including the
compensation strategy;

10. Determining the Company’s policy on specific remuneration packages for executive directors including
pension rights and any compensation payment, and determining remuneration packages of such directors;

11. Recommending the remuneration, in whatever form, payable to non-executive directors and the senior
management personnel and other staff (as deemed necessary);

12. Reviewing and approving compensation strategy from time to time in the context of the then current Indian
market in accordance with applicable laws;

13. Administering, monitoring and formulating detailed terms and conditions of the Employees Stock Option
Scheme of the Company;

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14. Framing suitable policies and systems to ensure that there is no violation, as amended from time to time, of
any securities laws or any other applicable laws in India or overseas, including:

• The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015, as
amended; and
• The Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices relating
to the Securities Market) Regulations, 2003, as amended;

15. Carrying out any other function as is mandated by the Board from time to time and / or enforced/mandated
by any statutory notification, amendment or modification, as may be applicable;

16. Performing such other functions as may be necessary or appropriate for the performance of its duties; and

17. Administering the employee stock option scheme/plan approved by the Board and shareholders of the
Company in accordance with the terms of such scheme/plan (“ESOP Scheme”) including the following:

• Determining the eligibility of employees to participate under the ESOP Scheme;

• Determining the quantum of option to be granted under the ESOP Scheme per employee and in aggregate;
• Date of grant;
• Determining the exercise price of the option under the ESOP Scheme;
• The conditions under which option may vest in employee and may lapse in case of termination of employment
for misconduct;
• The exercise period within which the employee should exercise the option and that option would lapse on
failure to exercise the option within the exercise period;
• The specified time period within which the employee shall exercise the vested option in the event of
termination or resignation of an employee;
• The right of an employee to exercise all the options vested in him at one time or at various points of time
within the exercise period;
• Re-pricing of the options which are not exercised, whether or not they have been vested if stock option
rendered unattractive due to fall in the market price of the equity shares;
• The grant, vest and exercise of option in case of employees who are on long leave;
• Allow exercise of unvested options on such terms and conditions as it may deem fit;
• The procedure for cashless exercise of options;
• Forfeiture/ cancellation of options granted;
• Formulating and implementing the procedure for making a fair and reasonable adjustment to the number of
options and to the exercise price in case of corporate actions such as rights issues, bonus issues, merger, sale
of division and others. In this regard following shall be taken into consideration:
• the number and the price of stock option shall be adjusted in a manner such that total value of the option to
the employee remains the same after the corporate action;
• for this purpose, global best practices in this area including the procedures followed by the derivative markets
in India and abroad may be considered; and the vesting period and the life of the option shall be left unaltered
as far as possible to protect the rights of the employee who is granted such option.

(c) Stakeholders Relationship Committee

The Stakeholders’ Relationship Committee was constituted by a resolution of our Board dated June 29, 2010 and
was last reconstituted by our board at their meeting held on July 19, 2024. The current constitution of the
Stakeholders Relationship Committee is as follows:

Name of the Director Position in the Committee Designation

Nimesh Patel Chairperson Non-Executive director
Kshitij Patel Member Independent Director
Anjali Choksi Member Independent Director

The constitution, scope and function of the Stakeholders’ Relationship Committee is in compliance with Section
178 of the Companies Act and Regulation 20 of the SEBI Listing Regulations.

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Powers of the Stakeholders Relationship Committee

1. Redressal of all security holders’ and investors’ grievances such as complaints related to transfer of shares,
including non-receipt of share certificates and review of cases for refusal of transfer/transmission of shares
and debentures, dematerialisation and re-materialisation of shares, non-receipt of balance sheet, non-receipt
of declared dividends, non-receipt of annual reports, etc., assisting with quarterly reporting of such complaints
and formulating procedures in line with statutory guidelines to ensure speedy disposal of various requests
received from shareholders;

2. Resolving the grievances of the security holders of the Company including complaints related to allotment of
shares, approval of transfer or transmission of shares, debentures or any other securities, non-receipt of annual
report, non-receipt of declared dividends, issue of new/duplicate certificates, general meetings, etc.;

3. Giving effect to all transfer/transmission of shares and debentures, dematerialisation of shares and re-
materialisation of shares, split and issue of duplicate/consolidated share certificates, compliance with all the
requirements related to shares, debentures and other securities from time to time;

4. Reviewing the adherence to the service standards by the Company with respect to various services rendered
by the registrar and transfer agent of our Company and to recommend measures for overall improvement in
the quality of investor services;

5. Review of measures taken for effective exercise of voting rights by shareholders;

6. Review of adherence to the service standards adopted by the Company in respect of various services being
rendered by the registrar & share transfer agent;

7. To approve allotment of shares, debentures or any other securities as per the authority conferred / to be
conferred to the Committee by the Board of Directors from time to time;

8. To approve requests for transfer, transposition, deletion, consolidation, sub-division, change of name,
dematerialization, rematerialisation etc. of shares, debentures and other securities;

9. To monitor and expedite the status and process of dematerialization and rematerialisation of shares,
debentures and other securities of the Company; and

10. Review of the various measures and initiatives taken by the Company for reducing the quantum of unclaimed
dividends and ensuring timely receipt of dividend warrants/annual reports/statutory notices by the
shareholders of the Company.

11. Such terms of reference as may be prescribed under the Companies Act and SEBI Listing Regulations

(d) Corporate Social Responsibility Committee

The Corporate Social Responsibility Committee was constituted by a resolution of our Board dated May 08, 2014
and was reconstituted by our Board at their meeting held on July 19, 2024, in accordance with Section 135 of the
Companies Act. The current constitution of the Corporate Social Responsibility Committee is as follows:

Name of the Director Position in the Committee Designation

Bhavesh Patel Chairperson Managing Director
Nimesh Patel Member Non-Executive Director
Kshitij Patel Member Independent Director
Anjali Choksi Member Independent Director

The terms of reference of the Corporate Social Responsibility Committee include the following:

1. To formulate and recommend to the Board, a Corporate Social Responsibility Policy stipulating, amongst
others, the guiding principles for selection, implementation and monitoring the activities as well as
formulation of the annual action plan which shall indicate the activities to be undertaken by the Company as

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 specified in Schedule VII of the Companies Act and the rules made thereunder and make any revisions therein
as and when decided by the Board;

2. To review and recommend the amount of expenditure to be incurred on the activities referred to in (a) and
amount to be incurred for such expenditure shall be as per the applicable law;

3. To identify corporate social responsibility policy partners and corporate social responsibility policy
programmes;

4. To review and recommend the amount of expenditure to be incurred for the corporate social responsibility
activities and the distribution of the same to various corporate social responsibility programmes undertaken
by the Company;

5. To delegate responsibilities to the corporate social responsibility team and supervise proper execution of all
delegated responsibilities;

6. To review and monitor the Corporate Social Responsibility Policy of the company and its implementation
from time to time, and issuing necessary directions as required for proper implementation and timely
completion of corporate social responsibility programme;

7. To do such other acts, deeds and things as may be required to comply with the applicable laws; and;

8. To take note of the Compliances made by implementing agency (if any) appointed for the corporate social
responsibility of the Company.

9. The Corporate Social Responsibility Committee shall formulate and recommend to the Board, an annual
action plan in pursuance of its corporate social responsibility policy, which shall include the following:

• the list of corporate social responsibility projects or programmes that are approved to be undertaken
in areas or subjects specified in Schedule VII of the Companies Act;
• the manner of execution of such projects or programmes as specified in the rules notified under the
Companies Act;
• the modalities of utilisation of funds and implementation schedules for the projects or programmes;
• monitoring and reporting mechanism for the projects or programmes; and
• details of need and impact assessment, if any, for the projects undertaken by the Company;

10. To perform such other activities as may be delegated by the Board or specified/ provided under the Companies
Act, 2013 or by the SEBI Listing Regulations or statutorily prescribed under any other law or by any other
regulatory authority.”

(e) IPO Committee

The IPO Committee was constituted by a meeting of our Board held on August 24, 2024. The members of the
IPO Committee are:

Name of the Director Position in the Committee Designation

Bhavesh Patel Chairman Managing Director and Chairman
Nimesh Patel Member Non-Executive Director
Kshitij Patel Member Independent Director

The terms of reference of the IPO Committee include the following:

a) To decide, negotiate and finalize, in consultation with the book running lead manager appointed in relation
to the Issue (the “BRLM”), all matters regarding the Pre-IPO, if any, out of the fresh issue of Equity Shares
by the Company in the Issue, decided by the Board, including entering into discussions and execution of all
relevant documents with Investors;

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b) To decide on other matters in connection with or incidental to the Issue, including the Pre-IPO, timing,
pricing and terms of the Equity Shares, the Issue price, the price band, the size and all other terms and
conditions of the Issue including the number of Equity Shares to be offered and transferred in the Issue, the
bid / Issue opening and bid/Issue closing date, discount (if any), reservation, determining the anchor investor
portion, issue price for anchor investors and allocating such number of Equity Shares to anchor investors in
consultation with the BLRMs and in accordance with the SEBI ICDR Regulations and to do all such acts
and things as may be necessary and expedient for, and incidental and ancillary to the Issue including to make
any amendments, modifications, variations or alterations in relation to the Issue and to constitute such other
committees of the Board, as may be required under Applicable Laws, including as provided in the SEBI
Listing Regulations;

c) To make applications, seek clarifications, obtain approvals and seek exemptions from, where necessary,
SEBI, the ROC and any other governmental or statutory authorities as may be required in connection with
the Issue and accept on behalf of the Company such conditions and modifications as may be prescribed or
imposed by any of them while granting such approvals, permissions and sanctions as may be required and
wherever necessary, incorporate such modifications / amendments as may be required in the draft red herring
prospectus (the “DRHP”), the red herring prospectus (the “RHP”) and the Prospectus as applicable;

d) To finalize, settle, approve, adopt and file in consultation with the BRLM where applicable, the DRHP, the
RHP the Prospectus, the preliminary and final international wrap and any amendments (including dating of
such documents), supplements, notices, addenda or corrigenda thereto, and take all such actions as may be
necessary for the submission and filing of these documents including incorporating such
alterations/corrections/ modifications as may be required by SEBI, the ROC or any other relevant
governmental and statutory authorities or in accordance with Applicable Laws;

e) To appoint and enter into and terminate arrangements with the BRLM, and appoint and enter into and
terminate arrangements in consultation with the BRLM with underwriters to the Issue, syndicate members
to the Issue, brokers to the Issue, escrow collection bankers to the Issue, refund bankers to the Issue,
registrars, public offer account bankers to the Issue, sponsor bank, legal advisors, auditors, independent
chartered accountants, advertising agency, registrar to the Issue, depositories, custodians, grading agency,
monitoring agency, industry expert, credit rating agencies, printers, and any other agencies or persons or
intermediaries whose appointment is required in relation to the Issue including any successors or
replacements thereof, and to negotiate, finalise and amend the terms of their appointment, including but not
limited to the execution of the mandate letter with the BRLM and negotiation, finalization, execution and, if
required, amendment or termination of the Issue agreement with the BRLM;

f) To decide the total number of Equity Shares to be reserved for allocation to eligible categories of investors,
if any, and on permitting existing shareholders to sell any Equity Shares held by them;

g) To negotiate, finalise and settle and to execute and deliver or arrange the delivery of the DRHP, the RHP,
the Prospectus, Issue agreement, syndicate agreement, underwriting agreement, share escrow agreement,
cash escrow and sponsor bank agreement, ad agency agreement, agreements with the registrar to the issue
and all other documents, deeds, agreements and instruments whatsoever with the registrar to the Issue, legal
advisors, auditors, stock exchange(s), BRLM and any other agencies/intermediaries in connection with the
Issue with the power authorize one or more officers of the Company to execute all or any of the aforesaid
documents or any amendments thereto as may be required or desirable in relation to the Issue;

h) To authorise the maintenance of a register of holders of the Equity Shares;

i) To seek, if required, the consent and/or waiver of the lenders of the Company, customers, suppliers, parties
with whom the Company has entered into various commercial and other agreements, all concerned
government and regulatory authorities in India or outside India, and any other consents and/or waivers that

372
 may be required in relation to the Issue or any actions connected therewith;

j) To open and operate bank accounts in terms of the escrow agreement and to authorize one or more officers
of the Company to execute all documents/deeds as may be necessary in this regard;

k) To open and operate bank accounts of the Company in terms of Section 40(3) of the Companies Act, 2013,
as amended, and to authorize one or more officers of the Company to execute all documents/deeds as may
be necessary in this regard;

l) To authorize and approve incurring of expenditure and payment of fees, commissions, brokerage,
remuneration and reimbursement of expenses in connection with the Issue;

m) To accept and appropriate the proceeds of the Issue in accordance with the Applicable Laws;

n) To approve code of conduct as may be considered necessary or as required under Applicable Laws,
regulations or guidelines for the Board, officers of the Company and other employees of the Company;

o) To implement any corporate governance requirements that may be considered necessary by the Board or the
any other committee or as may be required under the Applicable Laws, including the SEBI Listing
Regulations and listing agreements to be entered into by the Company with the relevant stock exchanges, to
the extent allowed under law;

p) To issue receipts/allotment letters/confirmation of allotment notes either in physical or electronic mode

representing the underlying Equity Shares in the capital of the Company with such features and attributes as
may be required and to provide for the tradability and free transferability thereof as per market practices and
regulations, including listing on one or more stock exchanges, with power to authorize one or more officers
of the Company or the Registrar to the Issue to sign all or any of the aforestated documents;

q) To authorize and approve notices, advertisements in relation to the Issue, in accordance with the SEBI ICDR
Regulations and other Applicable Laws, in consultation with the relevant intermediaries appointed for the
Issue;

r) To do all such acts, deeds, matters and things and execute all such other documents, etc., as may be deemed
necessary or desirable for such purpose, including without limitation, to finalise the basis of allocation and
to allot the shares to the successful allottees as permissible in law, issue of allotment letters/confirmation of
allotment notes, share certificates in accordance with the relevant rules, in consultation with the BRLM;

s) To do all such acts, deeds and things as may be required to dematerialise the Equity Shares and to sign and
/ or modify, as the case maybe, agreements and/or such other documents as may be required with the National
Securities Depository Limited, the Central Depository Services (India) Limited, registrar and transfer agents
and such other agencies, authorities or bodies as may be required in this connection and to authorize one or
more officers of the Company to execute all or any of the afore-stated documents;

t) To make applications for listing of the Equity Shares in one or more stock exchanges for listing of the Equity
Shares and to execute and to deliver or arrange the delivery of necessary documentation to the concerned
stock exchanges in connection with obtaining such listing including without limitation, entering into listing
agreements and affixing the common seal of the Company where necessary;

u) To settle all questions, difficulties or doubts that may arise in regard to the Issue, including such issues or
allotment, terms of the Issue, utilisation of the Issue proceeds and matters incidental thereto as it may deem
fit;

373
v) To authorize any concerned person on behalf of the Company to give such declarations, affidavits,
undertakings, certificates, consents and authorities as may be required from time to time in relation to the
Issue or provide clarifications to the SEBI, the RoC and the relevant stock exchanges where the Equity
Shares are to be listed;

w) To negotiate, finalize, settle, execute and deliver any and all other documents or instruments and to do or
cause to be done any and all acts or things as the Board or any other committee thereof may deem necessary,
appropriate or advisable in order to carry out the purposes and intent of this resolution or in connection with
the Issue and any documents or instruments so executed and delivered or acts and things done or caused to
be done by the Board or any other committee thereof shall be conclusive evidence of their authority in so
doing;

x) To approve suitable policies on insider trading, whistle-blowing, risk management, and any other policies as
may be required under the SEBI Listing Regulations or any other Applicable Laws;

y) To approve the list of ‘group companies’ of the Company, identified pursuant to the materiality policy
adopted by the Board, for the purposes of disclosure in the DRHP, RHP and Prospectus;

z) To withdraw the DRHP or the RHP or to decide to not proceed with the Issue at any stage in accordance
with Applicable Laws and in consultation with the BRLM; and

aa) To delegate any of its powers set out under (a) to (aa) hereinabove, as may be deemed necessary and
permissible under Applicable Laws to the officials of the Company”

374
Management Organisation Chart

375
Key Managerial Personnel and Senior Managerial Personnel

In addition to Bhavesh Patel, the Managing Director of our Company, whose details are set out under “– Brief
Biographies of Directors” on page 360, the details of the Key Management Personnel, as on the date of this Red
Herring Prospectus, are set out below.

Paras Mehta is the Chief Financial Officer of the Company. He was appointed as a Chief Financial Officer our
Company on May 26, 2025. He holds a bachelor’s degree in commerce from Gujarat University. He also
qualified as a chartered accountant from the Institute of Chartered Accountants of India. He is also a qualified
company secretary. He has previously been associated with Stovec Industries Limited, Gujarat Ambuja Exports
Limited, Gujarat Tea Processors and Packers Limited and Circuit Systems India Private Limited. He has over
20 years of experience in finance. He is currently responsible for finance and accounts in the Company. He was
appointed in the Fiscal 2026 and hence did not receive any remuneration from our Company in Fiscal 2025.

Nikhita Dinodia is the Company Secretary and Compliance Officer of our Company. She holds a bachelor’s
degree in commerce from Jadhavpur University. She is a qualified company secretary. She has been associated
with our Company since June 02, 2022. She has over 5 years of experience as a company secretary. Previously,
she was working with PC Jewellers as Secretarial officer. She is currently responsible for secretarial and legal
compliance work in the Company. She was paid a remuneration of ₹ 5.67 Lakhs during Fiscal 2025.

Senior Management Personnel

In addition to the Paras Mehta, the Chief Financial Officer and Nikhita Dinodia, the Company Secretary and
Compliance Officer of our Company, whose details are provided in “Our Management – Key Managerial
Personnel on page 376, the details of our other Senior Management as on date of this Red Herring Prospectus are
as set forth below:

Shailesh Shah is the President - Finance of the Company. He holds a bachelor’s degree in commerce from Gujarat
University. He also qualified as a chartered accountant from the Institute of Chartered Accountants of India and
a company secretary from the Institute of Company Secretary of India. He has over 30 years of experience in
finance. He is currently responsible for finance and accounts in the Company. In the Fiscal Year 2025 he received
a remuneration of ₹ 100.50 Lakhs as the Chief Financial Officer of the Company.

Anil Rathi is the President - Operations of our Company. He holds a bachelor’s degree in chemical engineering
from Gujarat University. He has completed his master’s in business administration from Gujarat University. He
has been associated with our company since April 01, 1997. Before joining our company in 1997, he was working
with Core Healthcare Limited as production manager. He has over 25 years of experience in pharmaceutical
industries. In the Fiscal Year 2025 he received a remuneration of ₹ 90.94 Lakhs (excluding perquisites).

Vijay Kumar Walia is the President – National Sales of our Company. He has completed degree in arts from
University of Rajasthan. He has been associated with our company since February 01, 2000. He has over 20 years
of experience in pharmaceutical industries. In the Fiscal Year 2025 he received a remuneration of ₹ 85.86 Lakhs
(excluding perquisites).

Vimalkant Shrimali is the Assistant Vice President – Human Resources, Administration and IT of our Company.
He has been associated with our company since September 25, 2023. He has completed his master’s in business
administration from Maharaj Sayajirao University of Baroda. Prior to joining our Company he was associated
with Lear Corporation, Gamesa Renewable Private Limited, Alok Industries Limited, Indo Overseas Management
Group Incorporation and Abhijeet Industries Private Limited across various positions in their human resource
team. He has over 20 years of experience in human resources. In the Fiscal Year 2025 he received a remuneration
of ₹ 30.35 Lakhs (excluding perquisites).

Chetan Sheth is the Vice President- Quality Assurance and Regulatory Affairs of our company. He holds a
bachelor’s degree in pharmacy from Gujarat University. He has completed a professional doctorate in
management from Indian School of Business Management and Administration. He has been associated with our
company since September 30, 2008. He has over 15 years of experience in quality assurance and control. In the
Fiscal Year 2025 he received a remuneration of ₹ 49.49 Lakhs (excluding perquisites).

Status of Key Managerial Personnel and Senior Managerial Personnel

376
All our Key Managerial Personnel and Senior Managerial Personnel are permanent employees of our Company.

Relationship between our Directors and Key Managerial Personnel/ Senior Managerial Personnel

Sr. Name of Directors Relative Relationship

No.
1. Bhavesh Patel Nimesh Patel Nephew

Except as disclosed above, none of our Directors are related to each other or to any of our Key Managerial
Personnel or the Senior Management.

Shareholding of Key Managerial Personnel and Senior Managerial Personnel

Except as disclosed in “Shareholding of Directors in our Company” on page 363, and stated below, none of our
Key Managerial Personnel and Senior Managerial Personnel hold any Equity Shares in our Company as on the
date of this Red Herring Prospectus.:

Name of Key Managerial No. of Equity Shares held Percentage of the pre-issue paid
Personnel and members of our up Equity Share capital on a
Senior Management fully diluted basis (%)
Bhavesh Patel 62,49,593 21.68
Anil Rathi 500 Negligible
Chetan Sheth 500 Negligible

Bonus or profit-sharing plans of the Key Managerial Personnel/ Senior Managerial Personnel

None of our Key Managerial Personnel/ Senior Managerial Personnel are party to any bonus or profit-sharing
plan of our Company.

Interests of Key Managerial Personnel/ Senior Managerial Personnel

Except as provided in “– Interest of Directors” on page 363 and to the extent of the remuneration, benefits, interest
of receiving dividends on the Equity Shares held by them, if any, reimbursement of expenses incurred in the
ordinary course of business, our Key Managerial Personnel and Senior Managerial Personnel have no other
interest in the Company.

Arrangements and understanding with major shareholders, customers, suppliers or others

There is no arrangement or understanding with major shareholders, customers, suppliers or others, pursuant to
which any of our Key Managerial Personnel and Senior Managerial Personnel have been selected as the Key
Managerial Personnel and Senior Managerial Personnel of our Company.

Service Contracts with Directors and Key Managerial Personnel

No officer of our Company, including our Directors, Key Managerial Personnel and Senior Managerial Personnel
has entered into a service contract with our Company pursuant to which they are entitled to any benefits upon
termination of employment.

Retirement benefits

Except statutory benefits upon superannuation, none of the Key Managerial Personnel and Senior Managerial
Personnel is entitled to any benefit upon superannuation.

Contingent and deferred compensation payable to our Director and Key Managerial Personnel

There is no contingent or deferred compensation accrued for Fiscal Year 2025 and payable to our Directors, Key
Managerial Personnel and Senior Managerial Personnel which does not form a part of their remuneration.

Payment or benefit to Key Managerial Personnel and Senior Managerial Personnel

377
No non – salary amount or benefit has been paid or given to any of our Key Managerial Personnel or Senior
Managerial Personnel within the two preceding years or is intended to be paid or given.

Changes in the Key Managerial Personnel and Senior Managerial Personnel

Except as disclosed in the section entitled “Our Management- Changes in our Board in the last three years” on
page 364, the changes in our Key Managerial Personnel in the three immediately preceding years are set forth
below.

Name Designation Date of change Reason

Shivani Thaker Company Secretary April 27, 2022 Resignation as Company
Secretary
Nikhita Dinodia Company Secretary June 2, 2022 Appointment as Company
Secretary
Vimalkant Shrimali Assistant Vice September 25, 2023 Appointment as Assistant
President – Human Vice President in Human
Resources, Resources, Administration
Administration and IT and IT
Shailesh Shah Chief Financial Officer May 17, 2025 Resignation as Chief Financial
Officer
Paras Mehta Chief Financial Officer May 26, 2025 Appointment as Chief
Financial Officer

Attrition of Key Managerial Personnel

The attrition of Key Managerial Personnel is not high in our Company as compared to the industry.

Employee Stock Option Scheme

As on the date of this Red Herring Prospectus, our Company does not have any employee stock option scheme or
any employee stock option plan.

378
 OUR PROMOTERS AND PROMOTER GROUP

Our Promoters

The Promoters of our Company are:

1. Bhavesh Patel
2. Vishal Patel
3. Jayshreeben Patel
4. Jitendrakumar Patel and
5. Milcent Appliances Private Limited

As on date of this Red Herring Prospectus, the details of shareholding of our Promoters are as follows:

Equity Shares of face Percentage of pre-Issue paid-

Name of the Shareholder
value of ₹ 10 each up equity share capital (%)
Bhavesh Patel 62,49,593 21.68
Vishal Patel 39,05,288 13.55
Jayshreeben Patel 9,98,109 3.46
Jitendrakumar Patel 34,85,838 12.09
Milcent Appliances Private Limited 31,00,000 10.75
Total 1,77,38,828 61.53

For details of the build-up of the Promoters’ shareholding in our Company, see “Capital Structure – History of
the Equity Share capital held by our Promoters” on page 108.

Details of our Individual Promoters:

1. 1. Bhavesh Patel

Bhavesh Patel, aged 59 years, is one of the Promoters and is also the Chairman
and Managing Director of our Company. For further details in relation to his
date of birth, personal address, educational qualifications, experience in the
business, positions/posts held in the past and other directorships, interest in
other entities, special achievements, business and financial activities, see
“Our Management – Our Board” and “Our Management – Brief Biographies
of Directors” on pages 358 and 360, respectively.

The permanent account number of Bhavesh Patel is AAYPP0537H.

2. 2. Vishal Patel

Vishal Patel, aged 42 years (Date of birth: June 09, 1983), is one of the
Promoters of our Company. He is a citizen of Kenya, and his residential
address is Treewall A-1 General Mathenge Road, Nairobi, Kenya. He
completed his BSC. in Critical emergence care and paramedic services from
University of West London and Higher National Diploma in Business
Management from Cambridge. In the year 2011 he started working at St John
Ambulance Kenya as an Assistant Commissioner Grade I. He is also a
Managing Director in Oriental General Stores Limited, Nairobi. He has over
15 years of experience in retailing.

The permanent account number of Vishal Patel is EJEPP7021K.

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 3. 3. Jayshreeben Patel

Jayshreeben Patel, aged 73 years (Date of birth: July 27, 1951), is one of the
Promoters of our Company. She resides at Gargi Bunglow behind Atit
Bunglow, Karamsad, Valasan, Anand- 388325, Gujarat, India. She completed
her formal schooling from Parkland Arya Girls High School, Nairobi,
Republic of Kenya. She is also a director on the board of certain companies
inter alia including Milcent Appliances Private Limited, Milcent Jansewa
Foundation and Magtech Motors Private Limited. She has over 25 years of
experience in manufacturing and sale of electronic appliances.

The permanent account number of Jayshreeben Patel is AAWPP1043J.

4. Jitendrakumar Patel

Jitendrakumar Patel aged 74 years (Date of Birth: October 18, 1950), is one
of the Promoters of our Company. He is a citizen of United States of America,
and his residential address is 1109 Pine View TRL Monroe, GA 30656-3496
Walton. He completed his bachelor’s in mechanical engineering from Sardar
Patel University, Gujarat. He has over 15 years of experience in
pharmaceutical industry.

The permanent account number of Jitendrakumar Patel is ABBPP3011G.

Our Company confirms that the permanent account number, bank account number(s), the passport number,
Aadhaar card number and driving license number of each of our Promoters have been submitted to the Stock
Exchanges at the time of filing of the Draft Red Herring Prospectus.

Details of our Corporate Promoter

Milcent Appliances Private Limited

Corporate information

Milcent Appliances Private Limited, one of our promoters, was incorporated in the year 1987 under Companies
Act, 1956 and a certificate of incorporation was granted by the RoC, Ahmedabad on November 12, 1987. The
registered office of Milcent Appliances Private Limited is situated at 8th Floor, Shaligram Corporates C J Marg,
Ambli, Ahmedabad -Gujarat, India, 380058. The Corporate Identification Number and Permanent Account
Number are U32201GJ1987PTC010122 and AAACM9902E respectively.

As on the date of this Red Herring Prospectus our Corporate Promoter is primarily engaged in the business to
manufacture, assemble, sell, erect, service, distribute, import, export, appoint dealers, act as consultants, agent,
and deal in Electrical, Electronics, and Mechanical Domestic and Home Appliances and domestic machines, grain
grinding machines, washing machines, Grinders, Mixtures, Juicers, churner, crusher, Gas-ovens, Geasers, Micro-
ovens, Air Condition Machines, voltage stabilizers, Radio, Radiogram, record, changer, tape recorders,
gramophones, televisions, wireless apparatus, camera, Fans, Heater, Geyser, Pump Sets, Electric A. C. and D.C.
Motor, Control Box, Electronics control systems, gear control system, Speed Controller, Electric Motor Control
Centres, Panels, Photo, electric equipment, Temperature Controllers, Transformers, and spare parts of the above
items.

There have been no changes to the business activities undertaken by Milcent Appliances Private Limited.

Shareholding Pattern

As on the date of this Red Herring Prospectus, the authorised share capital of the Milcent Appliances Private
Limited is ₹ 5,01,00,000/- (Rupees five crores one lacs only) divided into 5,00,000 (Five lacs) equity shares of ₹
100/- (Rupees one hundred only) each and 1,000 (One thousand) 10% Cumulative Redeemable Preference shares
of ₹ 100/- (Rupees one hundred only) each.

380
The following table sets forth details of the shareholding pattern of Milcent Appliances Private Limited, as on the
date of this Red Herring Prospectus:

Sr. No. Name of Shareholder Number of equity shares Percentage (%) of

of face value ₹ 100 held shareholding
1. Jayshreeben Patel 54,143 24.58
2. Jayshreeben Patel ⃰ 20,000 9.08
3. Jayshreeben Patel** 20,000 9.08
4. Jayshreeben Patel*** 1,25,000 56.76
5. Gargiben V Amin 1,090 0.49
Total 2,20,233 100.00
*held on behalf of M/s Puja Sales Corporation (being a sole proprietorship)
**held on behalf of Swastik Sales Corporation (being a partnership firm)
***held on behalf of M/s Swastik Engineering works (being a partnership firm)

Board of directors

The board of directors of Milcent Appliances Private Limited as on the date of this Red Herring Prospectus are as
under:

1. Jayshreeben Patel
2. Bhavesh Patel

Change in control

There has been no change in the control of Milcent Appliances Private Limited in the last three years preceding
the date of this Red Herring Prospectus.

Our company confirms that the permanent account number, bank account number(s), the company registration
number and the address of the registrar of the companies where Milcent Appliances Private Limited is registered
has been submitted to the Stock Exchanges, at the time of filing of the Draft Red Herring Prospectus with them.

Structure of Promoter holding

The pictorial representation on the structure of promoters, extending through any intermediate entities, and up to
the ultimate beneficial owners is as follows:

Other ventures of our Promoters

381
Other than as disclosed in “Our Promoter and Promoter Group– Entities forming part of the Promoter Group”
below and in section “Our Management – Other Directorships” on page 385 and 358, our Promoters are not
involved in any other ventures.

Interest of our Promoters

Our Promoters are interested in our Company to the extent that they have promoted our Company and to the extent
of their respective shareholding and the shareholding of the members of the Promoter Group in our Company,
directly and indirectly, the dividend payable, if any, and any other distributions in respect of the Equity Shares
held by them in our Company, directly or indirectly, from time to time. For details of the shareholding of our
Promoters in our Company, please see the section entitled “Capital Structure” and “Our Management – Interests
of Directors” on page 88 and 363 respectively.

Our Promoters, who are also Directors and Key Managerial Personnel, may be deemed to be interested to the
extent of their remuneration/fees and reimbursement of expenses, payable to them, if any. For further details,
please see the section entitled “Our Management – Payment or benefit to Directors of our Company” on page
362.

Our Promoters have no interest in any property acquired by our Company during the three years immediately
preceding the date of this Red Herring Prospectus or proposed to be acquired by our Company, or in any
transaction by our Company for acquisition of land, construction of building or supply of Goods.

Our Promoters do not have any direct or indirect interest in the properties that our Company has taken on lease.
No sum has been paid or agreed to be paid to any of our Promoters or to the firms or companies in which our
Promoters are interested as members in cash or shares or otherwise by any person, either to induce them to become
or to qualify them, as directors or promoters or otherwise for services rendered by our Promoters or by such firms
or companies in connection with the promotion or formation of our Company.

Payment or benefits to Promoters or Promoter Group

Except in the ordinary course of business and as disclosed in the sections entitled “Other Financial Information -
Related Party Disclosures” and “Financial Information –Notes to Restated Financial Information - Note 42 –
Related party Disclosures” on pages 461 and 389, respectively, no amount or benefit has been paid or given to
our Promoters or any of the members of the Promoter Group during the two years preceding the filing of this Red
Herring Prospectus nor is there any intention to pay or give any amount or benefit to our Promoters or any of the
members of the Promoter Group other than in the ordinary course of business.

Companies or firms with which our Promoters have disassociated in the last three years

Except as disclosed below, none of our Promoters have dissociated themselves from any companies or firm in the
three years preceding the date of this Red Herring Prospectus:

Name of the Name of Company or Firm Reasons for and Date of

Promoter from which Promoter has circumstances Leading to Disassociation
Disassociated Disassociation
Amanta Lifesciences Private Disassociation on account of March 27, 2024
Limited Striking off of the Company
(Not carrying on any business
or operation for a period of two
immediately preceding
financial years and has not
Bhavesh Patel made any application within
such period for obtaining the
status of a dormant company
under section 455 of the
Companies Act)
Amanta Hospitals Private Limited Disassociation on account of February 26, 2024
Striking off of the Company

382
 Name of the Name of Company or Firm Reasons for and Date of
Promoter from which Promoter has circumstances Leading to Disassociation
Disassociated Disassociation
(Not carrying on any business
or operation for a period of two
immediately preceding
financial years)
Amanta Marketing Private Disassociation on account of August 13, 2024
Limited sale of entire stake
Avanta Lifesciences Private Disassociation on account of December 26,
Limited Striking off of the Company 2022
(the company is in operative
since incorporation date)
Amanta Technologies Private Disassociation on account of January 13, 2023
Limited Striking off of the Company
(the company is in operative
since incorporation date)

Material guarantees given by our Promoters to third parties with respect to Equity Shares of our Company

Name of the Guarantor Name of the Lender Type of Facility Sanctioned and
Guaranteed amount (in
₹ lakhs)

Bhavesh Patel Axis Finance Limited Term Loan Axis Finance Limited -
(AFL) and Aditya Birla 11,500
Finance Limited (ABFL)
Manisha Patel Axis Finance Limited Term Loan Aditya Birla Finance
and Aditya Birla Finance Limited – 5,000
Limited (Individually)
Bhavesh Patel Preference Shareholders Personal Guarantee Issued 1,00,00,000
Redeemable Preference
shares which carries 0.1%
dividend up to September
30, 2022 and 10% from
October 01, 2022 and
internal rate of return is
14%.
Bhavesh Patel Karur Vyasa Bank* Term Loan 1,875.00
Bhavesh Patel State Bank of India Fund / non fund facilities 5,414.00
Manisha Patel State Bank of India Fund / non fund facilities 5,414.00
*Loan is against Bhavesh Patel’s personal residential property

Except as disclosed above, none of our Promoters have not given any material guarantee to any third party with
respect to the Equity Shares as on the date of this Red Herring Prospectus.

Confirmations

Our Promoters and members of our Promoter Group have not been declared Wilful Defaulters or Fraudulent
Borrowers by any bank or financial institution or consortium thereof, in accordance with the guidelines on Wilful
Defaulters or Fraudulent Borrowers issued by Reserve Bank of India.

Our Promoters have not been declared a fugitive economic offender under section 12 of the Fugitive Economic
Offenders Act, 2018.

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Our Promoters and members of our Promoter Group have not been prohibited or debarred from accessing the
capital markets or debarred from buying, selling or dealing in securities under any order or direction passed by
SEBI or any other securities market regulator or any other authority, court or tribunal inside and outside India.

Our Promoters are not and have not been promoters or directors of any other company which is debarred from
accessing or operating in capital markets under any order or direction passed by SEBI or any other regulatory or
governmental authority.

There is no conflict of interest between the lessors of immovable properties (crucial for operations of our
Company) and our Promoters and members of our Promoter Group.

There is no conflict of interest between the suppliers of raw materials and third party service providers (crucial
for operations of our Company) and our Promoters and members of our Promoter Group

Change in the control of our Company

There has been no change in control of our Company in the last five years immediately preceding the date of this
Red Herring Prospectus.

For details in relation to the shareholding of our Promoters and Promoter Group, and changes in the shareholding
of our Promoters, including in the five years preceding the date of this Red Herring Prospectus, see “Capital
Structure” on page 88.

Promoter Group

The following individuals constitute our Promoter Group in terms of Regulation 2(1)(pp) of the SEBI ICDR
Regulations.

The individuals forming a part of our Promoter Group are as follows:

Member of the Promoter Group Relationship with the Promoter

Bhavesh Patel
Manisha Patel Spouse
Pramilaben Patel Mother
Devashish Patel Son
J R Mehta Spouse’s Father
Bharati Mehta Spouse’s Mother
Jatinkumar Mehta Spouse’s Brother
Vishal Patel
Donikaben Patel Spouse
Ashokkumar Patel Father
Darpna Patel Sister
Druti Patel Sister
Shanaya Patel Daughter
Aanya Patel Daughter
Nareshbhai Patel Spouse’s Father
Sanikumar Patel Spouse’s Brother
Jayshreeben Patel
Ashokkumar Patel Brother
Ranjanbala Patel Sister
Lavinglatta Patel Sister
Amin Gargi Vivek Daughter
Prafulchandra Patel Spouse’s Brother
Jitendrakumar Patel Spouse’s Brother
Pramilaben Patel Spouse’s Sister
Jitendrakumar Patel
Veenaben Patel Spouse
Prafulchandra Patel Brother
Maulika Patel Daughter

384
 Member of the Promoter Group Relationship with the Promoter
Jasmine Patel Daughter
Nirmal Patel Daughter
*Girishbhai Patel (father of Bhavesh Patel), Rohitkumar Patel (Spouse of Jayshreeben Patel), Babubhai Patel and Shantaben Patel (Father
and mother of Jayshreeben Patel), Jashbhai Patel and Kamlaben Patel (Jayshreeben spouse’s father and mother and father and mother of
Jitendrakumar Patel), Suryakant Patel (Jitendrakumar Patel spouse’s father), Aruna Patel (Vishal Patel’s mother) and Kundanben Patel
(Vishal Patel’s spouse’s mother) are deceased.

Entities forming part of the Promoter Group

Entities forming part of the promoter group are as follows:

1. Oriental General Stores Limited

2. Milcent Jansewa Foundation
3. Magtech Motors Private Limited

Expect as stated above, persons whose shareholding is aggregated under the heading shareholding of the promoter
group

Sr. No. Name of the Shareholders Number of Shares held Percentage (%) of holding
1. Pravinchandra Mehta 19,82,763 6.88
2. Niranjanbhai Patel 15,04,951 5.22
3. Kirit Desai 11,33,079 3.93
4. Sarala Desai 12,024 0.04

385
 OUR GROUP COMPANY

In terms of the SEBI ICDR Regulations, the term ‘group companies’, includes (i) such companies (other than the
subsidiary(ies) of the issuer company) with which the issuer company had related party transactions, during the
period for which financial information will be disclosed in the offer documents, as covered under the applicable
accounting standards and (ii) any other companies considered ‘material’ by the board of directors of the relevant
issuer company.

Accordingly, for (i) above, all such companies with which there were related party transactions during the periods
covered in the Restated Financial Information, as covered under the applicable accounting standards, shall be
considered as Group Companies in terms of the SEBI ICDR Regulations. In addition, for the purposes of (ii)
above, a company (companies categorized under (i) above) a company shall be considered “material” and will be
disclosed as a “group company” if such company forms part of the promoter group in terms of Regulation 2(1)(pp)
of the SEBI ICDR Regulations and with which the Company has had one or more transactions in the most recent
financial year or the relevant stub period, as applicable, which individually or in the aggregate, exceed 10% of the
revenue from operations of the Company for the last completed fiscal year or the relevant stub period, as
applicable, as per the Restated Financial Information.

As on date of this Red Herring Prospectus, there is no company which has been identified as our Group Company
from the periods presented in the Restated Financial Information.

386
 DIVIDEND POLICY

The declaration and payment of dividends on our Equity Shares, if any, will be recommended by our Board and
approved by our Shareholders, at their discretion, subject to the provisions of the Articles of Association and the
applicable laws including the Companies Act, read with the rules notified thereunder, each as amended. We may
retain all our future earnings, if any, for purposes to be decided by our Company, subject to compliance with the
provisions of the Companies Act. The quantum of dividend, if any, will depend on a number of factors, including
but not limited to profits earned and available for distribution during the relevant Financial Year, accumulated
reserves including retained earnings, expected future capital/expenditure requirements, organic growth
plans/expansions, proposed long-term investment, capital restructuring, debt reduction, crystallization of
contingent liabilities, cash flows, current and projected cash balance, and external factors, including but not
limited to the macro-economic environment, regulatory changes, technological changes and other factors like
statutory and contractual restrictions.

Our Company has, by way of a resolution of the Board of Directors dated July 19, 2024 adopted a formal dividend
distribution policy.

In addition, our ability to pay dividends may be impacted by a number of factors, including restrictive covenants
under our current or future loan or financing documents. The amounts declared as dividends in the past are not
necessarily indicative of our dividend amounts, if any, in the future. For more information on restrictive covenants
under our current loan agreements, see “Financial Indebtedness” on page 483. Our Company may pay dividend
by cheque, or electronic clearance service, as will be approved by our Board in the future. Our Board may also
declare interim dividend from time to time.

Further, our Company has not paid any dividend on Equity Shares in the Fiscal Years ended March 31, 2023
March 31, 2024 and March 31, 2025 and until the date of this Red Herring Prospectus.

Further, the details of dividend paid on preference shares paid by our Company in the Fiscal Years ended March
31, 2023 March 31, 2024 and March 31, 2025 and until the date of this Red Herring Prospectus is set out in the
following table:

From April 01, Financial year ended

2025 till date
Particulars of this Red
March 31, 2025 March 31, 2024 March 31, 2023
Herring
Prospectus
No. of
Preference 1,00,00,000* 1,00,00,000* 1,00,00,000* 1,00,00,000*
Shares
Face value
per
10 10 10 10
Preference
Share (in ₹)
Aggregate
Dividend Nil 99,79,415 1,00,20,586 50,36,438
(in ₹)
Dividend
per
Preference
Nil 0.9979 1.0021 0.5036
Share (in ₹
rounded
off)
10 % for period
from 1st April, 10% p.a. for period from 0.1% p.a. for period from
2024 to 30th April 01, 2023 to April 01, 2022 to
Rate of
September, 2024 September 30, 2023, and September 30, 2022, and
dividend Nil
and 10% p.a. for period from 10% p.a. for period from
(%)
10 % p.a. for October 01, 2023 to October 01, 2022 to
period from 1st March 31, 2024 March 31, 2023
October, 2024 to

387
 From April 01, Financial year ended
2025 till date
Particulars of this Red
March 31, 2025 March 31, 2024 March 31, 2023
Herring
Prospectus
31st March,
2025
Mode of
Payment of NA NEFT/RTGS NEFT/RTGS NEFT/RTGS
Dividend
*1,00,00,000 non-convertible redeemable preference shares of ₹10 each

There is no guarantee that any dividends will be declared or paid or the amount thereof will not be decreased in
the future. For details, see “Risk Factors - Our ability to pay dividends in the future will depend on our earnings,
financial condition, working capital requirements, capital expenditures and restrictive covenants of our financing
arrangements” on page 60.

388
 SECTION V – FINANCIAL INFORMATION

Sr. No. Particulars

1. Independent Auditors Examination Report on Restated Financial Information
2. Restated Financial Information

[The remainder of this page has intentionally been left blank]

389
To,
The Board of Directors
M/s. Amanta Healthcare Limited
8th Floor, Shaligram Corporates
C.J. Marg, Ambli
Ahmedabad 380058.

Independent Auditor’s Examination Report on Restated Financial Information in

connection with the Proposed Initial Public Offering of Amanta Healthcare Limited
Dear Sirs,
1. This report is issued in accordance with the terms of our agreement dated July 17, 2025 with the
Company.
2. We have examined the attached Restated Financial Information, expressed in Indian Rupees in
lakhs of Amanta Healthcare Limited (hereinafter referred to as the “Company” or the “Issuer”),
comprising
(a) the “Restated Statement of Assets and Liabilities” as at March 31, 2025, March 31, 2024 and
March 31, 2023 (enclosed as Annexure I);
(b) the “Restated Statement of Profit and Loss” for the years ended March 31, 2025, March 31,
2024 and March 31, 2023 (enclosed as Annexure II);
(c) the “Restated Statement of Changes in Equity” for the years ended March 31, 2025, March 31,
2024 and March 31, 2023 (enclosed as Annexure III);
(d) the “Restated Statement of Cash Flows” for the years ended March 31, 2025, March 31, 2024
and March 31, 2023 (enclosed as Annexure IV);
(e) the Restated Statement of “Basis of Preparation, Material Accounting Policies and Notes to the
Restated Financial Information” for the years ended March 31, 2025, March 31, 2024 and
March 31, 2023 (enclosed as Annexure V); and
(f) the “Statement of Adjustments to the Audited Financial Statements” as at and for the years
ended March 31, 2025, March 31, 2024 and March 31, 2023” (enclosed as Annexure VI)
(hereinafter together referred to as the “Restated Financial Information”), prepared by the
Management of the Company in connection with the Proposed Initial Public Offering of Equity
Shares of the Company (the “IPO” or “Issue”) in accordance with the requirements of:
i. Section 26 of the Companies Act, 2013 (the “Act”) as amended from time to time,
ii. Paragraph (A) of Clause 11 (I) of Part A of Schedule VI of the Securities and Exchange
Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as
amended to date (the “SEBI ICDR Regulations”) issued by the Securities and Exchange Board
of India (the “SEBI”); and

390
INDEPENDENT AUDITOR’S EXAMNIATION REPORT

To the Board of Directors of Amanta Healthcare Limited

Report on Restated Financial Information in connection with the Proposed Initial Public Offering
Page 2 of 5

iii. the Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the
Institute of Chartered Accountants of India (“ICAI”), as amended from time to time (the
“Guidance Note”).
The said Restated Financial Information has been approved by the Board of Directors of the
Company at their meeting held on July 17, 2025 for the purpose of inclusion in the Red Herring
Prospectus (“RHP”) and the Prospectus (“Prospectus”) and signed by us under reference to this
report.
Management’s Responsibility for the Restated Financial Information
3. The preparation of the Restated Financial Information, for the purpose of inclusion in the RHP
and the Prospectus (hereinafter collectively referred to as the “Offer Documents”) to be filed with
SEBI, BSE Limited (“BSE”), National Stock Exchange of India Limited (“NSE”) and Registrar of
Companies, Ahmedabad (“ROC”), in connection with the proposed IPO, is the responsibility of
the Management of the Company. The Restated Financial Information have been prepared by the
Management of the Company in accordance with the basis of preparation stated in note 2.1 to
Annexure V to the Restated Financial Information. The Management’s responsibility includes
designing, implementing and maintaining internal control relevant to the preparation and
presentation of the Restated Financial Information. The Management is also responsible for
identifying and ensuring that the Company complies with the Act, SEBI ICDR Regulations and
the Guidance Note.
Auditor’s Responsibilities
4. Our work has been carried out considering the concepts of test checks and materiality to obtain
reasonable assurance based on verification of evidence supporting the Restated Financial
Information in accordance with the Guidance Note and other applicable authoritative
pronouncements issued by the ICAI and pursuant to the requirements of Section 26 of the Act,
and the SEBI ICDR Regulations. Our work was performed solely to assist you in meeting your
responsibilities in relation to your compliance with the Act, the SEBI ICDR Regulations and the
Guidance Note in connection with the Issue.
5. The Guidance Note requires that we comply with the ethical requirements of the Code of Ethics
issued by the ICAI.
6. Our examination of the Restated Financial Information has not been carried out in accordance
with the auditing standards generally accepted in the United States of America, standards of the
Public Company Accounting Oversight Board and accordingly, should not be relied upon by any
one as if it had been carried out in accordance with those standards or any other standards
besides the standards referred to in this report.

391
INDEPENDENT AUDITOR’S EXAMNIATION REPORT

To the Board of Directors of Amanta Healthcare Limited

Report on Restated Financial Information in connection with the Proposed Initial Public Offering
Page 3 of 5

7. The Restated Financial Information, expressed in Indian Rupees in lakhs, has been prepared by the
Company’s Management from:
a. the audited financial statements of the Company as at and for the year ended March 31, 2025,
prepared in accordance with the Indian Accounting Standards (referred to as “Ind AS”) as
prescribed under Section 133 of the Act read with Companies (Indian Accounting Standards)
Rules 2015, as amended, and other accounting principles generally accepted in India, which
have been approved by the Board of Directors of the Company at their meeting held on July 17,
2025.
b. the audited financial statements of the Company as at and for the year ended March 31,
2024, prepared in accordance with the Indian Accounting Standards (referred to as “Ind AS”)
as prescribed under Section 133 of the Act read with Companies (Indian Accounting
Standards) Rules 2015, as amended, and other accounting principles generally accepted in
India, which have been approved by the Board of Directors of the Company at their meeting
held on August 24, 2024. The comparative information for the year ended March 31, 2023
included in such financial statements have been prepared by making Ind AS adjustments to
the audited financial statements of the Company as at and for the year ended March 31, 2023,
prepared in accordance with the accounting standards notified under the section 133 of the
Act read with the Companies (Accounting Standards) Rules, 2021 (as amended) which was
approved by the Board of Directors at their meeting held on May 11, 2023.

8. For the purpose of our examination, we have relied on

a. Auditors’ report issued by us on the financial statements of the Company as at and for the
year ended March 31, 2025 on which we issued an unmodified opinion vide our report
dated July 17, 2025 as referred in Paragraph 7 (a) above.

b. Auditors’ report issued by us on the financial statements of the Company as at and for the
year ended March 31, 2024 on which we issued an unmodified opinion vide our report
dated August 30, 2024, which also include comparative information prepared by making
Ind AS adjustments to the audited financial statements of the Company prepared in
accordance with the accounting standards notified under the Section 133 of the Act read
with the Companies (Accounting Standards) Rules, 2021 (as amended) as at and for the
year ended March 31, 2023 on which we issued an unmodified opinion dated May 11, 2023
as referred in Paragraph 7 (b) above.

9. We have not audited any financial statements of the Company as of any date or for any period
subsequent to March 31, 2025. Accordingly, we do not express any opinion on the financial
position, results or cash flows of the Company as of any date or for any period subsequent to March
31, 2025.

392
INDEPENDENT AUDITOR’S EXAMNIATION REPORT

To the Board of Directors of Amanta Healthcare Limited

Report on Restated Financial Information in connection with the Proposed Initial Public Offering
Page 4 of 5

Opinion
10. Based on our examination and according to the information and explanations given to us, we
report that the Restated Financial Information:
a. have been prepared in accordance with the Act, the SEBI ICDR Regulations and the Guidance
Note;
b. have been prepared after incorporating adjustments in respect of changes in the accounting
policies, material errors and regrouping/reclassifications retrospectively (as disclosed in
Annexure VI to the Restated Financial Information) to reflect the same accounting
treatment as per the accounting policies as at and for the year ended March 31, 2025, for all
the reporting periods; and
c. there are no qualifications in the auditors’ reports requiring any adjustments.
11. The Restated Financial Information do not reflect the effects of events that occurred subsequent to
the respective dates of the reports on the audited financial statements mentioned in paragraph 8
above.
12. This report should not in any way be construed as a re-issuance or re-dating of any of the previous
audit reports issued by us on any financial statements of the Company.
13. We have no responsibility to update our report for events and circumstances occurring after the
date of the report.
Other Matter
14. The auditor’s report dated August 30, 2024, issued by us on the financial statements of the
Company as at and for the year ended March 31, 2024 included the following Other Matter
paragraph, which have been reproduced below:

“The financial information of the Company for the year ended March 31, 2023 and the transition
date opening balance sheet as at April 1, 2022 included in these Ind AS financial statements, are
based on the previously issued statutory financial statements for the years ended March 31, 2023
and March 31, 2022 prepared in accordance with the Companies (Accounting Standards) Rules,
2021 (as amended) which were audited by us, on which we expressed an unmodified opinion dated
May 11, 2023 and May 16, 2022, respectively. The adjustments to those financial statements for the
differences in accounting principles adopted by the Company on transition to the Ind AS have been
audited by us.

Our opinion is not modified in respect of above matter.”

393
INDEPENDENT AUDITOR’S EXAMNIATION REPORT

To the Board of Directors of Amanta Healthcare Limited

Report on Restated Financial Information in connection with the Proposed Initial Public Offering
Page 5 of 5

Restriction on Use
15. Our obligations in respect of this report are entirely separate from, and our responsibility and
liability is in no way changed by, any other role we may have or may have had as the statutory
auditor of the Company or otherwise. Nothing in this report, nor anything said or done in the
course of or in connection with the services that are the subject of this report, will extend any duty
of care we may have or we may have had in our capacity as the statutory auditor of the Company.
16. This report is addressed to and is provided to the Board of Directors of the Company solely for
inclusion of the report in the Offer Documents of the Company, to be filed with the SEBI, BSE, NSE
and ROC, prepared in connection with the Issue. Our report should not be used by any other
person; or be used, circulated, published, quoted, or otherwise be referred to for any other purpose;
or be filed with or referred to orally or in any document other than the Offer Documents, in whole
or in part. Price Waterhouse Chartered Accountants LLP does not accept or assume any liability or
any duty of care for any other purpose or to any person other than the Company .

For Price Waterhouse Chartered Accountants LLP

Firm Registration Number: 012754N/N500016

Devang Mehta
Partner
Membership Number: 118785
UDIN: 25118785BMLBIJ4366

Place: Mumbai
Date: July 17, 2025

394
 Index
Amanta Healthcare Limited

[Link]. Details of Restated Financial Information Annexure Reference

1 Restated Statement of Assets and Liabilities Annexure I
2 Restated Statement of Profit and Loss Annexure II
3 Restated Statement of Changes in Equity Annexure III
4 Restated Statement of Cash Flows Annexure IV
Basis of Preparation, Material Accounting Policies and Notes to the
5 Restated Financial Information Annexure V
Statement of Adjustments to the Audited Financial Statements as at
6 and for the year ended March 31, 2025, March 31, 2024 and March 31, Annexure VI
2023

395
Amanta Healthcare Limited
CIN : U24139GJ1994PLC023944
Annexure I - Restated Statement of Assets and Liabilities
(Rs. in lakhs)
Annexure V As at As at As at
Particulars
Notes No. March 31, 2025 March 31, 2024 March 31, 2023
Assets
Non-Current Assets
(a) Property, plant and equipment 3 20,767.53 22,271.74 22,878.98
(b) Capital work-in-progress 3(a) 654.80 - -
(c) Right-of-use assets 4 854.58 541.22 880.21
(d) Intangible assets 5 91.63 1.59 8.55
(e) Financial Assets
(i) Loans 6 20.70 11.83 8.89
(ii) Investments 7 772.29 372.17 347.33
(iii) Other Financial Assets 8 91.57 102.89 157.83
(f) Non current tax assets (net) 9 0.11 - -
(g) Other non-current assets 10 1,130.72 121.49 23.80
24,383.93 23,422.93 24,305.59
Current Assets
(a) Inventories 11 7,297.69 5,944.76 6,892.08
(b) Financial Assets
(i) Trade receivables 12 5,008.47 4,816.57 5,358.19
(ii) Cash and cash equivalents 13 22.06 153.94 11.11
(iii) Bank balances other than cash and cash equivalents 14 325.67 256.34 375.85
(iv) Loans 15 45.22 18.65 15.62
(v) Other financial Assets 16 1.75 - -
(c) Other current assets 17 1,091.06 598.78 447.70
13,791.92 11,789.04 13,100.55

Total Assets 38,175.85 35,211.97 37,406.14

Equity And Liabilities

Equity
(a) Equity Share capital 18 2,882.94 2,682.94 2,682.94
(b) Other Equity 19 6,755.89 3,945.94 3,605.40
9,638.83 6,628.88 6,288.34
Liabilities
Non-Current Liabilities
(a) Financial Liabilities
(i) Borrowings 20 13,235.75 14,902.68 17,555.01
(ii) Lease Liabilities 39 773.93 543.09 651.30
(b) Deferred tax liabilities (net) 36 3,019.08 2,971.18 3,198.16
17,028.76 18,416.95 21,404.47
Current Liabilities
(a) Financial Liabilities
(i) Borrowings 21 6,263.86 5,620.23 4,010.84
(ii) Lease Liabilities 39 120.11 43.26 254.90
(iii) Trade payables
(A) Total outstanding dues of micro enterprises and small 22 221.77 43.87 77.10
enterprises; and
(B) Total outstanding dues of creditors other than micro 22 2,828.17 2,436.33 3,543.68
enterprises and small enterprises
(iv) Other Financial Liabilities 23 349.99 269.47 298.02
(b) Contract liabilities 24 620.87 842.32 546.11
(c) Other current liabilities 25 190.88 145.06 134.40
(d) Provisions 26 800.96 646.65 561.16
(e) Current Tax Liabilities (net) 27 111.65 118.95 287.12
11,508.26 10,166.14 9,713.33
Total Equity and Liabilities 38,175.85 35,211.97 37,406.14
The above Restated Statement of Assets and Liabilities should be read in conjunction with the Annexure V- Basis of Preparation, Material Accounting Policies and Notes
to the Restated Financial Information and Annexure VI -Statement of Adjustments to the Audited Financial Statements as at and for the year ended March 31, 2025,
March 31, 2024 and March 31, 2023
This is the Restated Statement of Assets and Liabilities referred to in our report of even date.
For Price Waterhouse Chartered Accountants LLP For and on behalf of the Board of Directors of Amanta Healthcare
Firm Registration No.: 012754N/N500016 Limited

Bhavesh G. Patel Nimesh Patel

Chairman and Managing Director Director
DIN: 00085505 DIN: 09044772
Place: Place:
Date: Date:

Devang Mehta Paras Mehta Nikhita Dinodia

Partner Chief Financial Officer Company Secretary
Membership No: 118785 Place: Membership No. 53362
Place: Date: Place:
Date: Date:

396
Amanta Healthcare Limited
CIN : U24139GJ1994PLC023944
Annexure II- Restated Statement of Profit and Loss

(Rs. in lakhs)

Annexure V For the year ended For the year ended For the year ended
Particulars
Notes No. March 31, 2025 March 31, 2024 March 31, 2023

INCOME
Revenue from operations 28 27,470.82 28,034.03 25,912.93
Other income 29 138.52 126.65 356.69
Total Income 27,609.34 28,160.68 26,269.62

EXPENSES
Cost of materials consumed 30 10,126.14 8,561.82 10,065.92
Purchases of stock-in-trade 1,232.04 217.51 57.66
31
Changes in inventories of finished goods, work-in-process and stock-in-trade (1,952.65) 1,731.17 52.60
Employee benefits expense 32 3,633.97 3,254.57 3,187.03
Other expenses 35 8,464.47 8,519.96 7,275.74
Total Expenses 21,503.97 22,285.03 20,638.95

Restated Earnings before interest, tax, depreciation and amortisation (EBITDA) 6,105.37 5,875.65 5,630.67

Finance costs 33 2,794.79 3,363.79 3,527.02

Depreciation and amortisation expense 34 1,839.89 1,972.97 1,834.66
4,634.68 5,336.76 5,361.68

Restated Profit before tax 1,470.69 538.89 268.99

Tax Expense:
For the years
Current Tax 36 362.49 410.21 300.27
Deferred Tax 36 61.40 (234.64) (180.20)

For earlier years

Current Tax 36 (3.27) - (428.75)
Deferred Tax 36 - - 788.73
Total Tax Expenses 420.62 175.57 480.05

Restated Profit/(Loss) for the year 1,050.07 363.32 (211.06)

Restated Other Comprehensive Income

Items that will not be reclassified to profit or loss

Remeasurement (loss)/gain of post employment benefit plans 40 (53.62) (30.44) 2.89
Tax relating to remeasurements of the defined benefit plans 13.50 7.66 (0.73)
Restated Other Comprehensive Income/(loss) for the year, net of tax (40.12) (22.78) 2.16

Restated Total Comprehensive Income/(loss) for the year 1,009.95 340.54 (208.90)

Earnings/ (Loss) per Equity Share [Nominal Value per share: Rs. 10] 41
Basic earnings/(loss) per share 3.71 1.35 (0.79)
Diluted earnings/(loss) per share 3.71 1.35 (0.79)

The above Restated Statement of Profit and Loss should be read in conjunction with the Annexure V- Basis of Preparation, Material Accounting Policies and Notes to the Restated
Financial Information and Annexure VI -Statement of Adjustments to the Audited Financial Statements as at and for the year ended March 31, 2025, March 31, 2024 and March 31, 2023

This is the Restated Statement of Profit and Loss referred to in our report of even date.

For Price Waterhouse Chartered Accountants LLP For and on behalf of the Board of Directors of Amanta Healthcare
Firm Registration No.: 012754N/N500016 Limited

Bhavesh G. Patel Nimesh Patel

Chairman and Managing Director Director
DIN: 00085505 DIN: 09044772
Place: Place:
Date: Date:

Devang Mehta Paras Mehta Nikhita Dinodia

Partner Chief Financial Officer Company Secretary
Membership No: 118785 Place: Membership No. 53362
Place: Date: Place:
Date: Date:

397
Amanta Healthcare Limited
CIN : U24139GJ1994PLC023944
Annexure III - Restated Statement of Change in Equity

A. Equity share capital (Refer note 18)

Particulars
Balance as at April 01, 2022 2,682.94
Changes in equity share capital during the year -
Balance as at March 31, 2023 2,682.94

Particulars
Balance as at April 01, 2023 2,682.94
Changes in equity share capital during the year -
Balance as at March 31, 2024 2,682.94

Particulars
Balance as at April 01, 2024 2,682.94
Changes in equity share capital during the period 200.00
Balance as at March 31, 2025 2,882.94

B. Other equity (Refer note 19) Rs. (In Lakhs)

Reserve and Surplus
Securities Debenture redemption General Retained
Particulars Total
premium reserve reserve Earnings
Balance as at April 01, 2022 2,098.38 217.14 1.44 1,497.34 3,814.30
Transfer to / (from) debenture redemption reserve - 206.43 - (206.43) -
Restated (Loss) for the year - - - (211.06) (211.06)

Restated Other Comprehensive income for the year, net of deferred tax - - - 2.16 2.16
Balance as at March 31, 2023 2,098.38 423.57 1.44 1,082.01 3,605.40
Transfer to / (from) debenture redemption reserve - (191.07) - 191.07 -
Restated Profit for the year - - - 363.32 363.32
Restated Other Comprehensive (Loss) for the year, net of deferred tax - - - (22.78) (22.78)

Balance as at March 31, 2024 2,098.38 232.50 1.44 1,613.62 3,945.94

Transfer to / (from) debenture redemption reserve - (232.50) - 232.50 -
Restated Profit for the year - - - 1,050.07 1,050.07
Addition in Securities premium (refer note 18) 1,800.00 - - - 1,800.00
Restated Other Comprehensive (Loss) for the year, net of deferred tax - - - (40.12) (40.12)
Balance as at March 31, 2025 3,898.38 - 1.44 2,856.07 6,755.89

Note

Retained earning includes (Rs.71.12 lakhs) (March 31, 2024 - (Rs.17.50 Lakhs), March 31, 2023 - Rs.5.28 Lakhs) related to re-measurement of defined benefit plans.

The above Restated Statement of Changes in Equity should be read in conjunction with the Annexure V- Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial
Information and Annexure VI -Statement of Adjustments to the Audited Financial Statements as at and for the year ended March 31, 2025, March 31, 2024 and March 31, 2023

This is the Restated Statement of Changes in Equity referred to in our report of even date.

For Price Waterhouse Chartered Accountants LLP For and on behalf of the Board of Directors of Amanta Healthcare
Firm Registration No.: 012754N/N500016 Limited

Bhavesh G. Patel Nimesh Patel

Chairman and Managing Director Director
DIN: 00085505 DIN: 09044772
Place: Place:
Date: Date:

Devang Mehta Paras Mehta Nikhita Dinodia

Partner Chief Financial Officer Company Secretary
Membership No: 118785 Place: Membership No. 53362
Place: Date: Place:
Date: Date:

398
 Amanta Healthcare Limited
CIN : U24139GJ1994PLC023944
Annexure IV - Restated Statement of Cash Flows
(Rs. in lakhs)
For the year ended For the year ended For the year ended
Particulars
March 31, 2025 March 31, 2024 March 31, 2023

A. Cash Flow From Operating Activities

Restated Profit before tax 1,470.69 538.89 268.99

Adjustments for :
Depreciation and amortization expense 1,839.89 1,972.97 1,834.66
Loss on disposal of property, plant and equipment (net) 9.95 2.51 46.39
Net unrealised loss / (gain) on foreign currency transactions 4.28 3.67 (50.36)
Provision for doubtful debts on trade receivable 131.69 83.92 144.90
Finance costs 2,794.79 3,363.79 3,527.02
Interest Income (30.92) (32.86) (80.50)
Liabilities written back to the extent no longer required (18.53) - (53.42)
Unwinding of discount on security deposits (4.75) (3.54) (2.33)
Changes in fair value of financial assets measured at fair value through profit and loss (50.11) (24.83) (13.26)
Operating profit before working capital changes 6,146.98 5,904.52 5,622.09

Movement in working capital:

Adjustments for decrease / (increase) in operating assets:
Inventories (1,352.93) 947.35 217.83
Trade receivables (130.81) 472.49 (964.63)
Loans (35.44) (5.97) (3.68)
Other financial asset 9.57 (67.61) 0.18
Other current assets (117.51) (45.52) 223.41

Adjustments for increase / (decrease) in operating liabilities:

Trade payables 551.21 (1,127.53) (357.42)
Other current financial liabilities 55.62 (20.99) 72.56
Contract liabilities (221.45) 296.21 144.18
Other current liabilities (17.55) (36.53) (122.68)
Short term provision 154.31 85.49 57.28
Cash generated from operations 5,042.00 6,401.91 4,889.12
Taxes paid (net of tax refund) (380.00) (594.61) (631.08)
Net cash flow from operating activities 4,662.00 5,807.30 4,258.04

B. Cash flow from investing activities

Payments for property, plant and equipment, intangible assets and capital work in progress (2,077.40) (1,341.12) (629.07)
Investments in bank deposits (having maturity more than three months but less than twelve months) (69.33) (65.44) (46.74)
Investment in Mutual Fund (350.00) - -
Bank deposits matured (having maturity more than three months but less than twelve months) - 195.64 -
Interest received on deposits 30.92 36.14 21.99
Proceeds from disposal of property, plant and equipment 18.56 142.69 0.63
Net cash used in investing activities (2,447.25) (1,032.09) (653.19)

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 Amanta Healthcare Limited
CIN : U24139GJ1994PLC023944
Annexure IV - Restated Statement of Cash Flows (contd.)

(Rs. in lakhs)
For the year ended For the year ended For the year ended
Particulars March 31, 2025 March 31, 2024 March 31, 2023

C. Cash flow from financing activities

Proceeds from issuance of non convertible debenture - - 800.00
Proceed from issue of equity shares 2,000.00 - -
Repayment of non convertible debenture (12,179.96) (3,500.00) (1,175.00)
Proceeds from term loans -Secured 44.54 206.38 -
Repayment of term loans -Secured (448.58) (276.57) (247.18)
Proceeds from term loan from financial institutions -Secured 12,575.00 - -
Repayment of term loans from financial institutions -Secured (800.00) - -
Proceeds from term loan -Unsecured - 1,792.46 18.50
Repayment of term loan -Unsecured (89.12) (690.66) (0.38)
Proceeds from deposits from member 178.00 641.03 466.80
Repayment of deposits from member (254.28) (462.72) (286.14)
Proceeds/payment from cash credit (net) (216.44) 703.75 (657.35)
Interest paid on non convertible debenture (65.04) (1,867.02) (2,124.42)
Transaction cost related to proposed Initial Public Offering (Refer note 17) (316.88) - -
Processing Fees on term loan from financial institutions (381.00) - -
Interest paid for term loan from financial institutions (1,328.86) - -
Dividend paid on Non-Convertible Redeemable Preference Share (100.00) (100.21) (50.36)
Interest paid for term loan (256.32) (207.37) (163.08)
Interest paid on cash credit (302.87) (346.94) (470.78)
Interest paid on deposits from members (83.15) (80.35) (54.90)
Payment of other borrowings cost (98.22) (124.05) (88.52)
Lease payments (223.45) (320.11) (199.26)
Net cash (used) in financing activities (2,346.63) (4,632.38) (4,232.07)

Net increase/(decrease) in cash and cash equivalents (131.88) 142.83 (627.22)

Cash and cash equivalents as at beginning of the year 153.94 11.11 638.33
Cash and cash equivalents as at end of the year 22.06 153.94 11.11

Footnotes:
Cash and cash equivalents as at end of the year:
Balances with banks
Balances in current accounts 4.92 124.05 2.63
Cash on hand 17.14 29.89 8.48
Cash and cash equivalents as per Restated Statement of Asset and Liabilities (Refer Note 13) 22.06 153.94 11.11

Non-cash investing activity

Acquisition of right-of-use assets 483.18 - 898.81

Note 1: The restated cash flow statement has been prepared under the "indirect method" as set out in Indian Accounting Standards (Ind AS) - 7 "Statement of Cash Flows".
Note 2: Cash flows from operating activities includes Rs. 29.11 lakhs (March 31, 2024 - Rs.21.37, March 31, 2023 -Rs. 32.89 lakhs) being expenses towards Corporate Social Responsibility initiatives.
(Refer note no. 43).
Note 3: Refer note 21 for changes in liabilities arising from financing activities.

The above Restated Statement of Cash Flows should be read in conjunction with the Annexure V- Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information
and Annexure VI -Statement of Adjustments to the Audited Financial Statements as at and for the year ended March 31, 2025, March 31, 2024 and March 31, 2023

This is the Restated Statement of Cash Flows referred to in our report of even date.

For Price Waterhouse Chartered Accountants LLP

Firm Registration No.: 012754N/N500016 For and on behalf of the Board of Directors Amanta Healthcare Limited

Bhavesh G. Patel Nimesh Patel

Chairman and Managing Director Director
DIN: 00085505 DIN: 09044772
Place: Place:
Date: Date:

Devang Mehta Paras Mehta Nikhita Dinodia

Partner Chief Financial Officer Company Secretary
Membership No: 118785 Place: Membership No. 53362
Place: Date: Place:
Date: Date:

400
Amanta Healthcare Limited
CIN : U24139GJ1994PLC023944
Annexure V - Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information

Note 1:- General Information

Amanta Healthcare Limited ('the Company') is a Sterile liquid pharmaceutical products manufacturing and formulation development Company having head
quarter at Ahmedabad, Gujarat, India. It has manufacturing facilities in the state of Gujarat. The Company manufactures Large Volume Parenterals (LVPs)
and Small Volume Parenteral (SVPs). The technology deployed for manufacturing is Blow Fill Seal (BFS), Injection Stretch Blow Molding (ISBM) and
conventional three-Piece line. The product group comprises of Fluid Therapy, Formulations, Diluents, Ophthalmic, Respule and Irrigation Solutions, etc. The
Company markets its products in India as well as in the international market.

Note 2.1 - Basis of Preparation

"Restated Financial Information" refers to:

i) the Restated Statement of Assets and Liabilities of the Company as at March 31, 2025, March 31, 2024 and March 31, 2023
ii) the Restated Statement of Profit and Loss (including Other Comprehensive Income/(Loss)) for the year ended March 31, 2025, March 31, 2024 and March
31, 2023
iii) the Restated Statement of Changes in Equity as at and for the year ended March 31, 2025, March 31, 2024 and March 31, 2023
iv) the Restated Statement of Cash Flows as at and for the year ended March 31, 2025, March 31, 2024 and March 31, 2023
v) the Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information for the years ended March 31, 2025, March 31, 2024
and March 31, 2023, and
vi) the Statement of Adjustments to the Audited Financial Statement as at and for the year ended March 31, 2025, March 31, 2024 and March 31, 2023

These Restated Financial Information have been prepared by the Management of the Company for the purpose of inclusion in the Red Herring Prospectus
(“RHP”) and the Prospectus (“Prospectus”) to be filed by the Company with the Securities Exchange Board of India (SEBI), BSE Limited (BSE) and National
Stock Exchange of India Limited (NSE) and Registrar of Companies, Ahmedabad (“ROC”), in connection with proposed initial public offering of the equity
shares of the Company (the “Offering”).

The Restated Financial Information, which have been approved by the Board of Directors of the Company, have been prepared in accordance with the
requirements of:

a. Section 26 of the Companies Act, 2013, as amended from time to time ("the Act");

b. Paragraph (A) of Clause 11 (I) of Part A of Schedule VI of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)
Regulations, 2018, as amended to date (the “SEBI ICDR Regulations”) issued by the Securities and Exchange Board of India (the “SEBI”); and

c. The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the Institute of Chartered Accountants of India (ICAI), as amended from
time to time (the “Guidance Note”)

The Company has decided to voluntarily adopt Indian Accounting Standards notified under Section 133 of the Companies Act 2013, read with Companies
(Indian Accounting Standards) Rules, 2015 as amended from time to time and other accounting principles generally accepted in India (referred to as “Ind AS”)
for the financial year ended March 31, 2024 and prepared its first financial statements in accordance with Indian Accounting Standards (Ind AS) for the year
ended March 31, 2024 with the transition date as April 01, 2022.

An explanation of how the transition from accounting standard notified under Section 133 of the Companies Act 2013, read with the Companies (Accounting
Standards) Rules, 2021 (as amended) (“Previous GAAP”) to Ind AS has affected the Company’s Restated Financial Information is set out in Annexure V- Note
47.

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Amanta Healthcare Limited
CIN : U24139GJ1994PLC023944
Annexure V - Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information

The Restated Financial Information has been prepared by the Management of the Company from:

(i) the audited financial statements of the Company as at and for the year ended March 31, 2025, prepared in accordance with the Indian Accounting
Standards (referred to as “Ind AS”) as prescribed under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules 2015, as amended,
and other accounting principles generally accepted in India, which have been approved by the Board of Directors of the Company at their meeting held on July
17, 2025

(ii) the audited financial statements of the Company as at and for the year ended March 31, 2024, prepared in accordance with the Indian Accounting
Standards (referred to as “Ind AS”) as prescribed under Section 133 of the Act read with Companies (Indian Accounting Standards) Rules 2015, as amended,
and other accounting principles generally accepted in India, which have been approved by the Board of Directors of the Company at their meeting held on
August 24, 2024. The comparative information for the year ended March 31, 2023 included in such financial statements have been prepared by making Ind AS
adjustments to the audited financial statements of the Company as at and for the year ended March 31, 2023, prepared in accordance with the accounting
standards notified under the section 133 of the Act read with the Companies (Accounting Standards) Rules, 2021 (as amended) which was approved by the
Board of Directors at their meeting held on May 11, 2023.

The Restated Financial Information:

(a) have been prepared in accordance with the Act, and the SEBI ICDR Regulations and the Guidance Note
(b) have been prepared after incorporating adjustments in respect of changes in the accounting policies, material errors, and regrouping/reclassifications, if
any, retrospectively in the years ended March 31, 2024 and March 31, 2023 to reflect the same accounting treatment as per the accounting policies and
grouping/classifications followed as at and for the year ended March 31, 2025; and
(c) do not require any adjustment for qualifications as there are no qualifications in the underlying auditors’ reports which require any
adjustments.

The Company discloses Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) as a measure of financial performance as an additional line
item on the face of the Statement of Profit and Loss. EBITDA is calculated as total income less total expenses excluding Depreciation and amortization
expenses, Finance cost and taxes.

Historical Cost Convention

These restated financial information have been prepared on a historical cost basis except for following :
·        Defined benefit plan assets measured at fair value.
·        Investment in mutual fund measured at fair value.

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Amanta Healthcare Limited
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Annexure V - Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information

Note 2.2 : Critical estimates and judgements

The preparation of financial informations requires the use of accounting estimates which, by definition, will seldom equal the actual results. Management also
needs to exercise judgement in applying the Company's accounting policies.

This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items which are more likely to be materially
adjusted due to estimates and assumptions turning out to be different than those originally assessed.

Management believes that the estimates used in preparation of the Restated Financial Information are prudent and reasonable. The estimates and the
underlying assumptions are reviewed on an ongoing basis.

The areas involving critical estimates or judgements are:

1) Estimated useful life of property, plant & equipment and intangible assets :

The Company reviews the useful life of property, plant and equipment and intangible assets at the end of each reporting period. This reassessment may result
in change in depreciation and amortisation expense in future periods.

2) Leases :

In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not
exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to
be extended (or not terminated).
For leases of warehouses and buildings, the following factors are normally the most relevant:
- If there are significant penalty payments to terminate (or not extend), the Company is typically reasonably certain to extend (or not terminate).
- If any leasehold improvements are expected to have a significant remaining value, the Company is typically reasonably certain to extend (or not terminate).
- Otherwise, the Company considers other factors including historical lease durations and the costs and business disruption required to replace the leased
asset.

Most extension options in warehouses leases have not been included in the lease liability, because the Company could replace the assets without significant
cost or business disruption.

3) Provisions and Contingency:

In the normal course of business, contingent liabilities may arise from litigation and other claims against the Company. Potential liabilities that are possible
but not probable of crystallising or are very difficult to quantify reliably are treated as contingent liabilities. Such liabilities are disclosed in the notes but are
not recognised. Potential liabilities that are remote are neither recognized nor disclosed as contingent liability. The management decides whether the matters
needs to be classified as ‘remote’, ‘possible’ or ‘probable’ based on expert advice, past judgements, experiences, etc.

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Amanta Healthcare Limited
CIN : U24139GJ1994PLC023944
Annexure V - Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information

3 Property, plant and equipment

Accounting Policy
Freehold land is carried at historical cost. All other property, plant and equipment is recognised at historical cost less accumulated depreciation. Depreciation is calculated using the straight-
line method to allocate the cost of the assets, net of their residual values, over their estimated useful lives as follows:

Useful life as
Useful life as
per schedule II-
Particulars per
Companies
management
Act, 2013
Building 30 Years 30 Years
Plant and Equipment 10-25 years 15 Years
Furniture and Fixtures 10 Years 10 Years
Electric Installations 10 Years 10 Years
Office equipment 5-10 years 5 Years
Vehicles 8 Years 8 Years

The useful lives have been determined based on technical evaluation done by the management's internal experts. The estimated residual values are not more than 5% of the original cost of
the asset.
Leasehold improvements are depreciated over the shorter of their useful life or the lease term, unless the entity expects to use the assets beyond the lease term. The useful life of leasehold
improvement is 9 years.
See note 49 for the other accounting policies relevant to property, plant and equipment.

As at March 31, 2025 (Rs. in lakhs)

Net carrying
Gross carrying amount Accumulated depreciation
amount

Particulars
Additions Disposals Disposals
As at April 01, As at March As at April Depreciation As at March As at March
During the during the during the
2024 31, 2025 01, 2024 for the year 31, 2025 31, 2025
year year year

Freehold Land 81.74 - - 81.74 - - - - 81.74

Buildings 3,646.11 - 61.50 3,584.61 520.97 174.76 55.04 640.69 2,943.92
Plant and Equipment 21,435.80 262.50 15.82 21,682.48 3,675.93 1,270.02 5.65 4,940.30 16,742.18
Electrical Installations 1,079.65 - - 1,079.65 534.74 104.86 - 639.60 440.05
Furniture and Fixtures 71.30 20.76 - 92.06 34.46 6.46 - 40.92 51.14
Leasehold Improvements 250.81 - - 250.81 33.49 26.54 - 60.03 190.78
Office Equipment 197.69 35.31 - 233.00 53.86 33.70 - 87.56 145.44
Vehicles 473.49 52.91 225.15 301.25 111.40 41.36 23.79 128.97 172.28
Total 27,236.59 371.48 302.47 27,305.60 4,964.85 1,657.69 84.48 6,538.07 20,767.53
404
Amanta Healthcare Limited
CIN : U24139GJ1994PLC023944
Annexure V - Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information

3 Property, plant and equipment (contd.)

As at March 31, 2024 (Rs. in lakhs)

Net carrying
Gross carrying amount Accumulated depreciation
amount
Particulars
Additions Deductions Deductions
As at April 01, As at March As at April Depreciation As at March As at March
During the during the during the
2023 31, 2024 01, 2023 for the year 31, 2024 31, 2024
year year year

Freehold Land 81.74 - - 81.74 - - - - 81.74

Buildings 3,646.11 - - 3,646.11 345.95 175.02 - 520.97 3,125.14
Plant and Equipment 20,644.27 879.53 88.00 21,435.80 2,438.80 1,237.43 0.30 3,675.93 17,759.87
Electrical Installations 1,075.65 4.00 - 1,079.65 347.63 187.11 - 534.74 544.91
Furniture and Fixtures 68.62 2.68 - 71.30 26.23 8.23 - 34.46 36.84
Leasehold Improvements 240.81 10.00 - 250.81 7.56 25.93 - 33.49 217.32
Office Equipment 107.85 89.84 - 197.69 30.38 23.48 - 53.86 143.83
Vehicles 307.86 263.08 97.45 473.49 97.38 53.97 39.95 111.40 362.09
Total 26,172.91 1,249.13 185.45 27,236.59 3,293.93 1,711.17 40.25 4,964.85 22,271.74

3 Property, plant and equipment (contd.)

As at March 31, 2023 (Rs. in lakhs)

Net carrying
Gross carrying amount Accumulated depreciation
amount
Particulars
Additions Deductions Deductions
As at April 01, As at March As at April Depreciation As at March As at March
During the during the during the
2022 31, 2023 01, 2022 for the year 31, 2023 31, 2023
year year year

Freehold Land 81.74 - - 81.74 - - - - 81.74

Buildings 3,678.10 - 31.99 3,646.11 170.99 175.35 0.39 345.95 3,300.16
Plant and Equipment 20,369.53 274.74 - 20,644.27 1,210.84 1,227.96 - 2,438.80 18,205.47
Electrical Installations 1,038.63 37.02 - 1,075.65 179.01 168.62 - 347.63 728.02
Furniture and Fixtures 69.65 11.11 12.14 68.62 14.65 11.58 - 26.23 42.39
Leasehold Improvements - 240.81 - 240.81 - 7.56 - 7.56 233.25
Office Equipments 57.55 53.57 3.27 107.85 17.91 12.47 - 30.38 77.47
Vehicles 307.86 - - 307.86 48.95 48.43 - 97.38 210.48
Total 25,603.06 617.25 47.40 26,172.91 1,642.35 1,651.97 0.39 3,293.93 22,878.98

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Amanta Healthcare Limited
CIN : U24139GJ1994PLC023944
Annexure V - Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information

3 Property, plant and equipment (contd.)

Note:
1. The above property, plant and equipment have been mortgaged and hypothecated to secure borrowings of the Company [Refer note 20 and 21].
2. The Company has not revalued its property, plant and equipment.
3. Capital commitment: Refer note 37 for disclosure of contractual commitments for the acquisition of property, plant and equipment.
4. The Title deeds of all the immovable properties (other than properties where the Company is the lessee and the lease agreements are duly executed in favour of the lessee) are held in the
name of the Company.

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Amanta Healthcare Limited 100000
Annexure V - Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information

3(a) Capital work-in-progress

As at March 31, 2025

Gross carrying amount
Particulars As at April 01, Addition during the Capitalised during
As at March 31, 2025
2024 year the year
Capital work-in-progress - 1,026.28 371.48 654.80
Total - 1,026.28 371.48 654.80

There is no Capital work-in-progress as at March 31, 2024, March 31, 2023

Notes:-
1. See note 49 for the other accounting policies relevant to property, plant and equipment.
2. The capital work in progress mainly comprises of building and plant and equipment.

3. Ageing of CWIP

Amount in CWIP for a period of

As at March 31, 2025 Total
Less than 1 year 1-2 years 2-3 years More than 3 years
Projects in progress 654.80 - - - 654.80
Total 654.80 - - - 654.80

Amount in CWIP for a period of

As at March 31, 2024 Total
Less than 1 year 1-2 years 2-3 years More than 3 years
Projects in progress - - - - -
Total - - - - -

Amount in CWIP for a period of

As at March 31, 2023 Total
Less than 1 year 1-2 years 2-3 years More than 3 years
Projects in progress - - - - -
Total - - - - -

There are no projects temporarily suspended as at March 31, 2025.

There is no Capital work-in-progress as at March 31, 2024, March 31, 2023

4. There are no Capital work in progress whose completion is overdue or has exceed its cost compared to its original plan as at March 31, 2025.
There is no Capital work-in-progress as at March 31, 2024, March 31, 2023

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Amanta Healthcare Limited 100000
CIN : U24139GJ1994PLC023944
Annexure V - Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information

4 Right-of-use Assets

As at March 31, 2025 (Rs. in lakhs)

Net carrying
Gross carrying amount Accumulated depreciation
amount
Particulars As at As at
As at April Addition during the Deductions As at April Depreciation Deductions As at March 31,
March 31, March 31,
01, 2024 year during the year 01, 2024 during the year during the year 2025
2025 2025
Buildings 644.67 377.55 - 1,022.22 103.45 141.08 - 244.53 777.70
Vehicle - 105.63 - 105.63 - 28.75 - 28.75 76.88
Total 644.67 483.18 - 1,127.85 103.45 169.83 - 273.28 854.58

As at March 31, 2024 (Rs. in lakhs)

Net carrying
Gross carrying amount Accumulated depreciation
amount
Particulars As at As at
As at April Addition during the Deductions As at April Depreciation Deductions As at March 31,
March 31, March 31,
01, 2023 year during the year 01, 2023 during the year during the year 2024
2024 2024
Buildings 1,208.75 - 564.08 644.67 328.54 254.84 479.93 103.45 541.22

As at March 31, 2023 (Rs. in lakhs)

Net carrying
Gross carrying amount Accumulated depreciation
amount
Particulars As at As at
As at April Addition during the Deductions As at April Depreciation Deductions As at March 31,
March 31, March 31,
01, 2022 year during the year 01, 2022 during the year during the year 2023
2023 2023
Buildings 309.94 898.81 - 1,208.75 152.81 175.73 - 328.54 880.21

Notes:-
1. Refer note 39 for disclosure relating to right-of-use asset.
2. See note 49 for the other accounting policies relevant to Right-of-use assets.

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Amanta Healthcare Limited
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Annexure V - Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information

5 Intangible Assets

As at March 31, 2025 (Rs. in lakhs)

Net carrying
Gross carrying amount Accumulated amortization
amount
Particulars Addition Deductions Deductions
As at April 01, As at March As at April Amortisation As at March As at March 31,
during the during the during the
2024 31, 2025 01, 2024 for the period 31, 2025 2025
period period period
Computer Software 22.47 102.40 - 124.87 20.88 12.36 - 33.24 91.63
Total 22.47 102.40 - 124.87 20.88 12.36 - 33.24 91.63

As at March 31, 2024 (Rs. in lakhs)

Net carrying
Gross carrying amount Accumulated amortization
amount
Particulars Addition Deductions
As at April 01, Deductions As at March As at April Amortisation As at March As at March 31,
during the during the
2023 during the year 31, 2024 01, 2023 for the year 31, 2024 2024
year year
Computer Software 22.47 - - 22.47 13.92 6.96 - 20.88 1.59
Total 22.47 - - 22.47 13.92 6.96 - 20.88 1.59

As at March 31, 2023 (Rs. in lakhs)

Net carrying
Gross carrying amount Accumulated amortization
amount
Particulars Addition Deductions
As at April 01, Deductions As at March As at April Amortisation As at March As at March 31,
during the during the
2022 during the year 31, 2023 01, 2022 for the year 31, 2023 2023
year year
Computer Software 22.47 - - 22.47 6.96 6.96 - 13.92 8.55
Total 22.47 - - 22.47 6.96 6.96 - 13.92 8.55

Notes:
1. The Company has not revalued its intangible assets.
2. See note 49 for the other accounting policies relevant to Intangible assets.

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Annexure V - Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information

(Rs. in lakhs)
As at As at As at
6 Non Current Loans March 31, 2025 March 31, 2024 March 31, 2023
Unsecured (considered good)
Loans to Employees 20.70 11.83 8.89
20.70 11.83 8.89

Note: Loans to employees are in accordance with the policy of the Company.

7 Non Current Investment

Accounting Policy
The Company classifies investments in mutual funds at fair value through profit or loss (FVPL) since these do not meet the criteria for amortised cost or
FVOCI.
(Rs. in lakhs)
As at As at As at
Particulars March 31, 2025 March 31, 2024 March 31, 2023
Investment in Mutual Fund (Unquoted)
603,954 Units (March 31, 2024: 603,954 Units, 189.62 175.48 163.85
March 31, 2023: 603,954 Units) of SBI short term
Debt Fund Regular Plan Growth (NAV - March 31,
2025: Rs. 31. 39 per units, (March 31, 2024:
Rs.29.05 per units and March 31, 2023: Rs.27.13
units))*

1,404,932 Units (March 31, 2024: 14,04,932 Units, 213.05 196.69 183.48
March 31, 2023: 14,04,932 Units,) of SBI Corporate
Bond Fund Regular Plan Growth (NAV - March 31,
2025:Rs. 15.16 per units (March 31, 2024: Rs. 14.00
per units and March 31, 2023: Rs.13.06 per units))*

35,304 Units of Aditya Birla Sun Life Liquid Fund- 147.83 - -

Growth-Direct Plan (NAV - Rs. 418.73 per unit )#

7,691 Units of Axis Liquid Fund - Direct Growth 221.79 - -

(CFDGG) (NAV - Rs. 2883.59 per unit )#

772.29 372.17 347.33

Aggregate amount of quoted investments and - - -

market value therof

Aggregate amount of unquoted investments 772.29 372.17 347.33

772.29 372.17 347.33

Aggregate amount of impairment in investments - - -

*The above investments are held as lien with banks for opening Letter of Credit and Bank Guarantee.
#The above investments are held as lien for term loan taken from financial institutions during the period (refer note 20).

8 Other non current financial asset

Accounting Policy
Security Deposits and deposits with banks are classified as financial assets at amortised cost since these assets are held within a business model whose
objective is to collect the contractual cash flows, and the contractual terms give rise to cash flows that are solely payments of principal and interest.

(Rs. in lakhs)
As at As at As at
Particulars March 31, 2025 March 31, 2024 March 31, 2023

Deposits with Bank with maturity period more than - - 3.72

12 months*
Security Deposits 91.57 102.89 154.11
91.57 102.89 157.83

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Annexure V - Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information

(Rs. in lakhs)
As at As at As at
9 Non current tax assets (net)
March 31, 2025 March 31, 2024 March 31, 2023

Advance Income Tax [Net of Provision Rs. 426.82

Lakhs (March 31, 2024 Nil , March 31, 2023 Nil)] 0.11 - -

0.11 - -

(Rs. in lakhs)
As at As at As at
10 Other non-current assets
March 31, 2025 March 31, 2024 March 31, 2023
Prepaid Expenses 0.23 13.27 -
Balances with government authorities* 48.63 - -
Capital Advances 1,081.86 108.22 23.80
1,130.72 121.49 23.80

* This pertain to amount paid under protest.

11 Inventories

Accounting Policy
The cost of individual items of inventory are determined on a first-in-first-out basis. Inventories are valued at lower of cost and net realisable value. See note
49 for the other accounting policies relevant to Inventories.

(Rs. in lakhs)
As at As at As at
Particulars March 31, 2025 March 31, 2024 March 31, 2023
Raw materials* 797.66 1,470.38 706.20
Packing materials 933.67 860.67 841.00
Work-in-progress 2,104.45 1,847.85 1,636.61
Finished goods 2,504.68 950.68 3,078.81
Finished goods in transit 821.81 815.18 610.14
Stock-in-trade 135.42 - 19.32
7,297.69 5,944.76 6,892.08

*Includes raw materials in bonded warehouse amounting to Rs 153.79 lakhs (March 31, 2024 Rs.162.34 Lakhs, March 31, 2023 Rs.205.23 Lakhs)

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Annexure V - Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information

12 Trade receivables

Accounting Policy
Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business and
reflect the Companies unconditional right to consideration (that is, payment is due only on the passage of time).

Trade receivables are recognised initially at the transaction price as they do not contain significant financing components. The
Company holds the trade receivables with the objective of collecting the contractual cash flows and therefore measures them
subsequently at amortised cost using the effective interest method, less loss allowance.

For trade receivables, the Company applies the simplified approach required by Ind AS 109, which requires expected lifetime
losses to be recognised from initial recognition of the receivables and has applied provision matrix practical expedient for
expected credit loss provisioning of trade receivables.

(Rs. in lakhs)
Particulars As at As at As at
March 31, 2025 March 31, 2024 March 31, 2023

Unsecured Considered good 5,216.10 4,958.09 5,514.05

Significant increase in credit risk - - -
Credit Impaired - - -
5,216.10 4,958.09 5,514.05
Less: impairement Loss allowance (207.63) (141.52) (155.86)
5,008.47 4,816.57 5,358.19
Notes
1. Refer note 46 for credit risk related disclosures.
2. Refer note 20 and 21 for charge on current assets including trade receivables.
3. Refer note 44 for the ageing of trade receivables.

(Rs. in lakhs)
As at As at As at
13 Cash and cash equivalents
March 31, 2025 March 31, 2024 March 31, 2023

Cash on hand 17.14 29.89 8.48

Balances with banks
in Current Accounts 4.92 124.05 2.63
22.06 153.94 11.11

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Annexure V - Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information

(Rs. in lakhs)
As at As at As at
14 Bank balances other than cash and cash equivalents
March 31, 2025 March 31, 2024 March 31, 2023

Balance in fixed deposit accounts #

(original maturity of more than three 325.67 256.34 375.85
months but less than twelve months)
325.67 256.34 375.85

#includes
(i) deposit amounting to Rs. 51.31 lakhs (March 31, 2024 : Rs.4.60 Lakhs, March 31, 2023 : Rs. 78.54) with banks for opening
Letter of Credit;
(ii) deposit amounting to Rs. 30.00 lakhs (March 31, 2024 and March 31, 2023: Rs. 30.00 lakhs) are held as lien with bank for
issuing Bank Guarantee.

(Rs. in lakhs)
Current Loans As at As at As at
15
March 31, 2025 March 31, 2024 March 31, 2023
Unsecured (considered good)
Loans to Employees 45.22 18.65 15.62
45.22 18.65 15.62

Note: Loans to employees are in accordance with the policy of the Company.

(Rs. in lakhs)
As at As at As at
16 Other Financial Assets
March 31, 2025 March 31, 2024 March 31, 2023
Security Deposits 1.75
1.75 - -

(Rs. in lakhs)
As at As at As at
17 Other current assets
March 31, 2025 March 31, 2024 March 31, 2023
Balances with Government Authorities 441.51 280.72 154.21
Advance to suppliers 178.07 223.87 176.97
Advances to Employees 7.81 25.19 25.44
Prepaid Expenses 44.42 46.23 48.37
Prepaid loan processing fees* 93.47 - -
Prepaid Transaction cost# 316.88 - -
Export Benefits Receivables 8.90 22.77 42.71
1,091.06 598.78 447.70

* Prepaid loan processing fees pertains to undisbursed borrowings which will be adjusted against the future disbursements and
will be considered in effective interest rate under Ind AS 109.
# Pertains to the ongoing IPO which has been carried forward as prepaid expenses. These expenses will be adjusted against
securities premium balance arising upon issue of fresh shares to the extent allowable in accordance with requirement of the
Companies Act, 2013 and applicable Ind-AS and balance will be charged to the Statement of profit and loss.

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Annexure V - Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information

(Rs. In Lakhs)
As at As at As at
18 Equity Share capital
March 31, 2025 March 31, 2024 March 31, 2023
Authorised :
80,150,000 (March 31, 2024 : 80,150,000, March 31, 2023 : 80,150,000) Equity Shares of Rs. 10 each 8,015.00 8,015.00 8,015.00

8,015.00 8,015.00 8,015.00

Issued, subscribed and paid-up :

28,829,351 (March 31, 2024 : 26,829,351, March 31, 2023 : 26,829,351) Equity Shares of Rs. 10 each 2,882.94 2,682.94 2,682.94

2,882.94 2,682.94 2,682.94

1. Reconciliation of the shares outstanding at the beginning and at the end of the reporting year :

As at As at As at As at As at As at
Particulars March 31, 2025 March 31, 2025 March 31, 2024 March 31, 2024 March 31, 2023 March 31, 2023
Number of shares Rs. In lakhs Number of shares Rs. In lakhs Number of shares Rs. In lakhs

Outstanding at the beginning of the year 26,829,351.00 2,682.94 26,829,351.00 2,682.94 26,829,351.00 2,682.94
Shares issued during the year* 2,000,000.00 200.00 - - - -
Outstanding at the end of the year 28,829,351.00 2,882.94 26,829,351.00 2,682.94 26,829,351.00 2,682.94

* During the year the Company has issued 2,000,000 equity share at the face value of Rs. 10 each per share and security premium of Rs. 90 each per share.

2. Terms / Rights attached to equity shares :

The Company has one class of equity shares having a par value of Rs. 10 per share. Each shareholder is eligible for one vote per share held. In the event of liquidation, the equity shareholders are
eligible to receive the remaining assets of the Company after distribution of all preferential amount, in proportion to their shareholding.

3. Details of shares held by Equity shareholders holding more than 5% of shares in the Company:

Particulars As at March 31, 2025 As at March 31, 2024 As at March 31, 2023
Number of Shares % of holding Number of Shares % of holding Number of Shares % of holding
Mr. Praful J. Patel 2,282,264 7.92% 4,471,936 16.67% 4,471,936 16.67%
Mr. Jitendra J. Patel 3,485,838 12.09% 3,063,838 11.42% 3,376,338 12.58%
Mr. Bhavesh G. Patel 6,239,593 21.64% 3,946,657 14.71% 3,479,057 12.97%
Mr. Vishal A. Patel 3,905,288 13.55% 3,284,288 12.24% 3,284,288 12.24%
Milcent Appliances Private Limited 3,100,000 10.75% 3,100,000 11.55% 3,100,000 11.55%
Mr. Pravin D. Mehta 1,982,763 6.88% 2,804,763 10.45% 2,804,763 10.45%
Mr. Niranjan Patel 1,504,951 5.22% 1,725,951 6.43% 1,725,951 6.43%
22,500,697 78.05% 22,397,433 83.47% 22,242,333 82.89%

4. Details of Shareholding of Promoters

As at March 31, 2025 As at March 31, 2024 As at March 31, 2023
Promoter Name No. of Shares % Total Shares No. of Shares % Total Shares No. of Shares % Total Shares

Mr. Praful J. Patel - - - - 4,471,936 16.67%

Mr. Jitendra J. Patel 3,485,838 12.09% 3,063,838 11.42% 3,376,338 12.58%
Mr. Bhavesh G. Patel 6,239,593 21.64% 3,946,657 14.71% 3,479,057 12.97%
Mr. Vishal A. Patel 3,905,288 13.55% 3,284,288 12.24% 3,284,288 12.24%
Milcent Appliances Private Limited 3,100,000 10.75% 3,100,000 11.55% 3,100,000 11.55%
Mr. Pravin D. Mehta - - - - 2,804,763 10.45%
Mr. Niranjan Patel - - - - 1,725,951 6.43%
[Link] J. Patel - - - - - -
Mr. Kirit A. Desai - - - - 1,133,079 4.22%
MNJ Jackson Inc. - - - - 300,190 1.12%
Sarala Desai - - - - 12,024 0.04%
Veenaben J. Patel - - - - 1 0.00%*
Jayshreeben R. Patel 998,109 3.46% 998,109 3.72% 1,153,001 4.30%
Manisha Patel - - - - 1 0.00%*
17,728,828 61.50% 14,392,892 53.64% 24,840,629 92.57%
* below rounding-off convention

Promoter Name As at March 31, 2025 As at March 31, 2024 As at March 31, 2023
% of change during the year % of change during the year % of change during the year
Mr. Praful J. Patel - 0.00%
Mr. Jitendra J. Patel 13.77% -9.26% 0.00%
Mr. Bhavesh G. Patel 58.10% 13.44% 0.00%
Mr. Vishal A. Patel 18.91% 0.00% 0.00%
Milcent Appliances Private Limited - 0.00% 0.00%
Mr. Pravin D. Mehta - - 0.00%
Mr. Niranjan Patel - - 0.00%
[Link] J. Patel - - -100.00%
Mr. Kirit A. Desai - - 0.00%
MNJ Jackson Inc. - - 0.00%
Sarala Desai - - 0.00%
Veenaben J. Patel - - 0.00%
Jayshreeben R. Patel - -13.43% 100.00%
Manisha Patel - - 0.00%

Promoters are as identified by the Company as per section 2(69) of the Act.
5. Aggregate number of shares allotted as fully paid up pursuant to scheme of arrangement without payment being received in cash (during 5 years immediately preceding March 31, 2025):
202,982 Equity shares of Rs.10 each has been issued on November 30, 2018 to the shareholders of Marck Remedies Private Limited pursuant to the scheme of amalgamation without payment
being received in cash.

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Annexure V - Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information

(Rs. In Lakhs)
As at As at As at
19 Other Equity
March 31, 2025 March 31, 2024 March 31, 2023

Securities Premium
Balance as at the beginning of the year 2,098.38 2,098.38 2,098.38
Addition during the year 1,800.00 - -
Balance as at the end of the year 3,898.38 2,098.38 2,098.38

Debenture redemption reserve

Balance as at the beginning of the year 232.50 423.57 217.14
Add/(Less): Amount transferred from/to Retained earning (232.50) (191.07) 206.43
Balance as at the end of the year - 232.50 423.57

General reserve 1.44 1.44 1.44

Retained Earning
Opening Balance 1,613.62 1,082.01 1,497.34
Add/(Less): Restated profit/(loss) for the year 1,050.07 363.32 (211.06)
Add/(Less): Transfer from/to Debenture redemption reserve 232.50 191.07 (206.43)
Items of Other Comprehensive Income (OCI) recognised directly in retained earnings:
Remeasurement of post employment benefit obligations gain/ (loss), net of taxes (40.12) (22.78) 2.16
Total retained earnings 2,856.07 1,613.62 1,082.01

Total 6,755.89 3,945.94 3,605.40

Footnotes:
1. Securities premium :
Securities premium reflects issuance of the shares by the Company at a premium, whether for cash or otherwise i.e. a sum equal to the aggregate amount of the premium received on shares is transferred to a “securities
premium account” as per the provisions of the Companies Act, 2013. The reserve can be utilised in accordance with the provisions of the Act.

2. Debenture redemption reserve (DRR):

Pursuant to Companies (Share Capital and Debentures) Amendment Rules, 2019 dated August 16, 2019, the Company is required to create DRR. During the year ended March 31, 2025, the Company has redeemed the
debenture and accordingly the balance available in DRR has been transfered to retained earnings.

3. General reserve:
General reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. The general reserve is created by a transfer from one component of equity to another and is not an item of
other comprehensive income.

4. Retained earnings:
The retained earnings reflect the profit of the Company earned till date net of appropriations. The amount that can be distributed by the Company as dividends to its equity shareholders is determined based on the
balance in this reserve, after considering the requirements of the Companies Act, 2013.

(Rs. In Lakhs)
As at As at As at
20 Non Current borrowings
March 31, 2025 March 31, 2024 March 31, 2023
Non-Current Current Non-Current Current Non-Current Current

Secured :

Non-Convertible Debentures*
Nil (March 31, 2024: 11,325, March 31, 2023 : 14,825) - - 11,050.32 800.00 14,834.89 -
Redeemable Non-Convertible Debentures of Rs. 1,00,000 (PY:
Rs. 1,00,000) each (Refer below Note no.1)

Term Loans#:
From banks (Refer below Note no. 3) 207.16 226.89 526.37 311.72 646.23 267.21
From financial institutions (Refer below note no. 4)* 9,980.70 1,600.00 -
Unsecured :

Term Loans:
From banks (Refer below Note no. 5) 1,563.40 97.93 1,661.68 89.13 636.39 12.61

Deposits:
From members (Refer Note no. 21.2) 350.75 225.14 563.13 107.76 365.13 176.76

Non-Convertible Redeemable Preference Share

Redeemable Preference share (Refer below Note no. 2) 1,133.74 - 1,101.18 - 1,072.37 -

13,235.75 2,149.96 14,902.68 1,308.61 17,555.01 456.58

# including interest accrued but not due Rs. 9.74 lakhs -March 31, 2025 (March 31, 2024 - Rs.5.32 lakhs, March 31, 2023 - Rs. 10.57 lakhs)
*Net-off processing fees paid at the time of initial recognition.

Notes

1 Non-Convertible Debentures

Financial Year 2024-25:

The Company has fully repaid the Non-Convertible Debentures on April 15, 2024.

Financial Year 2023-24:

A The Company has issued non-convertible debentures with a coupon rate @14% and IRR @17%.
- 15,200 debentures of Rs. 1,00,000 each were issued on March 30, 2022 and 800 debentures of Rs. 1,00,000 were issued on October 31, 2022.
- Debentures are to be redeemed as per the agreed redemption schedule starting from June 30, 2024 till March 31, 2029.

Considering the terms of instrument, the agreement has been evaluated under Ind AS 109 - "Financial Instruments" as financial liability measured at fair value as on date of its issue and at amortised cost subsequently
using effective interest rate of 17.21% p.a. Call option (exercisable after 24 months by the Company) and put option (Exercisable after 48 month by the holder) under the agreement has been considered during the
measurement of the NCD under Ind AS 109. According to the terms of the instrument, the call option is out of money during the tenure of the agreement and hence, no value is attributed to the said option.

B In respect of Non-Convertible Debentures (NCD), the Company has failed to meet the requirements of a financial covenants viz., ratio of aggregate Financial Indebtedness to EBITDA and the Cash Sweep for the year
ended March 31, 2024 and March 31, 2023. The Company has obtained waiver from the lender towards the consequences arising on account of said breach of financial covenants before the financial statements were
approved for issue for March 31, 2024 and March 31, 2023. Subsequent to the year ended March 31, 2024, these NCDs has been fully redeemed.

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Annexure V - Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information

20 Non Current borrowings (contd).

C Nature of Security
Debentures are being secured
- by hypothecation (a) by way of Second Ranking Charge over all present and future assets of the borrower:
(i) The stocks of raw materials, finished and semi finished Goods, goods in process and Consumable stores, which for time being lying in, or stored in, or which may form time to time, may lied in or be stored in, or brought
into or be in or about, factories, godowns , premises etc. or on other immovable property owned by the hypothecator and all estate, right, title, interest, property, claims, and demand whatsoever of the borrower in relation
to the same which description will include all properties of the above description whether presently in existence or acquired later.
(ii) Inventory, Book Debts, outstanding cash and cash equivalent, Margin Money and other deposit, loans (excluding the loans availed for the purchase of Cars and Buses) and advances and any other receivables of the
company; and
(iii) Demands, bills, contracts, engagements and Securities belonging to or held by the company and which for the time being are due and owing or accruing.

(b) by way of a first ranking charges over all present and future rights, title, interest, benefit, claims, and demands of the Hypothecator in respect of all and singular, the hypothecator's Moveable fixed assets, including its
moveable plant and machinery, moveable spares, tools and accessories and other moveable together with engines, electricals and other installations, implementation, equipments, applications, furnitures and fixtures,
fittings, spare parts and other articles and things belonging to the hypothecator.

(c) by mortgage over all the piece or parcel of non- agricultural land for industrial Purpose together with all buildings and structures thereon and all plant and machinery attached to earth or permanently fastened to
anything to the earth.

The loan is further secured by personal guarantee of promoters and 8,044,765 equity shares are pledged by promoters.
2 Non-Convertible Redeemable Preference Share (RPS)

The Company had issued 1,00,00,000 Redeemable preference shares at face value of Rs. 10. each and these are Redeemable after end of 5 years fom March 30, 2022. RPS carries dividend of 0.1% upto September 30,
2022 and 10% from October 1, 2022. The dividend is payable on March 31 and September 30 each year starting from March 31, 2023. In respect of dividend accruing from October 1, 2022, the total dividend on the
Redeemable Preference Share payable on redemption shall carry internal rate of return of 14%.

The Redemption amount and Dividend payable in relation to the RPS are secured and guaranteed by a personal guarantee of Mr. Bhavesh Patel (Managing Director).

The RPS shall have a preferential right with respect to the payment of Dividend. In any winding up or repayment of capital event, holders of RPS shall have a preference on repayment over the equity shareholders. Any
payment made to the RPS holders by the Company/Guarantor including any payment of Dividend, Redemption amount or Purchase Amount, shall be made pro rata across all RPS holders and no RPS holder shall be
given any preference/ priority over the other.

Considering the terms of instrument the same has been evaluated as per Ind AS 109 - "Financial Instruments" as financial liability measured at fair value as on date of its issue and at amortised cost subsequently.

3 Secured Term Loans from banks

Proceeds from term loans raised have been utilized for the purposes for which it was obtained.

(i) Term Loans for vehicles from various banks aggregating to Rs. 97.02 lakhs (March 31, 2024 - Rs.225.51 lakhs, March 31, 2023 - Rs. 108.12 Lakhs) are secured by hypothecation of vehicles. These are repayable in 35 to
84 monthly installments. It carries interest rate within range of 9.03% p.a. to 10.14% p.a.

(ii) Term loan from a bank amounting to Rs. 118.71 lakhs (March 31, 2024 - Rs.274.65 and March 31, 2023 - Rs. 431.75 Lakhs) is repayable in 48 monthly installments starting 12 months from the date of first disbursal. It
carries interest rate of 1% above MCLR (Range 6.95% to 9.25%). It is secured by (i) first charge by way of hypothecation over raw materials, stock in progress, stock in transit, finished goods, consumables stores and spares,
entire book debt and other receivables of the company; and (ii) pari-passu second charge by way of hypothecation of entire existing and proposed plant and machinery of the company, and mortgage of factory, land &
building located at Kheda unit; (iii) first and exclusive charge by way of lien over bank deposits of Rs. 30 lakhs (with SBI) in the name of the Company.
(iii) Term loan from a bank amounting to Rs. 218.32 lakhs (March 31, 2024 - Rs.332.61 and March 31, 2023 - Rs.363.00 Lakhs) is repayable in 48 monthly installments starting 24 months from the date of first disbursal.
It carries interest rate of 1% above MCLR (Range 6.95% to 9.25%). It is secured by (i) first charge by way of hypothecation over raw materials, stock in progress, stock in transit, finished goods, consumables stores and
spares, entire book debt and other receivables of the company; and (ii) pari-passu second charge by way of hypothecation of entire existing and proposed plant and machinery of the company, and mortgage of factory, land
& building located at Kheda unit; (iii) first and exclusive charge by way of lien over bank deposits of Rs. 30 lakhs (with SBI) in the name of the Company.

4 Secured Term Loans from financial institutions

(i) Term loan from financial institutions amounting to Rs. 12,500 lakhs, constituting (Rupee term loan (RTL) 1 of Rs. 7,500 lakhs and RTL 2 of Rs. 5,000 lakhs) were taken during the period to refinance of existing
borrowings (repayment of Non-Convertible Debentures) and has been utilised for the same purpose.
Interest rate on RTL 1 - @11.50% p.a., payable monthly [benchmarked with One Year MCLR (currently 9.30%) + spread of 2.20%].
Interest rate on RTL 2 - @Fully floating interest rate of 11.50% p.a. payable monthly in arrears linked to long term reference rate.

Considering the terms of the above loans, the borrowings has been identified under Ind AS 109 - "Financial Instruments" as financial liability measured at fair value as on date of its issue and at amortised cost
subsequently using effective interest rate of 12.58% p.a. Call option (exercisable after 36 months by the financial institution) and put option (Exercisable after 60 month by the Company) under the agreement has been
considered during the measurement under Ind AS 109. According to the terms of the instrument and based on the evaluation of options, no value is attributed to the these options. Prepayment option under the agreement
is considered as closely held.

The future annual repayment obligations on principal amount for the above borrowings are as under:
RTL 1 RTL 2
Financial Year Amount Financial Year Annual repayment

2025-26 Rs. 120 lakhs for first 2025-26 12.80%

quarter and Rs. 240
lakhs each for
remaining quarters.
2026-27 Rs. 240 lakhs for first 2026-27 13.60%
quarter and Rs. 255
lakhs each for
remaining quarters.
2027-28 Rs. 255 lakhs for first 2027-28 16.80%
quarter and Rs. 315
lakhs each for
remaining quarters.
2028-29 Rs. 315 lakhs each 2028-29 16.80%
quarter
2029-30 Rs. 315 lakhs each 2029-30 16.80%
quarter
2030-31 Rs. 315 lakhs each 2030-31 16.80%
quarter
2031-32 Rs. 315 lakhs for first
quarter

(ii) Term loan from financial institution amounting to Rs. 75 lakhs (total approved facility Rs. 4,000 lakhs) was taken during the period for capacity expansion. The loan is repayable as per below given schedule from the
completion of principal moratorium date i.e. 15 months from the initial drawdown date.
Interest rate - @11.50% per annum payable monthly (benchmarked with One Year MCLR (currently 9.30%) + spread of 2.20%).

Unutilised borrowing facilities under this agreement, amounts to Rs. 3,925.00 lakhs as at March 31, 2025 (Rs. Nil at March 31, 2024 and March 31, 2023)

416
Amanta Healthcare Limited
CIN : U24139GJ1994PLC023944
Annexure V - Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information

20 Non Current borrowings (contd).

The future annual repayment obligations on principal amount (approved facility) for the above borrowings are as under:
Financial Year Amount
2025-26 Rs. 66.67 lakhs for each
quarter starting from
third quarter of the
year.
2026-27 Rs. 66.67 lakhs for first
quarter and Rs. 175
lakhs each for
remaining quarters.
2027-28 Rs. 175 lakhs for each
quarter.
2028-29 Rs. 175 lakhs for each
quarter.
2029-30 Rs. 175 lakhs for first
quarter and Rs. 200
lakhs each for
remaining quarters.
2030-31 Rs. 200 lakhs for first
quarter and Rs. 225
lakhs each for
remaining quarters.
2031-32 Rs. 225 lakhs for first
quarter

(ii) Nature of Security

a. Charge by way of First pari- mortgage entire fixed assets [ movable and immovable] of the Borrower, present & future, having minimum FACR/security cover of 1.25x. Ranking first pari -passu
charge.
b. Charge by way of Second hypothecation over pari-passu entire current assets of the Borrower, present and future. Ranking second pari -passu charge.
c. Pledge of shareholding of the Promoter (Mr. Bhavesh Patel - Managing Director) (22.87%) in the Company. Non-disposable undertaking of balance (68.54%) shareholding of the Company held by promoter family. Any
increase in shareholding of the Promoter will result in increase in the pledge created for the Lenders.
d. Personal Guarantee by the Guarantors ((Mr. Bhavesh Patel - Managing Director) and Mrs. Manisha Patel wife of Mr. Bhavesh Patel - Managing Director).

5 Unsecured Term Loans:

During the year ended March 31, 2024, the Company and one of the Director of the Company has availed unsecured loan from a bank amounting to Rs. 1,875.00 lakhs, out of which Rs. 1,792.46 lakhs pertain to Company
and balance portion pertain to the Director. Outstanding amount as on March 31, 2025 for the Company portion is Rs. 1,661.69 lakhs (March 31, 2024 - Rs.1750.81, March 31, 2023 - Nil, March 31, 2022 - Nil). The director
of the Company has provided his personal residential property as security to obtain the loan for the Company and director himself. The director has accepted his personal liability towards his share in the loan by entering
into a separate arrangement with the Company. The share of monthly installments including the interest thereon are regularly paid by the director to the Company before it's due date and the Company pays the amount
on behalf of the director to the bank on due date. This is repayable in 144 monthly installments. It carries interest rate of EBRR less 0.30%.

During the earlier years, the Company and one of the Director of the Company has availed unsecured loan from a bank amounting to Rs. 841.00 lakhs, out of which Rs. 745.43 lakhs pertain to Company and balance
portion pertain to the Director. Outstanding amount as on March 31, 2025 for the Company portion is Nil (March 31, 2024 - [Link], March 31, 2023 - Rs. 649.00 Lakhs). The director of the Company has provided his
personal residential property as security to obtain the loan for the Company and director himself. The director has accepted his personal liability towards his share in the loan by entering into a separate arrangement with
the Company. The share of monthly installments including the interest thereon are regularly paid by the director to the Company before it's due date and the Company pays the amount on behalf of the director to the bank
on due date. This is repayable in 180 monthly installments. It carries interest rate of HFR plus 0.35%.

417
Amanta Healthcare Limited
CIN : U24139GJ1994PLC023944
Annexure V - Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information
(Rs. In Lakhs)
21 Current borrowings As at As at As at
March 31, 2025 March 31, 2024 March 31, 2023
Secured

Cash Credit from a bank (Refer below note 1) 3,874.90 4,091.34 3,387.59

Current maturities of Term loans from banks (refer note 20) 226.89 311.72 267.21
Current maturities of Term loans from financial institutions (Refer note 20) 1,600.00 - -
Current maturities of Non-Convertible Debentures (refer note 20) - 800.00 -

Unsecured

Deposits: from members (Refer below note 2) 239.00 220.28 166.67

Current maturities of Term loan from banks (refer note 20) 97.93 89.13 12.61
Current maturities of Deposits from members (Refer below note 2) 225.14 107.76 176.76
6,263.86 5,620.23 4,010.84
Note
1 It is secured by (i) first charge of hypothecation over raw materials, stock in progress, stock in transit, finished goods, consumables stores and spares, entire book debt and other receivables of the company; and (ii) second
charge by way of hypothecation of entire existing and proposed plant and machinery of the company, and mortgage of factory, land & building located at Kheda unit; (iii) first and exclusive charge by way of lien over bank
deposits of Rs. 30 lakhs (with SBI) in the name of the Company. It carries interest of 8.10% above six month MCLR calculated on daily products at monthly rests upto September 22, 2022 and interest of 4.75% above six
month MCLR calculated on daily products at monthly rests w.e.f September 23, 2022. The facility is further secured by personal guarantee of managing director ( Bhaveshbhai Patel ) and wife of Mr. Bhavesh Patel -
Managing Director).

2 Deposits carries interest rates of 0% p.a, 7% p.a. and 11% p.a., as applicable. (March 31, 2024 and March 31, 2023 - 0% p.a, 7% p.a. and 11% p.a., as applicable.) Deposits are repayable in 6 to 36 months from the date of
deposit.
No deposits were received from any director during the year ended March 31, 2025, March 31, 2024 and March 31, 2023.
3 Unutilised facility related to working capital is Rs. 767.00 lakhs (Rs.294.00 lakhs as at March 31, 2024 and Rs. 513.00 lakhs as at March 31, 2023).

(Rs. In Lakhs)
21 Net Debt Reconciliation: As at As at As at
March 31, 2025 March 31, 2024 March 31, 2023
Cash and cash equivalents 22.06 153.94 11.11
Current Borrowings (6,263.86) (5,620.23) (4,010.84)
Non Current Borrowings (13,235.75) (14,902.68) (17,555.01)
Lease liabilities (894.04) (586.35) (906.20)
(20,371.59) (20,955.32) (22,460.94)

(Rs. In lakhs)
Particulars Other assets Liabilities from financing activities
Cash and cash Non Current
equivalents Current borrowings Borrowings Lease liabilities Total

Net balance as at March 31, 2022 638.33 (4,579.70) (17,590.71) (172.12) (21,704.20)

Cash inflows/(outflow) (627.22) 625.68 455.07 196.04 649.58

Current Maturity (56.82) 56.82 -
Acquisitions - leases - - - (883.58) (883.58)
Interest expense - (464.51) (2,875.22) (46.53) (3,386.26)
Interest paid - 464.51 2,399.03 - 2,863.54
Net balance as at March 31, 2023 11.11 (4,010.84) (17,555.01) (906.20) (22,460.94)

Cash inflows/(outflow) 142.83 (757.36) 2,343.69 386.77 2,115.93

Current Maturity (850.62) 850.62 - -
Interest expense - (348.35) (2,788.16) (66.92) (3,203.43)
Interest paid - 346.94 2,246.18 - 2,593.12
Net balance as at March 31, 2024 153.94 (5,620.23) (14,902.68) (586.35) (20,955.32)

Cash inflows/(outflow) (131.88) 197.72 974.40 223.45 1,263.69

Current Maturity (841.35) 841.35 - -
New - leases - - - (450.37) (450.37)
Processing Fees - - - - -
Interest expense - (302.87) (2,289.15) (80.77) (2,672.79)
Interest paid - 302.87 2,140.33 - 2,443.20
Net balance as at March 31, 2025 22.06 (6,263.86) (13,235.75) (894.04) (20,371.59)

418
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CIN : U24139GJ1994PLC023944
Annexure V - Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information
(Rs. In Lakhs)
22 Trade Payables As at As at As at
March 31, 2025 March 31, 2024 March 31, 2023

(i) Total outstanding dues of micro and 221.77 43.87 77.10

small enterprises (Refer note 38)
(ii) Total outstanding dues of creditors other than 2,828.17 2,436.33 3,543.68
micro and small enterprises
3,049.94 2,480.20 3,620.78
Refer Note 45 for ageing schedule of Trade payables

(Rs. In Lakhs)
23 Other current financial liabilities As at As at As at
March 31, 2025 March 31, 2024 March 31, 2023
Payables for purchase of property, plant and equipment 58.46 33.55 41.12
Employee benefits payable* 291.53 235.92 256.90
349.99 269.47 298.02
*Refer note 42 for payable to related parties.
(Rs. In Lakhs)
24 Contract Liabilities As at As at As at
March 31, 2025 March 31, 2024 March 31, 2023
Advance from customers 620.87 842.32 546.11
620.87 842.32 546.11

Information about Contract Liabilities

Opening Balance 842.32 546.11 401.93

Revenue recognised (842.32) (546.11) (401.93)
Increases due to cash received, excluding amounts recognised
as revenue during the year 620.87 842.32 546.11
Closing Balance 620.87 842.32 546.11

(Rs. In Lakhs)
25 Other Current liabilities As at As at As at
March 31, 2025 March 31, 2024 March 31, 2023
Statutory dues 94.35 64.81 101.34
Interest payable to micro enterprises and small enterprises 96.53 80.25 33.06
190.88 145.06 134.40

(Rs. In Lakhs)
26 Current provisions As at As at As at
March 31, 2025 March 31, 2024 March 31, 2023
Provision for Employee Benefits (Refer note no. 40):
- Provision for Gratuity 559.72 441.87 390.23
- Provision for compensated absences 241.24 204.78 170.93
800.96 646.65 561.16

(Rs. In Lakhs)
27 Current tax Liability (Net) As at As at As at
March 31, 2025 March 31, 2024 March 31, 2023
Income Tax Liability [Net of Advance Tax Rs.264.93 lakhs 111.65 118.95 287.12
(March 31, 2024 - Rs.307.88 lakhs, March 31, 2023 - Rs.13.15
Lakhs)]
111.65 118.95 287.12

419
Amanta Healthcare Limited
CIN : U24139GJ1994PLC023944
Annexure V - Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information

28 Revenue from operations

Accounting Policy

i) Sale of Products

The Company is engaged in the business of manufacturing & sale of Pharma Prodcucts to the consumers which mainly includes 1) Large Volume
Parentals (LVP) [Unit dose container of more than 100 ml] 2) Small Volume Parentals (SVP) [Unit does container of less than 100 ml].

Sales of products are recognised as revenue when control of the products has transferred, being when product are delivered to the customer i.e.
satisfaction of the performance obligation. Delivery occurs when the products have been shipped to the specific location, the risks of obsolescence
and loss have been transferred to the customer, and either the customer has accepted the products in accordance with the sales contract, the
acceptance provisions have lapsed, or the Company has objective evidence that all criteria for acceptance have been satisfied.

The goods are sold under various schemes having rate discount clause. Revenue from these sales is recognised based on the price specified in the
contract, net of the trade discounts. Accumulated experience is used to estimate and provide for the discounts, using the expected value method, and
revenue is only recognised to the extent that it is highly probable that a significant reversal will not occur.

A receivable is recognised when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage
of time is required before the payment is due.

ii) Sale of Services

The Company is providing contract manufacturing services under loan license arrangement. The Company uses its manufacturing process to
produce the end product by using inputs and specifications provided by the customer. The goods are accepted by the customer after quality checks
and the performance obligation is satisfied upon the delivery of the goods. Sales of service are recognised as revenue when control of the products
has transferred, being when product are delivered to the customer i.e. satisfaction of the performance obligation.

iii) Financing Component

The Company does not have any contracts where the period between the transfer of the promised goods or services to the customer and payment by
the customer exceeds one year. As a consequence, the Company does not adjust transaction price for the time value of money.

iv) Export incentive relating to incentives received under various export sale schemes, income recognised in the restated statement of profit or loss as
and when the export sales made and right to receive the incentive arise.

(Rs. In Lakhs)
For the year ended For the year ended For the year ended
Revenue from operations March 31, 2025 March 31, 2024 March 31, 2023

Revenue from Contract with Customers

Sale of Products 26,687.31 27,237.79 25,289.29
Sale of Services 516.91 606.59 463.56
27,204.22 27,844.38 25,752.85
Other Operating Revenue:
Scrap sales 127.87 46.68 49.45
Export Incentives 138.73 142.97 110.63
27,470.82 28,034.03 25,912.93

420
Amanta Healthcare Limited
CIN : U24139GJ1994PLC023944
Annexure V - Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information

28 Revenue from operations (contd.)

(Rs. In Lakhs)
a) Reconciliation of revenue recognised with contract For the year ended For the year ended For the year ended
price: March 31, 2025 March 31, 2024 March 31, 2023

Contract Price 28,147.26 28,653.77 26,192.50

Less: Adjustment for trade discount 815.17 762.71 390.20
27,332.09 27,891.06 25,802.30

b) Disclosure below presents disaggregated revenue from contracts with customers. The Company believes that this disaggregation best depicts how
the nature, amount, timing and uncertainty of revenue and cash flows are affected by market and other economic factors.

(Rs. In Lakhs)
For the year ended For the year ended For the year ended
March 31, 2025 March 31, 2024 March 31, 2023

Revenue from sale of product is further disaggregated as

below:
Large Volume Parenterals 21,159.59 22,103.34 18,661.41
Small Volume Parenterals 5,466.51 5,113.11 6,493.52
Others Products 189.08 68.02 183.81
26,815.18 27,284.47 25,338.74

(Rs. In Lakhs)
For the year ended For the year ended For the year ended
March 31, 2025 March 31, 2024 March 31, 2023

Revenue from sale of services is further disaggregated as

below:
Job work Income 516.91 606.59 463.56
516.91 606.59 463.56

c) Timing of revenue recoginition (contracts with customers) - Revenue from contracts with customers is recognised at a point in time.

(Rs. In Lakhs)
For the year ended For the year ended For the year ended
29 Other Income March 31, 2025 March 31, 2024 March 31, 2023

Interest income from financial assets measured at amortised cost

-Interest on deposits with banks 30.92 32.86 18.75
-Others - - 2.68
Unwinding of discount on security deposits 4.75 3.54 2.34
Interest on Income tax refund - - 36.50
Interest on VAT refund - - 22.57
Net gain on foreign currency transactions & translation 6.79 - 189.79
Net fair value gain on financial assets measured at fair value through 50.11 24.83 13.26
profit or loss.
Insurance claims received 13.65 3.60 16.41
Liabilities written back to the extent no longer required 18.53 - 53.42
Profit on sale of property, plant and equipments (net) - -
Miscellaneous income 13.77 61.82 0.97
138.52 126.65 356.69

421
Amanta Healthcare Limited
CIN : U24139GJ1994PLC023944
Annexure V - Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information
(Rs. In Lakhs)
For the year ended For the year ended For the year ended
30 Cost of materials consumed March 31, 2025 March 31, 2024 March 31, 2023

Cost of raw material consumed 6,467.33 5,064.26 6,036.86

Cost of packing material consumed 3,658.81 3,497.56 4,029.06

10,126.14 8,561.82 10,065.92

(Rs. In Lakhs)
For the year ended For the year ended For the year ended
Changes in inventories of finished goods, work-in-process
31 March 31, 2025 March 31, 2024 March 31, 2023
and stock-in-trade

Opening Balance
Finished goods 1,765.86 3,688.95 3,911.14
Work-in-process 1,847.85 1,636.61 1,245.92
Stock-in-trade - 19.32 240.42
3,613.71 5,344.88 5,397.48
Less: Closing Balance
Finished goods 3,326.49 1,765.86 3,688.95
Work-in-process 2,104.45 1,847.85 1,636.61
Stock-in-trade 135.42 - 19.32
5,566.36 3,613.71 5,344.88

(Increase)/decrease in inventories (1,952.65) 1,731.17 52.60

(Rs. In Lakhs)
For the year ended For the year ended For the year ended
32 Employee Benefits Expense March 31, 2025 March 31, 2024 March 31, 2023

Salaries and Wages 3,168.68 2,948.77 2,895.78

Contribution to Provident and Other Funds (Refer note 40) 208.57 187.21 172.65
Gratuity (Refer note 40) 79.65 67.81 63.67
Staff Welfare Expenses 177.07 50.78 54.93
3,633.97 3,254.57 3,187.03

(Rs. In Lakhs)
For the year ended For the year ended For the year ended
33 Finance costs March 31, 2025 March 31, 2024 March 31, 2023

Interest expense for financial liabilities classified at amortized cost:

Redeemable Preference share 132.35 128.81 122.87
Non convertible debenture 394.69 2,382.46 2,541.77
Lease liabilities 80.77 66.92 46.53
Term Loan from Banks 255.97 197.02 163.08
Term Loan from Others - - -
Term Loans from Financial Institutions 1,422.99 - -
Working Capital loan from Banks 302.87 348.36 464.51
Deposits from members 83.15 79.87 50.61
Interest on MSME 9.69 34.14 9.58
Interest on delayed payment of statutory dues - - 6.21
Interest on Income Tax 14.09 2.16 33.34
Other Borrowing Costs* 98.22 124.05 88.52
2,794.79 3,363.79 3,527.02

*other borrowing costs includes bank guarantee charges, loan processig charges and others ancillary costs.
(Rs. In Lakhs)
For the year ended For the year ended For the year ended
34 Depreciation and Amortisation Expense March 31, 2025 March 31, 2024 March 31, 2023

Depreciation on property, plant and equipment (refer note 3) 1,657.70 1,711.17 1,651.97
Depreciation on right-of-use assets (refer note 4) 169.83 254.84 175.73
Amortisation on intangible assets (refer note 5) 12.36 6.96 6.96
1,839.89 1,972.97 1,834.66

422
Amanta Healthcare Limited
CIN : U24139GJ1994PLC023944
Annexure V - Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information

(Rs. In Lakhs)
For the year ended For the year ended For the year ended
35 Other expenses March 31, 2025 March 31, 2024 March 31, 2023

Consumption of Stores and Spare parts 383.37 456.95 374.94

Labour Charges 1639.11 1,560.14 1,279.16
Power and Fuel 2222.95 2,474.10 2,335.86
Laboratory Goods and Testing Expenses 146.14 160.27 133.37
Repairs to Buildings 76.76 51.35 28.85
Repairs to Machinery 72.17 111.54 51.40
Repairs to Others 59.29 54.99 39.39
Communication Expenses 23.03 18.09 18.76
Legal and Professional Expenses 369.60 327.46 165.74
Printing and Stationery Expenses 48.28 31.02 36.94
Rent (refer note 39) 4.87 6.66 79.19
Rates and Taxes* 20.59 10.62 (184.07)
Insurance 83.28 97.54 99.19
Security Service Charges 50.56 58.05 53.66
Travelling and Conveyance Expenses 249.98 271.31 262.40
Payment to Auditors [Refer Note 35(a)] 48.66 28.87 18.13
Vehicle Running and Maintenance 98.85 76.03 70.05
Net loss on foreign currency transactions & translation - 52.80 -
Transaction cost (Refer note 17) - - -
Provision for doubtful debts (refer note 46) 131.69 83.92 144.90
Loss on sale of property, plant and equipment (net) 9.95 2.51 46.39
Corporate Social Responsibility (Refer note 43) 29.11 21.37 32.89
Freight and Forwarding Expenses 2317.20 2193.36 1,951.56
Selling and Distribution Expenses 137.41 221.96 215.24
Miscellaneous Expenses 241.62 149.05 21.80
8,464.47 8,519.96 7,275.74

* Rates and taxes for Financial Year 2022-23 are net off refund of Value Added Tax amounting to Rs. 229.29 lakhs.
(Rs. In Lakhs)
For the year ended For the year ended For the year ended
35(a) Details of payment to auditors March 31, 2025 March 31, 2024 March 31, 2023

Payments to auditors:
As auditor
- Statutory Audit 38.75 25.00 14.50
- Tax audit 2.50 2.50 2.50

In other capacities
- Certification 1.00 1.00 1.00

Reimbursement of Expenses 6.41 0.37 0.13

Total 48.66 28.87 18.13

The Auditors remunerations for the year ended March 31, 2025 excludes Rs. 90 Lakhs in relation to services provided by the statutory auditors for
the proposed IPO of the Company. Refer note 17.

423
Amanta Healthcare Limited
CIN : U24139GJ1994PLC023944
Annexure V - Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information

Note 36: Income tax expense

(Rs. In Lakhs)
For the year ended For the year ended For the year
March 31, 2025 March 31, 2024 ended
(a) Restated Income tax expense recognised in Statement of Profit and Loss March 31, 2023

Current tax
Current tax on profit for the year: 362.49 410.21 300.27
Excess provision of tax relating to earlier years (3.27) - (428.75)
Total Current tax expenses 359.22 410.21 (128.48)

Deferred tax (other than disclosed under other comprehensive

income and other equity)
Decrease/(Increase) in deferred tax assets 67.70 (158.79) 1,284.52
(Decrease)/Increase in deferred tax liabilities (6.30) (75.85) (675.99)
Net deferred tax recognised in Statement of Profit and Loss 61.40 (234.64) 608.53

Charge to the Statement of Profit and Loss 420.62 175.57 480.05

(b) Reconciliation of current tax

Profit before tax 1,470.69 538.89 268.99

Expected income tax expense calculated using tax rate at 25.17% for March
31, 2025, March 31, 2024 and March 31, 2023 370.14 135.63 67.70

Adjustment to reconcile expected income tax to reported income

tax expenses:
Effect of:

MAT credit entitlement written off due to adoption of new tax regime - - 1,400.67
Impact of change in tax rate due to adoption of new tax regime - - (611.95)
Dividend on Redeemable Preference share 33.31 35.70 33.55
Tax adjustment of earlier year - - (428.75)
Expenses not deductible for tax purposes 13.31 18.38 18.27
Other items 3.86 (14.14) 0.55
Total income tax as per the Statement of Profit and Loss 420.62 175.57 480.05

The tax rate used for the reconciliations given above is the actual / enacted corporate tax rate payable by corporate entities in India on taxable profits under the Indian tax law.

(Rs. In Lakhs)
For the year ended For the year ended For the year
March 31, 2025 March 31, 2024 ended
(c) Income tax recognised in other comprehensive income March 31, 2023

Deferred tax
Remeasurement of defined benefits plan (53.62) (30.44) 2.89

Impact of Income tax thereon recognised in other comprehensive income 13.50 7.66 (0.73)

The following is the analysis of deferred tax (liabilities)/ assets presented in the balance sheet (Rs. In Lakhs)
As at As at As at
(d) Deferred tax balances March 31, 2025 March 31, 2024 March 31, 2023

Deferred tax liabilities (3,314.41) (3,320.71) (3,396.56)

Deferred tax assets 295.33 349.53 198.40
Net Deferred tax liabilities (3,019.08) (2,971.18) (3,198.16)

Movement of deferred tax assets / (liabilities)

(Rs. In lakhs)
Opening Balance Recognised in the Recognised Closing Balance
Deferred tax assets / (liabilities) in relation to the year ended
Statement of Profit or in OCI
March 31, 2025
Loss

Deferred tax liability

Property, plant and equipment (3,308.84) 91.34 - (3,217.50)
Loan processing fees - (72.43) - (72.43)
Financial assets at fair value through profit or loss (11.87) (12.61) - (24.48)
(3,320.71) 6.30 - (3,314.41)

Deferred tax asset

Right of use assets and Lease liabilities 10.90 (4.16) - 6.74
Transaction cost for Non convertible debenture 132.22 (132.22) -
Provision for doubtful debt 35.62 16.64 - 52.26
Provision for Bonus 8.03 (0.78) - 7.25
Expenses allowed of payment basis under 43B - 27.48 - 27.48
Remeasurement of defined benefits plan 162.76 25.34 13.50 201.60
349.53 (67.70) 13.50 295.33

Net Deferred tax Liability (2,971.18) (61.40) 13.50 (3,019.08)

424
Amanta Healthcare Limited
CIN : U24139GJ1994PLC023944
Annexure V - Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information

Note 36: Income tax expense (contd.)

(Rs. In lakhs)
Opening Balance Recognised in the Recognised Closing Balance
Deferred tax assets / (liabilities) in relation to the year ended
Statement of Profit or in OCI
March 31, 2024
Loss

Deferred tax liability

Property, plant and equipment (3,390.94) 82.10 - (3,308.84)
Financial assets at fair value through profit or loss (5.62) (6.25) - (11.87)
(3,396.56) 75.85 - (3,320.71)

Deferred tax asset

Right of use assets and Lease liabilities 6.09 4.81 - 10.90
Transaction cost for Non convertible debenture 2.49 129.73 - 132.22
Provision for doubtful debt 39.23 (3.61) - 35.62
Provision for Bonus 9.35 (1.32) - 8.03
Remeasurement of defined benefits plan 141.24 29.18 (7.66) 162.76
198.40 158.79 (7.66) 349.53

Net Deferred tax Liability (3,198.16) 234.64 (7.66) (2,971.18)

(Rs. In lakhs)
Opening Balance Recognised in the Recognised Closing Balance
Deferred tax assets / (liabilities) in relation to the year ended
Statement of Profit or in OCI
March 31, 2023
Loss

Deferred tax liability

Property, plant and equipment (4,069.91) 678.97 - (3,390.94)
Financial assets at fair value through profit or loss (2.64) (2.98) - (5.62)
(4,072.55) 675.99 - (3,396.56)

Deferred tax asset

Right of use assets and Lease liabilities 5.19 0.90 - 6.09
Transaction cost for Non convertible debenture (118.65) 121.14 2.49
Provision for doubtful debt 38.55 0.68 - 39.23
Provision for Bonus 9.70 (0.35) - 9.35
Remeasurement of defined benefits plan 146.73 (6.22) 0.73 141.24
MAT credit entitlement - Charged off 1,400.67 (1,400.67) - -
1,482.19 (1,284.52) 0.73 198.40

Net Deferred tax Liability (2,590.36) (608.53) 0.73 (3,198.16)

Note
From the Assessment Year 2022-23, the Company has opted for Section 115BAA of the Income Tax Act, 1961, In terms of Section 115JB of the Income Tax Act, 1961, the provisions of
MAT are not applicable on the domestic companies which have opted for tax regime under Section 115BAA or Section 115BAB and MAT credit entitlement of the Company upto
financial year 2021-22 is not eligible for future utilisation. Accordingly, MAT credit entitlement amounting to Rs. 1,400.67 lakhs has been written off during the year ended March 31,
2023.

425
Amanta Healthcare Limited
CIN : U24139GJ1994PLC023944
Annexure V - Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information

37 Capital and other commitments and Contingent Liabilities

(Rs. In Lakhs)
As at As at As at
(a) Capital commitments
March 31, 2025 March 31, 2024 March 31, 2023
Estimated amount of contracts remaining to be
executed on capital account and not provided for
(net of advances)
Property, plant and equipment 2,861.00 63.42 95.20

2,861.00 63.42 95.20

(b) Other commitments

The Company has imported certain goods at concessional rate of custom duty under "Advance License Scheme" of the Central Government.
The Company has undertaken an incremental export obligation to the extent of US $ 0.32 lakhs (March 31, 2024 US $ 0.32 lakhs, March
31, 2023 US $ 1.09 lakhs) equivalent to Rs. 26.59 lakhs (March 31, 2024 - Rs.26.59 lakhs, March 31, 2023- Rs. 89.52 lakhs) to be fulfilled
during a specified period as applicable from the date of imports. The unprovided liability towards custom duty payable on unfulfilled export
obligations is Rs. 3.06 lakhs (March 31, 2024 - Rs.3.06 lakhs March 31, 2023- Rs. 6.88 lakhs).

(Rs. In Lakhs)

As at As at As at
(c) Contingent Liabilities
March 31, 2025 March 31, 2024 March 31, 2023

(i) Legal matters under dispute:

Income Tax 11.19 11.19 11.19
Goods & Services tax 1,119.00 470.53 -
Drug Price Control Order, 1979 28.52 - -
1,158.71 481.72 11.19
Tax matters under dispute:

The Company is contesting the demands and the management believes that its position is likely to be upheld in the appellate process. It is
not practicable to estimate the timing of outflows of resources embodying economic benefits, if any, in respect of these matters, pending
resolution of the proceedings with the appellate authorities.

(ii) The Company has evaluated the impact of Supreme Court (“SC”) judgement dated February 28, 2019 in the case of Regional Provident
Fund Commissioner (II) West Bengal v/s Vivekananda Vidyamandir and Others, in relation to exclusion of certain allowances from the
definition of “basic wages” of the relevant employees for the purposes of determining contribution to Provident Fund (“PF”) under the
Employees’ Provident Fund & Miscellaneous Provisions Act, 1952. There are interpretation issues relating to the said SC judgement. Based
on such evaluation, management has concluded that effect of the aforesaid judgement on the Company is not material and accordingly, no
provision has been made in the Restated financial information.

The disclosure pursuant to Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act, 2006) are as
38
follows:
(Rs. In Lakhs)
As at As at As at
March 31, 2025 March 31, 2024 March 31, 2023
(a) Principal amount due to suppliers registered 221.77 43.87 77.10
under the MSMED Act and remaining unpaid as
at year end
(b) Interest thereon due to suppliers registered - 0.12 0.28
under the MSMED Act and remaining unpaid as
at year end
(c) Principal amounts paid to suppliers registered 1,032.95 614.79 68.12
under the MSMED Act, beyond the appointed
day during the year
(d) Interest paid, under Section 16 of MSMED Act, 26.94 - -
to suppliers registered under the MSMED Act,
beyond the appointed day during the year

(e) Amount of interest due and payable for the 43.21 34.14 9.58
period of delay in making payment (which have
been paid but beyond the appointed day during
the year) but without adding the interest
specified under the MSMED Act.
(f) Interest accrued and remaining unpaid at the 96.53 80.25 33.06
end of each accounting year (Not due)
(g) Amount of further interest remaining due and 64.11 46.11 23.48
payable even in the succeeding years, until such
date when the interest dues above are actually
paid to the small enterprise, for the purpose of
disallowance of a deductible expenditure under
section 23 of the MSMED Act

Note: The above information regarding dues payable to Micro and Small enterprises is complied by management to the extent the
information is available with the Company regarding the status of suppliers as Micro and Small enterprises.

426
Amanta Healthcare Limited
CIN : U24139GJ1994PLC023944
Annexure V - Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information

39 Leases

Accounting Policy

As a Lessee:
The Company acquires on lease various buildings (offices and warehouses). Rental contracts typically ranges from 2 year to 9 years.

Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not
impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security
for borrowing purposes.

The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the
case for leases in the company, the lessee's incremental borrowing rate is used, being the rate that the individual lessee would have to pay to
borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms,
security and conditions.

To determine the incremental borrowing rate, the company uses recent third-party financing received by the individual lessee as a starting point,
adjusted to reflect changes in financing conditions since third party financing was received.

Right-of use assets

Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis.

Short term lease and lease of low value assets;

Payments associated with short-term leases of equipment and all leases of low-value assets are recognised on a straight-line basis as an expense
in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprises of various warehouses.

See note 49 for the other accounting policies relevant to leases.

The Company may have extension/termination option as described in (iii) below

(i) Amounts recognised in balance sheet

The balance sheet shows the following amounts relating to leases:

Right-of-use assets (Rs. In Lakhs)

As at As at As at
Particulars Note March 31, 2025 March 31, 2024 March 31, 2023

Building 4 777.70 541.22 880.21

Vehicle 4 76.88 - -
Total 854.58 541.22 880.21

Lease liabilities
As at As at As at
Particulars
March 31, 2025 March 31, 2024 March 31, 2023
Current 120.11 43.26 254.90
Non-current 773.93 543.09 651.30
894.04 586.35 906.20

(ii) Amounts recognised in the Statement of Profit and Loss

The statement of profit or loss shows the following amounts relating to leases:
For the year ended For the year ended For the year ended
Particulars March 31, 2025 March 31, 2024 March 31, 2023

Depreciation expense on right-of-use assets 169.83 254.84 175.73

Interest expense (included in finance costs) 80.77 66.92 46.53
Expense relating to short term lease (included in
other expenses) 4.87 6.66 79.19
Total 255.46 328.42 301.45

The total cash outflow for leases for the year was Rs.223.45 lakhs(March 31, 2024 - Rs.326.27 lakhs, March 31, 2023 - Rs. 278.45 lakhs).

(iii) Extension and termination options

These options are used to maximize operational flexibility in terms of managing the assets used in the Company’s operations. Extension and
termination options are included in the lease term, only if the Company has the right to exercise these options and reasonably certain to exercise
the right.

427
Amanta Healthcare Limited
CIN : U24139GJ1994PLC023944
Annexure V - Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information

40 Employee benefit plans

A. Defined Contribution Plan

The Company's contribution to provident fund , pension fund, employee state insurance scheme and labor welfare fund are determined
under the relevant schemes and / or statute and charged to the statement of profit or loss as following. The obligation of the Company is
limited to the amount contributed and it has no further contractual or constructive obligation.

(Rs. In Lakhs)
For the year ended For the year ended For the year
Particulars March 31, 2025 March 31, 2024 ended
March 31, 2023
(i) Contribution to Provident fund 178.20 161.98 149.34
(ii) Contribution to Pension fund 29.76 24.48 22.48
(iii) Contribution to ESI 0.17 0.31 0.41
(iv) Contribution to Labor welfare fund 0.44 0.44 0.42
208.57 187.21 172.65

B. Defined benefit plans

(a) Gratuity
The Company provides gratuity to employees in India. Employees who are in continuous service for a period of 5 years are eligible for
gratuity. The amount of gratuity payable on retirement/termination is the employees last drawn basic salary per month computed
proportionately for 15 days salary multiplied for the number of years of service. The gratuity plan is a funded plan. The scheme is
funded with Life Insurance Corporation in the form of a qualifying insurance policy.

(b) Risk exposure to defined benefit plans

The plans typically expose the Company to actuarial risks such as: asset volatility, interest rate risk, longevity risk and salary risk as
described below:
Longevity risk
The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality of plan participants
both during and after their employment. An increase in the life expectancy of the plan participants will increase the plan’s liability.

Salary risk
The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan participants. As such, an
increase in the salary of the plan participants will increase the plan’s liability.
Interest rate risk
A decrease in the bond interest rate will increase the plan liability; however, this will be partially offset by an increase in the return on
the plan’s debt investments.

Asset volatility
The present value of the defined benefit plan liability is calculated using a discount rate which is determined by reference to market
yields at the end of the reporting period on Indian government securities; if the return on plan asset is below this rate, it will create a
plan deficit.

The actuarial valuation of the plan assets and the present value of the defined benefit obligation were carried as at March 31, 2025,
March 31, 2024, March 31, 2023. The present value of the defined benefit obligation, and the related current service cost and past
service cost, were measured using the projected unit credit method.

(c) Significant assumptions

The principal assumptions used for the purposes of the actuarial valuations were as follows.
(Rs. In Lakhs)
As at As at As at
Particulars
March 31, 2025 March 31, 2024 March 31, 2023
Discount Rate (p.a) 6.50% 7.00% 7.20%
Salary growth rate (p.a) 6.00% 5.50% 5.50%
Future mortality rates are obtained from relevant table of Indian Assured Lives Mortality (2012-14) Ultimate as at March 31, 2025,
March 31, 2024 and March 31, 2023.

428
Amanta Healthcare Limited
CIN : U24139GJ1994PLC023944
Annexure V - Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information

40 Employee benefit plans (Contd.)

(d) Amount recognised in the balance sheet is as under:

(Rs. In Lakhs)
As at As at As at
Balances of defined benefit plan
March 31, 2025 March 31, 2024 March 31, 2023
Present value of defined benefit obligation 586.22 466.24 413.09
Fair value of plan assets at the end of the year (26.50) (24.37) (22.86)
Net liability [Refer note 26] 559.72 441.87 390.23

(e) Movement in the present value of defined benefit obligation recognised in the balance sheet is as under
(Rs. In Lakhs)
As at As at As at
Particulars
March 31, 2025 March 31, 2024 March 31, 2023
(1) Movements in the present value of the defined
benefit obligation:
Obligation at the beginning of the year 466.24 413.09 374.66
Current service cost 48.71 42.06 38.93
Interest cost 32.64 27.26 26.23
Actuarial (gain)/loss 54.05 30.44 (2.81)
Benefits paid (15.42) (46.61) (23.92)
Obligation at the end of the year 586.22 466.24 413.09

(2) Movements in the Fair value of plan assets:

Plan assets at the beginning of the year at fair value 24.37 22.86 21.29
Interest Income 1.70 1.51 1.49
Employer contributions 15.42 46.61 23.92
Benefit payments (15.42) (46.61) (23.92)
Remeasurements:

Return on plan assets excluding amount included in

net interest on the net defined benefit liability/ (asset) 0.43 - 0.08
Fair Value of Plan Assets at end of the year 26.50 24.37 22.86

(Rs. In Lakhs)
For the year ended For the year ended For the year
Particulars March 31, 2025 March 31, 2024 ended
March 31, 2023
(3) Gratuity cost recognized in the Statement of
Profit and Loss(Refer Note 32)

Current service cost 48.71 42.06 38.93

Interest cost 32.64 27.26 26.23
Expected return on plan assets (1.70) (1.51) (1.49)
79.65 67.81 63.67

(4) Gratuity cost recognized in the other

comprehensive income (OCI)
Actuarial (gains) / losses on obligation for the year 53.62 30.44 (2.89)

429
Amanta Healthcare Limited
CIN : U24139GJ1994PLC023944
Annexure V - Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information

40 Employee benefit plans (Contd.)

(f) Sensitivity analysis

Significant actuarial assumptions for the determination of the defined obligation are discount rate and expected salary increase. The
sensitivity analysis given below have been determined based on reasonably possible changes of the respective assumptions occurring at
the end of the reporting period, while holding all other assumptions constant.

(Rs. In Lakhs)
As at As at As at
Particulars
March 31, 2025 March 31, 2024 March 31, 2023

Impact on defined benefit obligation of gratuity - Increase/(Decrease)

1% increase in discount rate (44.99) (33.70) (28.27)
1% decrease in discount rate 52.53 39.15 32.93
1% increase in salary escalation rate 52.27 39.34 33.17
1% decrease in salary escalation rate (45.59) (34.44) (28.94)

The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation as it is unlikely
that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated.
Furthermore, in presenting the above sensitivity analysis, the present value of the defined benefit obligation has been calculated using
the projected unit credit method at the end of the reporting period, which is the same as applied in calculating the defined benefit
obligation liability recognised in the balance sheet.

The weighted average duration of the gratuity plan based on average future service is 9 years (March 31, 2024 - 9 year, March 31 2023 -
9 years).

(g) Projected benefits payable in future years from the date of reporting

As at As at As at
Particulars
March 31, 2025 March 31, 2024 March 31, 2023
1st following year 16.18 14.96 17.33
2nd following year 16.21 58.28 48.91
3rd following year 52.70 16.60 38.82
4th following year 41.07 46.41 15.99
5th following year 40.28 37.01 47.2
sum of years 6th to 10th 361.05 318.47 258.28

C. Other long-term employee benefit obligations -Compensated Absences

The leave obligation covers the Company’s liability for leave benefits. Under these compensated absences plans, leave encashment is
payable to all eligible employees on separation from the Company due to death, retirement or resignation; at the rate of daily last drawn
salary, multiplied by leave days accumulated as at the end of relevant period. Refer notes 26 for the compensated absences provision in
the balance sheet and refer note 32 for charge in the Statement of Profit and Loss.

430
Amanta Healthcare Limited
CIN : U24139GJ1994PLC023944
Annexure V - Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information

For the year ended For the year ended For the year ended
41 Earning/(Loss) Per share March 31, 2025 March 31, 2024 March 31, 2023

Basic earnings/(loss) per share (Rs.) 3.71 1.35 (0.79)

Diluted earnings/(Loss) per share (Rs.) 3.71 1.35 (0.79)

Basic and diluted earnings per share

The earnings and weighted average number of equity shares used in the calculation of basic earnings per share are as follows:

For the year ended For the year ended For the year ended
March 31, 2025 March 31, 2024 March 31, 2023

Profit/(Loss) for the year attributable to the equity shareholder of the

Company used in calculation of basic earning/(loss) per share (Rs. in lakhs) 1,050.07 363.32 (211.06)

Weighted average number of equity shares (in lakhs.) 282.70 268.29 268.29

The Company does not have any dilutive potential ordinary shares and therefore diluted earnings per share is the same as basic earnings per share.

431
Amanta Healthcare Limited
CIN : U24139GJ1994PLC023944
Annexure V - Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information

42 Related Party Disclosures

(a) Names of related parties and nature of relationship:
Related Parties with whom transactions have taken place during the year:
Nature of Relationship Name of related parties
Person having significant influence over entity and Bhavesh G. Patel (Chairman and Managing Director)*
Key Management Personnel

Nimesh Patel (Non Executive Director)

Nitin Jain ( w.e.f August 12, 2024 ) (Independent Director)
Pratik Gandhi ( w.e.f August 12, 2024 ) (Non Executive Director)
Kshitij Manubhai Patel (Independent Director)
Anjali Nirav Chokshi (w.e.f. May 24, 2024) (Independent Director)
Key Management Personnel (KMP)
Surendra Maneklal Shah (Independent Director) till June 11, 2024
Pradyumn Gaurishanker Shrotriya (Independent Director) till June 11, 2024
Gurudutta Mishra (Non Executive Director) till April 26, 2024
Shailesh M. Shah (Chief Financial Officer) upto May 17, 2025
Paras Mehta (Chief Financial Officer) from May 26, 2025
* Mr. Bhavesh G. Patel acquired significant influence w.e.f April 08, 2024.
(Rs. In Lakhs)
Key Management Personnel
Sr. For the year ended For the year ended For the year
(b) Transactions March 31, 2025 March 31, 2024 ended
No.
March 31, 2023

A Transaction during the year

(i) Key management personnel compensation
Bhavesh G. Patel
Short-term employee benefits* 108.00 109.89 77.38

Nimesh [Link]
Short-term employee benefits - - 6.00

Shailesh M. Shah
Compensation 100.50 151.05 84.99

(ii) Directors sitting fees

Surendra Maneklal Shah 0.10 0.50 0.58
Anjali Nirav Choksi 2.85 - -
Pradyumn Gaurishanker Shrotriya 0.13 0.38 0.50
Pratik Gandhi 1.25 - -
Nitin Jain 1.50 - -
Kshitij Manubhai Patel 3.38 0.35 -

(iii) Vehicle Lease Rent paid

Bhavesh G. Patel 28.80 - -

(iv) Advance lease rent#

Bhavesh G. Patel 72.00 - -
*excluding provision for gratuity and leave encashment
# pursuant to leasing arrangement in connection with agreement for transfer of vehicle and corresponding liability
to Mr. Bhavesh G. Patel.

432
Amanta Healthcare Limited
CIN : U24139GJ1994PLC023944
Annexure V - Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information

42 Related Party Disclosures (contd.)

As at March 31, As at March 31, As at March 31,

B Balance payable at year end
2025 2024 2023
(i) Key Management Personnel
Bhavesh G. Patel 4.13 5.14 3.54
Pradyumn Gaurishanker Shrotriya 0.13 - -
Nimesh [Link] - - 0.27
Shailesh M. Shah 8.13 4.79 4.49

(ii) Advance lease rent

Bhavesh G. Patel 43.20 - -

Note:
(i) Certain borrowings of the Company are secured by personal guarantees given by Mr. Bhavesh G. Patel (Managing Director). Refer note 20
and 21.
(ii) Refer note no. 20 for unsecured term loan where the share of monthly installments including the interest thereon are regularly paid by the
director to the Company before it's due date and the Company pays the amount on behalf of the director to the bank on due date.

433
Amanta Healthcare Limited
CIN : U24139GJ1994PLC023944
Annexure V - Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information

43 Corporate social responsibility expenditure

As per section 135 of the Companies Act, 2013, the Company has no obligation to spend on CSR during the year ended March 31, 2025, March 31,
2024, March 31, 2023.
(Rs. In Lakhs)
For the year ended For the year ended For the year
Particulars March 31, 2025 March 31, 2024 ended
March 31, 2023
Amount required to be spent by the company during the year - - -
Amount of expenditure incurred 29.11 21.37 32.89
Shortfall at the end of the year - - -
Total of previous years shortfall Not Applicable Not Applicable Not Applicable
Medical Camp
Nature of CSR activities Medical Camp activities Medical Camp activities activities

434
Amanta Healthcare Limited
CIN : U24139GJ1994PLC023944
Annexure V - Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information

44 Ageing of Trade Receivable

March 31, 2025 (Rs. In lakhs)

Outstanding for following periods from the due date of invoice
Particulars Unbilled Not Due Less than 6 6 months - More than 3 Total
1-2 year 2-3 year
months 1 year years
Undisputed trade receivable
i) Considered good - 377.47 3,809.06 651.74 50.56 132.56 175.94 5,197.33

ii) Which have significant increase

in credit risk - - - - - - - -
iii) Credit impaired - - - - - - - -
Disputed Trade Receivable
i) Considered good - - - - - 5.00 13.77 18.77
ii) Which have significant increase
in credit risk - - - - - - - -
iii) Credit impaired - - - - - - - -
Total - 377.47 3,809.06 651.74 50.56 137.56 189.71 5,216.10

March 31, 2024 (Rs. In lakhs)

Outstanding for following periods from the due date of invoice
Particulars Unbilled Not Due Less than 6 6 months - More than 3 Total
1-2 year 2-3 year
months 1 year years
Undisputed trade receivable
i) Considered good - 481.53 3,750.07 267.85 224.32 37.98 196.34 4,958.09
ii) Which have significant increase
in credit risk - - - - - - - -
iii) Credit impaired - - - - - - - -
Disputed Trade Receivable
i) Considered good - - - - - - - -
ii) Which have significant increase
in credit risk - - - - - - - -
iii) Credit impaired - - - - - - - -
Total - 481.53 3,750.07 267.85 224.32 37.98 196.34 4,958.09

435
Amanta Healthcare Limited
CIN : U24139GJ1994PLC023944
Annexure V - Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information

44 Ageing of Trade Receivable (Contd.)

March 31, 2023 (Rs. In lakhs)

Outstanding for following periods from the due date of invoice
Particulars Unbilled Not Due Less than 6 6 months - More than 3 Total
1-2 year 2-3 year
months 1 year years
Undisputed trade receivable -
i) Considered good - 633.49 4,060.10 578.86 84.72 38.39 118.49 5,514.05
ii) Which have significant increase
in credit risk - - - - - - - -
iii) Credit impaired - - - - - - - -
Disputed Trade Receivable -
i) Considered good - - - - - - -
ii) Which have significant increase
in credit risk - - - - - - -
iii) Credit impaired - - - - - - - -
Total - 633.49 4,060.10 578.86 84.72 38.39 118.49 5,514.05

436
Amanta Healthcare Limited
CIN : U24139GJ1994PLC023944
Annexure V - Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information

45 Ageing of Trade Payables

March 31, 2025 (Rs. In lakhs)

Outstanding for following periods from due date of invoice
Particulars Unbilled Not Due Less than 1 Total
1-2 year 2-3 year More than 3 years
year
Undisputed
i) MSME - 221.77 - - - - 221.77
ii) others 480.08 1,527.94 817.75 - 2.40 - 2,828.17
Disputed dues
i) MSME - - - - - - -
ii) others - - - - - - -
Total 480.08 1,749.71 817.75 - 2.40 - 3,049.94

March 31, 2024 (Rs. In lakhs)

Outstanding for following periods from due date of invoice
Particulars Unbilled Not Due Total
Less than 1
1-2 year 2-3 year More than 3 years
year
Undisputed
i) MSME - - 43.87 - - - 43.87
ii) others 52.31 39.77 2,341.25 2.96 0.04 - 2,436.33
Disputed dues
i) MSME - - - - - - -
ii) others - - - - - - -
Total 52.31 39.77 2,385.12 2.96 0.04 - 2,480.20

437
Amanta Healthcare Limited
CIN : U24139GJ1994PLC023944
Annexure V - Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information

45 Ageing of Trade Payables (Contd.)

March 31, 2023 (Rs. In lakhs)

Outstanding for following periods from due date of invoice
Particulars Unbilled Not Due Total
Less than 1
1-2 year 2-3 year More than 3 years
year
Undisputed
i) MSME - 76.38 0.72 - - - 77.10
ii) others 481.51 2,569.84 484.18 7.67 0.48 - 3,543.68
Disputed dues -
i) MSME - - - - - - -
ii) others - - - - - - -
Total 481.51 2,646.22 484.90 7.67 0.48 - 3,620.78

438
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Annexure V - Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information

46 Financial Instruments and risk review management

(A) Capital management

The Company manages its capital structure in a manner to ensure that it will be able to continue as a going concern while optimising the return to stakeholders through the appropriate debt and equity balance.

The Company's capital structure is represented by equity (comprising issued capital, retained earnings and other reserves as detailed in notes 18 and 19) and debt (borrowings as detailed in note 20 and 21).

The Company's management reviews the capital structure of the Company on an annual basis. As part of this review, the management considers the cost of capital and the risks associated with each class of capital.

(Rs. In lakhs)
As at March 31, 2025 As at As at
Gearing Ratio March 31, 2024 March 31, 2023

Debt 20,396.67 21,114.58 22,482.62

Total equity 12,566.28 9,598.47 9,477.95
Debt to equity ratio 1.62 2.20 2.37

Note:
1. Debt is defined as all long term debt outstanding (including unamortised expense) + short term debt outstanding+lease liabilities.
2. Total equity is defined as Equity share capital + all reserve + deferred tax liabilities – deferred tax assets – intangible assets

Loan covenants:
The Company has complied with financial covenants specified as per the terms of borrowing facilities except in respect of certain borrowings for which waiver has been obtained from the lender. (Refer note 20)

(B) Categories of financial instruments

(Rs. In lakhs)
As at As at
Financial assets As at March 31, 2025
March 31, 2024 March 31, 2023
FVTPL Amortised cost FVTPL Amortised cost FVTPL Amortised cost
Trade receivables - 5,008.47 - 4,816.57 - 5,358.19
Cash and bank balances - 22.06 - 153.94 - 11.11

Bank balances other than cash and cash equivalents - 325.67 - 256.34 - 375.85
Loans - 65.92 - 30.48 - 24.51
Other financial Assets - 93.32 - 102.89 - 157.83
- 5,515.44 - 5,360.22 - 5,927.49

Measured at fair value through profit and loss (FVTPL)

Investments 772.29 - 372.17 - 347.33 -
772.29 - 372.17 - 347.33 -

Financial liabilities
Measured at amortised Cost

Borrowings - 19,499.61 - 20,522.92 - 21,565.85

Trade payables - 3,049.94 - 2,480.20 - 3,620.78
Other financial Liabilities - 349.99 - 269.47 - 298.02
- 22,899.54 - 23,272.59 - 25,484.65

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CIN : U24139GJ1994PLC023944
Annexure V - Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information

46 Financial Instruments and risk review management (Contd.)

(C) Fair value measurement

The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable and consists of the following three levels:

Level 1 : Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
Level 2 : Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.
Level 3 : Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.

Fair value of financial assets and liabilities measured at amortised cost (Rs. In lakhs)
As at As at
As at March 31, 2025
March 31, 2024 March 31, 2023
Carrying value Fair value Carrying value Fair value Carrying value Fair value
Financial assets
Trade receivables 5,008.47 5,008.47 4,816.57 4,816.57 5,358.19 5,358.19
Cash and bank balances 22.06 22.06 153.94 153.94 11.11 11.11
Bank balances other than cash and cash equivalents 325.67 325.67 256.34 256.34 375.85 375.85
Loans 65.92 65.92 30.48 30.48 24.51 24.51
Other financial Assets 93.32 93.32 102.89 102.89 157.83 157.83
5,515.44 5,515.44 5,360.22 5,360.22 5,927.49 5,927.49

Financial liabilities
Borrowings 19,499.61 19,499.61 20,522.92 20,522.92 21,565.85 21,565.85
Trade payables 3,049.94 3,049.94 2,480.20 2,480.20 3,620.78 3,620.78
Other financial Liabilities 349.99 349.99 269.47 269.47 298.02 298.02
22,899.54 22,899.54 23,272.59 23,272.59 25,484.65 25,484.65

Valuation technique used to determine fair value of financial instruments:

- Measured at FV
The fair value of investment in mutual funds is determined based on quoted price as at the balance sheet date.

- Measured at amortised cost

The carrying amounts of current financial assets and liabilities are considered to be the same as their fair values due to short-term nature of such balances. Non-current financial liabilities, representing the borrowings is carried at their
amortised cost using Effective Interest Rate method.

Valuation processes
The finance department of the Company includes a team that performs the valuations of financial assets and liabilities required for financial reporting purposes, including level 3 fair values. This team reports directly to the Chief Financial
Officer (CFO).
The judgements & estimates made in determining the fair value of the financial instruments-

The fair value of financial instruments as referred to in the note above has been classified into three categories depending on the inputs used in the valuation technique. The hierarchy gives the highest priority to quoted prices in the active
market for identical assets or liabilities (level 1 measurements) and lowest priority to unobservable inputs (level 3 measurements). (a) Only investments in mutual funds are measured at fair value based on unquoted bid price in active
market. These are categorised as Level 1 financial instruments. (b) For all financial instruments referred to above that have been measured at amortised cost, their carrying values are reasonable approximations of their fair values. These
are classified as level 3 financial instruments. There were no transfers between Level 1, Level 2 and Level 3 during the year.

(d) Financial risk management objectives

The Company’s principal financial liabilities, comprise of borrowings, trade and other payables. The main purpose of these financial liabilities is to finance the Company’s operations, and projects capital expenditure. The Company’s
principal financial assets include loans, investments, trade receivables and cash and cash equivalents.

The Company's activities expose it to a variety of financial risks viz credit risk, liquidity risk, Interest rate risk etc. The Company's primary focus is to foresee the unpredictability of financial markets and seek to minimize potential adverse
effects on its financial performance. The Company’s senior management oversees the management of these risks. It advises on financial risks and the appropriate financial risk governance framework for the Company.

Interest rate risk

Most of the Company's borrowings are on a floating rate of interest. The Company has exposure to interest rate risk, arising principally on changes in Marginal Cost of Funds based Lending Rate (MCLR) and Home Loan Interest Rate
(HLIR).

The following table provides a break-up of the Company’s Fixed and Floating rate borrowings: (Rs. In lakhs)

As at March 31, As at As at
2025 March 31, 2024 March 31, 2023
Fixed Rate borrowings 1,948.63 13,842.67 16,615.82
Floating Rate borrowings 17,550.98 6,680.23 4,950.03

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CIN : U24139GJ1994PLC023944
Annexure V - Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information

46 Financial Instruments and risk review management (Contd.)

Interest rate risk sensitivity:

The below mentioned sensitivity analysis is based on the exposure to interest rates for floating rate borrowings. For this it is assumed that the amount of the floating rate liability outstanding at the end of the reporting period was
outstanding for the whole year. If interest rates had been 50 basis points higher or lower, other variables being held constant, following is the impact on profit before tax.

(Rs. In lakhs)

As at March 31, As at As at
2025 March 31, 2024 March 31, 2023
Impact on profit before tax - increase in 50 basis points (87.75) (33.40) (24.75)
Impact on profit before tax - decrease in 50 basis points 87.75 33.40 24.75

Foreign Currency risk

The Company is exposed to limited foreign currency risk arising primarily with respect to the USD and GBP. Foreign currency risks arise from commercial transactions and recognised assets and liabilities. where they are denominated in a
currency other than Indian Rupee.
The Company's exposure with regards to foreign currency risk are not hedged. However, these risks are not significant to the Company's operations.

Unhedged foreign currency exposures: (Rs. In lakhs)

As at March 31, As at As at
Currency
2025 March 31, 2024 March 31, 2023

Financial Assets
Trade Receivables:
GBP 114.05 265.85 234.46
EUR - 3.81 -
USD 425.79 484.67 1,268.99
539.84 754.33 1,503.45

Cash and Cash Equivalents :

GBP 1.49 1.41 0.86
USD 2.36 0.84 0.41
EUR 1.45 1.42 1.41
Others 0.68 1.08 1.06
5.98 4.75 3.74

Financial Liabilities
Trade Payables:
EURO - - -
USD 240.33 154.27 287.63
240.33 154.27 287.63

The following tables demonstrate the sensitivity to a reasonably possible change in exchange rates, with all other variables held constant.
(Rs. In lakhs)

As at March 31, As at As at
2025 March 31, 2024 March 31, 2023

Impact on Profit before Tax - Rupee depreciate by Rs. 1 against EURO 0.02 0.06 0.02
Impact on Profit before Tax - Rupee appreciate by Rs. 1 against EURO (0.02) (0.06) (0.02)
Impact on Profit before Tax - Rupee depreciate by Rs.1 against USD 2.19 2.34 11.94
Impact on Profit before Tax - Rupee appreciate by Rs.1 against USD (2.19) (2.34) (11.94)
Impact on Profit before Tax - Rupee depreciate by Rs. 1 against GBP 1.04 2.75 2.30
Impact on Profit before Tax - Rupee appreciate by Rs.1 against GBP (1.04) (2.75) (2.30)

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CIN : U24139GJ1994PLC023944
Annexure V - Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information

46 Financial Instruments and risk review management (Contd.)

Credit risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company’s receivables from customers and from
deposits with banks and other financial instruments. Trade receivables are derived from revenue earned from customers. Credit risk for trade receivable is managed by the Company through credit approvals, establishing credit limits and
periodic monitoring of the creditworthiness of its customers to which the Company grants credit terms in the normal course of business. Trade receivables are typically unsecured and are derived from revenue earned from customers
primarily located in India. This is not considered significant component to the overall operations of the Company.

The Company uses the Expected Credit Loss (ECL) model to assess the impairment loss in respect of its financial assets. As per ECL simplified approach, the Company uses a provision matrix to compute the expected credit loss allowance
for trade receivables. The provision matrix takes into account a continuing credit evaluation of Company’s customers’ financial condition; aging of trade accounts receivable; the value and adequacy of collateral received from the
customers in certain circumstances (if any); the Company’s historical loss experience; and adjustment based on forward looking information. The Company defines default as an event when there is no reasonable expectation of recovery.

While cash and cash equivalents are also subject to the impairment requirements of Ind AS 109, the Company has not identified impairment loss in view of banks having high credit rating. In respect of security deposits and other financial
assets, the risk of financial loss on account of credit risk is not expected to be material to the Restated financial information. The Company does not have a high concentration of credit risk to a customer or customers forming part of a
group exceeding 10% of company revenue. None of the other financial instruments of the Company result in material concentration of credit risk. Financial assets are written off when there is no reasonable expectation of recovery, such as
a counter-party failing to engage in a repayment plan with the Company. Where recoveries are made, these are recognised in profit or loss. Loss allowance as at March 31, 2025, March 31, 2024 and March 31, 2023 was determined as
follows for trade receivables under the simplified approach:

The age of receivables and provision matrix at the end of the reporting period is as follows. (Rs. In lakhs)

Outstanding for following period from due date

As at March 31, 2025 Not Due/ unbilled Total
Less than 6 months 6 months - 1 year 1-2 years 2-3 years More than 3 Years
Gross carrying amount - trade receivables
377.47 3809.06 651.74 50.56 137.56 189.71 5,216.10

Expected Credit Loss rate -Domestic

1.34% 2.19% 6.38% 42.30% 85.72% 100.00%

Expected credit loss rate– Export

0.75% 3.56% 6.36% 19.08% 44.44% 66.67%

Expected credit loss rate– Government

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Expected credit losses– on trade receivables

4.10 52.82 41.54 21.38 65.29 22.50 207.63

Carrying amount of trade receivables

373.37 3,756.24 610.20 29.18 72.27 167.21 5,008.47

Outstanding for following period from due date

As at March 31, 2024 Not Due/ unbilled Total
Less than 6 months 6 months - 1 year 1-2 years 2-3 years More than 3 Years
Gross carrying amount - trade receivables
481.53 3750.07 267.85 224.32 37.98 196.34 4,958.09
Expected Credit Loss rate -Domestic
0.78% 0.78% 5.03% 33.29% 70.12% 100.00%

Expected credit loss rate– Export

0.02% 0.04% 0.12% 0.18% 22.22% 66.67%

Expected credit loss rate– Government

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Expected credit losses– on trade receivables

2.43 41.57 12.89 7.14 13.95 63.54 141.52

Carrying amount of trade receivables

479.10 3,708.50 254.96 217.18 24.03 132.80 4,816.57

Outstanding for following period from due date

As at March 31, 2023 Not Due/ unbilled Total
Less than 6 months 6 months - 1 year 1-2 years 2-3 years More than 3 Years
Gross carrying amount - trade receivables
633.49 4,060.10 578.86 84.72 38.39 118.49 5,514.05
Expected Credit Loss rate -Domestic
0.99% 0.99% 7.45% 21.53% 70.12% 100.00%
Expected credit loss rate– Export

0.38% 0.80% 1.34% 2.78% 22.22% 66.67%

Expected credit loss rate– Government
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Expected credit losses– on trade receivables
4.33 54.87 30.15 3.69 5.18 57.64 155.86
Carrying amount of trade receivables
629.16 4,005.23 548.71 81.03 33.21 60.85 5,358.19

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CIN : U24139GJ1994PLC023944
Annexure V - Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information

46 Financial Instruments and risk review management (Contd.)

The movement in the allowance for impairment in respect of trade receivables is as follows: (Rs. In lakhs)

As at As at As at
March 31, 2025 March 31, 2024 March 31, 2023
Balance at the beginning 141.52 155.86 132.37
Impairment loss recognised/(reversed) 131.69 83.92 144.90
Amounts written off (65.58) (98.26) (121.41)
Balance at the end 207.63 141.52 155.86

Liquidity Risk
Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are required to be settled by delivering the cash or another financial asset. The Company manages
liquidity risk by maintaining adequate reserves, banking facilities and unused borrowing facilities, by continuously monitoring projected / actual cash flows.

Maturities of financial liabilities

The Company's remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods is given below. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on
the earliest date on which the Company can be required to pay. The tables include both interest and principal cash flows. The contractual maturity is based on the earliest date on which the Company may be required to pay.

(Rs. In lakhs)
Between 1 year and
As at March 31, 2025 Less than 1 year 5 years and above Total
5 years

Borrowings 3,318.81 14783.03 1442.89 19,544.73

Lease Liabilities 192.31 771.51 179.04 1,142.86

Trade payables 3,049.94 - - 3,049.94

Other Liabilities 350.00 - - 350.00
Total financial liabilities 6,911.06 15,554.54 1,621.93 24,087.53

Between 1 year and

As at March 31, 2024 Less than 1 year 5 years and above Total
5 years

Borrowings 5,656.27 14299.25 1634.22 21,589.74

Lease Liabilities 160.11 543.25 179.04 882.40

Trade payables 2,480.20 - - 2,480.20

Other Liabilities 269.47 - - 269.47
Total financial liabilities 8,566.05 14,842.50 1,813.26 25,221.81

Between 1 year and

As at March 31, 2023 Less than 1 year 5 years and above Total
5 years

Borrowings 11,876.92 4721.47 9372.65 25,971.04

Lease Liabilities 324.97 577.42 298.54 1,200.93

Trade payables 3,620.78 - - 3,620.78

Other Liabilities 298.02 - - 298.02
Total financial liabilities 16,120.69 5,298.89 9,671.19 31,090.77

443
Amanta Healthcare Limited
CIN : U24139GJ1994PLC023944
Annexure V - Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information

Note 47 : First time Ind AS adoption reconciliation

Transition to Ind AS
The Company has followed the same accounting policy choices (both mandatory exceptions and optional exemptions availed as per Ind AS 101) as initially adopted on transition date. An
explanation of how the transition from Previous GAAP to Ind AS has affected the Company’s Restated Financial Information is set out in the following tables and notes.

A. Exemptions and Exceptions availed

A.1. Ind AS optional exemptions

A.1.1. Deemed Cost
Ind AS 101 permits a first-time adopter to elect to continue with carrying value for all of its property, plant and equipment and intangible assets other than goodwill as recognised in the
Financial Statements as at the date of transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of transition. Accordingly, the Company has
elected to measure all of its property, plant and equipment and Intangible assets other than goodwill at their previous GAAP carrying value.

A.1.2. Business Combination

As per Ind AS 101, a first-time adopter may elect not to apply Ind AS 103 retrospectively to past business combinations (business combinations that occurred before the date of transition to Ind
ASs). Accordingly, the Company has availed the said exemption and has elected to not apply Ind AS 103 retrospectively.

A.1.3. Leases
Appendix C to Ind AS 116 requires an entity to assess whether a contract or arrangement contains a lease. In accordance with Ind AS 116, this assessment should be carried out at the inception
of the contract or arrangement. Ind AS 101 provides an option to make this assessment on the basis of facts and circumstances existing at the date of transition to Ind AS, except where the
effect is expected to be not material. The Company has elected to apply this exemption for such contracts/arrangements.

As a first time adopter, the Company has used the following optional exemptions permitted:
• Assessed whether contracts as at transition date contains a lease based on facts and circumstances existing as on that date.
• Applying a single discount rate to a portfolio of leases with reasonably similar characteristics.
• Not to recognize right-of-use assets and liabilities for leases with less than 12 months of lease term at the transition date.
• Excluding initial direct costs from the measurement of the right-of-use asset at the transition date.
• Not to recognize right-of-use assets and liabilities for leases of low value assets.
• Using hindsight upto the transition date in determining the lease term where the contract contains options to extend or terminate the lease .

A.2. Ind AS Mandatory exceptions

The Company has applied the following exception from full retrospective application of Ind AS mandatorily required under Ind AS 101:

A.2.1. Estimates
An entity's estimates in accordance with Ind ASs at the date of transition to Ind AS shall be consistent with estimates made for the same date in accordance with previous GAAP (after
adjustments to reflect any difference in accounting policies), unless there is objective evidence that those estimates were in error. Ind AS estimates as at April 01, 2022 are consistent with the
estimates as at the same date made in conformity with previous GAAP. The Company made estimates of impairment loss of financial assets based on expected credit loss model in accordance
with Ind AS at the date of transition as this was not required under previous GAAP.

A.2.2. Classification and measurement of financial assets

Ind AS 101 requires an entity to assess classification and measurement of financial assets on the basis of the facts and circumstances that exist at the date of transition to the Ind AS. Further,
the standard permits measurement of financial assets accounted at amortised cost based on facts and circumstances existing at the date of transition if retrospective application is
impracticable. The Company has determined the classification of financial assets in terms of whether they meet the amortised cost criteria, FVTPL criteria or FVTOCI criteria based on the facts
and circumstances that existed as on transition date.

A.2.3 De-recognition of financial assets and financial liabilities

Ind AS 101 requires a first-time adopter to apply the de-recognition provisions of Ind AS 109 prospectively for transactions occurring on or after the transition date. However, Ind AS 101 allows
a first-time adopter to apply the de-recognition requirements in Ind AS 109 retrospectively from a date of the entity's choosing, provided that the information needed to apply Ind AS 109 to
financial assets and financial liabilities derecognised as a result of past transactions was obtained at the time of initially accounting for those transactions. The Company has elected to apply
the de-recognition provisions of Ind AS 109 prospectively from the transition date.

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Amanta Healthcare Limited
CIN : U24139GJ1994PLC023944
Annexure V - Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information

Note 47: First Time Ind AS Adoption Reconciliation (Contd.)

B. Reconciliation between previous GAAP and Ind AS

The following reconciliations provide the explanation and quantification of the differences arising from the transition from previous GAAP to Ind AS in accordance with
Ind AS 101, First Time Adoption of Indian Accounting Standards.

B.1 Reconciliation of equity as at March 31, 2023, April 01, 2022 and April 01, 2021 between previous GAAP and Ind AS:
(Rs in lakhs)
Notes to first-time As at As at As at
adoption (below) March 31, 2023 April 01, 2022 April 01, 2021

Total equity (shareholder's funds) as per Previous GAAP 7,395.72 7,237.05 726.47

Equity adjustments
Opening equity adjustments (1,000.00)
Reclassification of Non-Convertible Redeemable Preference Share into Financial
5
Liability - (1,000.00) -
(1,000.00) (1,000.00) -
Other adjustments
Opening Retained earning adjustment 260.19 - -
Fair value of mutual fund 4 13.26 9.07 (1.10)
Impact of measurement of NCD as per Ind As 109 6 (414.81) 407.46 506.45
Impact of Ind As 116 -Leases accounting 3 (17.77) (17.80) (13.09)
Increase in expected credit loss on trade receivable 7 (17.05) (31.64) (28.22)
Deferred tax impact on the above Ind AS adjustments 2 121.38 (106.90) -
Non-Convertible Redeemable Preference Share dividend 5 (52.58) - -
Other Adjustments 9 - - (84.56)
Total equity (shareholder's funds) as per Ind AS 6,288.34 6,497.24 1,105.95

Total equity as at March 31, 2022 and March 31, 2021 is same as total equity as at April 01, 2022 and April 01, 2021.

B.2. Reconciliation of total comprehensive income for the year ended March 31, 2023 and March 31, 2022
(Rs in lakhs)
Notes to first-time Year ended Year ended
adoption (below) March 31, 2023 March 31, 2022
Profit after tax as per previous GAAP 228.98 5,510.58

Other Income:
Gain on Fair value measurement of Mutual fund 4 13.26 13.10
Interest on Security Deposits given for Right of use of assets 3 2.34 1.21
Gain on Recognition of Preference share at fair value 5 - -

Employee benefits expense

Remeasurement of the defined benefit plans 1 (2.89) (4.40)

Depreciation and amortisation expense:

Depreciation of Right of use assets 3 (175.73) (78.56)

Other expenses:
Rent Expense as per Previous GAAP considered as Repayment of Lease liability under
3
Ind AS 202.16 95.27
Increase in expected credit loss on trade receivable 7 (17.05) (3.42)

Finance Costs:
Interest on Lease liabilities as per Ind AS 116 3 (46.53) (18.61)
Impact of interest cost of Non-convertible debentures 6 (414.81) 407.46
Impact of interest cost of Redeemable preference shares 5 (122.87) -
Impact of Non-convertible debentures and Term Loan, recognised as per Ind As 109
6 and 8
(including impact on exceptional items amounting to Rs. 614.59 lakhs) - (510.85)

Deferred tax impact on the above Ind AS adjustments 2 122.08 (108.17)

Other Adjustments 9 - 84.56

Profit after tax as per Ind AS (211.06) 5,388.17

Other comprehensive income (Net of deferred tax) 1 2.16 3.12

Total comprehensive income as per Ind AS (208.90) 5,391.29

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CIN : U24139GJ1994PLC023944
Annexure V - Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information

Note 47: First Time Ind AS Adoption Reconciliation (Contd.)

B.3. Impact of Ind AS adoption on the statements of cash flows for the year ended March 31, 2023 (Rs in lakhs)
Previous GAAP* Ind AS adjustment Ind AS
Net cash flow from operating activities 4,077.12 180.92 4,258.04
Net cash flow from investing activities (653.19) - (653.19)
Net cash flow from financing activities (4,051.15) (180.92) (4,232.07)
Net increase/(decrease) in cash and cash equivalent (627.22) - (627.22)
Cash and cash equivalent as at March 31, 2022 638.33 - 638.33

Cash and cash equivalent as at March 31, 2023 11.11 - 11.11

Note :
(i) Under previous GAAP, rent was classified as operating activities. However, under Ind AS, leases for which Right-of-use assets (ROU) and Lease liabilities are
created, the lease payment on ROU is classified as financing activities. Consequent to this change, the transition impact of the same has been considered in the
statement of cash flows (refer note B.4 above)

(ii) Refer further below notes which describe the effect of Ind As transitions, impact of the same has been considered in the statement of cash flows (refer note B.4
above)

* The Previous GAAP figures have been reclassified to conf0rm to Ind AS presentation requirements for the purposes of this note.

C. Notes to first time adoption

1 Remeasurements of post-employment benefit obligations

Under Ind AS, remeasurements i.e. actuarial gains and losses, excluding amounts included in the net interest expense on the net defined benefit liability are recognised
in other comprehensive income instead of profit or loss. Under the previous GAAP, these remeasurements were forming part of the Profit or Loss for the year.
Consequent to this change, transition impact has been given in the Restated Statement of profit and loss for the year ended March 31, 2022 and March 31, 2023 (refer
note B.2 above).

2 Deferred tax
Under the previous GAAP, deferred tax is calculated using the income statement approach, which focuses on difference between taxable profits and accounting profits
for the year. Ind AS 12-“Income tax” requires entities to account for deferred taxes using the balance sheet approach, which focuses on temporary differences between
the carrying amount of an asset or liability in the balance sheet and its tax [Link] on the Balance Sheet approach, additional deferred tax have to be recognised by
the Company on IND AS adjustment which create temporary difference between books and tax accounts.
Consequent to this change, transition impact has been given in the equity as at April 01, 2022 (refer note B.1 above), in the Restated Statement of Profit and Loss for
the year ended March 31, 2022 and March 31, 2023 (refer note B.2 above) and cumulative impact in equity as at March 31, 2022 and March 31, 2023 (refer note B.1
above).

3 Ind As 116
On transition to Ind AS, the Company recognised lease liabilities in relation to leases which had previously been classified as ‘operating leases’ under previous GAAP.
These liabilities were measured at the present value of the remaining lease payments, discounted using the lessee’s incremental borrowing rateas of the transition date
with a corresponding debit to Right-of-use asset, after adjusting amount of any prepaid or accrued lease payments relating to the lease [Link] previous
GAAP,rent paid was shown as an expense. However, under Ind AS, Interest is accrued on lease liabilities and rent paid is shown as deduction to lease liabilities and
depreciation is charged on Right-of-use asset over the lease period. Consequent to this change, transition impact has been given in the equity as at April 01, 2022 (refer
note B.1 above), in the Restated Statement of Profit and Loss for the year ended March 31, 2022 and March 31, 2023 (refer note B.2 above) and cumulative impact in
equity as at March 31, 2022 and March 31, 2023 (refer note B.1 above).

4 Measurement of Investment in Mutual Funds

As per Ind AS 109, Mutual funds are measured at fair value through profit and loss account. Under IGAAP the investments in mutual funds were measured at lower of
Cost or Fair Value. Consequent to this change, transition impact has been given in the equity as at April 01, 2022 (refer note B.1 above), in the Restated Statement of
Profit and Loss for the year ended March 31, 2022 and March 31, 2023 (refer note B.2 above) and cumulative impact in equity as at March 31, 2022 and March 31, 2023
(refer note B.1 above).

5 Redeemable preference shares

As per Ind AS 32, Redeemable Preference shares are classified as financial liability measured at amortised cost and interest cost on the Redeemable preference shares
has been charged to profit and loss account. Under Previous GAAP, Redeemable preference shares were recognised under shareholder's fund and the dividend due on
the preference shares were appropriated from retained earnings. Consequent to this change, transition impact has been given in the equity as at April 01, 2022 (refer
note B.1 above), in the Restated Statement of Profit and Loss for the year ended March 31, 2022 and March 31, 2023 (refer note B.2 above) and cumulative impact in
equity as at March 31, 2022 and March 31, 2023 (refer note B.1 above).

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CIN : U24139GJ1994PLC023944
Annexure V - Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information

Note 47: First Time Ind AS Adoption Reconciliation (Contd.)

6 Non-convertible debentures
As per Ind AS, upon initial recognition the Non-convertible debentures are valued at fair value minus transaction cost. Subsequently, Non-convertible debentures are
measured at amortised cost. Under previous GAAP, non-convertible debentures were measured at it's transaction price and transaction cost has been charged to Profit
and loss account in the year of it's issue. Consequent to this change, transition impact has been given in the equity as at April 01, 2022 (refer note B.1 above), in the
Restated Statement of Profit and Loss for the year ended March 31, 2022 and March 31, 2023 (refer note B.2 above) and cumulative impact in equity as at March 31,
2022 and March 31, 2023 (refer note B.1 above).

7. Expected Credit Loss

On transition to Ind AS, the Company has recognised impairment on trade receivables based on the expected credit loss model as required by Ind AS 109. Consequent
to this change, transition impact has been given in the equity as at April 01, 2022 (refer note B.1 above), in the Restated Statement of Profit and Loss for the year ended
March 31, 2022 and March 31, 2023 (refer note B.2 above) and cumulative impact in equity as at March 31, 2022 and March 31, 2023 (refer note B.1 above).

8. Financial Instrument under Ind AS 109

The Company has entered into an arrangement with the lender to settle the outstanding balances as on March 30, 2022 in respect of Debentures and Term Loans from
others amounting to Rs. 23,718.57 Lakhs (as per previous GAAP). Pursuant to the agreement, the Company has paid Rs. 15,251.72 Lakhs and issued Non-Convertible
Preference Shares of Rs. 1,000 Lakhs to the lenders. The balance amount of Rs. 7,466.85 Lakhs (as per previous GAAP), comprising of interest accrued which has been
waived off by the lender was credited to the statement of Profit and Loss and disclosed as an exceptional item under the previous GAAP.

While preparing the Restated financial information, the Debentures and Term Loans have been assessed as per Ind As 109 which resulted in change in its carrying
value compared to the carrying value as per previous GAAP. The difference between the carrying value under Ind AS and the settlement consideration amounting to Rs.
6,852.26 Lakhs has been credited to the Restated Statement of Profit and Loss and disclosed as an exceptional item during the year ended March 31, 2022 (refer note
B.2 above) (also refer note 51).

9. Other Adjustments
Other adjustments pertains to amounts recognized before April 01, 2021 under the Previous GAAP which are not permitted to be recognized under Ind AS.

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Annexure V - Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information

48 Segment reporting

a) Primary segment:
The Company’s chief operating decision maker (CODM), Chairman and Managing Director, assesses the financial performance and position of the Company, and makes strategic decisions.

The Company has determined its reportable operating segment as Manufacturing and sale of pharmaceutical products including contract manufacturing services provided to customer. Since
100% of the Company’s business is from Manufacturing and sale of pharmaceutical products, there are no other reportable segments. Thus the segment revenue, segment result, total
carrying amount of segment assets, total carrying amount of segment liabilities, total cost incurred to acquired segments assets during the year are all as reflected in this Restated Financial
Information.

b) Geographic Information

The Pharmaceuticals products are sold / provided to customer in India and outside India. The manufacturing facilities and sales offices are located in India. In presenting the following
information, segment revenue is based on the geographic location of customers.
(Rs. In lakhs)
Particulars For the year ended For the year ended For the year ended
March 31, 2025 March 31, 2024 March 31, 2023
India Outside India Total India Outside India Total India Outside Total
India
Revenue from operations 18,121.13 9,083.09 27,204.22 19,627.24 8,217.14 27,844.38 17,734.34 8,018.51 25,752.85
Non-current segment asset 23,499.37 - 23,499.37 22,936.04 - 22,936.04 23,791.55 - 23,791.55

c) The Company does not have any customer or customers forming part of a group contributing 10% or more of total revenue.

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Annexure V - Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information

49. Summary of other accounting policies

This note provides a list of other accounting policies adopted in the preparation of these Restated financial information to the extent they have not already been disclosed in the other
notes above. These policies have been consistently applied to all the years presented, unless otherwise stated.

a. Rounding of amounts
All amounts disclosed in the Restated financial information and notes have been rounded off to the nearest lakhs as per the requirement of Schedule Ill, unless otherwise stated.

b. Property, Plant and Equipment:

Historical cost includes expenditure that is directly attributable to the acquisition of items. Subsequent costs are included in the asset's carrying amount or recognised as a separate asset,
as appropriate only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. Subsequent
cost relating to day-to-day servicing of the item are not recognised in the carrying amount of an item of property, plant and equipment; rather these costs are charged to profit or loss
when they are incurred.
An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss
arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is
recognised in profit or loss.

The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
Entity-specific details about the Company's policy are provided in note 3.
Transition to Ind AS
On transition to Ind AS, the Company has elected to continue with the carrying value of all of its property, plant and equipment recognised as at 1 April 2021 measured as per the
previous GAAP and use that carrying value as the deemed cost of the property, plant and equipment.

c. Intangible Asset Acquired:

Computer software is carried at cost less accumulated amortization and accumulated impairment losses. Amortization is recognised on a straight line basis over its estimated useful life of
3 years. The Estimated useful life and amortization method are reviewed at the end of each reporting period and the effect of any changes in such estimate is accounted for on
prospective basis.

An intangible asset is derecognised on disposal, or when no future economic benefits are expected from the use or disposal. Gains or losses arising from the derecognition of an
intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognised in profit or loss when asset is derecognised.

Transition to Ind AS

On transition to Ind AS, the Company has elected to continue with the carrying value of all of intangible assets recognised as at 1 April 2021 measured as per the previous GAAP and use
that carrying value as the deemed cost of intangible assets.

d. Impairment of assets:
Property, plant and equipment, Right of use assets and intangible assets are reviewed for impairment losses whenever events or changes in circumstances indicate that the carrying
amount may not be recoverable. An impairment loss is recognized for the amount by which the carrying amount of the assets exceeds its recoverable amount, which is the higher of an
asset’s fair value less costs of disposal and value in use. Value in use is the present value of the future cash flows expected to be derived from an asset or cash-generating unit. An
impairment loss is recognised immediately in profit or loss.

For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash
inflows from other assets or groups of assets (cash-generating units). Non-financial assets, other than goodwill, if any, that suffered an impairment are reviewed for possible reversal of
the impairment at the end of each reporting period.

e. Cash and Cash Equivalent

For the purpose of presentation in the statement of cash flows, cash and cash equivalents include cash on hand, balances with banks and other short-term highly liquid investments with
original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts, if
any.

f. Inventories
Raw materials and packing material, work in progress, traded and finished goods are stated at the lower of cost and net realisable value. Cost of raw materials and packing material
comprises cost of purchases. Cost of work-in-progress and finished goods comprises direct materials, direct labour and an appropriate proportion of variable and fixed overhead
expenditure, the latter being allocated on the basis of normal operating capacity.

Cost of inventories also include all other costs incurred in bringing the inventories to their present location and condition. Costs of purchased inventory are determined after deducting
rebates and discounts. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to
make the sale.

Entity-specific details about the Company's policy are provided in note 11.

g. Foreign Currency transactions

The Restated financial information are prepared in India Rupee (INR) which is functional as well as presentation currency of the company.
Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the
settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are recognised in profit or loss.

Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined.

h. Government Grant
Grants from the government are recognised at their fair value where there is a reasonable assurance that the grant will be received, and the Company will comply with all attached
conditions.

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Annexure V - Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information

49. Summary of other accounting policies

i. Employee Benefit:
(i) Short-term obligations
Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled wholly within 12 months after the end of the period in which the employees render the
related service are recognised in respect of employees' services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled.
The liabilities are presented as current employee benefit obligations in the balance sheet.

(ii) Other long-term employee benefit obligations

Liabilities for earned leave that are not expected to be settled wholly within 12 months after the end of the period in which the employees render the related service. These obligations are
therefore measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period using the projected
unit credit method. The benefits are discounted using the appropriate market yields at the end of the reporting period that have terms approximating to the terms of the related
obligation. Remeasurements as a result of experience adjustments and changes in actuarial assumptions are recognised in profit or loss.

The obligations are presented as current liabilities in the balance sheet if the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting
period, regardless of when the actual settlement is expected to occur.

(iii) Post-employment obligations

The Company operates the following post-employment schemes:

(a) defined benefit plans: Gratuity
(b) defined contribution plans: Provident fund, pension fund, employee state insurance scheme and labor welfare fund.

Defined Benefit Plans

The liability or asset recognised in the balance sheet in respect of gratuity plan is the present value of the defined benefit obligation at the end of the reporting period less the fair value of
plan assets. The defined benefit obligation is calculated by an actuary using projected unit credit method.

The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows by reference to market yields at the end of the reporting period on
government bonds that have terms approximately to the terms of the related obligations.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of the plan assets. This cost is included in the
employee benefit expense in the Statement of Profit and Loss.

Remeasurements, comprising actuarial gains and losses and the effect of the changes to the asset ceiling (if applicable), is reflected immediately in the balance sheet with a charge or
credit recognised in other comprehensive income in the period in which they occur and consequently recognised in retained earnings and is not reclassified to profit or loss.

The defined benefit obligation recognised in the balance sheet represents the actual deficit or surplus in the Company’s defined benefit plans. Any surplus resulting from this calculation
is limited to the present value of any economic benefits available in the form of reductions in future contributions to the plans.

Defined contribution plans

Contributions to retirement benefit plans in the form of Provident fund, pension fund, employee state insurance scheme and labor welfare fund as per regulation are charged as an
expense on an accrual basis when employees have rendered the service. The Company has no further payment obligation once the contributions have been paid.
j. Current and Deferred Tax::
The income tax expense or credit for the period is the tax payable on the current period's taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes
in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period.

Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is
probable that a taxation authority will accept an uncertain tax treatment. The company measures its tax balances either based on the most likely amount or the expected value,
depending on which method provides a better prediction of the resolution of the uncertainty.

Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the
Restated financial informations.
Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the
related deferred income tax asset is realised or the deferred income tax liability is settled.

Deferred tax assets are recognised for all deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those
temporary differences and losses.

Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and liabilities and where the deferred tax balances relate to the same
taxation authority.
Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the
liability simultaneously.
Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is
also recognised in other comprehensive income or directly in equity, respectively.

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49. Summary of other accounting policies

k. Trade and other payable

These amounts represent liabilities for goods and services provided to the Company prior to the end of the financial year which are unpaid. The amounts are unsecured and are usually
paid according to the agreed credit period. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are
recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method.

l. Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net of
transaction costs) and the redemption amount is recognised in profit or loss over the period of the borrowings using the effective interest method.

Preference shares, which are mandatorily redeemable on a specific date, are classified as liabilities. The dividends on these preference shares are recognised in profit or loss as finance
costs.
Borrowings are removed from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a
financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in
profit or loss as other gains/(losses).

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. Where there
is a breach of a material provision of a long- term loan arrangement on or before the end of the reporting period with the effect that the liability becomes payable on demand on the
reporting date, the entity does not classify the liability as current, if the lender agrees, after the reporting period and before the approval of the Restated financial informations for issue,
not to demand payment as a consequence of the breach.

m. Borrowing costs
General and specific borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalised during the period of time that is
required to complete and prepare the asset for its intended use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or
sale.
Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for
capitalisation.
Other borrowing costs are expensed in the period in which they are incurred.

n. Earnings Per Share :

Basic Earnings Per Share
Basic earnings per share is calculated by dividing the profit attributable to the owners of the company, by the weighted average number of equity shares outstanding during the financial
year.

o. Provisions, contingent liabilities and contingent assets:

A provision is recognized when the Company has a present obligation as a result of past events and it is probable that an outflow of resources will be required to settle the obligation in
respect of which a reliable estimate can be made.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks
and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of
those cash flows (when the effect of the time value of money is material).

Contingent Liability
A possible obligation that arises from past events and the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not
wholly within the control of the enterprise are disclosed as contingent liability and not provided for. Such liability is not disclosed if the possibility of outflow of resources is remote.

Contingent Asset
A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events
not wholly within the control of the entity.
Contingent assets are not recognised but disclosed only when an inflow of economic benefits is probable.

p. Leases:
The company has applied Ind AS 116 for the first time for the annual reporting period commencing April 01, 2022.
As a Lessee:
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments
·        fixed payments (including in-substance fixed payments), less any lease incentives receivable
·        amounts expected to be payable by the Company, if any, under residual value guarantees

Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability.

Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on
the remaining balance of the liability for each period.

Right-of use assets

Right-of-use assets are measured at cost comprising the following:
·        amount of the initial measurement of lease liability
·        lease payments made before the commencement date
·        any initial direct costs
·        restoration costs

Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis.

Entity-specific details about the Company's leasing policy are provided in note 39.

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Annexure V - Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information

49. Summary of other accounting policies

q. Segment reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the Chairman and Managing Director (CMD) of the Company who is identified as the
chief
operating decision maker (CODM). The CMD assesses the financial performance and position of the Company, and makes strategic decisions.

r. Financial Instrument:

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets and liabilities are
recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial Assets

Classification of financial asset

The Company classifies its financial assets in the following measurement categories:

·   Those to be measured subsequently at fair value (either through Other comprehensive income, Or through profit or loss), and
·   Those measured at amortised cost.

The classification depends on the entity's business model for managing the financial assets and the contractual terms of cash flows.

Intitial Measurement:

Financial assets are recognized when the Company becomes a party to the contractual provisions of the instrument. At initial recognition, the Company measures a financial asset
(excluding trade receivables which do not contain a significant financing component) at its fair value plus, in the case of a financial asset not at fair value through profit or loss,
attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss.

Subsequent Measurement

After initial recognition, financial assets are measured at:

·        fair value (either through Other Comprehensive Income or through Profit and Loss), or
·        amortized cost

Debt instruments
Debt instruments are subsequently measured at amortized cost, fair value through other comprehensive income (‘FVOCI’) or fair value through Profit and Loss (‘FVTPL’) till de-
recognition on the basis of (i) the entity’s business model for managing the financial assets and (ii) the contractual cash flow characteristics of the financial asset.
Amortised Cost

Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. A gain or loss on a
debt investment that is subsequently measured at amortised cost and is not part Of a hedging relationship is recognised in profit or loss when the asset is derecognised or impaired.
Interest income from these financial assets is included in other income using the effective interest rate method.

Fair value through other comprehensive income (FVOCI)

Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets' cash flows represent solely payments Of principal and interest, are
measured at fair value through other comprehensive income (FVOC'). Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or
losses, interest revenue and foreign exchange gains and losses which are recognised in profit and loss. When the financial asset is derecognised, the cumulative gain or loss previously
recognised in OCI is reclassified from equity to profit or loss and recognised in other gains/ (losses). Interest income from these financial assets is included in other income using the
effective interest rate method. Foreign exchange gains and losses are presented in other gains and losses and impairment expenses in other expenses.

Fair Value through Profit or loss (FVTPL)

Assets that do not meet the criteria for amortised cost or FVOCI are measured at fair value through profit or loss. A gain or loss on a debt investment that is subsequently measured at
fair value through profit or loss and is not part of a hedging relationship is recognised in profit or loss and presented net in the Statement of Profit and Loss within other gains/(losses) in
the period in which it arises. Interest income from these financial assets is included in other income.

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49. Summary of other accounting policies

Impairment of financial assets:

The Company applies Expected Credit Loss (ECL) model for measurement and recognition of impairment loss on the following financial assets:
·        financial assets that are debt instruments, and are measured at amortised cost e.g., loans, deposits, and bank balance
·        trade receivables

The impairment methodology applied depends on whether there has been a significant increase in credit risk.

The Company follows ‘simplified approach’ for recognition of impairment loss allowance on trade receivables which do not contain a significant financing component.

The application of simplified approach does not require the Company to track changes in credit risk. Rather, it recognises impairment loss allowance based on lifetime ECLs at each
reporting date, right from its initial recognition.

Derecognition of financial assets

A financial asset is derecognized only when:

·        the Company has transferred the rights to receive cash flows from the financial asset or
·        retains the contractual rights to receive the cash flows from the financial asset, but assumes a contractual obligation to pay the cash flows to one or more recipients.

Where the entity has transferred an asset, the Company evaluates whether it has transferred substantially all risks and rewards of ownership of the financial asset. In such cases, the
financial asset is derecognized. Where the entity has not transferred substantially all risks and rewards of ownership of the financial asset, the financial asset is not derecognized.

Where the entity has neither transferred a financial asset nor retains substantially all risks and rewards of ownership of the financial asset, the financial asset is derecognized if the
Company has not retained control of the financial asset. Where the Company retains control of the financial asset, the asset is continued to be recognized to the extent of continuing
involvement in the financial asset.

Financial Liabilities

Initial recognition and measurement:

Financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument. Financial liabilities are initially measured at its fair value plus or
minus, in the case of a financial liability not at fair value through profit and loss, transaction costs that are directly attributable to the issue of the financial liability.

Subsequent Measurement

Financial liabilities are classified as measured at amortized cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held for trading, or it is a derivative or it is
designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognized in statement of
profit and loss. Other financial liabilities are subsequently measured at amortized cost using the effective interest method. Interest expense and foreign exchange gains and losses are
recognized in statement of profit and loss. Any gain or loss on derecognition is also recognized in Statement of Profit and Loss.

Derecognition of financial liabilities

A financial liability is derecognised when the obligation specified in the contract is discharged, cancelled or expires.

Offsetting financial instruments Financial assets and liabilities are offset and the net amount is reported in the balance sheet where there is a legally enforceable right to offset the
recognised amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on
future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Company or the counterparty.

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Annexure V - Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information

50 Additional Regulatory Information

a) Analytical Ratios
Ratio Numerator Denominator For the year ended For the year For the year % Variance % Variance Reason for variance Reason for variance
March 31, 2025 ended ended March 25 to March 24 to March 25 March 24 to March 23
March 31, March 31, 2023 March 24 March 23
2024
Current Ratio Current Assets Current Liabilities 1.20 1.16 1.35 3.48% -14.02% - -
Debt-Equity Ratio Total borrowings Shareholders Equity 2.02 3.10 3.43 -34.75% -9.72% The variation is on account -
of decrease in borrowings as
compared to previous year
due to repayment and issue
of equity share during the
period.

Debt Service Coverage Earnings available for debt service (Net Debt Service Interest & 0.44 0.76 1.19 -41.95% -36.45% The variation is on account The variation is on
Ratio Profit before taxes + Non-cash operating Lease of fully repayment of NCD account of increase in
expenses like depreciation and other Payments + Principal as compared to previous repayment of NCD as
amortizations + Interest + other Repayments year. compared to previous
adjustments) year.

Return on Equity Ratio (%) Net Profits after taxes – Preference Average Shareholder’s 12.42% 5.27% -3.27% 135.56% -261.24% The variation is on account In previous year, the
Dividend (if any) Equity of decrease in finance cost Company has adopted
as compared to previous new tax regime due to
year due to refinance of which MAT credit assets
borrowing at lower rate. were written off which
resulted in increase in tax
expenses and consequent
loss for the year.

Inventory Turnover Ratio Cost of Sales Average Inventory 1.42 1.64 1.45 -13.25% 12.66% - -
Trade Receivable Turnover Sales Average Account 5.54 5.47 5.23 1.22% 4.56% - -
Ratio Receivable
Trade Payable Turnover Purchase Average Trade Payable 2.10 1.91 1.61 9.68% 19.00% - -
Ratio

Net Capital Turnover Ratio Sales Average Working 13.93 11.12 9.42 25.32% 17.95% Improvement in working -
Capital capital

Net Profit Ratio (%) Net Profit Net Sales 3.86% 1.30% -0.82% 195.82% -259.13% The variation is on account In previous year, the
of decrease in finance cost Company has adopted
as compared to previous new tax regime due to
year due to refinance of which MAT credit asset
borrowing at lower rate. written off which resulted
in increase in tax expenses
and consequent loss.

Return on Capital Earning before Interest and Taxes Average Capital 13.72% 12.76% 12.19% 7.51% 4.68% - -
Employed (%) Employed

Return on Investments (%) Earning before Interest and Taxes Closing total assets 11.62% 10.75% 10.08% 8.09% 6.65% - -

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Annexure V - Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information

50 Additional Regulatory Information (Contd.)

b) The Company has not been declared Willful Defaulter by any bank or financial institution or government or any government authority during the year ended March 31,
2025, March 31, 2024 and March 31, 2023.
c) The Company does not have any transactions with the companies struck off under section 248 of the Companies Act, 2013 or section 560 of the Companies Act, 1956
during the year ended March 31, 2025, March 31, 2024 and March 31, 2023.

d) There are no charges or satisfactions which were to be registered with the Registrar of Companies beyond the statutory period during the year ended March 31, 2025,
March 31, 2024 and March 31, 2023.

e) The Company has not invested or traded in Crypto Currency or Virtual Currency during the year ended March 31, 2025, March 31, 2024 and March 31, 2023.

f) The Company has not entered into any scheme of arrangement approved by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013 during
the year ended March 31, 2025, March 31, 2024 and March 31, 2023.

g) During the year ended March 31, 2025, March 31, 2024 and March 31, 2023, the Company has not surrendered or disclosed as income any transactions not recorded in the
books of accounts in the course of tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).

h) As at year ended March 31, 2025, March 31, 2024 and March 31, 2023, the Company has used the borrowings from banks and Financials Institutions for the specific
purpose for which it was taken.

i) During the year ended March 31, 2025, March 31, 2024 and March 31, 2023, the Company has not granted loans or advances in nature of loans, repayable on demand or
without specifying any terms for period of repayment, to promoters/directors/KMPs/Related parties (as defined under the Companies Act, 2013).

j) During the year ended March 31, 2025, March 31, 2024 and March 31, 2023 , the Company has not advanced or loaned or invested funds (either borrowed funds or share
premium or kind of funds) to any other person or entity, including foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise)
that the Intermediary shall:

a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries) or
b) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.

During the year ended March 31, 2025, March 31, 2024 and March 31, 2023, the Company has not received any fund from any person or entity, including foreign entities
(Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or
b) provide any guarantee, security, or the like on behalf of the ultimate beneficiaries.

k) The Company does not have any investments during the year ended March 31, 2025, March 31, 2024 and March 31, 2023. Accordingly the question of compliance with
number of layers of companies in accordance with clause 87 of Section 2 of the Act read with the Companies (Restriction on number of Layers) Rules, 2017 during the year
does not arise.

l) The Company has filed quarterly statements with banks in respect of borrowings from banks on the security of current assets. The said statements were in agreement with
the unaudited books of account during the year ended March 31, 2025, March 31, 2024 and March 31, 2023.

m) No proceedings have been initiated on or are pending against the Company for holding benami property under the Prohibition of Benami Property Transactions Act, 1988
(as amended in 2016) (formerly the Benami Transactions (Prohibition) Act, 1988 (45 of 1988)) and Rules made thereunder.

n) The Company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of India during the year ended March 31, 2025, March 31,
2024 and March 31, 2023.

455
Amanta Healthcare Limited
CIN : U24139GJ1994PLC023944
Annexure V - Basis of Preparation, Material Accounting Policies and Notes to the Restated Financial Information

51 Events occurring after reporting period

The Company evaluated subsequent events till July 17, 2025, the date the financial information were available for issuance, and determined that there were no other
material events subsequent to the period end.

52 Approval of Restated financial information

The Restated financial informations were approved for issue by the board of directors on July 17, 2025

Signature to Note 1 to 52
In terms of our report of even date.

For Price Waterhouse Chartered Accountants LLP For and on behalf of the Board of Directors of Amanta HealthcareLimited
Firm Registration No.: 012754N/N500016

Bhavesh G. Patel Nimesh Patel

Chairman & Managing Director Director
DIN: 00085505 DIN: 09044772
Place: Place:
Date: Date:

Devang Mehta
Partner Shailesh M. Shah Nikhita Dinodia
Membership No: 118785 Chief Financial Officer Company Secretary
Place: Membership No. 53362
Place: Date: Place:
Date: Date:

456
Amanta Healthcare Limited
CIN : U24139GJ1994PLC023944
Annexure VI: Statement of Adjustments to the Audited Financial Statements as at and for the year ended March 31, 2025, March 31, 2024 and March 31, 2023

Statements Summarized below are the restatement adjustments made to the Audited Financial Statements as at and for the year ended March 31, 2025, March 31, 2024 and March 31, 2023and their impact on equity and the profit/loss of the Company :

Part A: Statement of Adjustments to the Audited Financial Statements

Reconciliation of total equity as per the audited financial statements with total equity as per Restated Financial Information (Rs. In lakhs)

Particular As at March 31, 2025 As at March 31, 2024 As at March 31, 2023

A. Total Equity as per the Audited Financial Statements 9,638.83 6,628.88 6,288.34

B. Adjustments:

Material restatement adjustments

(i) Audit qualifications- - - -
(ii) Adjustments due to prior period items/other adjustment - - -
(iii) Deferred tax impact on adjustments in (i) and (ii), as applicable - - -
(iv)Change in accounting policies - - -

Total impact of adjustments (i+ii+iii+iv) - - -

Total equity as per restated financial information (A+B) 9,638.83 6,628.88 6,288.34

Reconciliation between audited profit/(loss) and restated profit/ (loss) after tax:

For the year ended For the year ended For the year ended
Particular March 31, 2025 March 31, 2024 March 31, 2023

A. Profit/(loss) after tax as per the Audited Financial Statements 1,050.07 363.32 (211.06)

B. Adjustments:

Material restatement adjustments

(i) Audit qualifications- - - -
(ii) Adjustments due to prior period items/other adjustment - - -
(iii) Deferred tax impact on adjustments in (i) and (ii), as applicable - - -
(iv)Change in accounting policies - - -

Total impact of adjustments (i+ii+iii+iv) - - -

Restated profit/ (loss) after tax as per Restated Financial Information (A+B) 1,050.07 363.32 (211.06)

Note to adjustment:

(i) Refer note 47 for the notes on the IND AS Adoption.

(ii) Audit qualifications - There are no audit qualifications in auditor's report for the financial years ended March 31, 2025 , March 31, 2024 and March 31, 2023.

(iii) Material regrouping/ reclassification - Appropriate regrouping/ reclassification have been made in the restated statement of assets and liabilities, restated statement of profit and loss and restated statement of cash flows, wherever required, by reclassification
of corresponding items of income, expenses, assets, liabilities and cash flows, in order to bring them in line with the accounting policies and classification as per the Audited Financial Statements for the year ended March 31, 2025, prepared in accordance with
Schedule-III (Division-III) of the Act,as amended, requirements of IND AS 1 -‘Preparation of financial statements’ and other applicable IND AS principles and the requirements of the Securities and Exchange Board of India (Issue of Capital & Disclosure
Requirements ) Regulations, 2018, as amended.

(iv) Material errors - There were no material errors in Audited Financial Statements for the financial year ended March 31, 2025, March 31, 2024 and March 31, 2023 requiring any adjustments in Restated Financial Information.

Part B: Non adjusting items

a) Auditor's Comments in Annexure to Auditors’ Report:

In addition to the audit opinion on the financial statements, the auditors are required to comment upon the matters included in the Companies (Auditor’s Report) Order, 2020 ("the CARO 2020 Order") issued by the Central Government of India under sub-section
(11) of Section 143 of Companies Act, 2013 on the financial statements as at and for the financial years ended March 31, 2025, March 31, 2024 and March 31, 2023 respectively. Certain statements/ comments included in the CARO in the financial statements, which
do not require any adjustments in the Restated Financial Information are reproduced below:

Financial year 2023-24 and 2022-23

Clause (i) (c) The Title deeds of all the immovable propertie (other than properties where the Company is the lessee and the lease agreements are duly executed in favour of the lessee) are held in the name of the Company. Below two lands are held in the erstwhile
name of the Company:

Period held -
Gross carrying Whether promoter,
Description of Held in the indicate range, Reason for not being held in the
value (Rs. In director or their relative
property name of where name of the Company
Lakhs) or employee
appropriate
The property was acquired before the name
Mark change of the Company and accordingly, it
Land 14.06 Biosciences No Since 2006 is held in the erstwhile name of the
Limited Company. As per the information and
explanation provided by the management,
the Company is in the process of getting the
Mark
same updated in the government records.
Land 16.8 Biosciences No Since 2007
Limited

457
Amanta Healthcare Limited
CIN : U24139GJ1994PLC023944
Annexure VI: Statement of Adjustments to the Audited Financial Statements as at and for the year ended March 31, 2025, March 31, 2024 and March 31, 2023

Financial year 2024-25

Clause (vii) (b) : There are no statutory dues of provident fund, employees’ state insurance, sales tax, service tax, duty of customs, duty of excise, value added tax and cess which have not been deposited on account of any dispute. The particulars of other statutory
dues referred to in sub-clause (a) as at March 31, 2025 which have not been deposited on account of a dispute, are as follows:

Forum where the

Gross amount Amount Net Period to
dispute is
Name of
Nature of dues* (Rs. in lakhs) paid under unpaid amount (Rs. In lakhs) which the pending
the statute
protest (Rs. In amount relates
lakhs) (Financial Year)
Commissioner of Income
Income Tax
Income Tax 11.19 - 11.19 2010-11 tax
Act, 1961
(Appeals)
Goods and Goods and Services
Services Tax
Tax 181.87 6.56 101.93 2017-18 Commissioner of SGST
Act,
2017
Goods and Goods and Services
Services Tax Assistant Commissioner of
Tax 176.5 8.21 168.29 2018-19
Act, state tax
2017
Goods and Goods and Services
Services Tax Assistant Commissioner of
Tax 40.65 - 18.43 2018-19
Act, CGST
2017
Goods and Goods and Services
Services Tax Assistant Commissioner of
Tax 598.07 28.53 569.53 2019-20
Act, SGST
2017
Goods and Goods and Services
Services Tax Assistant Commissioner of
Tax 164.06 4.36 159.69 2020-21
Act, SGST
2017
* Including Interest and Penalty, as applicable

Financial year 2023-24

Clause (vii) (b) : According to the information and explanations given to us and the records of the Company examined by us, there are no statutory dues of provident fund, service tax, sales tax, duty of customs, value added tax, employees’ state insurance and cess
which have not been deposited on account of any dispute. The particulars of other statutory dues referred to in sub-clause (a) as at March 31, 2024 which have not been deposited on account of a dispute, are as follows:

Period to
Amount Amount paid which the
Name of Amount Unpaid (Rs. In Forum where the
Nature of dues* involved (Rs. under protest amount relates
Statute lakhs) dispute is pending
in lakhs) ( Rs. In lakhs) (Financial
Year)

Income Income Tax including

Commissioner of
Tax Act, Interest and Penalty 11.19 - 11.19 2011-12
Income tax (Appeals)
1961 as applicable

Goods and Goods and Services

Services Tax including interest
58.19 2.70 42.04 2017-18 Commissioner of SGST
Tax Act, and penalty as
2017 applicable
Goods and Goods and Services
Assistant
Services Tax including interest
176.5 8.21 168.29 2018-19 Commissioner of state
Tax Act, and penalty as
tax
2017 applicable
Goods and Goods and Services
Services Tax including interest Assistant
260.19 - 260.19 2019-20
Tax Act, and penalty as Commissioner of SGST
2017 applicable
* Including Interest and Penalty, as applicable

In terms of our report of even date.

For Price Waterhouse Chartered Accountants LLP For and on behalf of the Board of Directors of Amanta Healthcare Limited
Firm Registration No.: 012754N/N500016

Bhavesh G. Patel Nimesh Patel

Chairman and Managing Director Director
DIN: 00085505 DIN: 09044772
Place: Place:
Date: Date:

Devang Mehta
Partner Paras Mehta Nikhita Dinodia
Membership No: 118785 Chief Financial Officer Company Secretary
Place: Membership No. 53362
Place: Date: Place:
Date: Date:

458
 OTHER FINANCIAL INFORMATION

Accounting ratios derived from the Restated Financial Information

The accounting ratios of our Company as required under Item 11 of Part A of Schedule VI of the SEBI ICDR
Regulations are given below:
(₹ in lakhs, unless otherwise mentioned)
Particulars For the year For the year For the year
ended March 31, ended March 31, ended March 31,
2025 2024 2023
1. Earnings per share: basic and diluted
With Exceptional Items
Restated profit/(loss) for the year
1,050.07 363.32 (211.06)
(A)
Weighted average number of
equity shares at the end of the
year for the calculation of basic
and diluted earnings per share
-Basic (B) (In Numbers) 28,270,447 268,29,351 268,29,351
-Diluted (C) (In Numbers) 28,270,447 268,29,351 268,29,351
Basic earnings per share (A/B)
3.71 1.35 (0.79)
(in ₹)
Diluted earnings per share
3.71 1.35 (0.79)
(A/C) (in ₹)
Without Exceptional Items
Restated profit/(loss) for the year
1,050.07 363.32 (211.06)
before exceptional item (D)
Basic earnings per share (D/B)
3.71 1.35 (0.79)
(in ₹)
Diluted earnings per share
3.71 1.35 (0.79)
(D/C) (in ₹)
2 Return on net worth
Restated profit / (loss) for the
1,050.07 363.32 (211.06)
year (A)
Net worth (E) 9,638.83 6,628.88 6,288.34
Return on net worth (in %)
10.89% 5.48% (3.36%)
(A/E) x100
3 NAV per share
Net worth (E) 9,638.83 6,628.88 6,288.34
Outstanding number of equity 288,29,351
shares at the end of the year(F) 268,29,351 268,29,351
(In Numbers)
NAV per equity share (₹) (E/F) 33.43 24.71 23.44
4 Restated earnings before
interest, tax, depreciation and
6,105.37 5,875.65 5,630.67
amortisation (EBITDA) and
exceptional item
Notes:

1. Weighted average number of Equity Shares is the number of Equity Shares outstanding at the beginning of the
year adjusted by the number of Equity Shares issued during the year multiplied by the time weighting factor.
The time weighting factor is the number of days for which the specific shares are outstanding as a proportion
of total number of days during the year. This has been adjusted by giving effect to (i) bonus issuance
subsequent to respective balance sheet dates for all years presented (ii) Elimination of inter group cross
holdings of equity shares.
2. Basic and Diluted earnings per equity share: Restated profit for the year divided by the weighted average
number of shares at the end of the year. Basic and diluted EPS are computed in accordance with Ind AS 33 -
Earnings per share.

459
3. Return on net worth %: Return on Net Worth (%) is calculated by dividing the restated profit for the year by
the Net worth.
4. NAV share (in ₹): NAV per Share represents Net worth divided by the numbers of shares outstanding at the
end of respective year. The number of shares outstanding at the end of reporting year has been adjusted by
giving effect of bonus issuance subsequent to respective balance sheet dates for all years presented.
5. “Net worth” means the aggregate value of the paid-up share capital and all reserves created out of the profits
and securities premium account and debit or credit balance of profit and loss account, after deducting the
aggregate value of the accumulated losses, deferred expenditure and miscellaneous expenditure not written
off, as per the restated statement of assets and liabilities, but does not include reserves created out of
revaluation of assets, capital reserve, write-back of depreciation and amalgamation as per the SEBI ICDR
Regulations financial year ended March 31, 2025, March 31, 2024 and March 31, 2023
6. EBITDA = PAT + (finance Costs+ depreciation and amortization expenses+ total tax expense) - exceptional
items.
7. Restated profit/(loss) for the year before exceptional item = Restated profit/(loss) for the year + exceptional
item

In accordance with the with Schedule VI, Part A (11)(I)(A)(ii)(b) of the SEBI ICDR Regulations, the audited
financial information of our Company for the financial years ended March 31, 2025, March 31, 2024, March 31,
2023 (collectively, the “Audited Financial Information”) is available on our website at [Link] (Please

scan the QR code to view the Audited Financial Information: ). Our Company is providing a link to this
website solely to comply with the requirements specified in the SEBI ICDR Regulations. The Audited Financial
Information do not and will not constitute, (i) a part of the Draft Red Herring Prospectus; (ii) this Red Herring
Prospectus or (iii) the Prospectus, a statement in lieu of a prospectus, an issuing circular, an issuing memorandum,
an advertisement, an issue or a solicitation of any issue or an issue document or recommendation or solicitation
to purchase or sell any securities under the Companies Act, the SEBI ICDR Regulations, or any other applicable
law in India or elsewhere. The Audited Financial Information should not be considered as part of information that
any investor should consider subscribing for or purchase any securities of our Company and should not be relied
upon or used as a basis for any investment decision. Due caution is advised when accessing and placing reliance
on any historic or other information available in the public domain.

None of our advisors, nor BRLM nor any of their respective employees, directors, affiliates, agents or
representatives accept any liability whatsoever for any loss, direct or indirect, arising from any information
presented or contained in the Audited Financial Information, or the opinions expressed therein.

460
 RELATED PARTY TRANSACTIONS

For details of the related party transactions, as per the requirements under applicable Accounting Standards, i.e.,
Ind AS 24 ‘Related Party Disclosures’ for Fiscals 2025, 2024 and 2023 and as reported in the Restated Financial
Information, see “Financial Information – Annexure V - Note 42 – Related Party Disclosures” beginning on page
389.

461
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS

The following discussion of our financial condition and results of operations should be read in conjunction with
our Restated Financial Information on page 389. Unless otherwise indicated or the context otherwise requires,
the financial information for Fiscal 2023, 2024, 2025 included herein is derived from the Restated Financial
Information, included in this Red Herring Prospectus, which have been derived from our audited financial
statements and restated in accordance with the SEBI ICDR Regulations and the Guidance Note on Reports in
Company Prospectuses (Revised 2019) issued by the ICAI, as amended from time to time, which differ in certain
material respects from IFRS, U.S. GAAP and GAAP in other countries. For further information, see “Financial
Information” on page 389.

Unless the context otherwise requires, in this section, references to “we”, “us”, “our” and “our Company” or
“the Company” refer to Amanta Healthcare Limited.

This Red Herring Prospectus may include forward-looking statements that involve risks and uncertainties, and
our actual financial performance may materially vary from the conditions contemplated in such forward- looking
statements as a result of various Factors, including those described below and elsewhere in this Red Herring
Prospectus. For further information, see “Forward-Looking Statements” on page 19. Also see “Risk Factors”
and “Management’s Discussion And Analysis Of Financial Condition And Results Of Operations- Significant
Factors Affecting our Results of Operations on pages 29 and 462, respectively, for a discussion of certain Factors
that may affect our business, financial condition or results of operations.

Unless otherwise indicated, the industry-related information contained in this section is derived from the industry
report titled “Assessment of the Indian pharmaceuticals industry” dated June, 2024 read with addendum dated
August, 2025 prepared by CRISIL Limited (the “CRISIL Report”). A copy of the CRISIL Report will be made
available on the website of our Company at [Link] (Please scan the QR code to view the CRISIL

Report: ) from the date of the Red Herring Prospectus till the Bid/Issue Closing Date and has also
been included in “Material Contracts and Documents for Inspection” on page 599. We have commissioned and
paid for the CRISIL Report for the purposes of confirming our understanding of the industry exclusively in
connection with the Issue. We officially engaged CRISIL Limited in connection with the preparation of the CRISIL
Report pursuant to an engagement letter dated June 30, 2025. The data included in this section includes excerpts
from the CRISIL Report and may have been re-ordered by us for the purposes of presentation.

Overview

We are a pharmaceutical company engaged in developing, manufacturing and marketing a diverse range of sterile
liquid products - parenteral products, being packed in plastic container with Aseptic Blow-Fill-Seal (“ABFS”)
and Injection Strech Blow Moulding (“ISBM”) technology. We manufacture large volume parenterals (“LVPs”)
and small volume parenterals (“SVPs”) in six therapeutic segments. In addition to that, we also manufacturer
medical devices. We manufacture fluid therapy - (IV Fluid), formulations, diluents, ophthalmic, respiratory care
and irrigation solutions in therapeutic segment and products like irrigation, first-aid solution, eye lubricants etc.
in medical device segment. We offer wide range of closure systems, such as nipple head, twist-off, leur-lock and
screw types and container fill-volume ranging from 2ml to 1000 ml.

Our formulation and development operations help us to develop new formulation as well as modify / improve the
formulation for our own brand as well as our customers for product partnering business. We have a dedicated
Formulation and Development (“F&D”) and quality control laboratory located at our manufacturing facility in
Hariyala, District Kheda, Gujarat, India. We have four LVPs manufacturing lines, which include two lines of
conventional single port containers with ABFS technology and two lines for SteriPort products with ISBM
technology. Similarly, we have three operational SVPs manufacturing lines, which includes two ABFS lines and
one conventional three-piece container filling lines. Our manufacturing facility has good manufacturing practices
(“GMP”) certifications from the Food & Drugs Control Administration, Gujarat, in conformity with the format
recommended by the World Health Organization (the “WHO”), the GMP for formulations from Cambodia,
Sudan, Philippines, Zimbabwe. We also have certificate from DNV for exports of medical device products. Our
cGMP capabilities allow us to offer our customers various products of sterile liquid form in product categories of
quinolones, anti-biotics, anti-fungal, diuretic, anti-anaerobic, Ophthalmic, Respiratory etc.

462
We market our products through three strategic business units namely (a) national sales, (b) international sales
and (c) product partnering with various foreign and Indian pharmaceutical companies. We manufacture diverse
generics product portfolio of over 45 products and market them under our own brands in the Indian market through
a network of over 320 distributors and stockists. We sell our products in various countries including the Africa,
Latin America, UK and the Rest of the world. Our Company’s products are currently registered with 19 countries
and have a compliance track record with a range of regulatory regimes across these markets. During the Fiscal
2025, we exported branded products to 21 countries. In product partnering, our Company undertakes
manufacturing for various pharmaceutical companies.

Our international sales business covers, advanced market countries and emerging market countries. As on the date
of this Red Herring Prospectus, we have a portfolio of 47 products registered across 113 international jurisdictions.
Our product partnering business include commercial large-scale manufacturing of generic products. We also
undertake manufacturing under loan license agreements with our customers. Under product partnering model, we
have developed relationships across the Indian pharmaceutical industry and some of our key customers.

We are led by a professional and experienced management team comprising qualified Key Managerial Personnel
and Senior Management Personnel. Our Promoters and Managing Director, Bhavesh Patel has extensive
experience in the Indian pharmaceutical industry. As of March 31, 2025, we employed a team of 123 employees
at our formulation and development and quality laboratory. Our team includes professionals with experience of
over 20 years. Our formulation & development and quality laboratory are equipped with various equipments for
the development of liquid dosage forms.

Financial and Operational Metrics

The table below sets out some of our financial and other metrics for the Financial Years ended March 31, 2025,
March 31, 2024 and March 31, 2023:

As of and for the Fiscal

Particulars
2025 2024 2023
GAAP Measures
Total Income (₹ in lakhs) 27,609.34 28,160.68 26,269.62
Total revenue from operation (₹ in 27,470.82 28,034.03 25,912.93
lakhs)
PAT (4) (₹ in lakhs) 1,050.07 363.32 (211.06)
Non-GAAP Measures
Growth in Revenue from Operations (1) (2.01) 8.19 14.94
(%)
EBITDA (2) (₹ in lakhs) 6,105.37 5,875.65 5,630.67
EBITDA margins (3) (%) 22.11 20.86 21.43
PAT Margin (5) (%) 3.86 1.30 (0.82)
Growth in PAT (6) (%) 189.02 272.14 NA
Return on Net Worth (7) (%) 10.89 5.48 (3.36)

RoE (8) (%) 12.42 5.27 (3.27)

RoCE (9) (%) 13.72 12.76 12.19

Debt Equity Ratio (10) 2.02 3.10 3.43

Net Cash Flow from Operating activities 4,662.00 5,807.30 4,258.04
(₹ in lakhs)
* Not Annualised
1. Growth in Revenue from Operations = Percentage growth in Total Revenue from operations as of the last
day of the relevant Fiscal over the Total Revenue from operations as of the last day of the preceding Fiscal.
2. EBITDA = Restated Earnings before interest, tax, depreciation and amortisation (EBITDA) and
exceptional item.
3. EBITDA Margin is EBITDA (Restated Earnings before interest, tax, depreciation, amortisation and
exceptional item) as a percentage of total income.
4. PAT = Restated profit/loss for the year as per Restated Financial Information.

463
 5. PAT Margin is calculated as restated profit/ (loss) for the year as a percentage of revenue of contract with
customers.
6. Growth in PAT = Percentage growth in Total PAT as of the last day of the relevant Fiscal over the Total
PAT as of the last day of the preceding Fiscal.
7. Return on Net Worth is PAT as a % of closing Net Worth.
8. RoE = Restated total comprehensive income/ (loss) for the year divided by Average Shareholder Equity.
9. RoCE = Earnings before interest and taxes and exceptional items divided by average capital employed.
Capital Employed includes Tangible Net worth (i.e. subtracting Net worth by Intangible Assets and
Deferred Expenditure, if any), net deferred tax (asset)/ liability, non-current borrowing and current
borrowing.)
10. Debt Equity Ratio = Total borrowings (non current and current) divided by total equity

Operational Metrics

Set out in the table below are our revenues from operations from our top five and top ten customers, based on our
Restated Financial Information for the Fiscals 2025, 2024 and 2023:

Particulars Fiscal 2025 Fiscal 2024 Fiscal 2023

Amount % of total Amount % of total Amount % of total
(in ₹ lakhs) revenue from (in ₹ lakhs) revenue from (in ₹ lakhs) revenue
operations operations from
operation
Top five 4,627.42 16.84 4,605.22 16.43 4,946.03 19.09
customers
Top ten 7,854.08 28.59 7,942.40 28.33 8,139.00 31.41
customers

Significant Factors Affecting our Results of Operations

Our Manufacturing Capabilities

Our manufacturing capacities are a key driver for the growth of our revenue from operations. We have a
manufacturing facility in village Hariyala, District Kheda, Gujarat, India. Our facility produces injections and oral
liquids. As of March 31, 2025, with a cumulative manufacturing capacity of LVP, SVP and STERIPOT are 33.19
crores units annually. See “Our Business – Properties and Offices” on page 313 for our production capacities and
capacity utilization. It is also important for us to focus on improving capacity utilization at our manufacturing
units. Higher capacity utilization means higher volumes of products manufactured, which in turn drives our sales
of products and revenue from operations. The following table sets out our installed capacity, production volume
and capacity utilization product wise for the Financial Years 2025, 2024 and 2023:

Producti As of, and for the year As of, and for the year As of, and for the year ended,
on ended, March 31, 2025 ended, March 31, 2024 March 31, 2023
Stream Install Actual Utilizat Install Actual Utilizat Install Actual Utilizat
ed Product ion ed Product ion ed Producti ion
Capac ion Capac ion Capac on
ity ity ity
Units in crores % Units in crores % Units in %
crores
LVP 5.66 5.17 91.00% 5.66 5.24 93.00% 5.66 5.50 97.00%
SVP 20.91 20.64 99.00% 20.91 19.65 94.00% 20.91 18.72 89.00%
STERIP 6.62 6.02 91.00%
6.62 5.47 83.00% 6.62 4.80 73.00%
ORT
Total 33.19 31.83 96.00% 33.19 30.36 91.00% 33.19 29.02 87.00%

A slowdown or shutdown of our manufacturing units could have an adverse effect on our results of operations.
See “Risk Factors –Internal Risk Factors –Risks relating to our business and operations – Our Company’s entire
manufacturing facility is located at a single location, and all of the Company’s manufactured products are
produced from such facility in village Hariyala, district Kheda, Gujarat. Any delay in production at, or shutdown

464
of, our manufacturing facility may in turn adversely affect our business, financial condition and results of
operations.” on page 29.

Availability of Raw Materials at Competitive Prices

We rely on a number of suppliers for the raw materials required for our manufacturing operations. The cost of
raw materials, which we source from India and overseas, makes up a significant proportion of our total operating
expenses. Our cost of materials consumed including cost of packaging material consumed for the Financial Years
2025, 2024 and 2023 was ₹ 10,126.14 lakhs, ₹ 8,561.82 lakhs and ₹ 10,065.92 lakhs, respectively, constituting
38.74%, 31.00% and 38.71% of our Adjusted Expenses, respectively.

The table below sets outs the raw materials and packaging materials which we have obtained from our largest
supplier and top 5 suppliers together with such supply as a percentage of our total raw materials supply for the
Fiscal 2025, Fiscal 2024 and Fiscal 2023:

Particulars Fiscal 2024 Fiscal 2023

Total % of total Total % of total Total % of total
materials materials materials materials materials materials
sourced (in sourced sourced (in sourced sourced (in sourced
₹ lakhs) (%) ₹ lakhs) (%) ₹ lakhs) (%)
Largest 2,280.75 23.94 1888.71 20.21 2,012.20 20.32
supplier of
materials
Top 5 suppliers 5,897.37 61.91 5,135.81 54.95 5,254.64 53.07
of materials
Top 10 7,198.11 75.56 6,682.21 71.50 6,994.53 70.65
suppliers of
materials

Our raw material and packing material include significant purchase of LDPE and PP granules. The prices of LDPE
and PP are volatile and largely linked to crude price volatility. The table below sets outs consumption of top 10
raw material as a percentage of our total raw materials supply in the Fiscal 2025, Fiscal 2024 and Fiscal 2023:

Fiscal 2025 Fiscal 2024 Fiscal 2023

Materials % of total Materials % of total Materials % of total
Particulars
sourced (in ₹ materials sourced (in ₹ materials sourced (in ₹ materials
lakhs) sourced (%) lakhs) sourced (%) lakhs) sourced (%)
LDPE 2616.71 27.47% 2754.94 29.48% 2581.60 26.07%
Cap 1760.62 18.48% 1664.78 17.81% 1568.96 15.85%
POLYPROPYLE 1188.65 12.48% 968.19 10.36% 984.37 9.94%
CORRUGATED
967.21 10.15% 915.19 9.79% 1185.95 11.98%
BOX
Carton 343.12 3.60% 384.79 4.12% 417.30 4.21%
Sticker 333.82 3.50% 321.74 3.44% 301.80 3.05%
HIPXX E 30 265.03 2.78% 231.96 2.48% - 0.00%
Mannitol 244.63 2.57% 330.89 3.54% 247.31 2.50%
Dextrose Anhydrous 242.30 2.54% 295.15 3.16% 275.51 2.78%
BOPP Roll 232.68 2.44% - 0.00% 254.18 2.57%
LOTRENE FE 8000 - 0.00% 333.54 3.57% 610.61 6.17%
Total 8194.78 86.02% 8201.17 87.75% 8427.58 85.12%

Any fluctuation in the international price of crude oil affects the price of polymers. Further, any fluctuations in
the demand and/or supply of polymers may impact its purchase price. We do not have any long-term supply
agreement with any of our raw material suppliers. Although we enter into short term contracts with some of our
suppliers for rates, we may be unable to enter into such contracts at all times in future.

465
Product Pricing

The pricing of our products depends on various market dynamics including pricing of competing products in the
markets in which we operate. Our success will depend in part on the extent to which government and health
administration authorities, private health insurers and other third-party payers will pay for our products. In many
countries, including India, pharmaceutical prices are subject to regulation. Price controls operate differently in
different countries and can cause wide variations in prices between markets. Currency fluctuations can aggravate
these differences. The existence of price controls can limit the revenues we earn from our products. For example,
in India, prices of certain pharmaceutical products are determined by the Drug Prices Control Order, 2013
(“DPCO”), promulgated by the Government of India and administered by the National Pharmaceutical Pricing
Authority (“NPPA”). If a given pharmaceutical product falls within the DPCO, the product’s price could be
significantly lower than what its market price would be without such price restriction. Any changes to these prices
stipulated by the NPPA or other similar authorities, or the inclusion of other of our pharmaceutical products not
currently within the DPCO, could have an adverse effect on our profitability.

Employee Costs and Availability

Our results of operations and growth also depend on our ability to attract and retain qualified employees. Our
operations are labour intensive, making managing employee benefit expense a key factor towards driving
profitability As of March 31, 2025, we employed a total of 1,718 personnel, including 506 full-time employees
and 1,166 personnel on a contractual-basis, 20 personnel in security, 6 trainees and 20 apprentice across our
business. For more details, see “Our Business” on page 313. For the Financial Years 2025, 2024 and 2023, our
employee benefit expense aggregated to ₹ 3,633.97 lakhs, ₹ 3,254.57 lakhs and ₹ 3,187.03 lakhs, respectively,
constituting 13.90%, 11.78% and 12.26% of our Adjusted Expenses, respectively. As our business and operations
have grown, due to the nature of our business, our employee benefits expense has also increase in absolute terms.
Presently, our workforce is not unionized. However, if a substantial portion of our workforce were to become
unionized in the future, our labour costs could rise. Compliance with labour laws and the negotiation of collective
agreements might result in increased financial commitments, affecting our employee costs.

Regulatory compliance and consequences of non-compliance with product and/or manufacturing quality
requirements

As a pharmaceutical company, we are subject to complex laws and regulations in the markets where we
manufacture and sell our products, including federal, state and local laws. The laws and regulations cover a wide
variety of areas, including product safety and quality, occupational health and safety (including laws regulating
the generation, storage, handling, use and transportation of waste materials, the emission and discharge of
hazardous waste materials into soil, air or water, and the health and safety of employees) and mandatory
certification requirements for our facilities and products. All of these laws and regulations are broad in scope and
subject to change and evolving interpretations, which could require us to incur significant additional expenses,
increase our costs of regulatory compliance, increase our legal exposure and impose additional limits on our ability
to grow our business. The resulting impact on our results of operations is uncertain and could be material.

We are required to meet quality standards and other specifications set out in our contractual arrangements or as
prescribed under the applicable regulatory framework. Further, as per the terms of a majority of our contractual
obligations, we are responsible for the procurement of raw materials and packaging materials, in strict adherence
to client specifications and regulatory requirements. Disputes over non-conformity of products manufactured by
us with such quality standards or specifications, or our inability to procure appropriate materials may lead to a
disruption in our business, and may expose us to legal, financial and reputational risks. As a manufacturer, we are
also subject to the risk of our products being returned to us or claims resulting from manufacturing defects or
negligence in storage and handling of products. During the Financial Years 2025, 2024 and 2023, we have not
faced any instances, where our products were either voluntarily recalled by us, or were returned by our clients,
due to quality control issues. We cannot assure you that we will continue to be in compliance with the relevant
regulatory and contractual requirements for quality control standards in the future.

Competition

The domestic and international pharmaceutical industry is highly competitive with several major pharmaceutical
companies present. Our products face intense competition from products commercialized or under development
by competitors in the pharmaceutical industry. We may not be able to sustain our market position and market
share as we compete with regional or multi-national companies. If our competitors gain significant market share

466
at our expense, particularly in brands and the therapeutic areas which contribute to a significant portion of our
total revenue, our business, financial condition, cash flows and results of operations could be adversely affected.
We compete primarily on the basis of product portfolio (range of existing product portfolio and novelty of new
offerings), of supply (quality, regulatory compliance and financial stability), service (on-time delivery and
manufacturing flexibility) and cost-effective manufacturing. Competition may, among other things, result in a
decrease in the price paid for our products and reduced demand for outsourced pharmaceutical development and
manufacturing services, which could have a material adverse effect on our business, results of operations and
financial condition.

PRESENTATION OF FINANCIAL INFORMATION

Our restated statement of assets and liabilities as at the end of Fiscal 2025, Fiscal 2024 and Fiscal 2023, the
restated statement of profit and loss (including other comprehensive income), the restated statement of changes in
equity, the restated statement of cash flows for the Fiscal 2025, Fiscal 2024 and Fiscal 2023 Basis of Preparation,
Material Accounting Policies, Notes to the Restated Financial Information for the Fiscal 2025, Fiscal 2024 and
Fiscal 2023, are collectively referred to as “Restated Financial Information”.

The Restated Financial Information have been compiled by the management from the audited financial statements
as at for the Fiscal 2025, Fiscal 2024 and Fiscal 2023, prepared in accordance with Ind AS, as prescribed under
Section 133 of the Companies Act, 2013 read with Companies (Indian Accounting Standards) Rules 2015, as
amended, and other accounting principles generally accepted in India.

1. Corporate Information:

Amanta Healthcare Limited ('the Company') is a Sterile liquid pharmaceutical products manufacturing and
formulation development Company having head quarter at Ahmedabad, Gujarat, India. It has manufacturing
facilities in the state of Gujarat. The Company manufactures Large Volume Parenterals (LVPs) and Small Volume
Parenteral (SVPs). The technology deployed for manufacturing is Blow Fill Seal (BFS), Injection Stretch Blow
Molding (ISBM) and conventional three-Piece line. The product group comprises of Fluid Therapy, Formulations,
Diluents, Ophthalmic, Respule and Irrigation Solutions, etc. The Company markets its products in India as well
as in the international market.

2. Accounting Policies: -

2.1. Statement of Compliance

The Company has decided to voluntarily adopt Indian Accounting Standards notified under Section 133 of the
Companies Act 2013, read with Companies (Indian Accounting Standards) Rules, 2015 as amended from time to
time and other accounting principles generally accepted in India (referred to as “Ind AS”) for the financial year
ended March 31, 2024 and prepared its first financial statements in accordance with Indian Accounting Standards
(Ind AS) for the year ended March 31, 2024 with the transition date as April 01, 2022.

An explanation of how the transition from accounting standard notified under Section 133 of the Companies Act
2013, read with the Companies (Accounting Standards) Rules, 2021 (as amended) (“Previous GAAP”) to Ind AS
has affected the Company’s Restated Financial Information is set out in Annexure V- Note 47 to Restated
Financials.

Reconciliation of EBITDA and EBITDA Margin and ROCE

EBITDA and EBITDA Margin

EBITDA is calculated as profit after tax plus tax expense, finance cost, depreciation and amortization expenses,
while EBITDA Margin is the percentage of EBITDA divided by revenue from operations.

Fiscal
Particulars
2025 2024 2023
Restated profit before tax (A) (₹
1,470.69 538.89 268.99
lakhs)
Add: Finance costs (B) (₹lakhs) 2,794.79 3,363.79 3,527.02

467
 Fiscal
Particulars
2025 2024 2023
Add: Depreciation and amortisation
1,839.89 1,972.97 1,834.66
expense (C) (₹lakhs)
Add: Exceptional Items (D) (₹lakhs) 0.00 0.00 0.00
Earnings before interest, taxes,
depreciation and amortisation
6,105.37 5,875.65 5,630.67
expenses (EBITDA) and exceptional
items (E= A+B+C+D) (₹lakhs)
Total Income (F) (₹lakhs) 27,609.34 28,160.68 26,269.62
EBITDA Margin (I= E/F) (%) 22.11 20.86 21.43

ROCE

ROCE is defined as Operating EBIT (EBITDA less depreciation and amortization) divided by adjusted capital
employed (total assets less intangible assets, intangible assets under development and current liabilities at the end
of the year).
(₹ in lakhs)
Particulars Fiscal 2025 Fiscal 2024 Fiscal 2023
Restated profit Before Tax
1,470.69 538.89 268.99
(A)
Add:
Finance Cost (B) 2,794.79 3,363.79 3,527.02
Operating EBIT (C =
4,265.48 3,902.67 3,796.01
A+B)
Net Worth (D) 9,638.83 6,628.88 6,288.34
Less:
Intangible assets under
0.00 0.00 0.00
development (E)
Intangible assets (F) 91.63 1.59 8.55
Non – current borrowing
13,235.75 14,902.68 17,555.01
(G)
Current borrowing (H) 6,263.86 5,620.23 4,010.84
Deferred Tax Liability
3,019.08 2,971.18 3,198.16
(Net) (I)
Capital employed (J=D-E-
32,065.89 30,121.38 31,043.80
F+G+H+I)
Average Capital
31,093.64 30,582.59 31,143.15
Employed (K)
Return on capital
employed (“ROCE”) (%) 13.72 12.76 12.19
(C/K)

Principal Components of Restated Statement of Profit and Loss

Income

Our total income comprises revenue from operations and other income. Revenue from operations include sale of
product and sales of services.

Sale of Products

Our Company is engaged in the business of manufacturing and sale of pharma products to the consumers which
mainly includes 1) Large Volume Parentals (“LVP”) unit dose container of more than 100 ml and 2) Small Volume
Parentals (“SVP”) unit does container of less than 100 ml.

Sales of products are recognised as revenue when control of the products has transferred, being when product are
delivered to the customer i.e. satisfaction of the performance obligation. Delivery occurs when the products have
been shipped to the specific location, the risks of obsolescence and loss have been transferred to the customer,

468
and either the customer has accepted the products in accordance with the sales contract, the acceptance provisions
have lapsed, or the Company has objective evidence that all criteria for acceptance have been satisfied.

The goods are sold under various schemes having rate discount clause. Revenue from these sales is recognised
based on the price specified in the contract, net of the trade discounts. Accumulated experience is used to estimate
and provide for the discounts, using the expected value method, and revenue is only recognised to the extent that
it is highly probable that a significant reversal will not occur.

A receivable is recognised when the goods are delivered as this is the point in time that the consideration is
unconditional because only the passage of time is required before the payment is due.

Sale of Services

Our Company is providing contract manufacturing services under loan license arrangement. Our Company uses
its manufacturing process to produce the end product by using inputs and specifications provided by the customer.
The goods are accepted by the customer after quality checks and the performance obligation is satisfied upon the
delivery of the goods. Sales of service are recognised as revenue when control of the products has transferred,
being when product are delivered to the customer i.e. satisfaction of the performance obligation.

Further, our Company receives export incentive relating to incentives received under various export sale schemes,
income recognised in the profit or loss as and when the export sales made and right to receive the incentive arise.

Other Income

Other income include interest income from financial assets measured at amortised cost, interest on deposits with
banks, unwinding of discount on security deposits, interest on income tax refund, VAT refund, net gain on foreign
currency transactions & translation, net fair value gain on financial assets measured at fair value through profit or
loss, insurance claims received liabilities written back to the extent no longer required and miscellaneous income.

(₹ lakhs)
Revenue from operations Fiscal 2025 Fiscal 2024 Fiscal 2023
Revenue from contract with customers
Sale of products 26,687.31 27,237.79 25,289.29
Sale of services 516.91 606.59 463.56
Sub- total 27,204.22 27,844.38 25,752.85
Other operating revenue:
Scrap sales 127.87 46.68 49.45
Export incentives 138.73 142.97 110.63
Total 27,470.82 28,034.03 25,912.93

Revenue from sale of product is further disaggregated as below

(₹ lakhs)
Particulars Fiscal 2025 Fiscal 2024 Fiscal 2023
Large Volume Parenterals 21,159.59 22,103.34 18,661.41
Small Volume Parenterals 5,466.51 5,113.11 6,493.52
Others Products 189.08 68.02 183.81
Total 26,815.18 27,284.47 25,338.74

Expenses

Cost of Materials Consumed, Purchases of Stock-in-trade, and Changes in Inventories of Finished Goods, Work
in Progress and Stock-in-Trade

Cost of materials consumed primarily includes the cost of raw materials, such as Dextrose Anhydrous, Glucose
Anhydrous, Levofloxacin Hemihydrate, Linezolid, Moxifloxacin Hydrochloride, Paracetamol, Sodium Chloride,
Ipratropium Bromide and cost of packaging material including cost for B.O.P.P. Film Roll, Carton, Corrugated
Boxes, Insert, Sticker Label, Plastic Granules.

469
Changes in inventories of finished goods and work-in-progress denotes increase/decrease in inventories of
finished goods and work in progress between opening and closing dates of a reporting year.

Employee Benefits Expense

Employee benefit expenses primarily include salaries and wages, contribution to provident and other funds and
staff welfare expenses.

Depreciation and Amortization Expense

Depreciation and amortization expense primarily include depreciation expenses on our plant, building,
equipments, vehicles, right of use assets, and amortization expenses on our other intangible assets.

Finance Costs

Finance costs include Interest expense for financial liabilities classified at interest expense for financial liabilities
classified at amortized cost, cost on redeemable preference share, cost on convertible debenture, lease liabilities,
interest on term loan from Banks, term loan from others, working capital loan from banks, deposits from members,
interest on MSME, interest on delayed payment of statutory dues, interest on income tax and other borrowing
costs.

Other Expenses

Other expenses primarily comprise of consumption of stores and spare parts, labour charges, power and fuel,
laboratory goods and testing expenses, repairs to buildings, repairs to machinery, repairs to others, other
manufacturing expenses, communication expenses, legal and professional expenses, printing and stationery,
expenses, rent, rates and taxes, insurance, security service charges, travelling and conveyance expenses, payment
to auditors, vehicle running and maintenance, net loss on foreign currency transactions & translation, bad debts,
less: provision for doubtful debts utilised, provision for doubtful trade receivables, loss on sale of property, plant
and equipment (net), corporate social responsibility, freight and forwarding, expenses, selling and distribution
expenses, and miscellaneous expenses.

Profit for the Year

Profit for the year represents profit after tax.

Results of Operations

The following table sets forth select financial data from our Restated statement of profit and loss for the Fiscals
2025, 2024 and 2023, the components of which are also expressed as a percentage of total income for such years.

Particulars Fiscal 2025 Fiscal 2024 Fiscal 2023

(₹ lakhs) Percentage (₹ lakhs) Percentage (₹ lakhs) Percentage
of total of total of total
income income income
Revenue:
Revenue from
27,470.82 99.50% 28,034.03 99.55% 25,912.93 98.64%
Operations
Other Income 138.52 0.50% 126.65 0.45% 356.69 1.36%
Total Income 27,609.34 100.00% 28,160.68 100.00% 26,269.62 100.00%
Expenses :
Cost of Material
10,126.14 36.68% 8,561.82 30.40% 10,065.92 38.32%
Consumed
Purchases of
1,232.04 4.46% 217.51 0.77% 57.66 0.22%
Stock in Trade
Changes in
inventories of
(1,952.65) (7.07)% 1,731.17 6.15% 52.60 0.20%
finished goods,
work-in-

470
 Particulars Fiscal 2025 Fiscal 2024 Fiscal 2023
(₹ lakhs) Percentage (₹ lakhs) Percentage (₹ lakhs) Percentage
of total of total of total
income income income
progress and
stock in trade
Employee
Benefits 3,633.97 13.16% 3,254.57 11.56% 3,187.03 12.13%
Expense
Other Expenses 8,464.47 30.66% 8,519.96 30.25% 7,275.74 27.70%
Total Expenses 21,503.97 77.89% 22,285.03 79.14% 20,638.95 78.57%
Restated
earnings
before interest,
tax,
depreciation
6,105.37 22.11% 5,875.65 20.86% 5,630.67 21.43%
and
amortization
(EBITDA) and
exceptional
items
Finance Costs 2,794.79 10.12% 3363.79 11.94% 3527.02 13.43%
Depreciation
And
1,839.89 6.66% 1972.97 7.01% 1834.66 6.98%
Amortization
Expenses
Exceptional
0.00 0.00% 0 0.00% 0 0.00%
Items
4,634.68 16.79% 5,336.76 18.95% 5,361.68 20.41%

Restated profit
1,470.69 5.33% 538.89 1.91% 268.99 1.02%
before tax
Tax Expense
For the year:
Current tax 362.49 1.31% 410.21 1.46% 300.27 1.14%
Deferred tax 61.40 0.22% (234.64) (0.83) % (180.20) (0.69)%
For earlier
years:
Current tax (3.27) (0.01)% (428.75) (1.63)%
Deferred tax - 0.00% 0.00% 788.73 3.00%
Total Tax
420.62 1.52% 175.57 0.62% 480.05 1.83%
Expense
Profit/(loss) for
1,050.07 3.80% 363.32 1.29% (211.06) (0.80) %
the year

Fiscal 2025 Compared to Fiscal 2024

Income

Our total income decreased by 1.96 % from ₹ 28,160.68 lakhs in Fiscal 2024 to ₹ 27,609.34 lakhs in Fiscal 2025,
primarily due to an decrease in our revenue from operations and offset by a decrease in other income as discussed
below:

Revenue from operations

Our revenue from operations decreased by 2.01% from ₹ 28,034.03 lakhs in Fiscal 2024 to ₹ 27,470.82lakhs in
Fiscal 2025, primarily due to an decrease in the sale of products by 2.02 % from ₹ 27,237.79 lakhs in Fiscal 2024
to ₹ 26,687.31 lakhs in Fiscal 2025. Sale of services decreased from ₹ 606.59 lakhs in Fiscal 2024 to ₹ 516.91

471
lakhs in Fiscal 2025. Scrap sales increased from ₹ 46.68 lakhs in Fiscal 2024 to ₹ 127.87 lakhs in Fiscal 2025.
Export incentives decreased by 2.97% from ₹ 142.97lakhs in Fiscal 2024 to ₹ 138.73 lakhs in Fiscal 2025.

Other Income

Our other income increased by 9.37 % from ₹ 126.65 lakhs in Fiscal 2024 to ₹138.52 lakhs in Fiscal 2025,
primarily as a result of a increase in Net fair value gain on financial assets measured at fair value through profit
or loss from ₹ 24.83 lakhs in Fiscal 2024 to ₹ 50.11 lakhs in Fiscal 2025, net gain on foreign currency transactions
and translation from ₹ Nil in Fiscal 2024 to ₹6.79 lakhs in Fiscal 2025, insurance claims received from ₹3.60
lakhs in Fiscal 2024 to ₹13.65 lakhs in Fiscal 2025, liabilities written back to the extent no longer required from
₹Nil in Fiscal 2024 to ₹ 18.53 lakhs in Fiscal [Link] was offset by an decrease in interest on deposits with
banks from ₹32.86 lakhs in Fiscal 2024 to ₹30.92 lakhs in Fiscal 2025, unwinding of discount on security deposits
from ₹3.54 lakhs in Fiscal 2024 to ₹4.75 lakhs in Fiscal 2025, and miscellaneous income from ₹61.82 lakhs in
Fiscal 2024 to ₹13.77 lakhs in Fiscal 2025.

Expenses

Our total expenses, which primarily included cost of materials consumed, purchases of stock-in-trade, changes in
inventories of finished goods, work-in-process and stock-in-trade, employee benefits expense, and other expenses,
decreased by 3.50% from ₹22,285.03 lakhs in Fiscal 2024 to ₹21,503.97 lakhs in Fiscal 2025.

Cost of Materials Consumed

Our cost of materials consumed increased by 18.27% from ₹8,561.82 lakhs for Fiscal 2024 to ₹10,126.14 lakhs
in Fiscal 2025 primarily due to higher production.

Purchase of Stock-in-Trade

Our purchase of stock in trade increased by 466.43% from ₹217.51 lakhs for Fiscal 2024 to ₹1,232.04 lakhs in
Fiscal 2025. Purchases of stock-In-Trade mainly includes IV fluids and IV set (AeroVein)

Changes in inventories of finished goods, work-in-progress and stock in trade

There was a net increase in inventories of ₹1,952.65 lakhs in Fiscal 2025, as compared to net decrease in
inventories of ₹1,731.17 lakhs in Fiscal 2024. This was primarily due to building up of inventory for sale in
coming months.

Employee Benefits Expense

Our employee benefits expense, which primarily included salaries and other benefits paid to employees engaged
by us, increased by 11.66% from ₹3,254.57 lakhs in Fiscal 2024 to ₹3,633.97 lakhs in Fiscal 2025 due to normal
increment.

Finance Costs

Our finance costs decreased by 16.92% from ₹3,363.79 lakhs in Fiscal 2024 to ₹2,794.79 lakhs in Fiscal 2025
primarily due to a decrease in interest expense on non-convertible debentures from ₹2,382.46 lakhs in Fiscal 2024
to ₹394.69 lakhs in Fiscal 2025, decrease in interest on working capital loan from bank from ₹348.36 lakhs in
Fiscal 2024 to ₹302.87 lakhs in Fiscal 2025, decrease in interest on MSME from ₹ 34.14 lakhs in fiscal 2024 to ₹
9.69 lakhs in fiscal 2025 and offset by an increase in interest on redeemable preference share from ₹128.81lakhs
in Fiscal 2024 to ₹132.35 lakhs in Fiscal 2025, an increase in interest on lease liabilities from ₹66.92 lakhs in
Fiscal 2024 to ₹80.77 lakhs in Fiscal 2025, increase in interest on term loans from banks from ₹197.02 lakhs in
Fiscal 2024 to ₹255.97 lakhs in Fiscal 2025, increase in interest on deposits from members from ₹79.87 lakhs in
Fiscal 2024 to ₹83.15 lakhs in Fiscal 2025, increase in interest on Term loan from financial institution from ₹nil
lakhs in Fiscal 2024 to ₹1,422.99 lakhs in Fiscal 2025, increase in interest on income tax from ₹ 2.16 lakhs in
fiscal 2024 to ₹ 14.09 lakhs in fiscal 2025 and decrease in other borrowing costs from ₹124.05 lakhs in Fiscal
2024 to ₹98.22 lakhs in Fiscal 2025.

Depreciation and Amortization Expense

472
Our depreciation and amortization expense decreased by 6.75% from ₹1,972.97 lakhs in Fiscal 2024 to ₹1,839.89
lakhs in Fiscal 2025 primarily due to an decrease in depreciation of property, plant and equipment by 3.13 % from
₹1,711.17 lakhs in Fiscal 2024 to ₹1,657.70 lakhs in Fiscal 2025 and decrease in depreciation of right to use assets
from ₹254.84 lakhs in Fiscal 2024 to ₹ 169.83 lakhs in Fiscal 2025.

Other Expenses

Our other expenses accounted for 30.25% and 30.66%of our total income in Fiscals 2024 and 2025, respectively.
Our other expenses decreased by 0.65% from ₹8,519.96 lakhs in Fiscal 2024 to ₹8,464.47 lakhs in Fiscal 2025,
primarily due to an decrease in expenses such as consumption of stores and spare parts, power and fuel, laboratory
goods and testing expenses, repairs to machinery, Printing and stationary expenses, rent expense, Insurance
expense, Security service charges, Travelling and Conveyance expense, net loss on foreign currency transactions
and translation, selling and distribution expenses, which was offset by labour charges, corporate social
responsibility, loss on sale of property plant and equipment, provision for doubtful debts, bad debt written off,
rates and taxes, and communication expenses etc.

Total Tax Expense

Our total tax expense increased by 139.57 % from ₹175.57 lakhs in Fiscal 2024 to ₹420.62 lakhs in Fiscal 2025,
primarily due to a reversal of deferred tax liability impact of ₹(234.64) lakhs in Fiscal 2024 to ₹61.40 lakhs in
Fiscal 2025.

Restated Profit for the Year

As a result of the foregoing Factors, our restated profit for the year in Fiscal 2025 was ₹1,050.07 lakhs compared
to a restated profit for the year of ₹ 363.32 lakhs in Fiscal 2024 which is an increase by 189.02%.

Fiscal 2024 compared to Fiscal 2023

Income

Our total income increased by 7.20% from ₹26,269.62 lakhs in Fiscal 2023 to ₹28,160.68 lakhs in Fiscal 2024,
primarily due to an increase in our revenue from operations and offset by a decrease in other income as discussed
below:

Revenue from operations

Our revenue from operations increased by 8.19% from ₹25,912.93 lakhs in Fiscal 2023 to ₹28,034.03 lakhs in
Fiscal 2024, primarily due to an increase in the sale of products by 7.70% from ₹25,289.29 lakhs in Fiscal 2023
to ₹27,237.79 lakhs in Fiscal 2024. Sale of services increased from ₹463.56 lakhs in Fiscal 2023 to ₹606.59 lakhs
in Fiscal 2024. Scrap sales decreased from ₹49.45 lakhs in Fiscal 2023 to ₹46.68 lakhs in Fiscal 2024. Export
incentives increased by 29.23% from ₹110.63 lakhs in Fiscal 2023 to ₹142.97 lakhs in Fiscal 2024.

Other Income

Our other income decreased by 64.49 % from ₹356.69 lakhs in Fiscal 2023 to ₹126.65 lakhs in Fiscal 2024,
primarily as a result of a decrease in other interest income from financial assets measured at amortised cost from
₹2.68 lakhs in Fiscal 2023 to ₹Nil in Fiscal 2024, interest on income tax refund from ₹36.50 lakhs in Fiscal 2023
to ₹Nil in Fiscal 2024, interest on VAT refund from ₹22.57 lakhs in Fiscal 2023 to ₹Nil in Fiscal 2024, net gain
on foreign currency transactions and translation from ₹189.79 lakhs in Fiscal 2023 to ₹Nil in Fiscal 2024,
insurance claims received from ₹16.41 lakhs in Fiscal 2023 to ₹3.60 lakhs in Fiscal 2024, liabilities written back
to the extent no longer required from ₹53.42 lakhs in Fiscal 2023 to ₹Nil in Fiscal [Link] was offset by an
increase in interest on deposits with banks from ₹18.75lakhs in Fiscal 2023 to ₹32.86lakhs in Fiscal 2024,
unwinding of discount on security deposits from ₹2.34 lakhs in Fiscal 2023 to ₹3.54 lakhs in Fiscal 2024, Net fair
value gain on financial assets measured at fair value through profit or loss from ₹13.26 lakhs in Fiscal 2023 to
₹24.83 lakhs in Fiscal 2024, and miscellaneous income from ₹0.97 lakhs in Fiscal 2023 to ₹61.82 lakhs in Fiscal
2024.

Expenses

473
Our total expenses, which primarily included cost of materials consumed, purchases of stock-in-trade, changes in
inventories of finished goods, work-in-process and stock-in-trade, employee benefits expense, and other expenses,
increased by 7.98% from ₹20,638.95 lakhs in Fiscal 2023 to ₹22,285.03 lakhs in Fiscal 2024.

Cost of Materials Consumed

Our cost of materials consumed decreased by 14.94% from ₹10,065.92 lakhs for Fiscal 2023 to ₹8,561.82 lakhs
in Fiscal 2024 primarily due to higher plastic rates in Fiscal 2023.

Purchase of Stock-in-Trade

Our purchase of stock in trade increased by 277.23% from ₹57.66 lakhs for Fiscal 2023 to ₹217.51 lakhs in Fiscal
2024. Purchases of stock-In-Trade mainly includes IV fluids and IV set (AeroVein)

Changes in inventories of finished goods, work-in-progress and stock in trade

There was a net decrease in inventory of ₹1,731.17 lakhs in Fiscal 2024, as compared to net decrease in inventory
of ₹52.60 lakhs in Fiscal 2023. This was primarily due to inventory liquidation. In Fiscal 2023 finished goods
inventory was 1,87,79,739 bottles and in Fiscal 2024 was 99,79,796 bottles.

Employee Benefits Expense

Our employee benefits expense, which primarily included salaries and other benefits paid to employees engaged
by us, increased by 2.12% from ₹3,187.03lakhs in Fiscal 2023 to ₹3,254.57 lakhs in Fiscal 2024 due to normal
increment.

Finance Costs

Our finance costs decreased by 4.63% from ₹3,527.02lakhs in Fiscal 2023 to ₹3,363.79lakhs in Fiscal 2024
primarily due to a decrease in interest expense on non-convertible debentures from ₹2,541.77 lakhs in Fiscal 2023
to ₹2,382.46 lakhs in Fiscal 2024, decrease in interest on delayed payment of statutory dues from ₹6.21lakhs in
Fiscal 2023 to ₹0.00lakhs in Fiscal 2024, a decrease in interest on income tax from ₹33.34 lakhs in Fiscal 2023 to
₹2.16 lakhs in Fiscal 2024, decrease in interest on working capital loan from bank from ₹464.51 lakhs in Fiscal
2023 to ₹348.36 lakhs in Fiscal 2024, and offset by an increase in interest on redeemable preference share from
₹122.87lakhs in Fiscal 2023 to ₹128.81lakhs in Fiscal 2024, an increase in interest on lease liabilities from ₹46.53
lakhs in Fiscal 2023 to ₹66.92 lakhs in Fiscal 2024, increase in interest on term loans from banks from ₹163.08
lakhs in Fiscal 2023 to ₹197.02 lakhs in Fiscal 2024, increase in interest on deposits from members from ₹50.61
lakhs in Fiscal 2023 to ₹79.87 lakhs in Fiscal 2024, increase in interest on MSME from ₹9.58 lakhs in Fiscal 2023
to ₹34.14 lakhs in Fiscal 2024, and increase in other borrowing costs from ₹88.52 lakhs in Fiscal 2023 to ₹124.05
lakhs in Fiscal 2024.

Depreciation and Amortization Expense

Our depreciation and amortization expense increased by 7.54% from ₹1,834.66lakhs in Fiscal 2023 to
₹1,972.97lakhs in Fiscal 2024 primarily due to an increase in depreciation of property, plant and equipment by
3.58% from ₹1,651.97lakhs in Fiscal 2023 to ₹1,711.17 lakhs in Fiscal 2024, and increase in depreciation of right
to use assets from ₹175.73lakhs in Fiscal 2023 to ₹254.84lakhs in Fiscal 2024.

Other Expenses

Our other expenses accounted for 27.70%and 30.25%of our total income in Fiscals 2023 and 2024, respectively.
Our other expenses increased by 17.10% from ₹7,275.74 lakhs in Fiscal 2023 to ₹8,519.96 lakhs in Fiscal 2024,
primarily due to an increase in expenses such as consumption of stores and spare parts, labour charges, power and
fuel, laboratory goods and testing expenses, repairs to buildings, repairs to machinery, repairs to others, other
manufacturing expenses, legal and professional expenses, security service charges, travelling and conveyance
expenses, payment to auditors, net loss on foreign currency transactions and translation, freight and forwarding
expenses, selling and distribution expenses, and miscellaneous expenses, which was offset by corporate social
responsibility, loss on sale of property plant and equipment, provision for doubtful debts, bad debt written off,
rates and taxes, rent, printing and stationery expenses, and communication expenses.

474
Total Tax Expense

Our total tax expense decreased by 63.43% from ₹480.05 lakhs in Fiscal 2023 to ₹175.57 lakhs in Fiscal 2024,
primarily due to a earlier year tax impact of ₹359.98 lakhs in Fiscal 2023 to ₹0.00 lakhs in Fiscal 2024.

Restated Profit for the Year

As a result of the foregoing Factors, our restated profit for the year in Fiscal 2024 was ₹363.32 lakhs compared
to a restated loss for the year of ₹ 211.06 lakhs in Fiscal 2023 which is an increase by 272.14%.

Liquidity and Capital Resources

We have historically financed the expansion of our business and operations primarily through internal accruals
for organic expansion and also through borrowings from banks.

Cash Flows

The table below summarizes the statement of cash flows, as per our restated cash flow statements, for the years
indicated:
(₹ lakhs)
Particulars For Fiscal
2025 2024 2023
Net cash flow from operating activities 4,662.00 5,807.30 4,258.04
Net cash used in investing activities (2,447.25) (1,032.09) (653.19)
Net cash used in financing activities (2,346.63) (4,632.38) (4,232.07)
Cash and cash equivalents at the end of the period/ years 22.06 153.94 11.11

Operating Activities

Net cash flow from operating activities in Fiscal 2025 was ₹4,662.00 lakhs, while our operating profit before
working capital changes was ₹6,146.98 lakhs. The difference was primarily attributable to a increase in inventories
by ₹1,352.93 lakhs, a increase in trade receivables by ₹ 130.81 lakhs, an increase in loans by ₹35.44 lakhs,
decrease in other financial assets by ₹9.57 lakhs, an increase in other current assets by ₹117.51 lakhs, a increase
in trade payables by ₹ 551.21 lakhs, increase in other current financial liabilities by ₹55.62 lakhs, decrease in
contract liabilities by ₹221.45 lakhs, decrease in other current liabilities by ₹17.55 lakhs, an increase in short term
provisions by ₹154.31 lakhs, and taxes paid (net of tax refund) of ₹380.00 lakhs.

Net cash flow from operating activities in Fiscal 2024 was ₹5,807.30 lakhs, while our operating profit before
working capital changes was ₹5,904.52 lakhs. The difference was primarily attributable to a decrease in
inventories by ₹947.35 lakhs, a decrease in trade receivables by ₹ 472.49 lakhs, an increase in loans by ₹5.97
lakhs, increase in other financial assets by ₹67.61 lakhs, an increase in other current assets by ₹45.52 lakhs, a
decrease in trade payables by ₹ 1,127.53 lakhs, decrease in other current financial liabilities by ₹20.99 lakhs,
increase in contract liabilities by ₹296.21 lakhs, decrease in other current liabilities by ₹36.53lakhs, an increase
in short term provisions by ₹85.49 lakhs, and taxes paid (net of tax refund) of ₹594.61 lakhs.

Net cash flow from operating activities in Fiscal 2023 was ₹4,258.04 lakhs, while our operating profit before
working capital changes was ₹ 5,622.09 lakhs. The difference was primarily attributable to a decrease in
inventories by ₹217.83 lakhs, an increase in trade receivables by ₹964.63 lakhs, an increase in loans by ₹3.68
lakhs, decrease in other financial assets by ₹0.18 lakhs, a decrease in other current assets by ₹223.41 lakhs, a
decrease in trade payables by ₹357.42 lakhs, increase in other current financial liabilities by ₹72.56 lakhs, increase
in contract liabilities by ₹144.18 lakhs, decrease in other current liabilities by ₹122.68 lakhs, an increase in short
term provisions by ₹57.28 lakhs, and taxes paid (net of tax refund) of ₹631.08 lakhs.

Investing Activities

Net cash used in investing activities in Fiscal 2025 was ₹2,447.25 lakhs, primarily due to payment for property,
plant and equipment, intangible assets and capital work in progress of ₹2,077.40 lakhs, investments in bank
deposits (having maturity more than three months but less than 12 months) of ₹69.33 lakhs, investment in mutual
fund of ₹350.00 lakhs, interest received on deposits at ₹ 30.92 lakhs, proceeds from disposal of property plant and
equipment of ₹ 18.56 lakhs.

475
Net cash used in investing activities in Fiscal 2024 was ₹1,032.09 lakhs, primarily due to payment for property,
plant and equipment, intangible assets and capital work in progress of ₹1,341.12 lakhs, investments in bank
deposits (having maturity more than three months but less than 12 months) of ₹65.44 lakhs, bank deposits
maturing (having maturity more than three months but less than twelve months) amounting to ₹195.64 lakhs,
interest received on deposits at ₹ 36.14 lakhs, proceeds from disposal of property plant and equipment of ₹142.69
lakhs.

Net cash used in investing activities in Fiscal 2023 was ₹ 653.19lakhs, primarily due to payment for property,
plant and equipment, intangible assets and capital work in progress of ₹ 629.07lakhs, investments in bank deposits
(having maturity more than three months but less than 12 months) of ₹46.74 lakhs, interests received on deposits
at ₹ 21.99 lakhs, proceeds from disposal of property plant and equipment of ₹0.63 lakhs.

Financing Activities

Net cash used in financing activities in Fiscal 2025 was ₹2,346.63 lakhs and primarily included repayment of non-
convertible debentures amounting to ₹12,179.96 lakhs, proceed from issue of equity shares amounting to
₹2,000.00 lakhs, proceeds from secured term loans amounting to ₹44.54 lakhs, repayment of secured term loans
amounting to ₹448.58 lakhs, proceeds from secured term loan from financial institutions amounting to ₹12,575.00
lakhs, repayment of secured term loans from financial institutions amounting to ₹800.00lakhs, repayment of
unsecured term loans amounting to ₹89.12 lakhs, proceeds from deposits from member amounting to ₹178.00
lakhs, repayment of deposits from member amounting to ₹ 254.28 lakhs, proceeds from cash credit (net)
amounting to ₹216.44 lakhs, interest paid on non-convertible debentures amounting to ₹65.04 lakhs, transaction
cost related to proposed initial public offering amounting to ₹316.88 lakhs, payment of processing fees on term
loan from financial institutions amounting to ₹381.00 lakhs, Interest paid for term loan from financial institutions
amounting to ₹1,328.86 lakhs, dividend paid on non-convertible redeemable preference share amounting to
₹100.00 lakhs, interest paid for term loans amounting to ₹256.32 lakhs, interest paid on cash credit amounting to
₹302.87 lakhs, interest paid on deposits from members amounting to ₹83.15 lakhs, payment of other borrowings
cost amounting to ₹98.22 lakhs, and lease payments amounting to ₹223.45 lakhs.

Net cash used in financing activities in Fiscal 2024 was ₹4,632.38lakhs and primarily included repayment of non
convertible debentures amounting to ₹3,500.00 lakhs, proceeds from secured term loans amounting to ₹206.38
lakhs, repayment of secured term loans amounting to ₹276.57 lakhs, proceeds from unsecured term loans
amounting to ₹1,792.46 lakhs, repayment of unsecured loans amounting to ₹690.66 lakhs, proceeds from deposits
from member amounting to ₹641.03 lakhs, repayment of deposits from member amounting to ₹ 462.72 lakhs,
proceeds from cash credit amounting to ₹703.75 lakhs, interest paid on non-convertible debentures amounting to
₹1,867.02 lakhs, dividend paid on non-convertible redeemable preference share amounting to ₹100.21 lakhs,
interest paid for term loans amounting to ₹207.37 lakhs, interest paid on cash credit amounting to ₹346.94 lakhs,
interest paid on deposits from members amounting to ₹80.35 lakhs, payment of other borrowings cost amounting
to ₹124.05 lakhs, and lease payments amounting to ₹320.11 lakhs.

Net cash used in financing activities in Fiscal 2023 was ₹4,232.07 lakhs and primarily included proceeds from
issuance of non-convertible debentures amounting to ₹800.00 lakhs, repayment of non-convertible debentures
amounting to ₹1,175.00 lakhs, repayment of secured term loans amounting to ₹247.18 lakhs, proceeds from
unsecured term loans amounting to ₹18.50 lakhs, repayment of unsecured term loans amounting to ₹0.38 lakhs,
proceeds from deposits from members amounting to ₹466.80 lakhs, repayment of deposits from members
amounting to ₹286.14 lakhs, payment of cash credit amounting to ₹657.35 lakhs, interest paid on non-convertible
debentures amounting to ₹2,124.42 lakhs, dividend paid on non-convertible redeemable preference share
amounting to ₹50.36 lakhs, interest paid for term loans amounting to ₹163.08 lakhs, interest paid on cash credit
amounting to ₹470.78 lakhs, interest paid on deposits amounting to ₹54.90 lakhs, payment of other borrowings
cost amounting to ₹88.52 lakhs, and lease payments amounting to ₹199.26 lakhs.

Indebtedness

As of March 31, 2025, we had total borrowings of ₹ 19,499.61 lakhs.

The following table sets forth certain information relating to our outstanding indebtedness as of March 31, 2025,
and our repayment obligations in the periods indicated:

476
 Borrowings Less Than 1 1 to 5 years More than 5 Total
Year* Years
Current 6,263.86 - - 6,263.86
borrowings
Secured 5,701.79 - - 5,701.79
Unsecured 562.07 - - 562.07
Non Current 0.95 514.48 12,720.31 13,235.75
borrowings
Secured 0.95 163.73 10,023.17 10,187.85
Unsecured - 350.75 2,697.14 3,047.89
Total 6,264.81 514.48 12,720.31 19,499.60

For further information on our agreements governing our outstanding indebtedness, see “Financial Indebtedness”
on page 483.

Maturities of financial liabilities

The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest
date on which the Company can be required to pay. The tables include both interest and principal cash flows. The
contractual maturity is based on the earliest date on which the Company may be required to pay as of March 31,
2025. For further information, see “Restated Financial Information – Note 46” on page 389. These obligations
primarily relate to our contractual maturities of financial liabilities such as borrowings, trade payables lease
liabilities and other financial liabilities.

Particulars Less than 1 year Between 1 year 5 years and above Total
and 5 years
Borrowings 3,318.81 14,783.03 1,442.89 19,544.73
Lease Liabilities 192.31 771.51 179.04 1,142.86
Trade payables 3,049.94 - - 3,049.94
Other Liabilities 350.00 - - 350.00
Total financial liabilities 6,911.06 15,554.54 1,621.93 24,087.53

Contingent Liabilities

The following table sets forth the principal components of our contingent liabilities as of March 31, 2025:

Particulars As of March 31, 2025

(₹ lakhs)
Income Tax including Interest and Penalty as applicable under Income Tax Act, 1961 11.19
Goods and Service Tax including Interest and Penalty as applicable under Goods and 1,119.00
Services Tax Laws
Drug Price Control Order, 1979 28.52
Total 1,158.71

Contractual Obligations and Commitments

The following table sets forth certain information relating to future payments due under known contractual
commitments as of March 31, 2025, aggregated by type of contractual obligation:

Particulars Amount (₹ lakhs)

Capital commitments 2,861.00
Other commitments 29.65
Total 2,890.65
For further information on our capital and other commitments, see “Restated Financial Information – Note 37”
on page 389.

477
Related Party Transactions

We enter into various transactions with related parties in the ordinary course of business. These transactions
principally include vehicle lease rent, sale of motor vehicle, short-term employee benefits and directors sitting
fees. Related parties with whom transactions have taken place during the year include, key managerial personnel
and senior managerial personnel, among other.

For the Fiscal 2025, Fiscal 2024 and Fiscal 2023, the aggregate amount of such related party transactions was
₹318.51 lakhs, ₹ 262.17 lakhs and ₹169.45 lakhs, respectively. The percentage of the aggregate value such related
party transactions to our revenue from operations for the Fiscal 2025, Fiscal 2024 and Fiscal 2023 was 1.16%,
0.94% and 0.65%, respectively. For further information, see “Restated Financial Information – Note 42” on page
389.

Quantitative and Qualitative Disclosures about Market Risk

We have exposure to the following risks arising from financial instruments: Credit risk; Liquidity risk and Market
risk.

Our board of directors has overall responsibility for the establishment and oversight of our risk management
framework. The board of directors has established the risk management committee, which is responsible for
developing and monitoring our risk management policies. The committee reports regularly to the board of
directors on its activities.

Our risk management policies are established to identify and analyse the risks faced by us, to set appropriate risk
limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are
reviewed regularly to reflect changes in market conditions and our activities.

Our risk committee oversees how management monitor compliance with our risk management policies and
procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by us. The
audit committee is assisted in its oversight role by internal audit. Internal audit undertakes both regular and ad hoc
reviews of risk management controls and procedures, the results of which are reported to the audit committee of
our Company.

Credit Risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails
to meet its contractual obligations, and arises principally from the Company’s receivables from customers and
from deposits with banks and other financial instruments. Trade receivables are derived from revenue earned from
customers. Credit risk for trade receivable is managed by the Company through credit approvals, establishing
credit limits and periodic monitoring of the creditworthiness of its customers to which the Company grants credit
terms in the normal course of business. Trade receivables are typically unsecured and are derived from revenue
earned from customers primarily located in India. This is not considered significant component to the overall
operations of the Company.

The Company uses the Expected Credit Loss (ECL) model to assess the impairment loss in respect of its financial
assets. As per ECL simplified approach, the Company uses a provision matrix to compute the expected credit loss
allowance for trade receivables. The provision matrix takes into account a continuing credit evaluation of
Company’s customers’ financial condition; aging of trade accounts receivable; the value and adequacy of
collateral received from the customers in certain circumstances (if any); the Company’s historical loss experience;
and adjustment based on forward looking information. The Company defines default as an event when there is no
reasonable expectation of recovery.

While cash and cash equivalents are also subject to the impairment requirements of Ind AS 109, the Company has
not identified impairment loss in view of banks having high credit rating. In respect of security deposits and other
financial assets, the risk of financial loss on account of credit risk is not expected to be material to the Restated
financial information. The Company does not have a high concentration of credit risk to a customer or customers
forming part of a group exceeding 10% of company revenue. None of the other financial instruments of the
Company result in material concentration of credit risk. Financial assets are written off when there is no reasonable
expectation of recovery, such as a counter-party failing to engage in a repayment plan with the Company. Where
recoveries are made, these are recognised in profit or loss. Impairment loss allowance as at for the March 31, 2025

478
March 31, 2024 and March 31, 2023 was determined as follows for trade receivables under the simplified
approach:
(₹ lakhs)
Particulars Fiscal 2025 Fiscal 2024 Fiscal 2023
Balance at the end 207.63 141.52 155.86

Liquidity Risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its
financial liabilities that are required to be settled by delivering the cash or another financial asset. The Company
manages liquidity risk by maintaining adequate reserves, banking facilities and unused borrowing facilities, by
continuously monitoring projected / actual cash flows.

Foreign Currency Risk

The Company is net exporter, therefore it is exposed to limited foreign currency risk arising primarily with respect
to the USD and GBP. Foreign currency risks arise from commercial transactions and recognised assets and
liabilities. When they are denominated in a currency other than Indian Rupee.

The Company's exposure with regards to foreign currency risk are not hedged. However, these risks are not
significant to the Company's operations.

Market Risk

Market risk is the risk that arises from changes in market prices and foreign exchange rates. Market risk is
attributable to all market risk sensitive financial instruments including foreign currency receivables and payables.
Our exposure to market risk is a function of investing and revenue generating and operating activities. The
objective of market risk management is to avoid excessive exposure in financial assets and unhedged foreign
currency, revenues and costs.

Capital Expenditures

The following table sets forth our payment towards purchase of property, plant and equipment, intangible assets
and capital work in progress payments for property, plant and equipment for the years indicated:
(₹ lakhs)
Particulars Fiscal 2025 Fiscal 2024 Fiscal 2023
Payments for property, plant and 2,077.40 1,341.12 629.07
equipment, intangible assets and
capital work in progress
Total 2,077.40 1,341.12 629.07

For further information, see “Restated Financial Information” on page 389.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements, derivative instruments or other relationships with other
entities that would have been established for the purpose of facilitating off-balance sheet arrangements.

Related Party Transactions

We enter into various transactions with related parties in the ordinary course of business. Related parties with
whom transactions have taken place during the year. For details of such transactions see ‘Restated Financial
Information – Note 42 - Related Party Disclosures’ and ‘Risk Factor - We have in the past entered into related
party transactions and may continue to do so in the future’ on page 461 and 29, respectively.

Ind AS adoption

The Company has voluntarily adopted Indian Accounting Standards (“Ind AS”) as prescribed under Section 133
of the Companies Act, 2013 read with Companies (Indian Accounting Standards) Rules 2015, from the financial
year ended March 31, 2024, with the date of transition to Ind AS being April 1, 2022. Up to the financial year

479
ended March 31, 2023, the Company has prepared its financial statements in accordance with the requirements of
previous GAAP, which includes Accounting Standards notified under the Companies (Accounting Standards)
Rules, 2006.

Changes in accounting policies

As identified in the Restated Financial Information, there have been no changes to the accounting policies
followed by the Company for the Financial Years ended March 31, 2025, March 31, 2024 and March 31, 2023.

Auditor observations

There are no qualifications, reservations and adverse remarks by our Statutory Auditors in our Restated Financial
Information.

Significant Economic Changes

Other than as described above, to the best of the knowledge of our management, there are no other significant
economic changes that materially affect or are likely to affect income from continuing operations. For further
details, please see “Our Business” and “Risk Factors” on pages 313 and 29, respectively.

Unusual or Infrequent Events of Transactions

Except as described in this Red Herring Prospectus, there have been no other events or transactions that, to our
knowledge, may be described as “unusual” or “infrequent”.

Known Trends or uncertainties that have had or are expected to have a material adverse impact on sales,
revenue or income from continuing operations

Our business has been affected and we expect will continue to be affected by the trends identified above in the
heading titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” on
page 462 and the uncertainties described in the section titled “Risk Factors” beginning on page 29. To our
knowledge, there are no known Factors which we expect will have a material adverse impact on our revenues or
income from continuing operations.

Segment Reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating
decision maker. We operate in various segments and relevant disclosure requirements as per Ind AS 108
“Operating Segments” have been disclosed us under Note 48 of the Restated Financial Information. Our Board of
Directors has been identified as being the chief operating decision maker by our management.

The Pharmaceuticals products are sold / provided to customer in India and outside India. The manufacturing
facilities and sales offices are located in India. In presenting the following information, segment revenue is based
on the geographic location of customers.
(₹ in Lakhs)
Particulars For the year ended For the year ended For the year ended
March 31, 2025 March 31, 2024 March 31, 2023
India Outsi Total India Outsi Total India Outsi Total
de de de
India India India
Revenue from 18,121. 9,083. 27,204. 19,627. 8,217. 27,844. 17,734. 8,018. 25,752.
operations* 13 09 22 24 14 38 34 51 85
*The Company does not have any customer or customers forming part of a group contributing 10% or more of
total revenue.

New Products or Business Segments

Except as set out in this Red Herring Prospectus, we have not announced and do not expect to announce in the
near future any new business segments other than in the normal course of business.

480
Extent to which Material Increases in Net Sales or Revenue are due to Increased Sales Volume,
Introduction of New Products or Services or Increased Sales Prices

Changes in revenue in the last three Financial Years are as described in Management’s Discussion and Analysis
of Financial Condition and Results of Operations - Fiscal 2025 compared with Fiscal 2024 – Revenue from
Operations” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations -
Fiscal 2023 compared with Fiscal 2022 - Revenue from Operations” above on pages 462 and 462, respectively.

Seasonality

Our business is not seasonal in nature.

Significant dependence on a single or few suppliers or customers

Revenues from any particular customer may vary between financial reporting periods depending on the nature
and term of ongoing contracts with such customer. The table below sets forth our revenue from our top 10
customers and top five customers, as a percentage of our revenue from operations for the year indicated:

Particulars Fiscal 2025 Fiscal 2024 Fiscal 2023

Amount (in ₹ % of total Amount % of total Amount % of total
lakhs) revenue (in ₹ revenue (in ₹ revenue
from lakhs) from lakhs) from
operations operations operation
Top five 4,627.42 16.84 4,605.22 16.43 4,946.03 19.09
customers
Top ten 7,854.08 28.59 7,942.40 28.33 8,139.00 31.41
customers

For details, please refer to “Risk Factors-We derive a significant part of our revenue from few customers. If one
or more of such customers choose not to source their requirements from us or to terminate our contracts or
purchase orders, our business, cash flows, financial condition and results of operations may be adversely
affected.” on page 42.

Competitive Conditions

We operate in a competitive environment. For details, please refer to the discussions of our competition in the
sections “Risk Factors”, “Industry Overview” and “Our Business” on pages 29, 274 and 313, respectively.

Future relationship between cost and income

Other than as described in ‘Risk Factors’, ‘Our Business’ and ‘Management’s Discussion and Analysis of
Financial Condition and Results of Operations’ on pages 29, 313 and 462, respectively, there are no known
Factors that might affect t the future relationship between costs and revenues.

Significant Developments after March 31, 2025 that may affect our future results of operations.

Except as set out above and elsewhere in this Red Herring Prospectus, no developments have come to our attention
since the date of the Restated Financial Information as disclosed in this Red Herring Prospectus which materially
and adversely affect or are likely to materially and adversely affect our operations or profitability, or the value of
our assets or our ability to pay our material liabilities within the next twelve months.

481
 CAPITALISATION STATEMENT

The following table sets forth our Company’s capitalisation as at March 31, 2025 as derived from our Restated
Financial Information. This table should be read in conjunction with the sections titled “Management’s
Discussion and Analysis of Financial Condition and Results of Operations”, “Financial Information –
Restated Financial Information” and “Risk Factors” on pages 462, 389 and 29, respectively.

(₹ in lakhs)
Pre-Issue as at March
Particulars Post-Issue*
31, 2025
Total Borrowings
Current Borrowings** 4,113.90 [●]
Non-current Borrowings (including current 15,385.71 [●]
maturities)
Total (A) 19,499.61 [●]
Total Equity
Equity Share Capital 2,882.94 [●]
Other Equity 6,755.89 [●]
Total (B) 9,638.83 [●]
Ratio: Non-Current Borrowing/ Total 1.60 [●]
Equity
Ratio: Total Borrowing/ Total Equity (A/B) 2.02 [●]
The above terms carry the meaning as per division II of Schedule III to the Companies Act, 2013 (as amended)
*Post Issue capitalisation will be determined after finalization of Issue Price.
**excluding current maturities

482
 FINANCIAL INDEBTEDNESS

Our Company avails loans in the ordinary course of business for purposes such as, inter alia, term loans and other
fund-based working capital loans. Our Company has obtained the necessary consents required under the relevant
loan documentation for undertaking activities in relation to the Issue, such as, inter alia, effecting a change in our
shareholding pattern, change in the management of our board and change in our capital structure in connection
with or post the Issue. For details regarding the resolution passed by our Shareholders on March 21, 2022,
authorizing the borrowing powers of our Board, see “Our Management – Borrowing Powers of our Board” and
“Risk Factors - Our inability to meet our obligations, including financial and other covenants under our debt
financing arrangements could adversely affect our business, financial condition, cash flows and results of
operations. ” on pages 358 and 29.

As on March 31, 2025 the aggregated outstanding borrowings of our Company amounted to ₹ 19,499.61 lakhs.

Set forth below is a brief summary:

(₹ in lakhs)
Balances as on March 31,
Category of borrowing Sanctioned amount
2025
Fund based
Secured
Working capital facilities^ 3,825.00 3,874.90
Emergency Credit Line Guarantee 514.00 337.03
Scheme
Vehicle loan 114.42 97.02
Term Loans 16,500.00 11,580.70

Unsecured
Term Loan 1,875.00 1,661.33
Deposit from members# 814.89 814.89

Non fund based

Letter of credit 901.88
1075.00
Bank Guarantee 183.06
TOTAL* 24,718.31 19,450.81
As certified by S G D G & Associates LLP, Independent Chartered Accountant (peer reviewed), by way of their
certificate dated August 22, 2025.
* This excludes Non-Convertible Redeemable Preference Shares amounting to ₹1,133.74 lakhs.
# Deposits from members amounting to Rs 814.89 lakhs have been verified from Restated Financial Information.
^ The outstanding balance is higher than the sanction amount due to cheques issued which have been accounted
in the books of accounts but cleared subsequent to March 31, 2025.

Principal terms of the facilities sanctioned to our Company:

1. Interest: In respect of the facilities sanctioned to our Company, the interest rate ranges from 7.95% to
11.55% per annum with monthly resets. The interest rate for the loans sanctioned to our Company is
typically tied to a base rate / marginal cost of lending rate, which may vary from lender to lender.

2. Tenor: Typically, cash credit facilities sanctioned to our Company are renewable at annual rests and
repayable on demand. The tenor for Term Loans is for 60 months to 144 months as per the terms of the
borrowing arrangements.

3. Security: The facilities sanctioned are typically secured by way of equitable mortgage on specific property
of our Company, hypothecation of our Company’s movable fixed assets (both present and future) and
current assets and personal guarantee of our Promoters. The nature of securities described herein is
indicative and there may be additional requirements for creation of security under the various borrowing
arrangements entered into by our Company.

4. Pre-payment: The facilities availed by our Company allow pre-payment. Pre-payment may be subject to
pre-payment penalties as may be prescribed by the lenders.

483
5. Re-payment: The cash credit facilities availed by our Company are repayable on demand and subject to
annual renewal. Our Company may repay all amounts of the facilities on the due dates for payment.

6. Penal interest: The terms of certain financing facilities availed by our Company prescribe penalties for
non-compliance of certain obligations by our Company. These include, inter alia, overdues/ delays/ default
in payment of monies. Further, terms of certain borrowings availed by us prescribe a penalty interest rate
that ranges from 1.00% to 18.00% per annum over and above the applicable interest rate payable on the
facilities availed by us.

7. Restrictive Covenants: The borrowing arrangements entered into by our Company with the lenders entail
certain conditions and covenants restricting certain corporate actions, and we are required to take the prior
approval of / intimate the lender before carrying out such activities. These include, but are not limited to:

a. making any amendments in the Company’s Memorandum and Articles

b. effecting any material change in the management control of the Company;
c. declaring or paying of any dividend or authorizing or making any distribution to shareholders of the
Company
d. formulating or undertaking any scheme of amalgamation or reconstruction or merger or demerger
e. disposing, transferring, further pledging, further encumbering or reducing shareholding of Promoters in
the Company.
f. creating additional borrowing or encumbrances at the Company
g. initiating IPO/equity event or a strategic sale in the Borrower

8. Events of default: Borrowing arrangements entered into by our Company contain events of default,
including, among others:

a. Failure to pay any amounts due under the Facility or any debt facility on relevant due date
b. Breach of any terms of the Financing Agreement
c. An application being filed by any of the Company’s creditors before the relevant authority under the
IBC
d. Insolvency, reorganization, liquidation, suspension of payment of debts, winding up, illegality,
cessation of business of the Company/Promoter.
e. Non-renewal of key regulatory approvals required for conducting business in domestic and export
markets
f. Breach of security arrangements

9. Deposits from members: Our Company also has accepted deposits from the existing shareholders in terms
of provisions of Companies Act and Clause 78 of the Articles of Association of the Company empowers
the Company to accept such deposits.

The details provided above are indicative and there may be additional terms, conditions, and requirements under
the various outstanding borrowing arrangements of our Company

484
 SECTION VI – LEGAL AND OTHER INFORMATION

OUTSTANDING LITIGATION AND MATERIAL DEVELOPMENTS

Except as stated in this section, there are no outstanding (i) criminal proceedings involving our Company,
Directors, Promoters, Key Managerial Personnel and Senior Management (“Relevant Parties”); (ii) actions by
any statutory or regulatory authorities involving the Relevant Parties; or (iii) claim involving the Relevant Parties
for any direct or indirect tax liabilities (disclosed in a consolidated manner giving the total number of claims and
total amounts involved), (iv) proceeding involving the Relevant Parties (other than proceedings covered under (i)
to (iii) above) which has been determined to be “material” pursuant to the materiality policy approved by our
Board in its meeting held on July 17, 2025 (“Materiality Policy”) (as disclosed herein below)

In accordance with the Materiality Policy, all outstanding litigation (other than outstanding criminal proceedings,
and actions by statutory or regulatory authorities involving the Relevant Parties) and claims relating to direct and
indirect taxes involving the Company, Directors or Promoters wherein (i) the aggregate monetary claim made by
or against the Company, Directors or Promoters (individually or in the aggregate), in any such outstanding
litigation, is equal to or in excess of an amount equivalent to 5% of the profit after tax on a basis, as per the
Restated Financial Information for Fiscal 2025 would be considered material for our Company (“Threshold”)
(ii) where the monetary liability is not quantifiable, or which does not fulfil the threshold specified in (i) above,
but the outcome of which could nonetheless have a material adverse effect on the business, operations,
performance, prospects, financial position or reputation of our Company, or (iii) the pending litigation where the
decision in one litigation is likely to affect the decision in similar litigations, even though the amount involved in
an individual litigation may not exceed the Threshold, have been considered “material” and accordingly have
been disclosed in this Red Herring Prospectus.

Accordingly, all such outstanding litigation proceedings where the aggregate monetary claim made by or against
the Company, Directors or Promoters (individually or in aggregate), in any such outstanding litigation or
arbitration proceeding is equal to or in excess of ₹ 52.50 lakhs (being 5 % of our profit after tax of our Company
for Fiscal 2025), have been disclosed in this Red Herring Prospectus.

Further, there are no disciplinary actions (including penalties) imposed by SEBI or a recognized stock exchange
against any of our Promoters in the last five Fiscals immediately preceding the date of this Red Herring
Prospectus, including any outstanding action.

For the purposes of the above, pre-litigation notices received by the Company, Directors or Promoters from third
parties (excluding notices issued by statutory or regulatory authorities or notices threatening criminal action)
have not and shall not, unless otherwise decided by our Board, be considered “material” until such time that the
Company, Directors or Promoters are impleaded as a defendant before any judicial or arbitral forum.

Further, in accordance with the Materiality Policy, our Company has considered such creditors to be ‘material’,
to whom the amount due is equal to or in excess of 5% of the trade payables of our Company as of March 31,
2025. The trade payables of our Company as on March 31, 2025 was ₹ 3,049.94 lakhs. Accordingly, a creditor
has been considered ‘material’ if the amount due to such creditor individually exceeds ₹ 152.50 lakhs as on March
31, 2025. Further, for outstanding dues to any party which is a micro, small or medium enterprise (“MSME”),
the disclosure will be based on information available with the Company regarding status of the creditor as defined
under Section 2 of the Micro, Small and Medium Enterprises Development Act, 2006, as amended.

Unless stated to the contrary, the information provided below is as of the date of this Red Herring Prospectus. All
terms defined in a particular litigation disclosure below are for that particular litigation only.

LITIGATIONS INVOLVING OUR COMPANY

i. Outstanding criminal proceedings

Criminal proceedings against our Company

The Union of India, represented by C. Arunachalam, a Drug Inspector from the Central Drugs Standard Control
Organization (“Complainant”), lodged a complaint against our Company and Bhavesh Patel, the Chairman,
Managing Director and Promoter of our Company (collectively referred to as the “Accused”). The complaint alleged
contravention of the provisions of the Drugs and Cosmetic Act, 1940 (“the Act”). Consequently, a criminal case

485
 (No. 128/SW OF 2015) was filed against the Accused under Section 200 of CrPC and under Section 18(a)(i) read
with Sections 16, 34, and 27(d) of the Act before the Metropolitan Magistrate Court, Mazgaon, Mumbai. The
Complainant alleged that the samples of sterile water for injection (“Product”), bearing batch number 2F541006,
drawn from the premises of M/s Cama and Albless Hospital in Mumbai on December 23, 2013, did not meet the
required standards. As a result, the distributors were directed to halt the sale of the Product. The Complainant, via
letters dated September 19, 2014, and November 20, 2014, sought clarifications from our Company regarding the
alleged sterility failure of the Product.

Our Company, in response, issued a letter dated November 26, 2014, clarifying that the Company had tested the
control samples of the Product. It was confirmed that there were no discrepancies in the manufacturing process of
the Product. Following the instructions of the Complainant, our Company recalled the Products through the
distributors and confirmed that there was no stock of the said batch of the Product with either the Company or the
Distributors. The Complainant further reported the matter to the Food and Drugs Control Administration (FDCA)
in Gujarat. This led to the serving of a show cause notice to the company and a subsequent suspension of the
company’s manufacturing license for two days in June 2015. The matter is currently pending for hearing before the
Metropolitan Magistrate Court, Mazgaon, Mumbai.

Criminal proceedings initiated by our Company

As on the date of this Red Herring Prospectus, there are no pending criminal proceedings filed by our Company.

ii. Other material proceedings

Civil proceedings against our Company

As on the date of this Red Herring Prospectus, there are no pending material civil proceedings filed against our
Company which have been considered material in accordance with the Materiality Policy.

Civil proceedings initiated by our Company

As on the date of this Red Herring Prospectus, there are no pending material civil proceedings filed by our Company
which have been considered material in accordance with the Materiality Policy.

iii. Outstanding actions by Statutory Authorities or Regulatory Authorities

As on the date of this Red Herring Prospectus, there are no outstanding actions by Statutory Authorities or
Regulatory Authorities.

iv. Outstanding tax proceedings

As on the date of this Red Herring Prospectus, there are no outstanding tax proceedings involving our Company
except as listed below.

Nature of case Number of cases Amount Involved (in ₹ lakhs)

Direct Tax 01 11.19
Indirect Tax 16 1,465.22

Our Company has 16 outstanding indirect tax proceedings with the total amount involved aggregating to ₹
1,465.22 lakhs which are outstanding at various tribunal and at different stages under various provisions of the
GST Act, 2017.

Details of our outstanding direct tax litigation are as follows:

Financial Year Brief of the case Amount Involved (₹ in lakhs)

Order under section 271(1)(c) of
the Income Tax Act, 1961 and an
AY 2011-12 has been appeal filed before the 11.19
Hon'ble CIT(A) against the said
order.

486
Details of our outstanding indirect tax litigation are as follows:

Financial Year Brief of the case Amount Involved (₹ in lakhs)

Order under section 73 of CGST /
SGST Act 2017 and Appeal filed
2018-19 173.30
under section 107 dated
01/04/2024 against such order
Order under section 73 of CGST /
SGST Act 2017 and Appeal filed
2017-18 26.62
under section 107 dated
04/04/2024 against such order
Order under section 73 of CGST /
SGST Act 2017 and Appeal filed
2017-18 18.12
under section 107 dated
30/03/2024 against such order
Order under section 73 of CGST /
SGST Act 2017 and Appeal filed
2018-19 3.21
under section 107 dated
01/04/2024 against such order
Order under section 74 of CGST /
SGST Act 2017 and Appeal filed
2019-20 51.04
under section 107 dated
15/10/2024 against such order
Order under section 73 of CGST /
SGST Act 2017 and Appeal filed
2019-20 24.62
under section 107 dated
15/10/2024 against such order
Order under section 73 of CGST /
SGST Act 2017 and Appeal filed
2019-20 522.42
under section 107 dated
18/10/2024 against such order
Order under section 74 of CGST /
SGST Act 2017 and Appeal filed
2017-18 63.75
under section 107 dated
23/11/2024 against such order
Show Cause Notice under section
74 of CGST / SGST Act 2017 and
2018-19
reply filed against such notice 18.44
2022-23
dated 07/01/2025 against such
notice
Order under section 73 of CGST /
SGST Act 2017 and Appeal filed
2020-21 113.20
under section 107 dated
31/03/2025 against such order
Order under section 74 of CGST /
SGST Act 2017 and Appeal filed
2020-21 50.86
under section 107 dated
29/05/2025 against such order
Show cause notice under section
74 of CGST / SGST Act 2017 and
2020-21 37.94
reply filed dated 20/06/2025
against such notice
Show cause notice under section
74 of CGST / SGST Act 2017 and
2021-22 48.24
reply filed dated 30/06/2025
against such notice
Show Cause notice under section
2018-19 40.49
74 of CGST / SGST Act 2017 and

487
 Financial Year Brief of the case Amount Involved (₹ in lakhs)
reply filed dated 05/07/2025
against such notice
Order under section 74 of CGST /
SGST Act 2017 and Appeal filed
2018-19 75.44
under section 107 dated
07/07/2025 against such order
Show Cause notice under section
74 of CGST/SGST Act 2017 and
2018-19 197.54
reply filed on 16/05/2025 against
such notice
Total 1,465.22

Further, any adverse outcome of the above-mentioned litigation, company’s net worth will be impacted only to the
extent the amount of the litigation involved i.e., by ₹ 1,465.22 lakhs

LITIGATIONS INVOLVING OUR PROMOTERS

i. Criminal proceedings involving our Promoters

Criminal proceedings against our Promoters

A criminal case bearing no. 128 SW OF 2015 is pending against our Promoter, Bhavesh Patel before Metropolitan
Magistrate Court Mazgaon Mumbai. For further details please refer “Litigations involving our Company - Criminal
proceedings against our Company” on page 485.

Criminal proceedings initiated by our Promoters

As on the date of this Red Herring Prospectus, there are no outstanding criminal proceedings initiated by our
Promoters.

ii. Other material proceedings involving by our Promoters

Civil proceedings against our Promoters

As on the date of this Red Herring Prospectus, there are no outstanding civil proceedings initiated against our
Promoters.

Civil proceedings initiated by our Promoters

As on the date of this Red Herring Prospectus, there are no outstanding civil proceedings initiated by our Promoters.

iii. Outstanding actions by Statutory or Regulatory authorities against our Promoters

As on the date of this Red Herring Prospectus, there are no outstanding actions by Statutory or Regulatory authorities
against our Promoters

iv. Outstanding tax proceedings against our Promoters

As on the date of this Red Herring Prospectus, there are no outstanding tax proceedings involving our Promoters

LITIGATIONS INVOLVING OUR DIRECTORS

i. Criminal litigations involving our Directors

Criminal proceedings against our Directors

488
A criminal case bearing no. 128 SW OF 2015 is pending against our Chairman and Managing Director, Bhavesh
Girishbhai Patel before Metropolitan Magistrate Court Mazgaon Mumbai. For further details please refer
“Litigations involving our Company - Criminal proceedings against our Company” on page 485.

Criminal proceedings initiated by our directors

As on the date of this Red Herring Prospectus, there are no outstanding criminal proceedings initiated by our
Directors.

ii. Other material proceedings involving by our Directors

Civil proceedings against our Directors

As on the date of this Red Herring Prospectus, there are no outstanding civil proceedings initiated against our
Directors

Civil proceedings initiated by our Directors

As on the date of this Red Herring Prospectus, there are no outstanding civil proceedings initiated by our Directors

iii. Outstanding actions by Statutory or Regulatory authorities against our Directors

As on the date of this Red Herring Prospectus, there are no outstanding actions by Statutory or Regulatory authorities
against our Directors.

iv. Outstanding tax proceedings against our Directors

As on the date of this Red Herring Prospectus, there are no outstanding tax proceedings involving our Directors.

LITIGATION INVOLVING OUR KEY MANAGERIAL PERSONNEL AND SENIOR MANAGEMENT

i. Criminal litigations involving our Key Managerial Personnel and Senior Management

Criminal proceedings against our Key Managerial Personnel and Senior Management

A criminal case bearing no. 128 SW OF 2015 is pending against our Key Managerial Personnel, Bhavesh Patel
before Metropolitan Magistrate Court Mazgaon Mumbai. For further details please refer “Litigations involving our
Company - Criminal proceedings against our Company” on page 485.

Criminal proceedings initiated by our Key Managerial Personnel and Senior Management

As on the date of this Red Herring Prospectus, there are no outstanding criminal proceedings initiated by our Key
Managerial Personnel and Senior Management.

ii Outstanding actions by regulatory and statutory authorities against our Key Managerial Personnel and
Senior Management

As on the date of this Red Herring Prospectus, there are no outstanding actions by Statutory or Regulatory authorities
against our Key Managerial Personnel and Senior Management.

Outstanding dues to creditors

In accordance with the Materiality Policy, our Company has considered such creditors material to whom the amount
due is equal to or in excess of 5% of the trade payables of our Company as of the end of the most recent year covered
in the Restated Financial Information, i.e. ₹ 152.05 lakhs, as of March 31, 2025 (“Material Creditors”).

The details of the total outstanding over dues (trade payables) owed to micro, small and medium enterprises (as
defined under Section 2 of the Micro, Small and Medium Enterprises Development Act, 2006), Material Creditors
and other creditors as on March 31, 2025 is as set forth below:
(in ₹ lakhs)

489
 Types of Creditors Number of Creditors Amount involved
Micro, small and medium enterprises* 68 221.77
Material Creditors 4 1,473.32
Other Creditors# 232 1,354.85
Total 304 3,049.94
*As defined under the Micro, Small and Medium Enterprises Development Act, 2006.
# Including provisions and unbilled dues.
^ As certified by S G D G & Associates LLP, Independent Chartered Accountant (peer reviewed), by way of their
certificate dated August 22, 2025.

Details pertaining to outstanding over dues to material creditors, if any, along with names and amounts involved for
each such material creditor shall be made available on the website of our Company at [Link] (Please

scan the QR code to view the details of material creditor: ).

Material Developments

Except as disclosed in “Management’s Discussion and Analysis of Financial Position and Results of Operations–
Significant Developments Occurring after March 31, 2025” on page 462, no circumstances have arisen since March
31, 2025, the date of the last Restated Financial Information disclosed in this Red Herring Prospectus, which may
materially and adversely affect, or are likely to affect our profitability, our operations, the value of our assets or our
ability to pay our material liabilities within the next 12 months.

490
 GOVERNMENT AND OTHER APPROVALS

We have set out below an indicative list of approvals, consents, registrations, licenses and permissions from
various governmental and regulatory authorities of the respective jurisdictions required to be obtained by our
Company, which are considered material and necessary for the purpose of undertaking our business activities and
operations (“Material Approvals”). In view of the Material Approvals listed below, our Company can undertake
this Issue and our Company can undertake each of their business activities, as applicable. In addition, certain of
the Material Approvals may lapse or expire in the ordinary course of business, from time to time and our Company
has either already made an application to the appropriate authorities for renewal of such Material Approvals or
are in the process of making such renewal applications, in accordance with applicable requirements and
procedures. Except as disclosed in this section, no further material approvals are required for carrying on the
present business operations of our Company. Unless otherwise stated, these material approvals are valid as on
the date of this Red Herring Prospectus.

For details of risk associated with not obtaining or delay in obtaining the requisite approvals, see “Risk Factors-
The pharmaceutical market is subject to extensive regulation and failures to comply with the existing and future
regulatory requirements in any pharmaceutical market could expose us to litigation or other liabilities, which
could adversely affect our reputation, business, financial condition and results of operations” on page 41.
Additionally, for details in connection with the regulatory and legal framework within which our Company
operates, see “Key Regulations and Policies in India” on page 345.

Our Company is involved in the business of developing, manufacturing and marketing, a diverse range of sterile
liquid products. For details, see “Our Business” on page 313. The Material Approvals in relation to the business
of our Company are provided below:

I. Material Approvals in relation to our Company

Incorporation details of our Company

a) Certificate of incorporation dated December 21, 1994, issued by the Registrar of Companies, Gujarat at
Ahmedabad to our Company under the name of ‘Marck Parenterals (India) Limited’ under the Companies
Act, 1956.

b) Certificate for commencement of business dated January 06,1995, issued to our Company by the Registrar of
Companies, Gujarat at Ahmedabad.

c) Certificate of change of name dated November 02, 2005, issued by the Registrar of Companies, Gujarat at
Ahmedabad for change of name of our company to ‘Marck Biosciences Limited’.

d) Certificate of change of name dated June 24, 2014, issued by the Registrar of Companies, Gujarat at
Ahmedabad for change of name of our company to ‘Amanta Healthcare Limited

e) Our Company has been allotted the corporate identity number is U24139GJ1994PLC023944.

Material Approvals in relation to our business and operations

a) License to work a factory issued by the Gujarat State Government under the Factories Act, 1948, bearing
registration number 650/24239/1997, Factory Identitfcation Number: B13028122A and Licence Number:
28122, valid up to December 31, 2026

b) Consolidated consent and authorisation issued by Gujarat State Pollution Control Board issued under the
Water (Prevention and Control of Pollution) Act, 1974, the Air (Prevention and Control of Pollution) Act,
1981 and the Hazardous & Other Wastes (Management and Transboundary Movement) Rules, 2016, bearing
application number:288370 and consent Order number: AWH-130708, valid up to October 26, 2028.

c) Certificate for use of boilers issued by the Gujarat Boilers Inspection Department under the Boilers Act, 1923,
for Smoke Cum Water Tube Boiler bearing registry no: GT-5524 valid up to April 04, 2026.

d) Certificate for use of boilers issued by the Gujarat Boilers Inspection Department under the Boilers Act, 1923,
for water tube – process boiler bearing registry no: GT-4582 valid up to March 07, 2026.

491
e) Authorisation issued by Gujarat State Pollution Control Board under the Bio Medical Waste (Management
and Handling Rules), 2016, bearing membership number: ANK-928 valid up to December 31, 2025.

f) Gujarat State Pollution Control Board under the Water (Prevention and Control of Pollution) Act, 1974, the
Air Act, 1981 and the Environment (Protection) Act, 1986 for consent to establish for setting up an industrial
plant/activities at 872B, 873-A, 874, 877P1, 875 at Plot No:876,Vi1:-Hariyala, Tal :- Matar, Dist.:Kheda
valid upto November 26, 2031

g) Certificates of good manufacturing practices and good laboratory practices issued by the Foods & Drugs
Control Administration, Gujarat under the Drugs and Cosmetics Act, 1940 and the Drugs and Cosmetics
Rules, 1945 bearing certificate no. S-GMP&GLP/24085166 valid up to July 29, 2026.

h) Retention of License to manufacture for sale (or for distribution) of drugs (other than those specified in
Schedule C, C (1) and X to the Drugs and Cosmetics Rules, 1945) issued by the Food & Drugs Control
Administration, Gujarat under the Drugs and Cosmetics Act, 1940 and the Drugs and Cosmetics Rules, 1945
bearing form no. 28-D, No: G/LVP/1 valid up to May 10, 2027.

i) Retention of Licence to manufacture for sale (or for distribution) of drugs specified in Schedules C, C (1)
excluding those specified in schedule X,) issued by the Food & Drugs Control Administration, Gujarat under
the Drugs and Cosmetics Act, 1940 and the Drugs and Cosmetics Rules, 1945 bearing form 28 no. G/28/1080
, No: G/LVP/1 valid up to December 31, 2027.

j) Retention of Licence to manufacture for sale of Large Volume Parenterals/Sera and vaccine/ Recombinant
DNA (r-DNA) derived drugs- specified in Schedule C and C (1) excluding those specified in Schedule X
issued by the Food & Drugs Control Administration, Gujarat under the Drugs and Cosmetics Act, 1940 and
the Drugs and Cosmetics Rules, 1945 bearing form no. 28-D, No: G/LVP/1 valid up to December 31, 2027.

k) Certificate of verification for weights or measures issued by the Office of the Controller, Legal Metrology,
Gujarat under the Legal Metrology Act, 2009 and the Gujarat Legal Metrology (Enforcement) Rules, 2011
bearing certificate number 3699947/KHE/2025/01 valid up to August 19, 2026.

Material labour and employment related approvals

a) Certificate of registration bearing establishment code number GJAHD0026808000, issued by the Employees’
Provident Fund Organisation, India under the Employees Provident Fund and Miscellaneous Provisions Act,
1952.

b) Certificate of registration bearing code number 37001016330001017, issued by Employee State Insurance
Corporation, India under the Employees State Insurance Act, 1948.

c) Registration under Gujarat shops and establishments legislation for our office, issued by Ahmedabad
Municipal Corporation bearing registration number PII/MKR/10177/0278838.

d) Registration under the Contract Labour (Regulation and Abolition) Act, 1970

Tax related registrations

a) The permanent account number of our Company is AABCM0366P.

b) The tax deduction account number of our Company is AHMM01724C.

c) The goods and services tax identification number of our Company is 24AABCM0366P1ZB.

d) Importer exporter code (“IEC”) bearing number 0894014293 from the Office of Joint Directorate General of
Foreign Trade, Department of Commerce, Ministry of Commerce and Industry, Government of India on June
20, 2000.

e) The professional tax registration (PRC) and (PEC) number of our Company is PRC010781020935 and
PEC010781073779 respectively.

492
Intellectual property rights

Our Company has obtained the following trademark registrations:

Sr. No. Particulars of the mark Application number Class Valid up to

1. AEROLOCK 6061116 10 August 10, 2033

2. AEROVEIN 5979306 10 June 14, 2033
3. AMANTA WITH LOGO 2817135 35 September 23, 2034
4. FEBRAFLEX 4715750 5 October 23, 2030
5. FLOWVEIN 6297326 10 February 10, 2034
6. MOXFLO 4736048 5 July 11, 2030
7. Steri-DX 4715751 5 October 23, 2030
8. FEBRAMOL 2150121 5 May 25, 2031
9. IT'S ALL ABOUT LIFE 1744606, 1744607 5, 16 October 17, 2028
10. STERIPORT 2551315 5, 10, 21, 44 June 20, 2033
11. COVEIN 6297327 10 October 10, 2034

Further, we have applied for restoration of design number 269048 of cap of bottle dated January 22, 2015 granted
to us.

Pending Material Approvals

Material Approvals applied for but not received

a) Our Company has made an application for renewal dated June 02, 2025 before Labour and Employment
Department for obtaining certificate for use of boilers under the Boilers Act,1923.

Material Approvals which have expired and renewal to be applied for

Nil

Material Approvals required but not obtained or applied for

Nil

493
 OTHER REGULATORY AND STATUTORY DISCLOSURES

Authority for the Issue

Corporate Approvals

Our Board has approved the Issue pursuant to the resolution passed at its meeting held on August 24, 2024 and
our Shareholders have approved the Fresh Issue pursuant to a resolution dated August 28, 2024 in terms of Section
62(1)(c) of the Companies Act, 2013.

Our Board has pursuant to the resolution passed at its meeting held on February 03, 2025 approved the Draft Red
Herring Prospectus for filing with SEBI and the Stock Exchanges. This Red Herring Prospectus has been approved
pursuant to a resolution passed by the Board on August 22, 2025.

In-principle Listing Approvals

Our Company has received in-principle approvals from BSE and NSE for the listing of the Equity Shares pursuant
to their letters each dated March 10, 2025.

Prohibition by SEBI or other Governmental Authorities

Our Company, our Promoters, our Directors and the members of the Promoter Group are not prohibited from
accessing the capital market or debarred from buying, selling or dealing in securities under any order or direction
passed by SEBI or any securities market regulator in any other jurisdiction or any other authority/court.

None of the companies with which our Promoters and Directors are associated with as promoters, directors or
persons in control have been debarred from accessing capital markets under any order or direction passed by SEBI
or any other authorities.

Neither our Company nor our Directors or Promoters have been declared as a ‘wilful defaulter’ or a ‘fraudulent
borrower’, as defined under the SEBI ICDR Regulations.

Our individual Promoters or Directors have not been declared as fugitive economic offenders under section 12 of
the Fugitive Economic Offenders Act, 2018.

Directors associated with the Securities Market

None of our Directors are associated with securities market related business. There are no outstanding actions
initated by SEBI in the last five years preceding the date of this Red Herring Prospectus against our Directors.

Confirmation under the Companies (Significant Beneficial Owners) Rules, 2018

Our Company, Promoters and members of the Promoter Group, severally and not jointly, confirm that they are in
compliance with the Companies (Significant Beneficial Owners) Rules, 2018, to the extent applicable to them, as
on the date of this Red Herring Prospectus.

Eligibility for the Issue

Our Company is eligible for the Issue in accordance with Regulation 6(1) of the SEBI ICDR Regulations, and is
in compliance with the conditions specified therein in the following manner:

• Our Company has net tangible assets of at least ₹300.00 lakhs, calculated on a restated and consolidated basis,
in each of the preceding three full years (of 12 months each);
• Our Company has an average profit of at least ₹1,500.00 lakhs, calculated on a restated and consolidated basis,
during the preceding three full years (of 12 months each), with operating profit in each of these preceding
three years;
• Our Company has a net worth of at least ₹100.00 lakhs in each of the preceding three full years (of 12 months
each), calculated on a restated and consolidated basis; and
• Except as disclosed in this Red Herring Prospectus, our Company has not changed its name in the last one
year.

494
Further, our Company confirms that it is not ineligible to make the Issue in terms of Regulation 5 of the SEBI
ICDR Regulations, to the extent applicable. The details of our compliance with Regulation 5 of the SEBI ICDR
Regulations are as follows:

a. None of the companies with which our Promoters and Directors are associated with as promoters, directors
or persons in control are debarred from accessing capital markets under any order or direction passed by
SEBI or any other authorities.

b. Neither our Company nor our Directors or Promoters have been declared as a ‘willful defaulter’ or a
‘fraudulent borrower’, as defined under the SEBI ICDR Regulations.

c. Our individual Promoters or Directors have not been declared as fugitive economic offenders under Section
12 of the Fugitive Economic Offenders Act, 2018.

d. There are no convertible securities that are required to be converted on or before the filing of the Red
Herring Prospectus;

e. There are no outstanding warrants, options or rights to convert debentures, loans or other instruments
convertible into, or which would entitle any person any option to receive Equity Shares, as on the date of
this Red Herring Prospectus.

f. There are no findings/observations of any of the inspections by SEBI or any other regulator which are
material and which needs to be disclosed or non-disclosure of which may have bearing on the investment
decision, other than the ones which have already been disclosed in the offer document.

Our Company confirms that it is in compliance with the conditions specified in Regulation 7(1) of the SEBI ICDR
Regulations, to the extent applicable, and will ensure compliance with the conditions specified in Regulation 7(2)
of the SEBI ICDR Regulations, to the extent applicable.

Further, in accordance with Regulation 49(1) of the SEBI ICDR Regulations, our Company shall ensure that the
number of Allottees under the Issue shall be not less than 1,000.

Our Company’s operating profit, net worth, net tangible assets and monetary assets derived from the Restated
Financial Information included in this Red Herring Prospectus, as at, and for the last three years ended March 31
are set forth below:

Derived from our Restated Financial Information

(₹ in lakhs, unless otherwise stated)
Particulars Fiscal

2025 2024 2023

Net tangible assets (A)(1) 9,547.20 6,627.29 6,279.79
Operating profit (B)(4) 4,126.96 3,776.02 3,439.33
(3)
Net Worth (C) 9,638.83 6,628.88 6,288.34
Monetary assets (D)(2) 347.73 410.28 390.68
Monetary assets as a percentage of the restated net tangible assets
3.64% 6.19% 6.22%
(D)/(A)(%)
Source: Restated Financial Information as included in “Financial Information” beginning on page 389.
Notes:
(1) ‘Net tangible assets’ means the sum of all net assets (total assets minus total liabilities) of the Company,
excluding intangible assets as defined in Indian Accounting Standard (Ind AS) 38 issued by Institute of
Chartered Accountants of India.
(2) ‘Monetary assets’ is the aggregate of cash and cash equivalents and balance with banks (including other
bank balances and interest accrued thereon).
(3) Net worth’ means aggregate value of the paid-up share capital and other equity created out of the profits,
securities premium account and debit or credit balance of profit and loss account, after deducting the
aggregate value of the accumulated losses, deferred expenditure and miscellaneous expenditure not written

495
 off, derived from Restated Financial Information, but does not include reserves created out of revaluation of
assets, write-back of depreciation and amalgamation.
(4) ‘Operating Profit’ has been calculated as profit before finance costs, exceptional item, and tax expenses and
excluding other income.

Our Company has operating profits in each of Fiscal 2025, Fiscal 2024 and Fiscal 2023 in terms of our Restated
Financial Information. Our average operating profit for Fiscals 2025, 2024 and 2023 is ₹ 3,780.77 lakhs. For
further details, please see, “Financial Information” beginning on page 389.

DISCLAIMER CLAUSE OF SEBI

IT IS TO BE DISTINCTLY UNDERSTOOD THAT SUBMISSION OF THE DRAFT RED HERRING

PROSPECTUS TO SEBI SHOULD NOT, IN ANY WAY, BE DEEMED OR CONSTRUED THAT THE
SAME HAS BEEN CLEARED OR APPROVED BY SEBI. SEBI DOES NOT TAKE ANY
RESPONSIBILITY EITHER FOR THE FINANCIAL SOUNDNESS OF ANY SCHEME OR THE
PROJECT FOR WHICH THE ISSUE IS PROPOSED TO BE MADE OR FOR THE CORRECTNESS
OF THE STATEMENTS MADE OR OPINIONS EXPRESSED IN THE DRAFT RED HERRING
PROSPECTUS. THE BRLM, BEELINE CAPITAL ADVISORS PRIVATE LIMITED HAS CERTIFIED
THAT THE DISCLOSURES MADE IN THE DRAFT RED HERRING PROSPECTUS ARE
GENERALLY ADEQUATE AND ARE IN CONFORMITY WITH THE SECURITIES AND
EXCHANGE BOARD OF INDIA (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS)
REGULATIONS, 2018, AS AMENDED. THIS REQUIREMENT IS TO FACILITATE INVESTORS TO
TAKE AN INFORMED DECISION FOR MAKING AN INVESTMENT IN THE PROPOSED ISSUE.

IT SHOULD ALSO BE CLEARLY UNDERSTOOD THAT WHILE THE COMPANY IS PRIMARILY

RESPONSIBLE FOR THE CORRECTNESS, ADEQUACY AND DISCLOSURE OF ALL RELEVANT
INFORMATION IN THE DRAFT RED HERRING PROSPECTUS, THE BRLM IS EXPECTED TO
EXERCISE DUE DILIGENCE TO ENSURE THAT THE COMPANY DISCHARGES ITS
RESPONSIBILITY ADEQUATELY IN THIS BEHALF AND TOWARDS THIS PURPOSE, THE BRLM
HAVE FURNISHED TO SEBI, A DUE DILIGENCE CERTIFICATE DATED FEBRUARY 03, 2025 IN
THE FORMAT PRESCRIBED UNDER SCHEDULE V (A) OF THE SECURITIES AND EXCHANGE
BOARD OF INDIA (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) REGULATIONS,
2018, AS AMENDED.

THE FILING OF THE DRAFT RED HERRING PROSPECTUS DOES NOT, HOWEVER, ABSOLVE
THE COMPANY FROM ANY LIABILITIES UNDER THE COMPANIES ACT, 2013, AS AMENDED
OR FROM THE REQUIRE/MENT OF OBTAINING SUCH STATUTORY AND/OR OTHER
CLEARANCES AS MAY BE REQUIRED FOR THE PURPOSE OF THE ISSUE. SEBI FURTHER
RESERVES THE RIGHT TO TAKE UP, AT ANY POINT OF TIME, WITH THE BRLM, ANY
IRREGULARITIES OR LAPSES IN THE DRAFT RED HERRING PROSPECTUS.

All legal requirements pertaining to this Issue will be complied with at the time of filing of this Red Herring
Prospectus with the RoC including in terms of Section 32 of the Companies Act. All legal requirements pertaining
to this Issue will be complied with at the time of filing of the Prospectus with the RoC including in terms of
Sections 26, 30, 32, 33(1) and 33(2) of the Companies Act.

Disclaimer from our Company, our Directors and the BRLM

Our Company, our Directors and the BRLM accept no responsibility for statements made otherwise than in this
Red Herring Prospectus or in the advertisements or any other material issued by or at our instance and anyone
placing reliance on any other source of information, including our website, [Link], or any website of
any of the members of our Promoter Group or any affiliate of our Company, would be doing so at his or her own
risk.

The BRLM accept no responsibility, save to the limited extent as provided in the Issue Agreement and the
Underwriting Agreement to be entered into between the Underwriters and our Company.

All information shall be made available by our Company and the BRLM to the Bidders and public at large and no
selective or additional information would be made available for a section of the investors in any manner
whatsoever, including at road show presentations, in research or sales reports, at Bidding Centres or elsewhere.

496
Neither our Company nor any member of the Syndicate shall be liable to the Bidders for any failure in uploading
the Bids, due to faults in any software or hardware system, or otherwise; the blocking of Bid Amount in the ASBA
Account on receipt of instructions from the Sponsor Bank on account of any errors, omissions or non-compliance
by various parties involved in, or any other fault, malfunctioning or breakdown in, or otherwise, in the UPI
Mechanism.

The BRLM and its respective associates and affiliates in their capacity as principals or agents, may engage in
transactions with, and perform services for, our Company, and their respective affiliates or associates or third
parties in the ordinary course of business and have engaged, or may in the future engage, in commercial banking
and investment banking transactions with our Company, the Promoters and their respective directors and officers,
affiliates or associates or third parties, for which they have received, and may in the future receive, compensation.

Bidders will be required to confirm, and will be deemed to have represented to our Company, the Underwriters
and their respective directors, officers, agents, affiliates and representatives that they are eligible under all
applicable laws, rules, regulations, guidelines and approvals to acquire the Equity Shares, and will not issue, sell,
pledge or transfer the Equity Shares to any person who is not eligible under applicable laws, rules, regulations,
guidelines and approvals to acquire the Equity Shares. Our Company and the Underwriters and their respective
directors, officers, agents, affiliates, and representatives accept no responsibility or liability for advising any
investor on whether such investor is eligible to acquire Equity Shares.

Disclaimer in respect of jurisdiction

Any dispute arising out of this Issue will be subject to the jurisdiction of appropriate court(s) at Ahmedabad, India
only.

This Issue is being made in India to persons resident in India (including individual Indian nationals resident in
India who are competent to contract under the Indian Contract Act, 1872, HUFs, companies, corporate bodies and
societies registered under the applicable laws in India and authorized to invest in equity shares, Indian Mutual
Funds registered with SEBI, Indian financial institutions, commercial banks, multilateral and bilateral
development financial institutions, state industrial development corporations, regional rural banks, co-operative
banks (subject to permission from the RBI), trusts under the applicable trust laws and who are authorized under
their respective constitutions to hold and invest in equity shares, public financial institutions as specified under
Section 2(72) of the Companies Act 2013, venture capital funds, National Investment Fund set up by the GoI,
provident funds and pension funds fulfilling the minimum corpus requirements under the SEBI ICDR Regulations,
permitted insurance companies and pension funds, insurance funds set up and managed by the army and navy and
insurance funds set up and managed by the Department of Post, (India), systematically important NBFCs,
permitted non-residents including Eligible NRIs, AIFs, FPIs registered with SEBI and QIBs. This Red Herring
Prospectus does not, however, constitute an offer to sell or an invitation to subscribe to Equity Shares offered
hereby, in any jurisdiction to any person to whom it is unlawful to make an offer or invitation in such jurisdiction.
Any person into whose possession this Red Herring Prospectus comes is required to inform himself or herself
about, and to observe, any such restrictions.

No action has been, or will be taken to permit a public offering in any jurisdiction where action would be required
for that purpose, except that the Red Herring Prospectus has been filed with SEBI for its observations.
Accordingly, the Equity Shares represented hereby may not be offered or sold, directly or indirectly, and this Red
Herring Prospectus may not be distributed, in any jurisdiction, except in accordance with the legal requirements
applicable in such jurisdiction. Neither the delivery of this Red Herring Prospectus, nor any offer or sale
hereunder, shall, under any circumstances, create any implication that there has been no change in our affairs from
the date hereof or that the information contained herein is correct as of any time subsequent to this date.

This Red Herring Prospectus does not constitute offer to sell or an invitation to subscribe to or purchase the Equity
Shares in the Issue in any jurisdiction, other than in India to any person to whom it is unlawful to make an offer
or invitation in such jurisdiction. Any person into whose possession this Red Herring Prospectus comes is required
to inform himself or herself about, and to observe, any such restrictions. Invitations to subscribe to or purchase
the Equity Shares in the Issue will be made only pursuant to this Red Herring Prospectus if the recipient is in India
or the preliminary offering memorandum for the Issue, which comprises the Red Herring Prospectus and the
preliminary international wrap for the Issue, if the recipient is outside India.

497
No person outside India is eligible to Bid for Equity Shares in the Issue unless that person has received the
preliminary offering memorandum for the Issue, which contains the selling restrictions for the Issue outside India.

Eligibility and Transfer Restrictions

The Equity Shares offered in the Issue have not been and will not be registered under the U.S. Securities Act or
any state securities laws in the United States, and unless so registered, may not be offered or sold within the United
States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of
the U.S. Securities Act and in accordance with any applicable U.S. state securities laws. Accordingly, the Equity
Shares are being offered and sold outside the United States in ‘offshore transactions’ in reliance on Regulation S
under the U.S. Securities Act and the applicable laws of the jurisdictions where such offers and sales are made.

The Equity Shares have not been and will not be registered, listed or otherwise qualified in any other jurisdiction
outside India and may not be offered or sold, and Bids may not be made by persons in any such jurisdiction,
except in compliance with the applicable laws of such jurisdiction.

Bidders are advised to ensure that any Bid from them does not exceed investment limits or the maximum number
of Equity Shares that can be held by them under applicable law. Further, each Bidder where required must agree
in the Allotment Advice that such Bidder will not sell or transfer any Equity Shares or any economic interest
therein, including any off-shore derivative instruments, such as participatory notes, issued against the Equity
Shares or any similar security, other than in accordance with applicable laws.

Important Information for Investors – Eligibility and Transfer Restrictions

Until the expiry of 40 days after the commencement of the Issue, an offer or sale of the Equity Shares within the
United States by a dealer (whether or not it is participating in the Issue) may violate the registration requirements
of the U.S. Securities Act, unless made pursuant to available exemptions from the registration requirements of the
U.S. Securities Act and in accordance with applicable securities laws of any state or other jurisdiction of the
United States.

The Equity Shares have not been recommended by any U.S. federal or state securities commission or regulatory
authority. Furthermore, the foregoing authorities have not confirmed the accuracy or determined the adequacy of
this Red Herring Prospectus or approved or disapproved the Equity Shares. Any representation to the contrary is
a criminal offence in the United States. In making an investment decision, investors must rely on their own
examination of our Company and the terms of the Issue, including the merits and risks involved.

Disclaimer clause of BSE

As required, a copy of the Draft Red Herring Prospectus was submitted to BSE. The disclaimer clause as intimated
by BSE to our Company post scrutiny of the Draft Red Herring Prospectus is set forth below:

“BSE Limited (“the Exchange”) has given vide its letter dated March 10, 2025, permission to this Company to
use the Exchange's name in this offer document as one of the stock exchanges on which this company's securities
are proposed to be listed. The Exchange has scrutinized this offer document for its limited internal purpose of
deciding on the matter of granting the aforesaid permission to this Company. The Exchange does not in any
manner: -

a. warrant, certify or endorse the correctness or completeness of any of the contents of this offer document; or

b. warrant that this Company's securities will be listed or will continue to be listed on the Exchange; or

c. take any responsibility for the financial or other soundness of this Company, its promoters, its management or
any scheme or project of this Company.

and it should not for any reason be deemed or construed that this offer document has been cleared or approved
by the Exchange. Every person who desires to apply for or otherwise acquires any securities of this Company
may do so pursuant to independent inquiry, investigation and analysis and Shall not have any Claim against the
Exchange whatsoever by reason Of any loss which may be suffered by such person consequent to or in connection
with such subscription/acquisition whether by reason of anything stated or omitted to be stated herein or for any
other reason whatsoever”.

498
Disclaimer clause of NSE

As required, a copy of the Draft Red Herring Prospectus was submitted to NSE. The disclaimer clause as intimated
by NSE to our Company post scrutiny of the Draft Red Herring Prospectus is set forth below:

“As required, a copy of this Offer Document has been submitted to National Stock Exchange of India Limited
(hereinafter referred to as NSE). NSE has given vide its letter Ref.: NSE/LIST/5201 dated March 10, 2025,
permission to the Issuer to use the Exchange’s name in this Offer Document as one of the Stock Exchanges on
which this Issuer’s securities are proposed to be listed. The Exchange has scrutinized this offer document for its
limited internal purpose of deciding on the matter of granting the aforesaid permission to this Issuer. It is to be
distinctly understood that the aforesaid permission given by NSE should not in any way be deemed or construed
that the offer document has been cleared or approved by NSE; nor does it in any manner warrant, certify or
endorse the correctness or completeness of any of the contents of this offer document; nor does it warrant that
this Issuer’s securities will be listed or will continue to be listed on the Exchange; nor does it take any
responsibility for the financial or other soundness of this Issuer, its promoters, its management or any scheme or
project of this Issuer.
Every person who desires to apply for or otherwise acquire any securities of this Issuer may do so pursuant to
independent inquiry, investigation and analysis and shall not have any claim against the Exchange whatsoever
by reason of any loss which may be suffered by such person consequent to or in connection with such subscription
/acquisition whether by reason of anything stated or omitted to be stated herein or any other reason whatsoever.”

Listing

The Equity Shares issued through this Red Herring Prospectus and the Prospectus are proposed to be listed on the
Stock Exchanges. Application has been made to the Stock Exchanges for obtaining permission for listing and
trading of the Equity Shares being issue and sold in the Issue and NSE is the Designated Stock Exchange, with
which the Basis of Allotment will be finalized for the Issue.

If the permission to deal in and for an official quotation of the Equity Shares is not granted by the Stock Exchanges,
our Company shall forthwith repay, without interest, all monies received from the applicants in pursuance of this
Red Herring Prospectus in accordance with applicable law. If such money is not repaid within the prescribed time,
then our Company and every officer in default shall be liable to repay the money, with interest, as prescribed
under applicable law.

Our Company shall ensure that all steps for the completion of the necessary formalities for listing and
commencement of trading of Equity Shares at the Stock Exchanges are taken within three Working Days of the
Bid/Issue Closing Date. If our Company does not allot Equity Shares pursuant to the Issue within three Working
Days from the Bid/Issue Closing Date or within such timeline as prescribed by SEBI, it shall repay without interest
all monies received from Bidders, failing which interest shall be due to be paid to the Bidders at the rate of 15%
per annum for the delayed period.

Consents

Consents in writing of our Directors, our Company Secretary and Compliance Officer, our Chief Financial Officer,
Legal Counsel to our Company, CRISIL, the Bankers to our Company, BRLM, Statutory Auditor, and the
Registrar to the Issue have been obtained; and the consents in writing of the Syndicate Members, Escrow
Collection Banks, Public Issue Account Bank, Refund Bank, and Sponsor Bank to act in their respective
capacities, have been obtained. Further, such consents shall not be withdrawn up to the time of filing of this Red
Herring Prospectus with RoC.

Expert opinion

Except as stated below, our Company has not obtained any expert opinions:

Our Company has received the written consent dated August 22, 2025 from our Statutory Auditors, namely, Price
Waterhouse Chartered Accountants LLP, to include their names as required under section 26 (5) of the Companies
Act, 2013 read with SEBI ICDR Regulations, in this Red Herring Prospectus, and as an “expert” as defined under
section 2(38) of the Companies Act, 2013 to the extent and in their capacity as our Statutory Auditors, and in
respect of their examination report dated July 17, 2025 on the Restated Financial Information, and such consent

499
has not been withdrawn as on the date of this Red Herring Prospectus. A written consent under the provisions of
the Companies Act, 2013 is different from a consent filed with the U.S. Securities and Exchange Commission
under Section 7 of the U.S. Securities Act, which is applicable only to transactions involving securities registered
under the U.S. Securities Act. As the Equity Shares are proposed to be offered as a part of an initial public offering
in India and the Equity Shares have not been and will not be registered under the U.S. Securities Act, the Statutory
Auditors have not given consent under Section 7 of the U.S. Securities Act. In this regard, the Statutory Auditors
have given consent to be referred to as “experts” in this Red Herring Prospectus in accordance with the
requirements of the Companies Act, 2013. The term “experts” as used in this Red Herring Prospectus is different
from those defined under the U.S. Securities Act, which is applicable only to transactions involving securities
registered under the U.S. Securities Act. The reference to the Statutory Auditors as “experts” in this Red Herring
Prospectus is not made in the context of the U.S. Securities Act but solely in the context of the Offer in India.

Our Company has received written consent dated July 01, 2025 from Atishkumar Naishadbhai Patel, Independent
Chartered Engineer to include his name as an ‘expert’ as defined under Section 2(38) of the Companies Act to the
extent and in his capacity as Independent Chartered Engineer in respect of the certificate dated July 01, 2025
issued by him in connection with capacity details included in this Red Herring Prospectus in terms of Section
26(5) of the Companies Act, read with SEBI ICDR Regulations, such consent has not been withdrawn as of the
date of this Red Herring Prospectus. However, the term ‘expert’ shall not be construed to mean an ‘expert’ as
defined under U.S. Securities Act.

Our Company has received written consent dated July 18, 2025, from S G D G & Associates LLP, Independent
Chartered Accountant to include his name as an ‘expert’ as defined under Section 2(38) of the Companies Act to
the extent and in his capacity as Independent Chartered Accountant in respect of the certificates dated August 22,
2025, and their report dated July 18, 2025, on the statement of possible special tax benefits in this Red Herring
Prospectus and such consent has not been withdrawn as on the date of this Red Herring Prospectus issued by him
in connection with certain financial information included in this Red Herring Prospectus in terms of Section 26(5)
of the Companies Act, read with SEBI ICDR Regulations, such consent has not been withdrawn as of the date of
this Red Herring Prospectus. However, the term ‘expert’ shall not be construed to mean an ‘expert’ as defined
under U.S. Securities Act.

Our Company has received written consent dated August 22, 2025 from the practicing Company Secretary, Pooja
Shah & Associates, to include its name as an ‘expert’ as defined under Section 2(38) of the Companies Act to the
extent and in its capacity as practicing Company Secretary in respect of the certificate dated August 22, 2025
issued by it in connection with inter alia the share capital buildup and such consent has not been withdrawn as of
the date of this Red Herring Prospectus. However, the term ‘expert’ shall not be construed to mean an ‘expert’ as
defined under U.S. Securities Act.

Particulars regarding public or rights issues undertaken by our Company during the last five years

Except as disclosed in the section entitled “Capital Structure” on page 88, there have been no public issues or
rights issues undertaken by our Company during the five years immediately preceding the date of this Red Herring
Prospectus.

Commission or brokerage on previous issues during the last five years

Since this is the initial public offering of the Equity Shares, no sum has been paid or has been payable as
commission or brokerage for subscribing to or procuring or agreeing to procure public subscription for any of our
Equity Shares in the five years preceding the date of this Red Herring Prospectus.

Capital Issues in the preceding three years

Our Company has not made any capital issues during the three years preceding the date of this Red Herring
Prospectus.

Further, as on the date of this Red Herring Prospectus our Company does not have any listed Group Companies,
Subsidiary or Associate.

Performance vis-à-vis objects - Public/ rights issue of our Company

500
Except as disclosed in the section entitled “Capital Structure” on page 88, our Company has not undertaken any
public, including any rights issues to the public in the five years immediately preceding the date of this Red
Herring Prospectus.

Performance vis- à-vis objects: Public/ rights issue of the listed Subsidiaries and listed Promoters

As on the date of this Red Herring Prospectus our Company does not have a listed corporate promoter or a listed
subsidiary.

Price information of past issued handled by the BRLM

For details regarding the price information and track record of the past issue handled by Beeline Capital Advisors
Private Limited, as specified in the circular reference CIR/CFD/DIL/7/2015 dated October 30, 2015, issued by
SEBI is as follows:
TABLE 1
SME IPO:
Sr. Issuer Name Issue Issue Listing Date Openin +/- % Change +/- % +/- %
No Size Price g Price in Closing Change in Change in
. (₹ in (₹) on Price, (+/- % Closing Closing
Listing Change in Price, (+/- Price, (+/-
Cr.)
Date Closing % Change % Change
Benchmark) in Closing in Closing
(₹)
30th Calendar Benchmark Benchmark
Days from ) 90th ) 180th
Listing Calendar Calendar
Days from Days from
Listing Listing

1. Parmeshwar 24.74 January 84.50

09, 2025 +4.34% +1.85 +4.92
Metal Limited 61.00 (+0.31%) % (+7.50)
(-4.37%)

2. [Link] 85.21 135.0 January 14, 135.75 - +9.70

-19.07%
Infrastructure 0 2025 (-0.43%) 18.89% (+7.84)
Limited (-1.75%)

3. H.M. Electro 27.74 75.00 January 31, 81.00 +1.16 -10.67

-20.89%
Mech Limited 2025 (-5.55%) % (+4.95)
(+3.24%)

4. Solarium 105.0 191.0 Februar 202.00

y 13, +18.93% +50.16 +77.82%
Green Energy 4 0 2025 (-3.03%) (+6.58) (+5.86%)
Limited

5. Identixweb 16.63 54.00 April 03, 55.00 +12.98 N.A.

+15.70%
Limited 2025 (+5.51%) (+9.70)

6. Neptune 73.20 122 June 04, 2025 132.75 N.A. N.A.

+17.54
Petrochemical (+3.19)
s Limited

7. Cryogenic 17.76 47 July 10, 2025 89.30 N.A. N.A.

OGS Ltd +157.34
%

501
Sr. Issuer Name Issue Issue Listing Date Openin +/- % Change +/- % +/- %
No Size Price g Price in Closing Change in Change in
. (₹ in (₹) on Price, (+/- % Closing Closing
Listing Change in Price, (+/- Price, (+/-
Cr.)
Date Closing % Change % Change
Benchmark) in Closing in Closing
(₹)
30th Calendar Benchmark Benchmark
Days from ) 90th ) 180th
Listing Calendar Calendar
Days from Days from
Listing Listing

(-4.00%)

8. Monarch 93.75 250 July 29, 2025 421.25 N.A. N.A. N.A.
Surveyors and
Engineering
Consultants
Limited

9. BLT Logistics 9.72 75 August 11, 90.95 N.A. N.A. N.A.

Limited 2025

10. Connplex 90.27 177 August 14, 195.00 N.A. N.A. N.A.
Cinemas Ltd 2025

Source: Price Information [Link] and [Link], Issue Information from respective
Prospectus.
MAIN BOARD IPO:

+/- % +/- % +/- %

Change in Change in Change in
Openin Closing Closing Closing Price,
Issue g Price Price, (+/- Price, (+/- (+/- %
Sr. Size Issue on
Issuer Listing % Change % Change Change in
No (₹ in Price Listing
Name Date in Closing in Closing Closing
. (₹) Date
Cr.) Benchmark) Benchmark) Benchmark)
(₹) 30thCalenda 90thCalenda 180thCalend
r Days from r Days from ar Days from
Listing Listing Listing
+72.74% +44.81% +74.14%
Mamata 179.3 243.00( Decembe 600.00
1)
Machiner 5 r 27, (-3.31%) (-1.79%) (+4.26%)
1.
y 2024
Limited#
+1.82%
Borana 144.8 216.00 May 27, 243.00 N.A. N.A.
2 Weaves 9 2025 (+1.68%)
Limited#

Source: Price Information [Link] and [Link], Issue Information from respective
Prospectus
# BSE as Designated Stock Exchange
(1) A discount of ₹12 per Equity Share was offered to Eligible Employees bidding in the Employee
Reservation Portion of Mamta Machinery Limited IPO

502
As per SEBI Circular No. CIR/CFD/DIL/7/2015 dated October 30, 2015, the above table should reflect
maximum 10 issues (Initial Public Issues) managed by the Book Running Lead Manager. Hence, disclosure
pertaining to recent 10 issues handled by the Book Running lead manager are provided.
Note:
1. The S&P BSE Sensex and NSE Nifty are considered as the Benchmark.
2. “Issue Price” is taken as “Base Price” for calculating % Change in Closing Price of the respective Issues
on 30th / 90th/180th Calendar days from listing.
3. “Closing Benchmark” on the listing day of respective scripts is taken as “Base Benchmark” for calculating
% Change in Closing Benchmark on 30th / 90th/180th Calendar days from listing. Although it shall be noted
that for comparing the scripts with Benchmark, the +/- % Change in Closing Benchmark has been
calculated based on the Closing Benchmark on the same day as that of calculated for respective script in
the manner provided in Note No. 4 below.
4. In case 30th/ 90th/180th day is not a trading day, closing price on BSE/NSE of the previous trading day for
the respective Scripts has been considered, however, if scripts are not traded on that previous trading day
then last trading price has been considered.
Summary statement of price information of past issues
TABLE 2
SME IPO:

Nos. of IPO Nos. of IPO

Nos. of IPO Nos. of IPO
trading at trading at
trading at trading at
discount as on premium as on
discount as on premium as on
Total 180th calendar 180th calendar
Tot 30th calendar day 30th calendar day
Fund day from listing day from listing
al from listing date from listing date
Finan s date date
No.
cial Raise
of
Year d (₹ Le Le Le Le
IP Betw Betw Betw Betw
in Ov ss Ov ss Ov ss Ov ss
Os een een een een
Cr.) er tha er tha er tha er tha
50 25- n 50 25- n 50 25- n 50 25- n
% 50% 25 % 50% 25 % 50% 25 % 50% 25
% % % %

2025- 6 301.3 - - - 1 - 2 - - - - - -
26 3

2024- 1,165
24 - - 4 14 - 6 - 5 3 10 2 4
25 .44

2023- 803.4
22 - - 2 13 4 3 - 2 2 15 1 2
24 8

MAIN BOARD IPO:

503
 Nos. of IPO Nos. of IPO
Nos. of IPO Nos. of IPO
trading at trading at
trading at trading at
discount as on premium as on
Tota discount as on premium as on
180th calendar 180th calendar
Tot l 30th calendar day 30th calendar day
day from listing day from listing
al Fun from listing date from listing date
Finan date date
No. ds
cial
of Rais
Year Le Le Le Le
IP ed Betw Betw Betw Betw
Ov ss Ov ss Ov ss Ov ss
Os (₹ in een een een een
er tha er tha er tha er tha
Cr.) 25- 25- 25- 25-
50 n 50 n 50 n 50 n
% 50% 25 % 50% 25 % 50% 25 % 50% 25
% % % %

2025- 144.
1 - - - - - 1 - - - - - -
26 89

2024- 179.
1 - - - 1 - - - - - 1 - -
25 35

2023- NIL
24

Notes:
1. Listing date is considered for calculation of total number of IPO’s in the respective financial year.
2. In the event any day falls on a holiday, the price/index of the immediately preceding working day has been
considered. If the stock was not traded on the said calendar days from the date of listing, the share price is
taken of the immediately preceding trading day.
Source: [Link] and [Link]
Track record of past issues handled by the BRLM

For details regarding the track record of the BRLM, as specified in Circular reference CIR/MIRSD/1/2012 dated
January 10, 2012 issued by SEBI, please see the website of the BRLM as set forth in the table below:

Sr. No. Name of the BRLM Website

1. BEELINE CAPITAL ADVISORS PRIVATE LIMITED [Link]

Stock market data of the Equity Shares

As the Issue is the initial public offering of the Equity Shares, the Equity Shares are not listed on any stock
exchange as on the date of this Red Herring Prospectus, and accordingly, no stock market data is available for the
Equity Shares.

Mechanism for redressal of Investor Grievances

The Registrar Agreement provides for retention of records with the Registrar to the Issue for a minimum period
of eight years from the last date of dispatch of the letters of allotment and demat credit to enable the investors to
approach the Registrar to the Issue for redressal of their grievances.

In terms of the SEBI ICDR Master Circular and subject to applicable law, any ASBA Bidder whose Bid has not
been considered for Allotment, due to failure on the part of any SCSB, shall have the option to seek redressal of
the same by the concerned SCSB within three months of the date of listing of the Equity Shares. SCSBs are
required to resolve these complaints within 15 days, failing which the concerned SCSB would have to pay interest
at the rate of 15% per annum for any delay beyond this period of 15 days. Further, the Bidders shall be
compensated by the SCSBs in accordance with SEBI ICDR Master Circular in the events of delayed unblock for
cancelled/withdrawn/deleted applications, blocking of multiple amounts for the same UPI application, blocking
of more amount than the application amount, delayed unblocking of amounts for non-allotted/partially- allotted

504
applications, for the stipulated period. Further, in terms of SEBI circular no. SEBI/HO/CFD/DIL2/CIR/P/2022/51
dated April 20, 2022, the payment of processing fees to the SCSBs shall be undertaken pursuant to an application
made by the SCSBs to the Book Running Lead Managers, and such application shall be made only after (i)
unblocking of application amounts for each application received by the SCSB has been fully completed, and (ii)
applicable compensation relating to investor complaints has been paid by the SCSB.

In terms of SEBI ICDR Master Circular and subject to applicable law, any ASBA Bidder whose Bid has not been
considered for Allotment, due to failure on the part of any SCSB, shall have the option to seek redressal of the
same by the concerned SCSB within three months of the date of listing of the Equity Shares. SCSBs are required
to resolve these complaints within 15 days, failing which the concerned SCSB would have to pay interest at the
rate of 15% per annum for any delay beyond this period of 15 days. Further, the investors shall be compensated
by the SCSBs in accordance with SEBI ICDR Master Circular, in the events of delayed unblock for
cancelled/withdrawn/deleted applications, blocking of multiple amounts for the same UPI application, blocking
of more amount than the application amount, delayed unblocking of amounts for non-allotted/partially-allotted
applications, for the stipulated period.

The processing fees for applications made by UPI Bidders may be released to the remitter banks (SCSBs) only
after such banks provide a written confirmation on compliance with SEBI RTA Master Circular and SEBI ICDR
Master Circular.

Separately, pursuant to the SEBI ICDR Master Circular, the following compensation mechanism shall be
applicable for investor grievances in relation to Bids made through the UPI Mechanism, for which the relevant
SCSBs shall be liable to compensate the investor:

Scenario Compensation amount Compensation period

Delayed unblock for cancelled / ₹100 per day or 15% per annum of From the date on which the request
withdrawn / deleted applications the Bid Amount, whichever is for cancellation / withdrawal /
higher deletion is placed on the bidding
platform of the Stock Exchanges
till the date of actual unblock
Blocking of multiple amounts for 1. Instantly revoke the blocked From the date on which multiple
the same Bid made through the UPI funds other than the original amounts were blocked till the date
Mechanism application amount; and of actual unblock

2. ₹100 per day or 15% per annum

of the total cumulative blocked
amount except the original Bid
Amount, whichever is higher
Blocking more amount than the 1. Instantly revoke the difference From the date on which the funds
Bid Amount amount, i.e., the blocked amount to the excess of the Bid Amount
less the Bid Amount; and were blocked till the date of actual
unblock
2. ₹100 per day or 15% per annum
of the difference amount,
whichever is higher
Delayed unblock for non – ₹100 per day or 15% per annum of From the Working Day subsequent
Allotted/ partially Allotted the Bid Amount, whichever is to the finalisation of the Basis of
applications higher Allotment till the date of actual
unblock

In an event there is a delay in redressal of the investor grievance in relation to unblocking of amounts, the Book
Running Lead Managers shall compensate the investors at the rate higher of ₹100 or 15% per annum of the
application amount for the period of such delay. Further, in terms of SEBI ICDR Master Circular, the payment of
processing fees to the SCSBs shall be undertaken pursuant to an application made by the SCSBs to the Book
Running Lead Managers, and such application shall be made only after (i) unblocking of application amounts for
each application received by the SCSB has been fully completed, and (ii) applicable compensation relating to
investor complaints has been paid by the SCSB.

Our Company has obtained authentication on the SEBI SCORES platform and shall comply with the SEBI circular
bearing number SEBI/HO/OIAE/IGRD/CIR/P/2023/156dated September 20, 2023 read with SEBI circular

505
bearing reference number SEBI/HO/OIAE/IGRD/CIR/P/2023/183 dated December 1, 2023, in relation to
redressal of investor grievances through SCORES.

Disposal of investor grievances by our Company

Our Company has constituted a Stakeholders Relationship Committee to review and redress the shareholders and
investor grievances such as transfer of Equity Shares, non-recovery of balance payments, declared dividends,
approve subdivision, consolidation, transfer, and issue of duplicate shares.

Our Company estimates that the average time required by our Company and/or the Registrar to the Issue for the
redressal of routine investor grievances shall be 15 Working Days from the date of receipt of the complaint. In
case of non-routine complaints and complaints where external agencies are involved, our Company will seek to
redress these complaints as expeditiously as possible.

Our Company has appointed Nikhita Dinodia, our Company Secretary, as our Compliance Officer. For details,
please see the section entitled “General Information” on page 80.

Further, our Board has constituted the Stakeholders Relationship Committee which is responsible for redressal of
grievances of the security holders of our Company. For further information, please see the section entitled “Our
Management – Corporate Governance” on page 364.

Disposal of investor grievances by listed Group Companies and Subsidiaries

As on the date of this Red Herring Prospectus, our Company has no Group Companies and hence are not listed
on any stock exchange, and therefore there are no investor complaints pending against them. Further, as on the
date of this Red Herring Prospectus, our Company does not have a listed subsidiary

Exemption from complying with any provisions of securities laws, if any, granted by SEBI

As on the date of this Red Herring Prospectus, our Company has not been granted by SEBI any exemption from
complying with any provisions of securities laws.

Other confirmations

No person connected with the Issue, including but not limited to our Company, the BRLM, the Syndicate
Members, the Promoters, our Directors or the members of the Promoter Group shall issue in any manner
whatsoever any incentive, whether direct or indirect, in cash or kind or services or otherwise to any Bidder for
making a Bid, except for fees or commission for services rendered in relation to the Issue.

506
 SECTION VII – ISSUE RELATED INFORMATION

TERMS OF THE ISSUE

The Equity Shares being issued, and Allotted pursuant to the Issue shall be subject to the provisions of the
Companies Act, SEBI ICDR Regulations, SCRA, SCRR, the MoA, AoA, SEBI Listing Regulations, the terms of
the Draft Red Herring Prospectus, this Red Herring Prospectus, the Prospectus, the abridged prospectus, Bid cum
Application Form, the Revision Form, the CAN/Allotment Advice and other terms and conditions as may be
incorporated in Allotment Advices and other documents/certificates that may be executed in respect of the Issue.
The Equity Shares shall also be subject to laws as applicable, guidelines, rules, notifications and regulations
relating to the issue of capital and listing and trading of securities issued from time to time by SEBI, the
Government of India, the Stock Exchanges, the RBI, RoC and/or other authorities, as in force on the date of the
Issue and to the extent applicable or such other conditions as may be prescribed by the SEBI, the Government of
India, the Stock Exchanges, the RoC and/or any other authorities while granting its approval for the Issue.

Ranking of the Equity Shares

The Equity Shares being Allotted pursuant to the Issue shall be subject to the provisions of the Companies Act,
2013, our Memorandum of Association and our Articles of Association and shall rank pari passu in all respects
with the existing Equity Shares, including in respect of the right to receive dividend and voting. The Allottees,
upon Allotment of Equity Shares under the Issue, will be entitled to dividend and other corporate benefits, if any,
declared by our Company after the date of Allotment. For further details, see “Description of Equity Shares and
Terms of the Articles of Association” beginning on page 541.

Mode of Payment of Dividend

Our Company shall pay dividends, if declared, to the Shareholders in accordance with the provisions of the
Companies Act, 2013, the Memorandum and Articles of Association and provisions of the SEBI Listing
Regulations and any other guidelines or directions which may be issued by the Government in this regard.
Dividends, if any, declared by our Company after the date of Allotment (pursuant to the transfer of Equity Shares
from the Issue), will be payable to the Bidders who have been Allotted Equity Shares in the Issue, for the entire
year, in accordance with applicable laws. For details, in relation to dividends, see “Dividend Policy” and
“Description of Equity Shares and Terms of Articles of Association” beginning on pages 387 and 541, respectively.

Face Value, Issue Price, Price Band

The face value of each Equity Share is ₹ 10 and the Issue Price at the lower end of the Price Band is ₹ [●] per
Equity Share (“Floor Price”) and at the higher end of the Price Band is ₹ [●] per Equity Share (“Cap Price”).
The Anchor Investor Issue Price is ₹ [●] per Equity Share.

The Price Band and the minimum Bid Lot for the Issue will be decided by our Company in consultation with the
BRLM, as per applicable law and advertised in all edition of Financial Express (a widely circulated English
national daily newspaper), all editions of Jansatta (a widely circulated Hindi national daily newspaper) and
Ahmedabad editions of Financial Express (a widely circulated Gujarat daily newspaper, Gujarati being the
regional language of Gujarat, where our Registered Office is located), each with wide circulation, at least two
Working Days prior to the Bid/Issue Opening Date and shall be made available to the Stock Exchanges for the
purpose of uploading the same on their websites. The Price Band, along with the relevant financial ratios
calculated at the Floor Price and at the Cap Price, shall be pre-filled in the Bid cum Application Forms available
on the respective websites of the Stock Exchanges. The Issue Price shall be determined by our Company (acting
through the IPO Committee) in consultation with the BRLM after the Bid/ Issue Closing Date, on the basis of
assessment of market demand for the Equity Shares issued and issue by way of Book Building Process.

At any given point of time, there shall be only one denomination for the Equity Shares.

Compliance with Disclosure and Accounting Norms

Our Company shall comply with all applicable disclosure and accounting norms as specified by SEBI from time
to time.

Rights of the Equity Shareholders

507
Subject to applicable laws, rules, regulations and guidelines and the Articles of Association, our equity
Shareholders shall have the following rights:

• Right to receive dividends, if declared;

• Right to attend general meetings and exercise voting rights, unless prohibited by law;

• Right to vote on a poll either in person or by proxy, or ‘e-voting’ in accordance with the provisions of the
Companies Act, 2013;

• Right to receive offers for rights shares and be allotted bonus shares, if announced;

• Right to receive any surplus on liquidation, subject to any statutory and other preferential claim being
satisfied;

• Right of free transferability, subject to applicable laws including any RBI rules and regulations and foreign
exchange regulations; and

• Such other rights, as may be available to a Shareholder of a listed public company under the Companies Act
2013, the terms of the SEBI Listing Regulations and the Memorandum and Articles of Association of our
Company.

For a detailed description of the main provisions of the Articles of Association of our Company relating to voting
rights, dividend, forfeiture and lien, transfer, transmission and/or consolidation/splitting, see “Description of
Equity Shares and Terms of Articles of Association” on page 541.

Allotment of Equity Shares only in dematerialised form

Pursuant to Section 29 of the Companies Act, 2013 the Equity Shares shall be allotted only in dematerialized
form. Bidders will not have the option of Allotment of the Equity Shares in physical form. As per the SEBI ICDR
Regulations, the trading of the Equity Shares shall only be in dematerialised form on the Stock Exchanges.

In this context, our Company has entered into the following agreements with the respective Depositories and
Registrar to the Issue:

• Tripartite Agreement dated January 13, 2011, among CDSL, our Company and the Registrar to the Issue

• Tripartite Agreement dated January 13, 2009, among NSDL, our Company and the Registrar to the Issue

Market Lot and Trading Lot

Since trading of the Equity Shares on the Stock Exchanges shall only be in dematerialized/electronic form, the
tradable lot is one Equity Share. Allotment in this Issue will be only in dematerialized/electronic form in multiples
of one Equity Share subject to a minimum Allotment of [●] Equity Shares. For further details, see “Issue
Procedure” beginning on page 518.

Joint Holders

Subject to the provisions of the Articles of Association, where two or more persons are registered as the holders
of any Equity Shares, they shall be deemed to hold such Equity Shares as joint tenants with benefits of
survivorship.

Jurisdiction

The courts of Gujarat at Ahmedabad, India will have exclusive jurisdiction in relation to this Issue.

Nomination facility to Investors

508
In accordance with Section 72 of the Companies Act, 2013, read with the Companies (Share Capital and
Debentures) Rules, 2014, the sole Bidder, or the first Bidder along with other joint Bidders, may nominate any
one person in whom, in the event of the death of sole Bidder or in case of joint Bidders, death of all the Bidders,
as the case may be, the Equity Shares Allotted, if any, shall vest to the exclusion of all other persons, unless the
nomination is varied or cancelled in the prescribed manner. A person, being a nominee, entitled to the Equity
Shares by reason of the death of the original holder(s), shall be entitled to the same advantages to which such
person would be entitled if they were the registered holder of the Equity Share(s). Where the nominee is a minor,
the holder(s) may make a nomination to appoint, in the prescribed manner, any person to become entitled to Equity
Share(s) in the event of his or her death during the minority. A nomination shall stand rescinded upon a
sale/transfer/alienation of Equity Share(s) by the person nominating. A nomination may be cancelled or varied by
nominating any other person in place of the present nominee by the holder of the Equity Shares who has made the
nomination by giving a notice of such cancellation. A buyer will be entitled to make a fresh nomination in the
manner prescribed. Fresh nomination can be made only on the prescribed form available on request at our
Registered and Corporate Office or to the registrar and transfer agents of our Company.

Any person who becomes a nominee by virtue of the provisions of Section 72 of the Companies Act, 2013 shall
upon the production of such evidence as may be required by the Board, elect either:

a. to register himself or herself as the holder of the Equity Shares; or

b. to make such transfer of the Equity Shares, as the deceased holder could have made.

Further, the Board may at any time give notice requiring any nominee to choose either to be registered himself or
herself or to transfer the Equity Shares, and if the notice is not complied with within a period of 90 days, the Board
may thereafter withhold payment of all dividends, interests, bonuses or other monies payable in respect of the
Equity Shares, until the requirements of the notice have been complied with.

Since the Allotment of Equity Shares in the Issue will be made only in dematerialized mode, there is no need to
make a separate nomination with our Company. Nominations registered with respective Depository Participant of
the Bidder would prevail. If the Bidder wants to change the nomination, they are requested to inform their
respective Depository Participant.

Our Company shall comply with such disclosure and accounting norms as may be specified by SEBI from time
to time.

Withdrawal of the Issue

Our Company, in consultation with the BRLM, reserve the right to not proceed with the Issue, in whole or part
thereof, to the extent of their respective portion of Issue Shares after the Bid/Issue Opening Date but before the
Allotment. In the event that our Company, in consultation with the BRLM, decide not to proceed with the Issue,
our Company shall issue a public notice in the newspapers in which the pre-Issue advertisements were published,
within two days of the Bid/Issue Closing Date or such other time as may be prescribed by the SEBI, providing
reasons for not proceeding with the Issue. In such event, the BRLM through the Registrar to the Issue shall notify
the SCSBs and the Sponsor Bank, to unblock the bank accounts of the ASBA Bidders within one Working Day
from the date of receipt of such notification and also inform the Bankers to the Issue to process refunds to the
Anchor Investors, as the case may be. Our Company shall also inform the same to the Stock Exchanges on which
the Equity Shares are proposed to be listed.

Notwithstanding the foregoing, the Issue is also subject to obtaining (i) the final listing and trading approvals of
the Stock Exchanges, which our Company shall apply for after Allotment, and (ii) the final RoC approval of the
Prospectus after it is filed with the RoC. If our Company, in consultation with the Book Running Lead Managers
withdraw the Issue after the Bid/Issue Closing Date and thereafter determines that it will proceed with a public
issuing of Equity Shares, our Company shall file a fresh draft red herring prospectus with the SEBI and Stock
Exchanges.

Bid/Issue Programme

BID/ISSUE OPENS ON Monday, September 01, 2025(1)

BID/ISSUE CLOSES ON Wednesday, September 03, 2025#

509
1. Our Company in consultation with the BRLM, may consider participation by Anchor Investors in accordance
with SEBI ICDR Regulations. The Anchor Investor Bid/Issue Period shall be one Working Day prior to the
Bid/Issue Opening Date in accordance with the SEBI ICDR Regulations
# UPI mandate end time and date shall be at 5:00pm on Bid/Issue Closing Date, i.e., on Wednesday, September
03, 2025

An indicative timeline in respect of the Issue is set out below:

Event Indicative Date

Finalisation of Basis of Allotment with the Designated
On or about Thursday, September 04, 2025
Stock Exchange
Initiation of refunds (if any, for Anchor
On or about Monday, September 08, 2025
Investors)/unblocking of funds from ASBA Account*
Credit of Equity Shares to demat accounts of Allottees On or about Monday, September 08, 2025
Commencement of trading of the Equity Shares on the
On or about Tuesday, September 09, 2025
Stock Exchanges
* In case of (i) any delay in unblocking of amounts in the ASBA Accounts (including amounts blocked through the
UPI Mechanism) exceeding two Working Days from the Bid/Issue Closing Date for cancelled/ withdrawn/ deleted
ASBA Forms, the Bidder shall be compensated at a uniform rate of ₹100 per day or 15% per annum of the Bid
Amount, whichever is higher from the date on which the request for cancellation/ withdrawal/deletion is placed
in the Stock Exchanges bidding platform until the date on which the amounts are unblocked (ii) any blocking of
multiple amounts for the same ASBA Form (for amounts blocked through the UPI Mechanism), the Bidder shall
be compensated at a uniform rate ₹100 per day or 15% per annum of the total cumulative blocked amount except
the original application amount, whichever is higher from the date on which such multiple amounts were blocked
till the date of actual unblock; (iii) any blocking of amounts more than the Bid Amount, the Bidder shall be
compensated at a uniform rate of ₹100 per day or 15% per annum of the difference in amount, whichever is higher
from the date on which such excess amounts were blocked till the date of actual unblock; (iv) any delay in
unblocking of non-allotted/ partially allotted Bids, exceeding two Working Days from the Bid/Issue Closing Date,
the Bidder shall be compensated at a uniform rate of ₹100 per day or 15% per annum of the Bid Amount,
whichever is higher for the entire duration of delay exceeding two Working Days from the Bid/Issue Closing Date
by the SCSB responsible for causing such delay in unblocking. The BRLM shall, in their sole discretion, identify
and fix the liability on such intermediary or entity responsible for such delay in unblocking. The Bidder shall be
compensated in the manner specified in the SEBI ICDR Master Circular, which for the avoidance of doubt, shall
be deemed to be incorporated in the deemed agreement of the Company with the SCSBs, to the extent applicable.

The processing fees for applications made by UPI Bidders using the UPI Mechanism may be released to the
remitter banks (SCSBs) only after such banks provide a written confirmation on compliance with SEBI RTA
Master Circular and SEBI ICDR Master Circular.

The above timetable, other than the Bid/Issue Closing Date, is indicative and does not constitute any
obligation or liability on our Company or the BRLM.

Whilst our Company shall ensure that all steps for the completion of the necessary formalities for the listing
and the commencement of trading of the Equity Shares on the Stock Exchanges are taken within the time
prescribed under applicable law, the timetable may be extended due to various factors, such as extension
of the Bid/Issue Period by our Company in consultation with the BRLM, revision of the Price Band or any
delay in receiving the final listing and trading approval from the Stock Exchanges. The commencement of
trading of the Equity Shares will be entirely at the discretion of the Stock Exchanges and in accordance
with the applicable laws.

The Registrar to the Issue shall submit the details of cancelled/withdrawn/ deleted applications to the
SCSBs on a daily basis within 60 minutes of the Bid closure time from the Bid/Issue Opening Date till the
Bid/Issue Closing Date by obtaining the same the Stock Exchanges. The SCSBs shall unblock such
applications by the closing hours of the Working Day and submit the confirmation to the BRLM and the
Registrar to the issue on a daily basis in accordance with the SEBI RTA Master Circular.

SEBI is in the process of streamlining and reducing the post issue timeline for IPOs. Any circulars or
notifications from SEBI after the date of this Red Herring Prospectus may result in changes to the above-
mentioned timelines. Further, the issue procedure is subject to change basis any revised SEBI circulars to
this effect.

510
In terms of the UPI Circulars, in relation to the Issue, the Book Running Lead Manager will be required to submit
reports of compliance with timelines and activities prescribed by SEBI in connection with the allotment and listing
procedure within three Working Days from the Bid/ Issue Closing Date, identifying non-adherence to timelines
and processes and an analysis of entities responsible for the delay and the reasons associated with it.

Any circulars or notifications from SEBI after the date of this Red Herring Prospectus may result in changes to
the listing timelines. Further, the issue procedure is subject to change to any revised SEBI circulars to this effect.

Submission of Bids (other than Bids from Anchor Investors):

Bid/Issue Period (except the Bid/Issue Closing Date)

Submission and Revision in Bids Only between 10.00 a.m. and 5.00 p.m. Indian
Standard Time (“IST”)
Bid/Issue Closing Date*
Submission and Revision in Bids Only between 10.00 a.m. and 3.00 p.m. IST
Submission of Electronic Applications (Online ASBA Only between 10.00 a.m. and up to 5.00 p.m. IST
through 3-in-1 accounts)–For Retail Individual Bidders
Submission of Electronic Applications (Bank ASBA Only between 10.00 a.m. and up to 4.00 p.m. IST
through Online channels like Internet Banking, Mobile
Banking and Syndicate UPI ASBA applications where
Bid Amount is up to ₹ 5,00,000)
Submission of Electronic Applications (Syndicate Only between 10.00 a.m. and up to 3.00 p.m. IST
Non-Retail, Non-Individual Applications)
Submission of Physical Applications (Bank ASBA) Only between 10.00 a.m. and up to 1.00 p.m. IST
Submission of Physical Applications (Syndicate Non- Only between 10.00 a.m. and up to 12.00 p.m. IST
Retail, Non-Individual Applications of QIBs and NIIs
where Bid Amount is more than ₹ 5,00,000)
Modification/ Revision/cancellation of Bids
Upward Revision of Bids by QIBs and Non- Only between 10.00 a.m. and up to 5.00 p.m. IST on
Institutional Investors categories# Bid/ Issue Closing Date
Upward or downward Revision of Bids or cancellation Only between 10.00 a.m. and up to 5.00 p.m. on Bid/
of Bids by RIIs Issue Closing Date
**UPI mandate end time and date shall be at 5:00 p.m. on Bid/ Issue Closing Date.
#
QIBs and Non-Institutional Bidders can neither revise their bids downwards nor cancel/withdraw their bids.

On the Bid/ Issue Closing Date, Bids shall be uploaded until:

a) 4.00 p.m. IST in case of Bids by QIBs and Non-Institutional Bidders, and

b) 5.00 p.m. IST or such extended time as permitted by the Stock Exchanges, in case of Bids by RIBs

On Bid/Issue Closing Date, extension of time may be granted by Stock Exchanges only for uploading Bids
received by Retail Individual Bidders after taking into account the total number of Bids received and as reported
by the BRLM to the Stock Exchanges.

The Registrar to the Issue shall submit the details of cancelled/withdrawn/deleted applications to the SCSB’s on
daily basis within 60 minutes of the Bid closure time from the Bid/ Issue Opening Date till the Bid/Issue Closing
Date by obtaining the same from the Stock Exchanges. The SCSB’s shall unblock such applications by the closing
hours of the Working Day and submit a confirmation in respect thereof to the BRLM and the Registrar to the
Issue on a daily basis as per the format prescribed in the SEBI ICDR Master Circular.

To avoid duplication, the facility of re-initiation provided to Syndicate Members shall preferably be allowed only
once per bid/batch and as deemed fit by the Stock Exchanges, after closure of the time for uploading Bids.

It is clarified that Bids not uploaded on the electronic bidding system or in respect of which the full Bid
Amount is not blocked by SCSBs or not blocked under the UPI Mechanism in the relevant ASBA Account,
as the case may be, would be rejected.

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Due to limitation of time available for uploading the Bids on the Bid/Issue Closing Date, Bidders are advised to
submit their Bids one day prior to the Bid/Issue Closing Date. Any time mentioned in this Red Herring Prospectus
is IST. Bidders are cautioned that, in the event a large number of Bids are received on the Bid/Issue Closing Date,
some Bids may not get uploaded due to lack of sufficient time. Such Bids that cannot be uploaded on the electronic
bidding system will not be considered for allocation under this Issue. Bids and any revision in Bids will be
accepted only during Working Days during the Bid / Issue Period.

Investors may please note that as per letter no. List/SMD/SM/2006 dated July 3, 2006 and letter no.
NSE/IPO/25101- 6 dated July 6, 2006 issued by BSE and NSE respectively, Bids and any revision in Bids shall
not be accepted on Saturdays and public holidays as declared by the Stock Exchanges. Bids and revisions by
ASBA Bidders shall be uploaded by the relevant Designated Intermediary in the electronic system to be provided
by the Stock Exchanges.

Our Company in consultation with the BRLM, reserves the right to revise the Price Band during the Bid/Issue
Period. The revision in the Price Band shall not exceed 20% on either side, i.e. the Floor Price can move up or
down to the extent of 20% of the Floor Price and the Cap Price will be revised accordingly. Provided that Cap
Price shall remain minimum 105% of the Floor Price and shall not exceed 120% of the Floor Price.

In case of revision in the Price Band, the Bid/Issue Period shall be extended for at least three additional
Working Days after such revision, subject to the Bid/Issue Period not exceeding 10 Working Days. In cases
of force majeure, banking strike or similar circumstances, our Company, in consultation with the BRLM,
for reasons to be recorded in writing, extend the Bid/Issue Period for a minimum of three Working Days,
subject to the Bid/ Issue Period not exceeding 10 Working Days. Any revision in Price Band, and the revised
Bid/Issue Period, if applicable, shall be widely disseminated by notification to the Stock Exchanges, by
issuing a press release and also by indicating the change on the terminals of the Syndicate Members and by
intimation to the Designated Intermediaries and the Sponsor Bank(s), as applicable. In case of revision of
Price Band, the Bid Lot shall remain the same.

None among our Company or any member of the Syndicate is liable for any failure in uploading the Bids due to
faults in any software/ hardware system or the blocking of Bid Amount in the ASBA Account on receipt of
instructions from the Sponsor Bank(s) on account of any errors, omissions or non-compliance by various parties
involved in, or any other fault, malfunctioning or breakdown in, or otherwise, in the UPI Mechanism.

In case of discrepancy in data entered in the electronic book vis-a-vis data contained in the Bid cum Application
Form for a particular Bidder, the details as per the Bid file received from the Stock Exchanges may be taken as
the final data for the purpose of Allotment.

Minimum Subscription

In the event our Company does not receive a subscription in the Issue as specified under Rule 19(2)(b) of the
SCRR, including devolvement of Underwriters, if any, or fails to obtain listing or trading permission from the
Stock Exchanges for the Equity Shares, our Company shall forthwith refund the entire subscription amount
received in accordance with applicable law and the SEBI ICDR Master Circular, our Company shall within two
days from the closure of the Issue, refund the subscription amount received in case our Company fails to obtain
listing or trading permission from the Stock Exchanges for the Equity Shares. If there is a delay beyond the
prescribed time, our Company and every Director of our Company who is an officer in default, to the extent
applicable, shall pay interest as prescribed under the applicable law.

Further our Company shall ensure that the number of prospective Allottees to whom the Equity Shares will be
allotted shall not be less than 1,000 in compliance with Regulation 49(1) of the SEBI ICDR Regulations, failing
which the entire application money shall be unblocked in the respective ASBA Accounts of the Bidders. In case
of delay, if any, in unblocking the ASBA Accounts within such timeline as prescribed under applicable laws, our
Company shall be liable to pay interest on the application money in accordance with applicable laws

Arrangements for Disposal of Odd Lots

There are no arrangements for disposal of odd lots since our Equity Shares will be traded in dematerialised form
only and market lot for our Equity Shares will be one Equity Share.

New Financial Instruments

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Our Company is not issuing any new financial instruments through this Issue.

Restrictions, if any on Transfer and Transmission of Equity Shares

Except for lock-in of the pre-Issue capital of our Company, lock-in of the Promoters’ minimum contribution under
the SEBI ICDR Regulations and the Anchor Investor lock-in as provided in “Capital Structure” on page 88 and
except as provided under the Articles of Association, there are no restrictions on transfer of the Equity Shares.
Further, there are no restrictions on transmission of any shares of our Company and on their consolidation or
splitting, except as provided in the Articles of Association. For details, see “Description of Equity Shares and
Terms of Articles of Association” beginning on page 541.

513
 ISSUE STRUCTURE

Initial Public Offer of up to 1,00,00,000 Equity Shares for cash at a price of ₹ [●] per Equity Share (including a
premium of ₹[●] per Equity Share) aggregating to ₹ [●] comprising of a Issue of up [●] Equity Shares aggregating
up to ₹ [●] lakhs. The Issue and the Net Issue shall constitute [●]% and [●]% respectively of the post-Issue paid-
up Equity Share capital of our Company.

The face value of the Equity Shares is ₹ 10 each.

In terms of Rule 19(2)(b) of the SCRR, the Issue is being made through the Book Building Process, in compliance
with Regulation 6(1) and Regulation 31 of the SEBI ICDR Regulations:

Particulars QIBs Non-Institutional Retail Individual

Bidders Bidders
Number of Equity Not more than [●] Equity Not less than [●] Equity Not less than [●]
Shares available for Shares Shares available for Equity Shares
Allotment/allocation(2) allocation or Issue less available for
allocation to QIB Bidders allocation or Issue less
and Retail Individual allocation to QIB
Bidders Bidders and Non-
Institutional Bidders
Percentage of Issue size Not more than 50% of the Not less than 15% of the Not less than 35% of
available for Issue shall be available for Issue or the Issue less the Issue or the Issue
Allotment/allocation allocation to QIBs. allocation to QIBs and less allocation to QIBs
Retail Individual Bidders and Non-Institutional
However, upto 5% of the will be available for Bidders will be
Net QIB Portion (excluding allocation available for
the Anchor Investor allocation
Portion) shall be available
for allocation
proportionately to Mutual
Funds only. Mutual Funds
participating in the Mutual
Fund Portion will also be
eligible for allocation in the
remaining balance QIB
Portion (excluding the
Anchor Investor Portion).
The unsubscribed portion in
the Mutual Fund Portion
will be available for
allocation to other QIBs
Basis of Proportionate as follows The allotment to each Allotment to each
Allotment/allocation if (excluding the Anchor Non-Institutional Bidders Retail Individual
respective category is Investor Portion): shall not be less than the Bidder shall not be
oversubscribed* (a) up to [●] Equity Shares minimum application less than the minimum
shall be available for size, subject to Bid lot, subject to
allocation on a availability of Equity availability of Equity
proportionate basis to Shares in the Non- Shares in the Retail
Mutual Funds only; and Institutional Portion and Portion and the
the remaining available remaining available
(b) [●] Equity Shares shall Equity Shares if any, shall Equity Shares if any,
be available for allocation be Allotted on a shall be allotted on a
on a proportionate basis to proportionate basis, in proportionate basis.
all QIBs, including Mutual accordance with the For details see, “Issue
Funds receiving allocation conditions specified in the Procedure” on page
as per (a) above. SEBI ICDR Regulations 518.
subject to:
Up to 60% of the QIB
Portion (of up to [●] Equity

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 Particulars QIBs Non-Institutional Retail Individual
Bidders Bidders
Shares) may be allocated on a. one third of the portion
a discretionary basis to available to Non-
Anchor Investors of which Institutional Bidders
one-third shall be available being [●] Equity
for allocation to Mutual Shares are reserved for
Funds only, subject to valid Bidders Biddings more
Bid received from Mutual than ₹2,00,000 and up
Funds at or above the to ₹10,00,000;
Anchor Investor Allocation b. two third of the portion
Price available to Non-
Institutional Bidders
being [●] Equity
Shares are reserved for
Bidders Bidding more
than ₹10,00,000.
Provided that the
unsubscribed portion in
either of the categories
specified in (a) or (b)
above, may be allocated to
Bidders in the other
category.
Minimum Bid Such number of Equity Such number of Equity [●] Equity Shares and
Shares and in multiples of Shares and in multiples of in multiples of [●]
[●] Equity Shares so that the [●] Equity Shares so that Equity Shares
Bid Amount exceeds the Bid Amount exceeds
₹2,00,000. ₹2,00,000.
Maximum Bid Such number of Equity Such number of Equity Such number of
Shares in multiples of [●] Shares in multiples of [●] Equity Shares in
Equity Shares so that the Equity Shares so that the multiples of [●]
Bid does not exceed the size Bid does not exceed the Equity Shares so that
of the Net Issue (excluding size of the Net Issue the Bid Amount does
the Anchor portion), subject (excluding the QIB not exceed ₹2,00,000
to applicable limits. Portion), subject to
applicable limits
Mode of Allotment Compulsorily in dematerialised form
Bid Lot [●] Equity Shares and in multiples of [●] Equity Shares thereafter
Allotment Lot A minimum of [●] Equity Shares and in multiples of [●] Equity Share thereafter
Trading Lot One Equity Share
Who can apply(3)(4) Public financial institutions Resident Indian Resident Indian
as specified in Section 2(72) individuals, Eligible NRIs individuals, Eligible
of the Companies Act 2013, on a non-repatriable basis, NRIs and HUFs (in
scheduled commercial HUFs (in the name of the name of Karta)
banks, mutual funds Karta), companies, applying for Equity
registered with SEBI, FPIs corporate bodies, Shares such that the
(other than individuals, scientific institutions, Bid amount does not
corporate bodies and family societies, trusts and FPIs exceed ₹2,00,000 in
offices), VCFs, AIFs, state who are individuals, value.
industrial development corporate bodies and
corporation, insurance family offices which are
company registered with recategorized as category
IRDAI, provident fund with II FPIs and registered with
minimum corpus of ₹2,500 SEBI
lakhs, pension fund with
minimum corpus of ₹2,500
lakhs, National Investment
Fund set up by the

515
 Particulars QIBs Non-Institutional Retail Individual
Bidders Bidders
Government, insurance
funds set up and managed
by army, navy or air force of
the Union of India,
insurance funds set up and
managed by the Department
of Posts, India and
Systemically Important
NBFCs
Terms of Payment In case of Anchor Investors: Full Bid Amount shall be payable by the Anchor
Investors at the time of submission of their Bids.

In case of all other Bidders: Full Bid Amount shall be blocked by the SCSBs in the
bank account of the ASBA Bidder (other than Anchor Investors) or by the Sponsor
Bank(s) through the UPI Mechanism, that is specified in the ASBA Form at the
time of submission of the ASBA Form.
Mode of Bidding ASBA only (excluding the ASBA only (including ASBA only (including
UPI Mechanism) except for UPI Mechanism for Bids the UPI Mechanism)
Anchor Investors up to ₹ 5,00,000)

*Assuming full subscription in the Issue

1. Our Company, in consultation with the BRLM, may allocate up to 60% of the QIB Portion to Anchor
Investors on a discretionary basis in accordance with the SEBI ICDR Regulations. One-third of the Anchor
Investor Portion shall be reserved for domestic Mutual Funds, subject to valid Bids being received from
domestic Mutual Funds at or above the price Anchor Investor Allocation Price. In the event of under-
subscription or non-Allotment in the Anchor Investor Portion, the balance Equity Shares in the Anchor
Investor Portion shall be added to the Net QIB Portion. For details, see “Issue Procedure” on page 518.
2. Subject to valid Bids being received at or above the Issue Price. This is an Issue in terms of Rule 19(2)(b) of
the SCRR in compliance with Regulation 6(1) of the SEBI ICDR Regulations.
Subject to valid Bids being received at or above the Issue Price, under-subscription, if any, in the Non-
Institutional Portion or the Retail Portion would be allowed to be met with spill-over from other categories
or a combination of categories at the discretion of our Company in consultation with the BRLM and the
Designated Stock Exchange, on a proportionate basis. However, under-subscription, if any, in the QIB
Portion will not be allowed to be met with spill-over from other categories or a combination of categories.
For further details, please see “Terms of the Issue” on page 507.
3. In case of joint Bids, the Bid cum Application Form should contain only the name of the first Bidder whose
name should also appear as the first holder of the beneficiary account held in joint names. The signature of
only such first Bidder would be required in the Bid cum Application Form and such first Bidder would be
deemed to have signed on behalf of the joint holders. Our Company reserves the right to reject, in its absolute
discretion, all or any multiple Bids, except as otherwise permitted, in any or all categories.
4. Full Bid Amount shall be payable by the Anchor Investors at the time of submission of the Anchor Investor
Application Forms provided that any difference between the Anchor Investor Allocation Price and the
Anchor Investor Issue Price shall be payable by the Anchor Investor Pay-In Date as indicated in the CAN.
Bidders will be required to confirm and will be deemed to have represented to our Company, the
Underwriters, their respective directors, officers, agents, affiliates and representatives that they are eligible
under applicable law, rules, regulations, guidelines and approvals to acquire the Equity Shares. The Bids
by FPIs with certain structures as described under “Issue Procedure - Bids by FPIs” on page 524 to 526
and having same PAN may be collated and identified as a single Bid in the Bidding process. The Equity
Shares Allocated and Allotted to such successful Bidders (with same PAN) may be proportionately
distributed

Full Bid Amount shall be payable by the Anchor Investors at the time of submission of the Anchor Investor
Application Forms provided that any difference between the Anchor Investor Allocation Price and the Anchor
Investor Issue Price shall be payable by the Anchor Investor Pay-In Date as indicated in the CAN. Bidders will
be required to confirm and will be deemed to have represented to our Company, the Underwriters, their respective
directors, officers, agents, affiliates and representatives that they are eligible under applicable law, rules,
regulations, guidelines and approvals to acquire the Equity [Link] Bids by FPIs with certain structures as
described under “Issue Procedure - Bids by FPIs” on page 524 and having same PAN may be collated and

516
identified as a single Bid in the Bidding process. The Equity Shares Allocated and Allotted to such successful
Bidders (with same PAN) may be proportionately distributed.

517
 ISSUE PROCEDURE

All Bidders should read the General Information Document for Investing in Public Issues prepared and issued in
accordance with the circular no. SEBI/HO/CFD/DIL1/CIR/P/2020/37 dated March 17, 2020, and the UPI
Circulars (the “General Information Document”) which highlights the key rules, processes and procedures
applicable to public issues in general in accordance with the provisions of the Companies Act, the SCRA, the
SCRR and the SEBI ICDR Regulations which is part of the abridged prospectus accompanying the Bid cum
Application Form. The General Information Document is available on the websites of the Stock Exchanges and
the BRLM. Please refer to the relevant provisions of the General Information Document which are applicable to
the Issue. The investors should note that the details and process provided in the General Information Document
should be read along with this section.

Additionally, all Bidders may refer to the General Information Document for information in relation to (i)
Category of investors eligible to participate in the Issue; (ii) maximum and minimum Bid size; (iii) price discovery
and allocation; (iv) Payment Instructions for ASBA Bidders/Applicants; (v)Issuance of CAN and allotment in the
Issue; (vi) General instructions (limited to instructions for completing the Bid Form); (vii) Submission of Bid cum
Application Form; (viii) Other Instructions (limited to joint bids in cases of individual, multiple bids and instances
when an application would be rejected on technical grounds); (ix) applicable provisions of the Companies Act,
2013 relating to punishment for fictitious applications; (x) mode of making refunds; (xi) Designated Date; (xii)
interest in case of delay in allotment or refund; and (xiii) disposal of applications and electronic registration of
bids.

SEBI vide its circular no. SEBI/HO/CFD/DIL2/CIR/P/2018/138 dated November 1, 2018, read with its circular
no. SEBI/HO/CFD/DIL2/CIR/P/2019/50 dated April 3, 2019, has introduced an alternate payment mechanism
using Unified Payments Interface (“UPI”) and consequent reduction in timelines for listing in a phased manner.
From January 1, 2019, the UPI Mechanism for RIBs applying through Designated Intermediaries was made
effective along with the existing process and existing timeline of T+6 days. (“UPI Phase I”). The UPI Phase I
was effective till June 20, 2019. Pursuant to its circular SEBI/HO/CFD/DIL2/P/CIR/P/2022/45 dated April 5,
2022, the SEBI has increased the UPI limit from ₹ 2,00,000 up to ₹ 5,00,000 for all the individual investors
applying in public issues.

With effect from July 1, 2019, SEBI vide its circular no. SEBI/HO/CFD/DIL2/CIR/P/2019/76 dated June 28, 2019,
read with circular bearing number SEBI/HO/CFD/DIL2/CIR/P/2019/85 dated July 26, 2019 with respect to Bids
by RIBs through Designated Intermediaries (other than SCSBs), the existing process of physical movement of
forms from such Designated Intermediaries to SCSBs for blocking of funds has been discontinued and only the
UPI Mechanism for such Bids with existing timeline of T+6 days was mandated for a period of three months or
launch of five main board public Issues, whichever is later (“UPI Phase II”). Subsequently, however, SEBI vide
its circular no. SEBI/HO/CFD/DIL2/CIR/P/2020/50 dated March 30, 2020 extended the timeline for
implementation of UPI Phase II until further notice. The final reduced timeline of T+3 days for the UPI
Mechanism for applications by UPI Bidders (“UPI Phase III”) and modalities of the implementation of UPI
Phase III was notified by SEBI ICDR Master Circular and made effective on a voluntary basis for all Issues
opening on or after September 1, 2023 and on a mandatory basis for all Issues opening on or after December 1,
[Link] Issue will be undertaken pursuant to the processes and procedures under UPI Phase III on a mandatory
basis, subject to any circulars, clarification or notification Issue by the SEBI from time to time. Further, SEBI
Master Circular has introduced certain additional measures for streamlining the process of initial public offers
and redressing investor grievances. Subsequently, vide the SEBI RTA Master Circular, consolidated the
aforementioned circulars to the extent relevant for RTAs, and rescinded these circulars to extent applicable to
RTAs. The provisions of these circulars are deemed to form part of this Red Herring Prospectus. Furthermore,
pursuant to SEBI ICDR Master Circular, all individual bidders in initial public offerings (opening on or after
May 1, 2022) whose application sizes are up to ₹5,00,000 shall use the UPI Mechanism. This circular has come
into force for initial public offers opening on or after May 1, 2022 and the provisions of these circular are deemed
to form part of this Red Herring Prospectus.

Pursuant to SEBI circular no. SEBI/HO/CFD/TPD1/CIR/P/2023/140 dated August 9, 2023, the board of directors
of the SEBI, have approved the proposal to reduce the time period for listing of equity shares pursuant to a public
Offer from six Working Days to three Working Days. The above timeline will be applicable on a voluntary basis
for public Offers opening on or after September 01, 2023 and on a mandatory basis for public offers opening on
or after December 01, 2023. Therefore, the time period for listing of equity shares pursuant to this Issue will be
undertaken mandatorily on T+3 basis.

518
Pursuant to SEBI circular no. SEBI/HO/CFD/DIL2/P/CIR/2022/75 dated May 30, 2022, applications made using
the ASBA facility in initial public offerings (opening on or after September 01, 2022) shall be processed by the
Registrar along with the SCSBs only after application monies are blocked in the bank accounts of investors (all
categories). Accordingly, Stock Exchanges shall, for all categories of investors and other reserved categories and
also for all modes through which the applications are processed, accept the ASBA applications in their electronic
book building platform only with a mandatory confirmation on the application monies blocked.

In terms of Regulation 23(5) and Regulation 52 of SEBI ICDR Regulations, the timelines and processes mentioned
in SEBI ICDR Master Circular, shall continue to form part of the agreements being signed between the
intermediaries involved in the public issuance process and lead managers shall continue to coordinate with
intermediaries involved in the said process. In case of any delay in unblocking of amounts in the ASBA Accounts
(including amounts blocked through the UPI Mechanism) exceeding two Working Days from the Bid/ Issue
Closing Date, the Bidder shall be compensated at a uniform rate of ₹100 per day or 15% per annum of the
application amount for the entire duration of delay exceeding four Working Days from the Bid/ Issue Closing
Date by the intermediary responsible for causing such delay in unblocking.

Our Company and the BRLM do not accept any responsibility for the completeness and accuracy of the
information stated in this section and the General Information Document and are not liable for any amendment,
modification or change in the applicable law which may occur after the date of the Red Herring Prospectus.
Bidders are advised to make their independent investigations and ensure that their Bids are submitted in
accordance with applicable laws and do not exceed the investment limits or maximum number of the Equity Shares
that can be held by them under applicable law or as specified in the Red Herring Prospectus and the Prospectus.

Further, our Company and the BRLM and the members of the Syndicate are not liable for any adverse occurrences
consequent to the implementation of the UPI Mechanism for application in this Issue.

Book Building Procedure

The Issue is being made in terms of Rule 19(2)(b) of the SCRR read with Regulation 31 of the SEBI ICDR
Regulations, through the Book Building Process in accordance with Regulation 6(1) of the SEBI ICDR
Regulations, wherein not more than 50% of the Net Issue shall be allocated on a proportionate basis to QIBs,
provided that our Company in consultation with the BRLM, allocate up to 60% of the QIB Portion to Anchor
Investors on a discretionary basis in accordance with the SEBI ICDR Regulations, of which one-third shall be
reserved for domestic Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or above
the Anchor Investor Allocation Price. In the event of under-subscription, or non-allotment in the Anchor Investor
Portion, the balance Equity Shares shall be added to the Net QIB Portion. Further, 5% of the Net QIB Portion
shall be available for allocation on a proportionate basis only to Mutual Funds, and spill-over from the remainder
of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIBs (other than Anchor
Investors), including Mutual Funds, subject to valid Bids being received at or above the Issue Price. Further, not
less than 15% of the Net Issue shall be available for allocation on a proportionate basis to Non-Institutional
Bidders, and not less than 35% of the Net Issue shall be available for allocation to Retail Individual Bidders in
accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Issue Price. The
Equity Shares available for allocation to Non-Institutional Bidders under the Non-Institutional Portion, shall be
subject to the following: (i) one-third of the portion available to Non-Institutional Bidders shall be reserved for
Bidders with an application size of more than ₹ 2,00,000 up to ₹ 10,00,000 and (ii) two-third of the portion
available to Non-Institutional Bidders shall be reserved for Bidders with application size of more than ₹10,00,000,
provided that the unsubscribed portion in either of the aforementioned sub-categories may be allocated to Bidders
in the other sub-category of Non-Institutional Bidders.

Under-subscription, if any, in any category, except in the QIB Portion, would be allowed to be met with spill over
from any other category or combination of categories of Bidders at the discretion of our Company, in consultation
with the BRLM the Designated Stock Exchange subject to receipt of valid Bids received at or above the Issue
Price. Under-subscription, if any, in the QIB Portion, would not be allowed to be met with spill-over from any
other category or a combination of categories.

The Equity Shares, on Allotment, shall be traded only in the dematerialized segment of the Stock Exchanges.

Investors should note that the Equity Shares will be Allotted to all successful Bidders only in dematerialized
form. The Bid cum Application Forms which do not have the details of the Bidders’ depository account,
including DP ID, Client ID, PAN and UPI ID, for RIBs using the UPI Mechanism, shall be treated as

519
incomplete and will be rejected. Bidders will not have the option of being Allotted Equity Shares in physical
form. However, they may get the Equity Shares rematerialized subsequent to Allotment of the Equity
Shares in the Issue, in compliance with applicable laws.

Investors must ensure that their PAN is linked with Aadhaar and are in compliance with CBDT notification dated
February 13, 2020 and press release dated June 25, 2021 and September 17, 2021, read with CBDT circular no.7
of 2022, dated March 30, 2022, read with press release dated March 28, 2023.

Phased implementation of Unified Payments Interface

SEBI has issued the UPI Circulars in relation to streamlining the process of public issue of inter alia, equity shares.
Pursuant to the UPI Circulars, the UPI Mechanism has been introduced in a phased manner as a payment
mechanism (in addition to mechanism of blocking funds in the account maintained with SCSBs under ASBA) for
applications by RIBs through Designated Intermediaries with the objective to reduce the time duration from public
issue closure to listing from six Working Days to up to three Working Days. Considering the time required for
making necessary changes to the systems and to ensure complete and smooth transition to the UPI payment
mechanism, the UPI Circulars have introduced the UPI Mechanism in three phases in the following manner:

Phase I: This phase was applicable from January 01, 2019 until March 31, 2019, or floating of five main board
public issues, whichever was later. Subsequently, the timeline for implementation of Phase I was extended till
June 30, 2019. Under this phase, a RIB had the option to submit the ASBA Form with any of the Designated
Intermediary and use his/ her UPI ID for the purpose of blocking of funds. The time duration from public issue
closure to listing continued to be six Working Days.

Phase II: This phase has become applicable from June 1, 2019 and was to initially continue for a period of three
months or floating of five main board public issues, whichever is later. SEBI vide its circular no.
SEBI/HO/CFD/DCR2/CIR/P/2019/133 dated November 8, 2019, decided to extend the timeline for
implementation of UPI Phase II until March 31, 2020. Subsequently, SEBI vide its circular no.
SEBI/HO/CFD/DIL2/CIR/P/2020/50 dated March 30, 2020, extended the timeline for implementation of UPI
Phase II till further notice. Under this phase, submission of the ASBA Form by RIBs through Designated
Intermediaries (other than SCSBs) to SCSBs for blocking of funds has been discontinued and replaced by the UPI
Mechanism. However, the time duration from public issue closure to listing continues to be six Working Days
during this phase.

Phase III: This phase has become applicable on a voluntary basis for all Issues opening on or after September
01, 2023 and on a mandatory basis for all Issues opening on or after December 1, 2023 vide SEBI circular bearing
number SEBI/HO/CFD/TPD1/CIR/P/2023/140 dated August 9, 2023 ("T+3 Notification”). In this phase, the time
duration from public Issue closure to listing has been reduced to three Working Days.

The Issue is made under UPI Phase III of the UPI Circular on mandatory basis. The same shall be advertised in
all edition of Financial Express (a widely circulated English national daily newspaper), all editions of Jansatta (a
widely circulated Hindi national daily newspaper) and Ahmedabad editions of Financial Express (a widely
circulated Gujarat daily newspaper, Gujarati being the regional language of Gujarat, where our Registered Office
is located), each with wide circulation on or prior to the Bid/Issue Opening Date and such advertisement shall also
be made available to the Stock Exchanges for the purpose of uploading on their websites.

All SCSBs issuing the facility of making application in public Issues shall also provide facility to make application
using UPI. Our Company will be required to appoint one of the SCSBs as a sponsor bank to act as a conduit
between the Stock Exchanges and NPCI in order to facilitate collection of requests and/or payment instructions
of the UPI Bidders using the UPI.

Pursuant to the UPI Streamlining Circular, SEBI has set out specific requirements for redressal of investor
grievances for applications that have been made through the UPI Mechanism. The requirements of the UPI
Streaming Circular include, appointment of a nodal officer by the SCSB and submission of their details to SEBI,
the requirement for SCSBs to send SMS alerts for the blocking and unblocking of UPI mandates, the requirement
for the Registrar to submit details of cancelled, withdrawn or deleted applications, and the requirement for the
bank accounts of unsuccessful Bidders to be unblocked no later than one day from the date on which the Basis of
Allotment is finalised. Failure to unblock the accounts within the timeline would result in the SCSBs being
penalised under the relevant securities law. Additionally, if there is any delay in the redressal of investors’

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complaints, the relevant SCSB as well as the post – Issue BRLM will be required to compensate the concerned
investor.

The processing fees for application made by UPI Bidders using the UPI mechanism may be released to the remitter
banks (SCSBs) only after such banks make an application to the BRLM with a copy to the Registrar, and such
application shall be made only after (i) unblocking of application amounts in the bank accounts for each
application received by the SCSB has been fully completed, and (ii) applicable compensation relating to investor
complaints has been paid by the SCSB in accordance with SEBI ICDR Master Circular.

For further details, refer to the General Information Document available on the websites of the Stock Exchanges
and the BRLM.

Bid cum Application Form

Copies of the Bid cum Application Form (other than for Anchor Investors) and the abridged prospectus will be
available with the Designated Intermediaries at the Bidding Centres, and our Registered and Corporate Office. An
electronic copy of the Bid cum Application Form will also be available for download on the websites of NSE
([Link]) and BSE ([Link]) at least one day prior to the Bid/Issue Opening Date.

Copies of the Anchor Investor Application Form will be available at the office of with the BRLM.

All Bidders (other than Anchor Investors) shall mandatorily participate in the Issue only through the ASBA
process.
UPI Bidders bidding using the UPI Mechanism must provide the valid UPI ID in the relevant space provided in
the Bid cum Application Form and the Bid cum Application Form that does not contain the UPI ID are liable to
be rejected.

Anchor Investors are not permitted to participate in the Issue through the ASBA process. The RIBs can
additionally Bid through the UPI Mechanism. RIBs bidding using the UPI Mechanism must provide the valid UPI
ID in the relevant space provided in the Bid cum Application Form and the Bid cum Application Form that does
not contain the UPI ID are liable to be rejected. Retail Individual Investors Bidding using the UPI Mechanism
may also apply through the SCSBs and mobile applications using the UPI handles as provided on the website of
SEBI ASBA Bidders (other than Retail Individual Investors using UPI Mechanism) must provide bank account
details and authorisation to block funds in their respective ASBA Accounts in the relevant space provided in the
ASBA Form and the ASBA Forms that do not contain such details are liable to be rejected or the UPI ID, as
applicable, in the relevant space provided in the ASBA Form.

ASBA Bidders shall ensure that the Bids are made on ASBA Forms bearing the stamp of the Designated
Intermediary, submitted at the Bidding Centres only (except in case of electronic ASBA Forms) and the ASBA
Forms not bearing such specified stamp are liable to be rejected. RIBs using UPI Mechanism, may submit their
ASBA Forms, including details of their UPI IDs, with the Syndicate, Sub-Syndicate members, Registered Brokers,
RTAs or CDPs. RIBs authorising an SCSB to block the Bid Amount in the ASBA Account. RIBs may also submit
their ASBA Forms with the SCSBs (except RIBs using the UPI Mechanism). ASBA bidders must ensure that the
ASBA Account has sufficient credit balance such that an amount equivalent to the full Bid Amount can be blocked
by the SCSB or the Sponsor Bank, as applicable at the time of submitting the Bid. In order to ensure timely
information to Bidders, SCSBs are required to send SMS alerts to investors intimating them about Bid Amounts
blocked/ unblocked.

The Sponsor Bank shall host a web portal for intermediaries (closed user group) from the date of Bid/Issue
Opening Date till the date of listing of the Equity Shares with details of statistics of mandate blocks/unblocks,
performance of apps and UPI handles, down-time/network latency (if any) across intermediaries and any such
processes having an impact/bearing on the Issue Bidding process. The prescribed colour of the Bid cum
Application Form for the various categories is as follows:

Category Colour of Bid cum Application Form*

Resident Indians, including resident QIBs, Non-Institutional
Bidders, Retail Individual Bidders and Eligible NRIs applying on White
a non-repatriation basis
Non-Residents including Eligible NRIs, their sub-accounts (other
Blue
than sub-accounts which are foreign corporates or foreign

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 Category Colour of Bid cum Application Form*
individuals under the QIB Portion), FVCIs, FPIs and registered
bilateral and multilateral development financial institutions
applying on a non-repatriation basis
Anchor Investors White
*Excluding electronic Bid cum Application Forms
Notes:
(1) Electronic Bid cum Application forms and the abridged prospectus will also be available for download on
the website of NSE ([Link]) and BSE ([Link])
(2) Bid cum Application Forms for Anchor Investors shall be available at the offices of the BRLM

In case of ASBA forms, the relevant Designated Intermediaries shall upload the relevant bid details in the
electronic bidding system of the Stock Exchanges. For UPI Bidders using UPI Mechanism, the Stock Exchanges
shall share the Bid details (including UPI ID) with the Sponsor Bank on a continuous basis to enable the Sponsor
Bank to initiate UPI Mandate Request to UPI Bidders for blocking of funds. For ASBA Forms (other than UPI
Bidders using UPI Mechanism) Designated Intermediaries (other than SCSBs) shall submit/ deliver the ASBA
Forms to the respective SCSB where the Bidder has an ASBA bank account and shall not submit it to any non-
SCSB bank or any Escrow Collection Bank. Stock Exchanges shall validate the electronic bids with the records
of the CDP for DP ID/Client ID and PAN, on a real time basis and bring inconsistencies to the notice of the
relevant Designated Intermediaries, for rectification and re-submission within the time specified by Stock
Exchanges. Stock Exchanges shall allow modification of either DP ID/Client ID or PAN ID, bank code and
location code in the Bid details already uploaded.

The Sponsor Bank shall initiate request for blocking of funds through NPCI to UPI Bidders, who shall accept the
UPI Mandate Request for blocking of funds on their respective mobile applications associated with UPI ID linked
bank account. The NPCI shall maintain an audit trail for every Bid entered in the Stock Exchanges bidding
platform, and the liability to compensate UPI Bidders (Bidding through UPI Mechanism) in case of failed
transactions shall be with the concerned entity (i.e. the Sponsor Bank, NPCI or the issuer bank) at whose end the
lifecycle of the transaction has come to a halt. The NPCI shall share the audit trail of all disputed transactions/
investor complaints to the Sponsor Banks and the issuer bank. The Sponsor Banks and the Bankers to the Issue
shall provide the audit trail to the BRLM for analysing the same and fixing liability. For ensuring timely
information to investors, SCSBs shall send SMS alerts for mandate block and unblock including details specified
ICDR Master Circular. For all pending UPI Mandate Requests, the Sponsor Bank shall initiate requests for
blocking of funds in the ASBA Accounts of relevant Bidders with a confirmation cut-off time of 5:00 pm on the
Bid/Issue Closing Date (“Cut-Off Time”). Accordingly, UPI Bidders Bidding using through the UPI Mechanism
should accept UPI Mandate Requests for blocking off funds prior to the Cut-Off Time and all pending UPI
Mandate Requests at the Cut-Off Time shall lapse.

The Sponsor Bank will undertake a reconciliation of Bid responses received from Stock Exchanges and sent to
NPCI and will also ensure that all the responses received from NPCI are sent to the Stock Exchanges platform
with detailed error code and description, if any. Further, the Sponsor Bank will undertake reconciliation of all Bid
requests and responses throughout their lifecycle on daily basis and share reports with the BRLM in the format
and within the timelines as specified under the UPI Circulars. Sponsor Bank and issuer banks shall download UPI
settlement files and raw data files from the NPCI portal after every settlement cycle and do a three-way
reconciliation with UPI switch data, CBS data and UPI raw data. NPCI is to coordinate with issuer banks and
Sponsor Banks on a continuous basis.

Pursuant to NSE circular dated August 3, 2022 with reference no. 25/2022, the following is applicable to all initial
public offers opening on or after September 1, 2022:

a. Cut-off time for acceptance of UPI mandate shall be up to 5:00 p.m. on the initial public offer closure date
and existing process of UPI bid entry by syndicate members, registrars to the issue and Depository
Participants shall continue till further notice;
b. There shall be no T+1 mismatch modification session for PAN-DP mismatch and bank/ location code on
T+1 day for already uploaded bids. The dedicated window provided for mismatch modification on T+1 day
shall be discontinued;
c. Bid entry and modification/ cancellation (if any) shall be allowed in parallel to the regular bidding period up
to 4.00 p.m. for QIBs and Non-Institutional Bidders categories and up to 5.00 p.m. for Retail Individual
categories on the initial public offer closure day;
d. QIBs and Non-Institutional Bidders can neither revise their bids downwards nor cancel/withdraw their bids;

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e. The Stock Exchanges shall display Issue demand details on its website and for UPI bids the demand shall
include/consider UPI bids only with latest status as RC 100–black request accepted by Investor/ client, based
on responses/status received from the Sponsor Bank(s).

ELECTRONIC REGISTRATION OF BIDS

a) The Designated Intermediary may register the Bids using the on-line facilities of the Stock Exchanges. The
Designated Intermediaries can also set up facilities for off-line electronic registration of Bids, subject to the
condition that they may subsequently upload the off-line data file into the on-line facilities for Book Building
on a regular basis before the closure of the Issue.

b) On the Bid/Issue Closing Date, the Designated Intermediaries may upload the Bids till such time as may be
permitted by the Stock Exchanges and as disclosed in this Red Herring Prospectus.

c) The Designated Intermediaries shall modify select fields uploaded in the Stock Exchange Platform during
the Bid/Issue Period till 5.00 pm on the Bid/Issue Closing Date after which the Stock Exchange(s) send the
bid information to the Registrar to the Issue for further processing.

The Equity Shares issue in the Issue have not been and will not be registered under the U.S. Securities Act
or the securities laws of any state of the United States and may not be issue or sold in the United States
except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of
the U.S. Securities Act and applicable state securities laws. The Equity Shares are being issue and sold only
outside the United States in reliance on Regulation S and the applicable laws of the jurisdictions where such
issues and sales occurs.

The Equity Shares have not been and will not be registered, listed or otherwise qualified in any other
jurisdiction outside India and may not be issue or sold, and Bids may not be made by persons in any such
jurisdiction, except in compliance with the applicable laws of such jurisdiction.

Participation by Promoters and members of the Promoter Group of the Company, the BRLM and the
Syndicate Members and the persons related to Promoter, Promoter Group, BRLM and the Syndicate
Members

The BRLM and the Syndicate Members shall not be allowed to purchase Equity Shares in this Issue in any manner,
except towards fulfilling their underwriting obligations. However, the associates and affiliates of the BRLM and
the Syndicate Members may Bid for Equity Shares in the Issue, either in the QIB Portion or in the Non-
Institutional Portion as may be applicable to such Bidders, where the allocation is on a proportionate basis and
such subscription may be on their own account or on behalf of their clients. All categories of investors, including
associates or affiliates of the BRLM and Syndicate Members, shall be treated equally for the purpose of allocation
to be made on a proportionate basis.

Neither (i) the BRLM or any associates of the BRLM (except Mutual Funds sponsored by entities which are
associates of the BRLM or insurance companies promoted by entities which are associate of BRLM or AIFs
sponsored by the entities which are associate of the BRLM or FPIs other than individuals, corporate bodies and
family offices sponsored by the entities which are associates of the BRLM, Pension funds sponsored by entities
which are associate of BRLM) nor (ii) any “person related to the Promoters/ Promoter Group” shall apply in the
Issue under the Anchor Investor Portion.

For the purposes of this section, a QIB who has any of the following rights shall be deemed to be a “person related
to the Promoters/ Promoter Group”: (a) rights under a shareholders’ agreement or voting agreement entered into
with the Promoters or Promoter Group; (b) veto rights; or (c) right to appoint any nominee director on our Board.

Further, an Anchor Investor shall be deemed to be an associate of the BRLM, if: (a) either of them controls,
directly or indirectly through its subsidiary or holding company, not less than 15% of the voting rights in the other;
or (b) either of them, directly or indirectly, by itself or in combination with other persons, exercises control over
the other; or (c) there is a common director, excluding a nominee director, amongst the Anchor Investor and the
BRLM.

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The Promoters and members of the Promoter Group will not participate in the Issue, except to the extent of
participation by our Promoters and members of the Promoter Group in the Issue.

Bids by Mutual Funds

With respect to Bids by Mutual Funds, a certified copy of their SEBI registration certificate must be lodged along
with the Bid cum Application Form. Failing this, our Company in consultation with the BRLM reserve the right
to reject any Bid without assigning any reason thereof.

Bids made by asset management companies or custodians of Mutual Funds shall specifically state names of the
concerned schemes for which such Bids are made. In case of a Mutual Fund, a separate Bid can be made in respect
of each scheme of the Mutual Fund registered with SEBI and such Bids in respect of more than one scheme of the
Mutual Fund will not be treated as multiple Bids provided that the Bids clearly indicate the scheme concerned for
which the Bid has been made.

No Mutual Fund scheme shall invest more than 10% of its NAV in equity shares or equity related instruments of
any single company provided that the limit of 10% shall not be applicable for investments in case of index funds
or sector or industry specific schemes. No Mutual Fund under all its schemes should own more than 10% of any
company’s paid-up share capital carrying voting rights.

Bids by Eligible NRIs

Eligible NRIs may obtain copies of Bid cum Application Form from the Designated Intermediaries. Only Bids
accompanied by payment in Indian Rupees or freely convertible foreign exchange will be considered for
Allotment. Eligible NRIs bidding on a repatriation basis by using the Non-Resident forms should authorise their
SCSB to block their Non-Resident External (“NRE”) accounts (including UPI ID, if activated), or Foreign
Currency Non- Resident (“FCNR”) accounts, and Eligible NRI Bidders bidding on a non-repatriation basis by
using Resident Forms should authorize their respective SCSB to block their Non-Resident Ordinary (“NRO”)
accounts or accept the UPI mandate request (in case of UPI Bidders using the UPI Mechanism) for the full Bid
Amount, at the time of the submission of the Bid cum Application Form. NRIs applying in the Issue through the
UPI Mechanism are advised to enquire with the relevant bank, whether their account is UPI linked, prior to
submitting a Bid cum Application Form. Participation of Eligible NRIs in the Issue shall be subject to the FEMA
Rules.

In accordance with the FEMA Rules, the total holding by any individual NRI, on a repatriation basis, shall not
exceed 5% of the total paid-up equity capital on a fully diluted basis and the total holdings of all NRIs and OCIs
put together shall not exceed 10% of the total paid-up equity capital on a fully diluted basis. Provided that the
aggregate ceiling of 10% may be raised to 24% if a special resolution to that effect is passed by the members of
the Indian company in a general meeting.

Eligible NRIs will be permitted to apply in the Issue through Channel I or Channel II (as specified in the UPI
Circular). Further, subject to applicable law, Eligible NRIs may use Channel IV (as specified in the UPI Circular)
to apply in the Issue, provided the UPI facility is enabled for their NRE/ NRO accounts.

Eligible NRIs Bidding on non-repatriation basis are advised to use the Bid cum Application Form for residents
(White in colour).

For details of investment by NRIs, see “Restrictions on Foreign Ownership of Indian Securities” on page 539.
Participation of Eligible NRIs shall be subject to the FEMA Rules.

Bids by HUFs

Bids by Hindu Undivided Families or HUFs should be made in the individual name of the Karta. The
Bidder/Applicant should specify that the Bid is being made in the name of the HUF in the Bid cum Application
Form/Application Form as follows: “Name of sole or first Bidder/Applicant: XYZ Hindu Undivided Family
applying through XYZ, where XYZ is the name of the Karta”. Bids/Applications by HUFs will be considered at
par with Bids/Applications from individuals.

Bids by FPIs

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In case of Bids made by FPIs, a certified copy of the certificate of registration issued under the SEBI FPI
Regulations is required to be attached to the Bid cum Application Form, failing which our Company in
consultation with BRLM, reserves the right to reject any Bid without assigning any reason.

To ensure compliance with the above requirement, SEBI, pursuant to its circular dated July 13, 2018, has directed
that at the time of finalisation of the Basis of Allotment, the Registrar shall (i) use the PAN issued by the Income
Tax Department of India for checking compliance for a single FPI; and (ii) obtain validation from Depositories
for the FPIs who have invested in the Issue to ensure there is no breach of the investment limit, within the timelines
for issue procedure, as prescribed by SEBI from time to time.

In terms of the SEBI FPI Regulations, the investment in Equity Shares by a single FPI or an investor group (which
means multiple entities registered as FPIs and directly or indirectly having common ownership of more than 50%
or common control) must be below 10% of our post-Issue Equity Share capital on a fully diluted basis. Further,
in terms of the FEMA Non-debt Rules, the total holding by each FPI, or an investor group shall be below 10% of
the total paid-up Equity Share capital of our Company and the total holdings of all FPIs put together with effect
from April 1, 2020, can be up to the sectoral cap applicable to the sector in which our Company operates (i.e. up
to 100%). In terms of the FEMA Rules, for calculating the aggregate holding of FPIs in a company, holding of all
registered FPIs shall be included.

A FPI may purchase or sell equity shares of an Indian company which is listed or to be listed on a recognized
stock exchange in India, and/ or may purchase or sell securities other than equity instruments. FPIs are permitted
to participate in the Issue subject to compliance with conditions and restrictions which may be specified by the
Government from time to time. In terms of the FEMA Rules, for calculating the aggregate holding of FPIs in a
company, holding of all registered FPIs shall be included.

Subject to compliance with all applicable Indian laws, rules, regulations, guidelines and approvals in terms of
Regulation 21 of the SEBI FPI Regulations, an FPI, may issue, subscribe to or otherwise deal in offshore derivative
instruments (as defined under the SEBI FPI Regulations as any instrument, by whatever name called, which is
issued overseas by a FPI against securities held by it in India, as its underlying) directly or indirectly, only in the
event (i) such offshore derivative instruments are issued only by persons registered as Category I FPIs; (ii) such
offshore derivative instruments are issued only to persons eligible for registration as Category I FPIs; (iii) such
offshore derivative instruments are issued after compliance with ‘know your client’ norms as specified by SEBI;
and (iv) such other conditions as may be specified by SEBI from time to time. In case the total holding of an FPI
increases beyond 10% of the total paid-up Equity Share capital, on a fully diluted basis or 10% or more of the
paid-up value of any series of debentures or preference shares or share warrants issued that may be issued by our
Company, the total investment made by the FPI will be re-classified as FDI subject to the conditions as specified
by SEBI and the RBI in this regard and our Company and the investor will be required to comply with applicable
reporting requirements.

An FPI issuing offshore derivate instruments is also required to ensure that any transfer of derivative instrument
is made by, or on behalf of it subject to, inter alia, the following conditions:

a) each offshore derivative instruments are transferred to persons subject to fulfilment of SEBI FPI Regulations;
and

b) prior consent of the FPI is obtained for such transfer, except when the persons to whom the offshore
derivative instruments are to be transferred to are pre-approved by the FPI.

The FPIs who wish to participate in the Issue are advised to use the Bid cum Application Form for non-residents.
(Blue in colour). Further, Bids received from FPIs bearing the same PAN will be treated as multiple Bids and are
liable to be rejected, except for Bids from FPIs that utilize the multiple investment manager structure in accordance
with the Operational Guidelines for Foreign Portfolio Investors and Designated Depository Participants which
were issued in November 2019 to facilitate implementation of SEBI (Foreign Portfolio Investors) Regulations,
2019 (such structure “MIM Structure”) provided such Bids have been made with different beneficiary account
numbers, Client IDs and DP IDs. Accordingly, it should be noted that multiple Bids received from FPIs, who do
not utilize the MIM Structure, and bear the same PAN, are liable to be rejected. In order to ensure valid Bids, FPIs
making multiple Bids using the same PAN, and with different beneficiary account numbers, Client IDs and DP
IDs, were required to provide a confirmation along with each of their Bid cum Application Forms that the relevant
FPIs making multiple Bids utilize the MIM Structure and indicate the names of their respective investment
managers in such confirmation. In the absence of such confirmation from the relevant FPIs, such multiple Bids

525
will be rejected. Further, in the following cases, the bids by FPIs will not be considered as multiple Bids involving
(i) the MIM Structure and indicating the name of their respective investment managers in such confirmation; (ii)
offshore derivative instruments (“ODI”) which have obtained separate FPI registration for ODI and proprietary
derivative investments; (iii) sub funds or separate class of investors with segregated portfolio who obtain separate
FPI registration; (iv) FPI registrations granted at investment strategy level/sub fund level where a collective
investment scheme or fund has multiple investment strategies/sub-funds with identifiable differences and
managed by a single investment manager; (v) multiple branches in different jurisdictions of foreign bank
registered as FPIs; (vi) Government and Government related investors registered as Category I FPIs; and (vii)
Entities registered as Collective Investment Scheme having multiple share classes.

Bids by SEBI registered VCFs, AIFs and FVCIs

The SEBI FVCI Regulations and the SEBI AIF Regulations, inter-alia, prescribe the respective investment
restrictions on the FVCIs, VCFs and AIFs registered with SEBI.

Accordingly, the holding in any company by any individual VCF or FVCIs (under Schedule I of the FEMA Non-
Debt Rules) registered with SEBI in one venture capital undertaking should not exceed 25% of the corpus of the
VCF or FVCI. Further, VCFs and FVCIs can invest only up to 33.33% of the investible funds in various prescribed
instruments, including in public issueing.

Category I and II AIFs cannot invest more than 25% of the investible funds in one investee company. A Category
III AIF cannot invest more than 10% of the investible funds in one investee company. A VCF registered as a
Category I AIF, as defined in the SEBI AIF Regulations, cannot invest more than one-third of its investible funds
by way of subscription to an initial public offering of a venture capital undertaking whose shares are proposed to
be listed. Additionally, post the repeal of the Securities and Exchange Board of India (Venture Capital Funds)
Regulations, 1996 (“SEBI VCF Regulations”), the VCFs which have not re-registered as an AIF under the SEBI
AIF Regulations shall continue to be regulated by the SEBI VCF Regulations until the existing fund or scheme
managed by the fund is wound up and such funds shall not launch any new scheme after the notification of the
SEBI AIF Regulations.

Further, the shareholding of VCFs, category I AIFs or category II AIFs and FVCIs holding equity shares of a
company prior to an initial public offering being undertaken by such company, shall be exempt from lock-in
requirements, provided that such equity shares shall be locked in for a period of at least one year from the date of
purchase by the venture capital fund or alternative investment fund or foreign venture capital investor.

There is no reservation for Eligible NRI Bidders, AIFs and FPIs. All Bidders will be treated on the same
basis with other categories for the purpose of allocation.

All non-resident investors should note that refunds (in case of Anchor Investors), dividends and other
distributions, if any, will be payable in Indian Rupees only and net of bank charges and commission.

Our Company or the BRLM will not be responsible for loss, if any, incurred by the Bidder on account of
conversion of foreign currency.

Bids by limited liability partnerships

In case of Bids made by limited liability partnerships registered under the Limited Liability Partnership Act, 2008,
a certified copy of certificate of registration issued under the Limited Liability Partnership Act, 2008, must be
attached to the Bid cum Application Form. Failing this, our Company in consultation with the BRLM reserves the
right to reject any Bid without assigning any reason thereof.

Bids by banking companies

In case of Bids made by banking companies registered with RBI, certified copies of: (i) the certificate of
registration issued by RBI, and (ii) the approval of such banking company’s investment committee are required
to be attached to the Bid cum Application Form, failing which our Company in consultation with the BRLM
reserve the right to reject any Bid without assigning any reason.

The investment limit for banking companies in non-financial services companies as per the Banking Regulation
Act, 1949, as amended, (the “Banking Regulation Act”), and the Master Directions – RBI (Financial Services

526
provided by Banks) Directions, 2016, as amended, is 10% of the paid-up share capital of the investee company,
not being its subsidiary engaged in non-financial services, or 10% of the bank’s own paid-up share capital and
reserves, whichever is lower. Further, the aggregate investment by a banking company in subsidiaries and other
entities engaged in financial services company cannot exceed 20% of the investee company’s paid up share capital
and reserves. However, a banking company would be permitted to invest in excess of 10% but not exceeding 30%
of the paid-up share capital of such investee company if (i) the investee company is engaged in non-financial
activities permitted for banks in terms of Section 6(1) of the Banking Regulation Act, or (ii) the additional
acquisition is through restructuring of debt/corporate debt restructuring/strategic debt restructuring, or to protect
the bank’s interest on investment made to a company. The bank is required to submit a time-bound action plan
for disposal of such shares within a specified period to the RBI. A banking company would require a prior approval
of the RBI to make (i) investment in excess of 30% of the paid-up share capital of the investee company, (ii)
investment in a subsidiary and a financial services company that is not a subsidiary (with certain exceptions
prescribed), and (iii) investment in a non-financial services company in excess of 10% of such investee company’s
paid-up share capital as stated in 5(a)(v)(c)(i) of the RBI (Financial Services provided by Banks) Directions, 2016,
as amended.

Bids by SCSBs

SCSBs participating in the Issue are required to comply with the terms of the SEBI circulars (Nos.
CIR/CFD/DIL/12/2012 and CIR/CFD/DIL/1/2013) dated September 13, 2012 and January 2, 2013. Such SCSBs
are required to ensure that for making applications on their own account using ASBA, they should have a separate
account in their own name with any other SEBI registered SCSBs. Further, such account shall be used solely for
the purpose of making application in public issues and clear demarcated funds should be available in such account
for such applications.

Bids by insurance companies

In case of Bids made by insurance companies registered with the IRDAI, a certified copy of certificate of
registration issued by IRDAI must be attached to the Bid cum Application Form. Failing this, our Company in
consultation with the BRLM reserve the right to reject any Bid without assigning any reason thereof.

The exposure norms for insurers, prescribed under the Insurance Regulatory and Development Authority of India
(Investment) Regulations, 2016, as amended, are broadly set forth below:

a) equity shares of a company: the lower of 10%* of the outstanding equity shares (face value) or 10% of the
respective fund in case of life insurer or 10% of investment assets in case of general insurer or reinsurer or
health insurer;

b) the entire group of the investee company: not more than 15% of the respective fund in case of a life insurer
or 15% of investment assets in case of a general insurer or reinsurer or health insurer or 15% of the
investment assets in all companies belonging to the group, whichever is lower; and

c) the industry sector in which the investee company operates: not more than 15% of the fund of a life insurer
or a general insurer or a reinsurer or health insurer or 15% of the investment asset, whichever is lower.

The maximum exposure limit, in the case of an investment in equity shares, cannot exceed the lower of an amount
of 10% of the investment assets of a life insurer or general insurer and the amount calculated under (a), (b) and
(c) above, as the case may be.

*The above limit of 10% shall stand substituted as 15% of outstanding equity shares (face value) for insurance
companies with investment assets of ₹2,50,000 crore or more or the above limit of 10% shall stand substituted as
12% of outstanding equity shares (face value) for insurers with investment assets of ₹50,000 crore or more but
less than ₹ 2,50,000 crore.

Insurance companies participating in this Issue shall comply with all applicable regulations, guidelines and
circulars issued by IRDAI from time to time.

Bids by provident funds/pension funds

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In case of Bids made by provident funds/pension funds, subject to applicable laws, with minimum corpus of
₹2,500 lakhs registered with the Pension Fund Regulatory and Development Authority established under Section
3(1) of the Pension Fund Regulatory and Development Authority Act, 2013, subject to applicable law, a certified
copy of a certificate from a chartered accountant certifying the corpus of the provident fund/pension fund must be
attached to the Bid cum Application Form. Failing this, our Company in consultation with the BRLM reserves the
right to reject any Bid, without assigning any reason thereof.

Bids under Power of Attorney

In case of Bids made pursuant to a power of attorney or by limited companies, corporate bodies, registered
societies, Eligible FPIs, Mutual Funds, insurance companies, insurance funds set up by the army, navy or air force
of the India, insurance funds set up by the Department of Posts, India or the National Investment Fund and
provident funds with a minimum corpus of ₹2,500 lakhs (subject to applicable law) and pension funds with a
minimum corpus of ₹2,500 lakhs, a certified copy of the power of attorney or the relevant resolution or authority,
as the case may be, along with a certified copy of the memorandum of association and articles of association
and/or bye laws must be lodged along with the Bid cum Application Form. Failing this, our Company in
consultation with the BRLM reserve the right to accept or reject any Bid in whole or in part, in either case, without
assigning any reason thereof.

Our Company in consultation with the BRLM in their absolute discretion, reserve the right to relax the above
condition of simultaneous lodging of the power of attorney along with the Bid cum Application Form subject to
the terms and conditions that our Company in consultation with the BRLM may deem fit.

Bids by Systemically Important Non-Banking Financial Companies

In case of Bids made by Systemically Important NBFCs registered with RBI, certified copies of: (i) the certificate
of registration issued by RBI, (ii) certified copy of its last audited financial statements on a standalone basis and
a net worth certificate from its statutory auditors, and (iii) such other approval as may be required by the
Systemically Important NBFCs, are required to be attached to the Bid cum Application Form. Failing this, our
Company in consultation with the BRLM, reserves the right to reject any Bid without assigning any reason thereof.
Systemically Important NBFCs participating in the Issue shall comply with all applicable regulations, guidelines
and circulars issued by RBI from time to time.

The investment limit for Systemically Important NBFCs shall be as prescribed by RBI from time to time.

Bids by Anchor Investors

In accordance with the SEBI ICDR Regulations, in addition to details and conditions mentioned in this section,
the key terms for participation by Anchor Investors are provided below.

1) Anchor Investor Application Forms will be made available for the Anchor Investor Portion at the offices of
the Book Running Lead Managers.

2) The Bid must be for a minimum of such number of Equity Shares so that the Bid Amount exceeds ₹1,000
lakhs. A Bid cannot be submitted for over 60% of the QIB Portion. In case of a Mutual Fund, separate Bids
by individual schemes of a Mutual Fund will be aggregated to determine the minimum application size of
₹1,000 lakhs.

3) One-third of the Anchor Investor Portion will be reserved for allocation to domestic Mutual Funds subject to
valid Bids being received from domestic Mutual Funds at or above Anchor Investor Allocation Price.

4) Bidding for Anchor Investors will open one Working Day before the Bid/ Issue Opening Date and will be
completed on the same day.

5) Our Company in consultation with the Book Running Lead Managers will finalize allocation to the Anchor
Investors on a discretionary basis, provided that the minimum number of Allottees in the Anchor Investor
Portion will not be less than: (a) maximum of two Anchor Investors, where allocation under the Anchor
Investor Portion is up to ₹1,000 lakhs; (b) minimum of two and maximum of 15 Anchor Investors, where the
allocation under the Anchor Investor Portion is more than ₹1,000 lakhs but up to ₹ 25,000 lakhs, subject to a
minimum Allotment of ₹ 500 lakhs per Anchor Investor; and (c) in case of allocation above ₹25,000 lakhs

528
 under the Anchor Investor Portion, a minimum of five such investors and a maximum of 15 Anchor Investors
for allocation up to ₹25,000 lakhs, and an additional 10 Anchor Investors for every additional ₹25,000 lakhs,
subject to minimum Allotment of ₹500 lakhs per Anchor Investor.

6) Allocation to Anchor Investors will be completed on the Anchor Investor Bidding Date. The number of Equity
Shares allocated to Anchor Investors and the price at which the allocation is made, will be made available in
the public domain by the Book Running Lead Managers before the Bid/ Issue Opening Date, through
intimation to the Stock Exchanges.

7) Anchor Investors cannot withdraw or lower the size of their Bids at any stage after submission of the Bid.

8) If the Issue Price is greater than the Anchor Investor Allocation Price, the additional amount being the
difference between the Issue Price and the Anchor Investor Allocation Price will be payable by the Anchor
Investors on the Anchor Investor Pay-in Date specified in the CAN. If the Issue Price is lower than the Anchor
Investor Allocation Price, Allotment to successful Anchor Investors will be at the higher price, i.e., the Anchor
Investor Issue Price.

9) 50% of the Equity Shares Allotted to Anchor Investors in the Anchor Investor Portion shall be locked in for a
period of 90 days from the date of Allotment and the remaining 50% of the Equity Shares Allotted to Anchor
Investors will be locked in for a period of 30 days from the date of Allotment.

10) Neither the Book Running Lead Managers or any associate of the Book Running Lead Managers (other than
Mutual Funds sponsored by entities which are associates of the BRLM or AIFs sponsored by entities which
are associates of the BRLM or FPIs (other than individuals, corporate bodies and family offices) which are
associates of the BRLM or insurance companies promoted by entities which are associates of the BRLM or
pension funds sponsored by entities which are associates of the BRLM) shall apply in the Issue under the
Anchor Investors Portion. For details, see “Issue Procedure” on page 518. Further, no person related to the
Promoters or Promoter Group shall apply under the Anchor Investors category.

11) Bids made by QIBs under both the Anchor Investor Portion and the QIB Portion will not be considered
multiple Bids.

If the aggregate demand in this portion is greater than [●] Equity Shares at or above the Issue Price, the allocation
shall be made on a proportionate basis. For the method of proportionate basis of Allotment, see “Issue Procedure”
on page 518.

For the method of proportionate basis of Allotment, see “Issue Procedure” beginning on page 518.

In accordance with existing regulations issued by the RBI, OCBs cannot participate in this Issue.

The above information is given for the benefit of the Bidders. Our Company and the BRLM are not liable
for any amendments or modification or changes in applicable laws or regulations, which may occur after
the date of this Red Herring Prospectus. Bidders are advised to make their independent investigations and
ensure that any single Bid from them does not exceed the applicable investment limits or maximum number
of the Equity Shares that can be held by them under applicable law or regulation or as specified in the
Draft Red Herring Prospectus, this Red Herring Prospectus and the Prospectus.

Information for Bidders

The relevant Designated Intermediary will enter a maximum of three Bids at different price levels opted in the
Bid cum Application Form and such options are not considered as multiple Bids. It is the Bidder’s responsibility
to obtain the acknowledgment slip from the relevant Designated Intermediary. The registration of the Bid by the
Designated Intermediary does not guarantee that the Equity Shares shall be allocated/Allotted. Such
Acknowledgement Slip will be non-negotiable and by itself will not create any obligation of any kind. When a
Bidder revises his or her Bid, he /she shall surrender the earlier Acknowledgement Slip and may request for a
revised acknowledgment slip from the relevant Designated Intermediary as proof of his or her having revised the
previous Bid.

In relation to electronic registration of Bids, the permission given by the Stock Exchanges to use their network
and software of the electronic bidding system should not in any way be deemed or construed to mean that the

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compliance with various statutory and other requirements by our Company and/or the BRLM are cleared or
approved by the Stock Exchanges; nor does it in any manner warrant, certify or endorse the correctness or
completeness of compliance with the statutory and other requirements, nor does it take any responsibility for the
financial or other soundness of our Company, the management or any scheme or project of our Company; nor
does it in any manner warrant, certify or endorse the correctness or completeness of any of the contents of the
Draft Red Herring Prospectus or this Red Herring Prospectus; nor does it warrant that the Equity Shares will be
listed or will continue to be listed on the Stock Exchanges

General Instructions

Do’s:

1. Check if you are eligible to apply as per the terms of the Red Herring Prospectus and under applicable law,
rules, regulations, guidelines and approvals. All Bidders (other than Anchor Investors) should submit their
Bids through the ASBA process only;

2. Ensure that you have Bid within the Price Band;

3. Read all the instructions carefully and complete the Bid cum Application Form, as the case may be, in the
prescribed form;

4. Ensure that you (other than the Anchor Investors) have mentioned the correct details of ASBA Account (i.e.
bank account number or UPI ID, as applicable) in the Bid cum Application Form if you are not an UPI
Bidder bidding using the UPI Mechanism in the Bid cum Application Form and if you are an UPI Bidder
using the UPI Mechanism ensure that you have mentioned the correct UPI ID (with maximum length of 45
characters including the handle) in the Bid cum Application Form;

5. UPI Bidders using UPI Mechanism shall make Bids only through the SCSBs, mobile applications and UPI
handles shall ensure that the name of the bank appears in the list of SCSBs which are live on UPI, as
displayed on the SEBI website. UPI Bidders shall ensure that the name of the app and the UPI handle which
is used for making the application appears in Annexure ‘A’ to the SEBI circular no.
SEBI/HO/CFD/DIL2/COR/P/2019/85 dated July 26, 2019. An application made using incorrect UPI handle
or using a bank account of an SCSB or bank which is not mentioned on the SEBI website is liable to be
rejected;

6. Ensure that your Bid cum Application Form bearing the stamp of a Designated Intermediary is submitted to
the Designated Intermediary at the Bidding Centre (except in case of electronic Bids) within the prescribed
time. Bidders (other than Anchor Investors) shall submit the Bid cum Application Form in the manner set
out in the General Information Document;

7. Ensure that you have funds equal to the Bid Amount in the ASBA Account maintained with the SCSB,
before submitting the ASBA Form to any of the Designated Intermediaries;

8. If the first applicant is not the bank account holder, ensure that the Bid cum Application Form is signed by
the account holder. Ensure that you have mentioned the correct bank account number in the Bid cum
Application Form;

9. Ensure that the signature of the first Bidder in case of joint Bids, is included in the Bid cum Application
Forms;

10. Ensure that you request for and receive a stamped acknowledgement counterfoil of the Bid cum Application
Form for all your Bid options from the concerned Designated Intermediary;

11. Ensure that the name(s) given in the Bid cum Application Form is/are exactly the same as the name(s) in
which the beneficiary account is held with the Depository Participant. In case of joint Bids, the Bid cum
Application Form should contain only the name of the first Bidder whose name should also appear as the
first holder of the beneficiary account held in joint names. Ensure that the signature of the First Bidder is
included in the Bid cum Application Forms;

530
12. UPI Bidders Bidding in the Issue to ensure that they shall use only their own ASBA Account or only their
own bank account linked UPI ID (only for UPI Bidders using the UPI Mechanism) to make an application
in the Issue and not ASBA Account or bank account linked UPI ID of any third party;

13. Ensure that you submit the revised Bids to the same Designated Intermediary, through whom the original
Bid was placed and obtain a revised acknowledgment;

14. Ensure that you have correctly signed the authorisation/undertaking box in the Bid cum Application Form,
or have otherwise provided an authorisation to the SCSB or Sponsor Bank, as applicable, via the electronic
mode, for blocking funds in the ASBA Account equivalent to the Bid Amount mentioned in the Bid cum
Application Form, as the case may be, at the time of submission of the Bid. In case of UPI Bidders submitting
their Bids and participating in the Issue through the UPI Mechanism, ensure that you authorise the UPI
Mandate Request raised by the Sponsor Bank for blocking of funds equivalent to Bid Amount and subsequent
debit of funds in case of Allotment;

15. Except for Bids (i) on behalf of the Central or State Governments and the officials appointed by the courts,
who, in terms of the SEBI circular no. MRD/DoP/Cir-20/2008 dated June 30, 2008, may be exempt from
specifying their PAN for transacting in the securities market, (ii) submitted by investors who are exempt
from the requirement of obtaining/specifying their PAN for transacting in the securities market, and (iii)
Bids by persons resident in the state of Sikkim, who, in terms of a SEBI circular dated July 20, 2006, may
be exempted from specifying their PAN for transacting in the securities market, all Bidders should mention
their PAN allotted under the IT Act. The exemption for the Central or the State Government and officials
appointed by the courts and for investors residing in the State of Sikkim is subject to (a) the Demographic
Details received from the respective depositories confirming the exemption granted to the beneficiary owner
by a suitable description in the PAN field and the beneficiary account remaining in “active status”; and (b)
in the case of residents of Sikkim, the address as per the Demographic Details evidencing the same. All other
applications in which PAN is not mentioned will be rejected;

16. Ensure that the Demographic Details are updated, true and correct in all respects;

17. Ensure that thumb impressions and signatures other than in the languages specified in the Eighth Schedule
to the Constitution of India are attested by a Magistrate or a Notary Public or a Special Executive Magistrate
under official seal;

18. Ensure that the category and the investor status is indicated in the Bid cum Application Form;

19. Ensure that in case of Bids under power of attorney or by limited companies, corporates, trust, etc., relevant
documents are submitted;

20. Ensure that Bids submitted by any person resident outside India is in compliance with applicable foreign and
Indian laws;

21. Since the Allotment will be in demat form only, ensure that the Bidder’s depository account is active, the
correct DP ID, Client ID, the PAN, UPI ID, if applicable, are mentioned in their Bid cum Application Form
and that the name of the Bidder, the DP ID, Client ID, the PAN and UPI ID, if applicable, entered into the
online IPO system of the Stock Exchanges by the relevant Designated Intermediary, as applicable, matches
with the name, DP ID, Client ID, PAN and UPI ID, if applicable, available in the Depository database;

22. RIBs who wish to revise their Bids using the UPI Mechanism, should submit the revised Bid with the
Designated Intermediaries, pursuant to which RIBs should ensure acceptance of the UPI Mandate Request
received from the Sponsor Bank to authorise blocking of funds equivalent to the revised Bid Amount in the
RIB’s ASBA Account;

23. In case of QIBs and NII bidders, ensure that while Bidding through a Designated Intermediary, the ASBA
Form is submitted to a Designated Intermediary in a Bidding Centre and that the SCSB where the ASBA
Account, as specified in the ASBA Form, is maintained has named at least one branch at that location for
the Designated Intermediary to deposit ASBA Forms (a list of such branches is available on the website of
SEBI at [Link]

531
24. Ensure that you have accepted the UPI Mandate Request received from the Sponsor Bank prior to 5:00 p.m.
of the Bid/ Issue Closing Date;

25. FPIs making MIM Bids using the same PAN, and different beneficiary account numbers, Client IDs and DP
IDs, are required to submit a confirmation that their Bids are under the MIM structure and indicate the name
of their investment managers in such confirmation which shall be submitted along with each of their Bid
cum Application Forms. In the absence of such confirmation from the relevant FPIs, such MIM Bids shall
be rejected;

26. UPI Bidders shall ensure that details of the Bid are reviewed and verified by opening the attachment in the
UPI Mandate Request and then proceed to authorize the UPI Mandate Request using his/her UPI PIN. Upon
the authorization of the mandate using his/her UPI PIN, an UPI Bidder may be deemed to have verified the
attachment containing the application details of the UPI Bidder in the UPI Mandate Request and have agreed
to block the entire Bid Amount and authorized the Sponsor Bank to block the Bid Amount mentioned in the
Bid Cum Application Form; and

27. Ensure that Anchor Investors submit their Bid cum Application Forms only to the BRLM. Bids by Eligible
NRIs for a Bid Amount of less than ₹2,00,000 would be considered under the Retail Category for the
purposes of allocation and Bids for a Bid Amount exceeding ₹2,00,000 would be considered under the Non-
Institutional Category for allocation in the Issue.

28. Investors must ensure that their PAN is linked with Aadhaar and are in compliance with CBDT notification
dated February 13, 2020 and press release dated June 25, 2021, September 17, 2021, March 30, 2022 and
March 28, 2023.

The Bid cum Application Form is liable to be rejected if the above instructions, as applicable, are not complied
with.

Application made using incorrect UPI handle or using a bank account of an SCSB or SCSBs which is not
mentioned in the Annexure ‘A’ to the SEBI circular no. SEBI/HO/CFD/DIL2/CIR/P/2019/85 dated July 26, 2019
is liable to be rejected.

Dont’s:

1. Do not Bid for lower than the minimum Bid size;

2. Do not Bid/revise Bid Amount to less than the Floor Price or higher than the Cap Price;

3. Do not Bid for a Bid Amount exceeding ₹2,00,000 (for Bids by Retail Individual Bidders);
4. Do not pay the Bid Amount in cheques, demand drafts or by cash, money order, postal order or by stock
invest;

5. Do not send Bid cum Application Forms by post; instead submit the same to the Designated Intermediary
only;

6. Do not Bid at Cut-off Price (for Bids by QIBs and Non-Institutional Bidders);

7. Do not instruct your respective banks to release the funds blocked in the ASBA Account under the ASBA
process;

8. Do not submit the Bid for an amount more than funds available in your ASBA account.

9. Do not submit Bids on plain paper or on incomplete or illegible Bid cum Application Forms or on Bid cum
Application Forms in a colour prescribed for another category of a Bidder;

10. In case of ASBA Bidders, do not submit more than one ASBA Forms per ASBA Account;

11. If you are a UPI Bidders and are using UPI mechanism, do not submit more than one ASBA Form for each
UPI ID;

532
12. Anchor Investors should not Bid through the ASBA process;

13. Do not submit the ASBA Forms to any Designated Intermediary that is not authorised to collect the relevant
ASBA Forms or to our Company;

14. Do not Bid on a Bid cum Application Form that does not have the stamp of the relevant Designated
Intermediary;

15. Do not submit the General Index Register (GIR) number instead of the PAN;

16. Do not submit incorrect details of the DP ID, Client ID, PAN and UPI ID, if applicable, or provide details
for a beneficiary account which is suspended or for which details cannot be verified by the Registrar to the
Issue;

17. Do not submit a Bid in case you are not eligible to acquire Equity Shares under applicable law or your
relevant constitutional documents or otherwise;

18. Do not Bid if you are not competent to contract under the Indian Contract Act, 1872 (other than minors
having valid depository accounts as per Demographic Details provided by the depository);

19. Do not submit a Bid using UPI ID, if you are not a RIB;

20. Do not Bid on another ASBA Form or the Anchor Investor Application Form, as the case may be, after you
have submitted a Bid to any of the Designated Intermediaries;

21. Do not Bid for Equity Shares in excess of what is specified for each category;

22. Do not fill up the Bid cum Application Form such that the Equity Shares Bid for, exceeds the Issue size
and/or investment limit or maximum number of the Equity Shares that can be held under applicable laws or
regulations or maximum amount permissible under applicable laws or regulations, or under the terms of the
Red Herring Prospectus;

23. Do not withdraw your Bid or lower the size of your Bid (in terms of quantity of the Equity Shares or the Bid
Amount) at any stage, if you are a QIB or a Non-Institutional Bidder. Retail Individual Bidders can revise
or withdraw their Bids on or before the Bid/Issue Closing Date;

24. Do not submit Bids to a Designated Intermediary at a location other than the Bidding Centres;

25. If you are an RIB which is submitting the ASBA Form with any of the Designated Intermediaries and using
your UPI ID for the purpose of blocking of funds, do not use any third party bank account or third party
linked bank account UPI ID;

26. Do not link the UPI ID with a bank account maintained with a bank that is not UPI 2.0 certified by the NPCI
in case of Bids submitted by RIBs using the UPI Mechanism;

27. If you are a QIB, do not submit your Bid after 12:00 p.m. on the Bid/ Issue Closing Date (for Physical
Applications) and after 3 p.m. on the QIB Bid / Issue Closing Date (for online applications);

28. UPI Bidders Bidding through the UPI Mechanism using the incorrect UPI handle or using a bank account of
an SCSB or bank which is not mentioned in the list provided on the SEBI website is liable to be rejected;
and

29. Do not Bid if you are an OCB.

The Bid cum Application Form is liable to be rejected if the above instructions, as applicable, are not complied
with.

Grounds for Technical Rejection

533
In addition to the grounds for rejection of Bids on technical grounds as provided in the GID, Bidders were
requested to note that Bids could be rejected on the following additional technical grounds:

1. Bids submitted without instruction to the SCSBs to block the entire Bid Amount;

2. Bids which do not contain details of the Bid Amount and the bank account details in the ASBA Form;

3. Bids submitted on a plain paper;

4. Bids submitted by UPI Bidders using the UPI Mechanism through an SCSBs and/or using a mobile
application or UPI handle, not listed on the website of SEBI;

5. Bids under the UPI Mechanism submitted by UPI Bidders using third party bank accounts or using a third
party linked bank account UPI ID (subject to availability of information regarding third party account from
Sponsor Bank);

6. ASBA Form submitted to a Designated Intermediary does not bear the stamp of the Designated Intermediary;

7. Bids submitted without the signature of the first Bidder or sole Bidder;

8. The ASBA Form not being signed by the account holders, if the account holder is different from the Bidder;

9. ASBA Form by the RIBs by using third party bank accounts or using third party linked bank account UPI
IDs;

10. Bids by persons for whom PAN details have not been verified and whose beneficiary accounts are
“suspended for credit” in terms of SEBI circular CIR/MRD/DP/ 22 /2010 dated July 29, 2010;

11. GIR number furnished instead of PAN;

12. Bids by RIBs with Bid Amount of a value of more than ₹2,00,000;

13. Bids by persons who are not eligible to acquire Equity Shares in terms of all applicable laws, rules,
regulations, guidelines and approvals;

14. Bids accompanied by stock invest, money order, postal order or cash; and

15. Bids uploaded by QIBs after 4.00 pm on the QIB Bid/ Issue Closing Date and by Non-Institutional Bidders
uploaded after 4.00 p.m. on the Bid/ Issue Closing Date, and Bids by RIBs uploaded after 5.00 p.m. on the
Bid/ Issue Closing Date, unless extended by the Stock Exchanges.

Further, in case of any pre-Issue or post Issue related issues regarding share certificates/demat credit/refund
orders/unblocking etc., investors shall reach out to the Company Secretary and Compliance Officer. For details
of our Company Secretary and Compliance Officer, see “General Information” on page 80.

In case of any delay in unblocking of amounts in the ASBA Accounts (including amounts blocked through the
UPI Mechanism) exceeding two Working Days from the Bid/Issue Closing Date, the Bidder shall be compensated
at a uniform rate of ₹ 100 per day for the entire duration of delay exceeding two Working Days from the Bid/Issue
Closing Date by the intermediary responsible for causing such delay in unblocking. The Book Running Lead
Managers shall, in their sole discretion, identify and fix the liability on such intermediary or entity responsible for
such delay in unblocking. Further, Investors shall be entitled to compensation in the manner specified in the SEBI
ICDR Master Circular, in case of delays in resolving investor grievances in relation to blocking/unblocking of
funds. For the avoidance of doubt, the provisions of the SEBI ICDR Master Circular, shall be deemed to be
incorporated in the deemed agreement of the Company with the SCSBs to the extent applicable.

For helpline details of the BRLM pursuant to SEBI ICDR Master Circular, please see “General Information –
Book Running Lead Managers” on page 81.

Names of entities responsible for finalising the basis of allotment in a fair and proper manner

534
The authorised employees of the Designated Stock Exchange, along with the BRLM and the Registrar, shall
ensure that the Basis of Allotment is finalised in a fair and proper manner in accordance with the procedure
specified in SEBI ICDR Regulations.

ALLOTMENT PROCEDURE AND BASIS OF ALLOTMENT

The Allotment of Equity Shares to Bidders other than Retail Individual Investors and Anchor Investors may be
on proportionate basis. For Basis of Allotment to Anchor Investors, Bidders may refer to RHP. No Retail
Individual Investor will be Allotted less than the minimum Bid Lot subject to availability of shares in Retail
Individual Investor Category and the remaining available shares, if any will be Allotted on a proportionate basis.
The Issuer is required to receive a minimum subscription of 90% of the Issue. However, in case the Issue is in the
nature of Offer for Sale only, then minimum subscription may not be applicable.
Flow of Events from the closure of bidding period (T DAY) Till Allotment:
• On T Day, RTA to validate the electronic bid details with the depository records and also reconcile the final
certificates received from the Sponsor Bank for UPI process and the SCSBs for ASBA and Syndicate ASBA
process with the electronic bid details.
• RTA identifies cases with mismatch of account number as per bid file / Final Certificate and as per applicant’s
bank account linked to depository demat account and seek clarification from SCSB to identify the applications
with third party account for rejection.
• Third party confirmation of applications to be completed by SCSBs on T+1 day.
• RTA prepares the list of final rejections and circulate the rejections list with BRLM(s)/ Company for their
review/ comments.
• Post rejection, the RTA submits the basis of allotment with the Designated Stock Exchange (DSE).
• The Designated Stock Exchange (DSE), post verification approves the basis and generates drawal of lots
wherever applicable, through a random number generation software.
• The RTA uploads the drawal numbers in their system and generates the final list of allotees as per process
mentioned below:
Process for generating list of allotees: -
• Instruction is given by RTA in their Software System to reverse category wise all the application numbers in
the ascending order and generate the bucket /batch as per the allotment ratio. For example, if the application
number is 78654321 then system reverses it to 12345687 and if the ratio of allottees to applicants in a category
is 2:7 then the system will create lots of 7. If the drawal of lots provided by Designated Stock Exchange
(DSE) is 3 and 5 then the system will pick every 3rd and 5 th application in each of the lot of the category and
these applications will be allotted the shares in that category.
• In categories where there is proportionate allotment, the Registrar will prepare the proportionate working
based on the oversubscription times.
• In categories where there is undersubscription, the Registrar will do full allotment for all valid
applications.
• On the basis of the above, the RTA will work out the allotees, partial allotees and non- allottees, prepare the
fund transfer letters and advice the SCSBs to debit or unblock the respective accounts.

Method of allotment as may be prescribed by SEBI from time to time

Our Company will not make any allotment in excess of the Equity Shares through the Red Herring Prospectus
and the Prospectus except in case of oversubscription for the purpose of rounding off to make allotment, in
consultation with the Designated Stock Exchange. Further, upon oversubscription, an allotment of not more than
one per cent of the Issue may be made for the purpose of making allotment in minimum lots.

The allotment of Equity Shares to applicants other than to the Retail Individual Bidders, Non Institutional Bidders
and Anchor Investors shall be on a proportionate basis within the respective investor categories and the number

535
of securities allotted shall be rounded off to the nearest integer, subject to minimum allotment being equal to the
minimum application size as determined and disclosed.

The allotment of Equity Shares to Retail Individual Bidders shall not be less than the minimum bid lot, subject to
the availability of shares in Retail Individual Bidders Portion, and the remaining available shares, if any, shall be
allotted on a proportionate basis. Not less than 15% of the Issue shall be available for allocation to Non-
Institutional Bidders. The Equity Shares available for allocation to Non-Institutional Bidders under the Non-
Institutional Portion, shall be subject to the following: (i) one-third of the portion available to Non-Institutional
Bidders shall be reserved for applicants with an application size of more than ₹ 2,00,000 and up to ₹ 10,00,000,
and (ii) two-third of the portion available to Non-Institutional Bidders shall be reserved for applicants with an
application size of more than ₹10,00,000, provided that the unsubscribed portion in either of the aforementioned
sub-categories may be allocated to applicants in the other sub-category of Non-Institutional Bidders. The
allotment to Non-Institutional Bidder shall not be less than the minimum NII Application Size, subject to the
availability of Equity Shares in the Non-Institutional Portion, and the remaining Equity Shares.

Payment into Escrow Account(s) for Anchor Investors

Our Company, in consultation with the BRLM, in their absolute discretion, will decide the list of Anchor Investors
to whom the CAN will be sent, pursuant to which the details of the Equity Shares allocated to them in their
respective names will be notified to such Anchor Investors. For Anchor Investors, the payment instruments for
payment into the Escrow Account(s) should be drawn in favour of:

(a) In case of resident Anchor Investors: “AMANTA HEALTHCARE LIMITED-ANCHOR ACCOUNT R”

(b) In case of Non-Resident Anchor Investors: “AMANTA HEALTHCARE LIMITED-ANCHOR ACCOUNT

NR”

Anchor Investors should note that the escrow mechanism is not prescribed by SEBI and has been established as
an arrangement between our Company and the Syndicate, the Escrow Collection Bank and the Registrar to the
Issue to facilitate collections of Bid amounts from Anchor Investors.

Pre-Issue Advertisement

Subject to Section 30 of the Companies Act, 2013, our Company shall, after filing the Red Herring Prospectus
with the RoC, publish a pre- Issue advertisement, in the form prescribed by the SEBI ICDR Regulations, in: (i)
all editions of Financial Express an English national daily newspaper, and (ii) all editions of Jansatta a Hindi
national daily newspaper and (iii) Ahmedabad editions of Financial Express a Gujarati regional daily newspaper
(Gujarati being the regional language of Gujarat, where our Registered Office is located), each with wide
circulation.

In the pre-Issue advertisement, we shall state the Bid/Issue Opening Date and the Bid/ Issue Closing Date. This
advertisement, subject to the provisions of Section 30 of the Companies Act, 2013, shall be in the format
prescribed in Part A of Schedule X of the SEBI ICDR Regulations.

The above information is given for the benefit of the Bidders/applicants. Our Company and the members of the
Syndicate are not liable for any amendments or modification or changes in applicable laws or regulations, which
may occur after the date of this Red Herring Prospectus. Bidders/applicants are advised to make their independent
investigations and ensure that the number of Equity Shares Bid for do not exceed the prescribed limits under
applicable laws or regulations.

Signing of the Underwriting Agreement and the RoC Filing

a) Our Company and the Underwriters intend to enter into an Underwriting Agreement on or immediately after
the finalisation of the Issue Price but prior to the filing of Prospectus.

b) After signing the Underwriting Agreement, an updated Red Herring Prospectus will be filed with the RoC
in accordance with applicable law, which then would be termed as the ‘Prospectus’. The Prospectus will
contain details of the Issue Price, the Anchor Investor Issue Price, Issue size, and underwriting arrangements
and will be complete in all material respects.

536
Allotment Advertisement

Our Company, the Book Running Lead Manager and the Registrar shall publish an allotment advertisement before
commencement of trading, disclosing the date of commencement of trading in all edition of Financial Express (a
widely circulated English national daily newspaper), all editions of Jansatta (a widely circulated Hindi national
daily newspaper) and Ahmedabad editions of Financial Express (a widely circulated Gujarat daily newspaper,
Gujarati being the regional language of Gujarat, where our Registered Office is located).

The information set out above is given for the benefit of the Bidders. Our Company, and the Book Running
Lead Managers are not liable for any amendments or modification or changes in applicable laws or
regulations, which may occur after the date of this Red Herring Prospectus. Bidders are advised to make
their independent investigations and ensure that the number of Equity Shares Bid for do not exceed the
prescribed limits under applicable laws or regulations.

Undertakings by our Company

Our Company undertakes the following:

• adequate arrangements shall be made to collect all Bid cum Application Forms submitted by Bidders and
Anchor Investor Application Form from Anchor Investors;

• the complaints received in respect of the Issue shall be attended to by our Company expeditiously and
satisfactorily;

• all steps for completion of the necessary formalities for listing and commencement of trading at all the Stock
Exchanges where the Equity Shares are proposed to be listed shall be taken within three Working Days of
the Bid/Issue Closing Date or such other period as may be prescribed by the SEBI;

• if Allotment is not made within the prescribed time period under applicable law, the entire subscription
amount received will be refunded/unblocked within the time prescribed under applicable law. If there is
delay beyond the prescribed time, our Company shall pay interest prescribed under the Companies Act,
2013, the SEBI ICDR Regulations and applicable law for the delayed period;

• the funds required for making refunds to unsuccessful Bidders as per the mode(s) disclosed shall be made
available to the Registrar to the Issue by our Company;

• where refunds (to the extent applicable) are made through electronic transfer of funds, a suitable
communication shall be sent to the applicant within the time prescribed under applicable law, giving details
of the bank where refunds shall be credited along with amount and expected date of electronic credit of
refund;

• No further issue of the Equity Shares shall be made till the Equity Shares offered through this Red Herring
Prospectus are listed or until the Bid monies are unblocked in ASBA Account/refunded on account of non-
listing, under-subscription, etc

• Promoter’s contribution, if any, shall be brought in advance before the Bid/ Issue Opening Date and the
balance, if any, shall be brought in on a pro rata basis before calls are made on the Allottees.

• that if the Issue is withdrawn after the Bid/Issue Closing Date, our Company shall be required to file a fresh
Issue Document with SEBI, in the event a decision is taken to proceed with the Issue subsequently.

• that our Company shall not have recourse to the Net Proceeds until the final approval for listing and trading
of the Equity Shares from all the Stock Exchanges where listing is sought has been received.

• It shall not issue any incentive, whether direct or indirect, in any manner, whether in cash or kind or services
or otherwise to the Bidder for making a Bid in the Issue, and shall not make any payment, direct or indirect,
in the nature of discounts, commission, allowance or otherwise to any person who makes a Bid in the Issue.

The decisions with respect to the Price Band, the minimum Bid lot, revision of Price Band, Issue Price, will be
taken by our Company in consultation with the BRLM, in accordance with applicable law.

537
Depository Arrangements

The Allotment of the Equity Shares in the Issue shall be only in a dematerialised form, (i.e. not in the form of
physical certificates but be fungible and be represented by the statement issued through electronic mode). In this
context, tripartite agreements had been signed among our Company, the respective Depositories and the Registrar
to the Issue:

• Tripartite Agreement dated January 13, 2011, among CDSL, our Company and the Registrar to the Issue

• Tripartite Agreement dated January 13, 2009, among NSDL, our Company and the Registrar to the Issue.

Impersonation

Attention of the applicants is specifically drawn to the provisions of sub-section (1) of Section 38 of the
Companies Act, which is reproduced below:

“Any person who—

a) makes or abets making of an application in a fictitious name to a company for acquiring, or subscribing for,
its securities; or

b) makes or abets making of multiple applications to a company in different names or in different combinations
of his name or surname for acquiring or subscribing for its securities; or

c) otherwise induces directly or indirectly a company to allot, or register any transfer of, securities to him, or
to any other person in a fictitious name

d) shall be liable for action under Section 447.”

The liability prescribed under Section 447 of the Companies Act, for fraud involving an amount of at least ₹ 0.1
crore or 1% of the turnover of the company, whichever is lower, includes imprisonment for a term which shall
not be less than six months extending up to 10 years and fine of an amount not less than the amount involved in
the fraud, extending up to three times such amount (provided that where the fraud involves public interest, such
term shall not be less than three years.) Further, where the fraud involves an amount less than ₹ 0.1 crore or one
per cent of the turnover of the company, whichever is lower, and does not involve public interest, any person
guilty of such fraud shall be punishable with imprisonment for a term which may extend to five years or with fine
which may extend to ₹0.5 crore or with both.

Utilisation of Issue Proceeds

The Company, specifically confirms and declares that all monies received out of the Issue shall be transferred to
a separate bank account other than the bank account referred to in sub-section 3 of Section 40 of the Companies
Act, 2013.

538
 RESTRICTIONS ON FOREIGN OWNERSHIP OF INDIAN SECURITIES

Foreign investment in Indian securities is regulated through the Industrial Policy, 1991 of the Government of India
and FEMA. While the Industrial Policy, 1991 prescribes the limits and the conditions subject to which foreign
investment can be made in different sectors of the Indian economy, FEMA regulates the precise manner in which
such investment may be made. Under the Industrial Policy, unless specifically restricted, foreign investment is
freely permitted in all sectors of the Indian economy up to any extent and without any prior approvals, but the
foreign investor is required to follow certain prescribed procedures for making such investment. The RBI and the
concerned ministries/departments are responsible for granting approval for foreign investment. The Government
has from time to time made policy pronouncements on foreign direct investment (“FDI”) through press notes and
press releases. The Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry,
Government of India (earlier known as the Department of Industrial Policy and Promotion) (“DPIIT”), issued the
FDI Policy Circular of 2020 (“FDI Policy”) by way of circular bearing number DPIIT file number 5(2)/2020-FDI
Policy, which, with effect from October 15, 2020 consolidated, subsumed and superseded all previous press notes,
press releases and clarifications on FDI issued by the DPIIT that were in force and effect prior to October 15,
2020. FDI in companies engaged in sectors/ activities which are not listed in the FDI Policy is permitted up to
100% of the paid up share capital of such company under the automatic route, subject to compliance with certain
prescribed conditions. The FDI Policy will be valid and remain in force until superseded in totality or in part
thereof.

The transfer of shares between an Indian resident and a non-resident does not require the prior approval of the
RBI, provided that (i) the activities of the investee company are under the automatic route under the FDI Policy
and transfer does not attract the provisions of the SEBI Takeover Regulations; (ii) the non-resident shareholding
is within the sectoral limits under the FDI Policy; and (iii) the pricing is in accordance with the guidelines
prescribed by the SEBI/RBI.

As per the existing policy of the Government of India, OCBs cannot participate in this Issue. For details, see
“Issue Procedure” on page 518.

Further, in accordance with Press Note No. 3 (2020 Series), dated April 17, 2020 issued by the DPIIT and the
Foreign Exchange Management (Non-debt Instruments) Amendment Rules, 2020 which came into effect from
April 22, 2020, any investment, subscription, purchase or sale of equity instruments by entities of a country which
shares land border with India or where the beneficial owner of an investment into India is situated in or is a citizen
of any such country, will require prior approval of the Government of India, as prescribed in the FDI Policy and
the FEMA Rules. Further, in the event of transfer of ownership of any existing or future foreign direct investment
in an entity in India, directly or indirectly, resulting in the beneficial ownership falling within the aforesaid
restriction/ purview, such subsequent change in the beneficial ownership will also require approval of the
Government of India. Each Bidder should seek independent legal advice about its ability to participate in the Issue.
In the event such prior approval of the Government of India is required, and such approval has been obtained, the
Bidder shall intimate our Company and the Registrar in writing about such approval along with a copy thereof
within the Issue Period.

Foreign Exchange Laws

The foreign investment in our Company is governed by, inter-alia, the FEMA, as amended, the FEMA Non-debt
Rules, the FDI Policy issued and amended by way of press notes.

Pursuant to the FDI Policy, FDI of up to 100% is permitted under the automatic route in our Company.

In terms of the FEMA Rules, for calculating the aggregate holding of FPIs in a company, holding of all registered
FPIs shall be included. The aggregate limit for FPI investments shall be the sectoral cap applicable to our
Company. In accordance with the FEMA Rules, the total holding by any individual NRI, on a repatriation basis,
shall not exceed 5% of the total paid-up equity capital on a fully diluted basis or shall not exceed 5% of the paid-

539
up value of each series of debentures or preference shares or share warrants issued by an Indian company and the
total holdings of all NRIs and OCIs put together shall not exceed 10% of the total paid-up equity capital on a fully
diluted basis or shall not exceed 10% of the paid-up value of each series of debentures or preference shares or
share warrant. Provided that the aggregate ceiling of 10% may be raised to 24% if a special resolution to that
effect is passed by the general body of the Indian company. For details of the aggregate limit of investments by
NRIs and FPIs in our Company, see “Issue Procedure – Bids by Eligible NRIs” and “Issue Procedure – Bids by
FPIs” on pages 524 and 524.

The Equity Shares have not been and will not be registered under the U.S. Securities Act and may not be
issue or sold within the United States except pursuant to an exemption from, or in a transaction not subject
to, the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws.
Accordingly, the Equity Shares are only being issue and sold outside the United States in offshore
transactions in reliance on Regulation S and the applicable laws of the jurisdiction where those issues and
sales occur.

The Equity Shares have not been and will not be registered, listed or otherwise qualified in any other
jurisdiction outside India and may not be issue or sold, and Bids may not be made by persons in any such
jurisdiction, except in compliance with the applicable laws of such jurisdiction.

The above information is given for the benefit of the Bidders. Our Company, our Promoters, our Director and the
BRLM are not liable for any amendments or modification or changes in applicable laws or regulations, which
may occur after the date of this Red Herring Prospectus. Bidders are advised to make their independent
investigations and ensure that the number of Equity Shares Bid for do not exceed the applicable limits under laws
or regulations.

540
 SECTION VIII – DESCRIPTION OF EQUITY SHARES AND TERMS OF THE ARTICLES OF
ASSOCIATION

Capitalised terms used in this section have the meaning that has been given to such terms in the Articles of
Association of our Company. No material clause of the Articles of Association having bearing on the Issue or the
disclosures required in this Red Herring Prospectus has been omitted. Pursuant to Schedule I of the Companies
Act, 2013 and the SEBI ICDR Regulations, the main provisions of the Articles of Association of our Company are
detailed below:

Definitions and Interpretation

1. Definitions

In these Articles, except as otherwise provided, capitalize term shall have the meaning assigned to them therein
below:

“The Act” – The Companies Act, 2013 or earlier Companies Acts (as may be in force) as the context may so
require and includes the rules made thereunder and any statutory modifications or re-enactment thereof for the
time being in force.

“Alter” or Alteration” Shall include the making of additions, omissions, deletions and substitutions.

“Annual General Meeting” – means a general meeting of the members held in accordance with the provisions
of the Section 96 of the Companies Act, 2013.

“Articles” means the Articles of the Association of the Company as originally framed or as altered from time to
time or applied in pursuance of any previous Company Law or of this Act.

“Auditors”- means and includes the persons appointed as such for the time being of the Company.

“Board” or “Board of Directors” – means a meeting of the directors or a committee thereof duly called and
constituted, or as the case may be, the directors assembled at a Board or the requisite number of directors entitled
to pass a Circular Resolution in accordance with these Articles, or acting by Circular Resolution under the
Articles.

“Capital” – means the capital for the time being raised for the purpose of the Company.

“Debenture” – includes debenture stocks, bonds or any other instrument of the Company evidencing a debt,
whether constituting a charge on the assets of the Company or not.

“Directors” – means the Directors for the time being of the Company or as the case may be, the Directors
assembled at a Board, or acting under a Circular Resolution under the Articles.

“Executor” or “Administrator” - means a person who has obtained Probate or Letter of Administration, as the
case may be, from a Competent Court.

“In writing” or “written” – means and includes words printed, lithographed, represented or reproduced in any
other modes in a visible form, including telex, telegram.

“General Meeting” - means a general meeting of the members whether Annual or Extra Ordinary General
Meeting duly called, held and convened as per these Articles of Association and in accordance with the
provisions of the Companies Act, 2013.

“Company” means Amanta Healthcare Limited

“Managing Director” means a Director who by virtue of an agreement with the Company or of a resolution
passed by the Company in general meeting or by its Board or by virtue of its Memorandum or these Articles is
appointed as managing director of the Company;

“Memorandum” means the Memorandum of Association of a Company as originally framed or as altered from

541
time to time in pursuance of any previous Company Law or of this Act.

“Paid-up share capital” –shall mean paid up share capital as defined under sub-section (64) of section 2 of the
Companies Act, 2013 (“and as may be amended from time to time”).

“Proxy” - means an instrument whereby any person is authorised to vote for a member at the general meeting
on poll.

“The Register of Members” - means the register of members to be kept pursuant to Section 88 of the Companies
Act, 2013.

“Shares” - means the shares or stocks into which the capital of the Company is divided and the interest
corresponding with such shares or stocks except where a distinction between stocks and shares is expressed or
implied.

“Year” - means the calendar year and “Financial Year” - shall have the meaning assigned thereto by Section
2(41) of the Companies Act, 2013.

“Promoter” - shall mean Promoter as defined under sub-section (69) of section 2 of the Companies Act, 2013
(“and as may be amended from time to time”).

“Office” means the Registered Office for the time being of the Company;

“Ordinary Resolution” a resolution shall be an Ordinary Resolution when at a general meeting of which the
notice required under the Act has been duly given as per these Articles and the Act, the votes cast (whether on
a show of hands, or on a poll, as the, case may be) in favour of the resolution by Shareholders who, being entitled
so to do, vote in Person, or where proxies are allowed, by proxy, exceed the votes, if any, cast against the
resolution, by Shareholders so entitled and voting;

“Register of Members” means the register of Shareholders to be kept pursuant to the Act;

“Registrar” – means the Registrar of Companies of the state in which the Registered office of the Company is
for time being situated;

“Seal” – means the common seal of the Company for the time being; “Secretary” – means any individual
possessing prescribed qualifications appointed to perform the duties which may be performed by a secretary
under the Act and any other ministerial or administrative duties;

“Section” – means Section of the Act for the time being in force;

“Special Resolution” – a resolution shall be Special Resolution when: (a) the intension to propose the resolution
as a Special Resolution has been duly specified under the notice calling general meeting or other intimation
given to the Shareholders of the resolution; (b) the notice required under this Act has been duly given; and (c)
the votes cast in favour of the resolution (whether on a show of hands, or on a poll as the case may be) by
Shareholders who, being entitled so to do vote in person, or where proxies are allowed, by proxy are not less
than three times the number of the votes, if any, cast against the resolution by Shareholders so entitled and
voting.
“Tribunal” – means National Company Law Tribunal constituted under Section 408 of the Companies Act, 2013.
“Beneficial Owner” – Shall mean beneficial owner as defined under Depositories Act, 1996.
“Depositories Act, 1996” – Shall include Statutory modifications or re-enactment thereof.
“Depository” – shall mean a Depository as defined under Depositories Act, 1996.
“SEBI” – means the Securities and Exchange Board of India.

1. Copies of Memorandum and Article to be furnished by the Company

The Company shall subject to the payment of fees prescribed under Section 17 of Companies Act, 2013 or its
Statutory modifications for the time being in force, on being so required by the member, send to him within
seven days of requirement, a copy of each of following documents as in force for the time being.
(i) The Memorandum
(ii) The Articles, and

542
(iii) Every agreement and every resolution referred to in sub-section (1) of Section 117of the Companies Act,
2013, if and so far as they have not been embodied in the Memorandum of the Company or these Articles.

2. SHARE CAPITAL AND VARIATION OF RIGHTS

*1. Authorised Share Capital

The Authorised Share Capital of the Company will be as that specified in Clause V of the Memorandum of
Association from time to time in accordance with the regulations of the Company and the legislative provision
for the time being in force in this behalf and power to divide the Share Capital and to attach thereto respectively,
any preferential, qualified or special rights, privileges or conditions, and to vary, modify and abrogate the same
in such manner as may be determined by or in accordance with these presents PROVIDED HOWEVER that
where any government has made an order under sub section (4) of Section 62 of the Companies Act, 2013
directing that any debenture issued by the Company or loan taken by the Company or any part thereof shall be
converted into Shares of the Company and no appeal has been preferred to Tribunal under sub section (4) ) of
Section 62 of the Companies Act, 2013 or where such appeal has been dismissed, the memorandum of the
Company shall, where such order has the effect of increasing the Authorised Share Capital, Stand altered and
the the Authorised Share Capital, Stand increased by an amount equal to amount of the value of the Shares into
which such debentures or loans or part thereof has been converted.

2. Issue of Employees stock Options and Shares

*Altered vide special resolution passed at Extra Ordinary General Meeting held on 21st March, 2022.

The Board, or a Committee of the Board authorized for this purpose by the Board, may, subject to the provisions
of law, issue, grant and allot to employees of the Company stock options, equity shares or other securities,
cashless options, stock appreciation rights, phantom options or any variant options, shares, rights or securities
under any scheme of Employees Stock Options and Shares or other Schemes. Without prejudice to the generality
of the foregoing and in particular:

i) Employees shall for this purpose include Directors of the Company, whether whole-time or not and such
other persons to whom such stock options, etc. can be issued under law but excluding such persons who cannot
be issued stock options under applicable law;

ii) The issue of securities may be under a cashless scheme of options;

iii) Loans may be granted, directly or indirectly, or guarantee/security be provided to any person so granting
such loan, to the proposed allottees of securities for acquiring the securities;

iv) The Company may set up a Trust for the purpose of administration of any of such Schemes and to which
such stock options, etc. maybe granted and in respect of which loans/guarantees/security maybe given.

The Company may also issue such stock options, etc. to any other person in any manner subject to applicable
law.

3. Preference Shares, Rights of Holders

The holders of Preference Shares shall be entitled to be paid out of the profits which the Directors shall determine
to distribute by way of dividend, a fixed cumulative preferential dividend at such rates as maybe fixed by the
Company (free of Company's tax but subject to deduction of tax at source at the prescribed rate), on the amount
credited as paid up thereon and to the right, on winding up, to be paid all arrears of preferential dividend, whether
earned or declared or not, down to the commencement of winding up, and also to be repaid the amount of capital
paid or credited as paid up on the Preference Shares held by them respectively in priority to any payment in
respect of Equity Shares, but shall not be entitled to any other rights in the profits or assets of the Company.
Subject as aforesaid and to the rights of the holders of any other shares entitled by the terms of issue to
preferential repayment over the Equity Shares, in the event of the winding up of the Company, the holders of
the Equity Shares shall be entitled to be repaid the amounts of capital paid up or credited as paid up on such
shares and all surplus assets thereafter shall belong to the holders of the Equity Shares in proportion to the
amount paid up or credited as paid up on such Equity Shares respectively at the commencement of the winding
up.

543
4. Redemption of Cumulative Preference Shares.

Subject to the provisions of Section 55 of the Companies Act, 2013 the following provisions shall apply in
regards to redemption of Cumulative Preference Shares:

(i) The Company may subject to the terms of issue at any time but in any event not later than twenty years
from the issue of shares apply any profits or monies of the Company which may be lawfully applied for the
purpose in the redemption of the preference shares at par together with a sum equal to arrears of dividend thereon
down to the date of redemption.

(ii) In the case of any partial redemption, the Company shall for the purpose of ascertaining the particular
shares to be redeemed, cause a drawing to be made at the office or at such other place as the Directors may
decide, in the presence of a representative of the Auditors for the time being of the Company.

(iii) Forthwith after every such drawing, the Company shall give to the holders of the shares drawn for
redemption notice in writing of the Company’s intention to redeem the same fixing a time (not less than three
months thereafter) and the place for the redemption and surrender of the shares to be redeemed.

(iv) At the time and place so fixed each holder shall be bound to surrender to the Company the Certificate for
his shares to be redeemed and the Company shall pay to him the amount payable in respect of such redemption
and where any such Certificate comprises any shares which have not been drawn for redemption, the Company
shall issue to the holder thereof a fresh Certificate thereof.

(v) Subject to the provisions of the Articles, the Company shall be entitled to create and issue further
Preference Shares ranking in all or any respects pari passu with the said Preference Shares, PROVIDED in the
event of its creating and/or issuing Preference Shares in future, ranking pari passu with the Preference Shares
proposed to be issued, the Company would do so only with the consent of the holders of not less than three-
fourths of the Preference Shares then outstanding.

(vi) The Redeemable Cumulative Preference Shares shall not confer on the holders thereof the right to vote
either in person or by proxy at any general meeting of the Company save to the extent and in the manner provided
by Section 47(2) of the Companies Act, 2013.

(vii) The rights, privileges and conditions for the time being attached to the Redeemable Cumulative
Preference Shares may be varied, modified or abrogated in accordance with the provisions of these Articles and
of the Act.

(viii) Subject to the applicable provisions of the Companies Act, 2013, the Company shall have the power to
issue, offer and allot Equity Warrants on such terms and conditions as may be deemed fit by the Board of
Directors.

3. INCREASE, REDUCTION AND ALTERATION OF CAPITAL

1. Increase of capital by the Company and how carried into effect

The Company in general meeting may, by ordinary resolution from time to time, increase the authorised capital
by creation of new shares of such aggregate amount and to be divided into shares of such respective amounts as
the resolution shall prescribe. The new shares shall be issued upon such terms and conditions and with such
rights and privileges annexed thereto, as the resolution shall prescribe, and in particular, such shares may be
issued with a preferential or qualified right to dividends and in the distribution of assets of the Company and
with a right of voting at general meeting of the Company in conformity with Sections 47 and 55 of the Companies
Act, 2013.

2. Whenever the capital of the Company has been increased under the provisions of this Article the
Company shall file with the Registrar notice of the increase of capital as required by Section 64 of the Companies
Act, 2013 within thirty days of the passing of the resolution authorising the increase, or of the receipt of the
order of the Government or consequent upon an order made by the Government under Section 62 of the
Companies Act, 2013.

4. Capital of two kinds only

544
Neither the original capital nor any increased capital shall be of more than two kinds, namely (i) Equity Share
Capital and (ii) Preference Share Capital, as defined in Section 43 of the Companies Act, 2013.

5. New Capital same as existing capital

Except in so far as otherwise provided by the conditions of issue or by these Articles any capital raised by
creation of new shares, shall be considered as part of the existing capital and shall be subject to the provisions
herein contained with reference to the payment of calls and installments, forfeiture, lien, surrender, transfer and
transmission, voting and otherwise.

6. Redeemable Preference Shares

Subject to the provisions of Section 55 of the Companies Act, 2013, the Company shall have the power to issue
Preference Shares which are or at the option of the Company are to be liable to the redeemed and the resolution
authorising such issue shall prescribe the manner, terms and conditions of redemption.

7. Provisions to apply on Issue of Redeemable Preference Shares

On the issue of Redeemable Preference Shares under the provisions of Article 7 hereof and subject to the
provisions of the Act, the following provisions shall take effect:

1. No such shares shall be redeemed except out of profits of the Company which would otherwise be
available for dividend or out of the proceeds of a fresh issue of shares made for the purposes of the redemption.
2. No such shares shall be redeemed unless they are fully paid.
3. The premium, if any, payable on redemption shall have been provided for out of the profits of the
Company or out of the Company's Securities Premium Account, before the shares are redeemed.
4. Where such shares are proposed to be redeemed out of the profits of the Company, there shall out of such
profits, be transferred to a reserve to be called 'The Capital Redemption Reserve Account', a sum equal to the
nominal amount of the shares to be redeemed and the provisions of the Companies Act, 2013 relating to the
reduction of the Share Capital of the Company shall, except as provided in Section 55 of the Companies Act,
2013, apply as if the Capital Redemption Reserve Account were paid-up share capital of the Company.
5. Subject to the provisions of Section 55 of the Companies Act, 2013, the redemption of Preference Shares
hereunder may be affected in accordance with the terms and conditions of their issue and in the absence of any
specific terms and conditions in that behalf, in such manner as the Directors may think fit.

8. Reduction of Capital

1. The Company may from time to time by special resolution, subject to confirmation by the Court or the
Tribunal (as may be applicable) and subject to the provisions of Sections 52, 55 and 66 of the Companies
Act,2013 and other applicable provisions, if any, reduce its share capital in any manner and in particular may –

(i) extinguish or reduce the liability on any of its shares in respect of the share capital not paid-up; or

(ii) either with or without extinguishing or reducing the liability on any of its shares, -

a) cancel any paid up share capital which is lost or is unrepresented by available assets; pay off any paid up
share capital which is in excess of the wants of the Company.

b) pay off any paid up share capital which is in excess of the wants of the Company.

2. Buy Back of Shares

Notwithstanding anything contained in these Articles, the Company may purchase its own shares or other
securities, and the Board of Directors may, when and if thought fit, buy back such of the Company’s own shares
or securities as it may think necessary, subject to such limits, upon such terms and conditions and subject to such
approvals, as may be permitted by law.

(a) Increase of Share Capital

545
The Company may, from time to time, by ordinary resolution increase the authorized share capital by such sum,
to be divided into shares of such amount, as may be specified in the resolution

(b) Consolidation, division, subdivision and cancellation of shares

Subject to the provisions of Section 61 of the Companies Act, 2013, the Company in general meeting may from
time to time by an ordinary resolution alter its Memorandum to:

(i) Consolidate and divide all or any of its capital into shares of larger amount than its existing shares;

(ii) Sub-divide its shares, or any of them into shares of smaller amount than is fixed by the Memorandum, so
however, that in the sub division the proportion between the amount paid and the amount, if any, unpaid on each
reduced share shall be the same as it was in the case of the share from which the reduced share is derived;

(iii) Cancel any shares which, at the date of the passing of the resolution have not been taken or agreed to be
taken by any person and diminish the amount of its share capital by the amount of the shares so cancelled. A
cancellation of shares in pursuance of this sub-clause shall not be deemed to be reduction of share capital within
the meaning of the Act. Whenever the Company does any one or more of the things provided for in the foregoing
sub-clauses (i),(ii) and (iii), the Company shall, within thirty days thereafter give notice thereof to the Registrar
as required by Section 64 of the Companies Act, 2013 specifying, as the case may be, the shares consolidated,
divided, sub-divided or cancelled.

(iv) Notice to Registrar of Consolidation of share capital, Conversion of Shares into stocks etc.

If the Company has:

(a) consolidated and divided its share capital into Shares of larger amount than its existing Shares;

(b) converted any Shares into stock;

(c) reconverted any stock into Shares;

(d) sub-divided its Sharer or any of them;

(e) redeemed any redeemable preference Shares; or

(f) cancelled any Shares otherwise than in connection with a reduction of share capital under Sections55,56
And 66 of the Act
the Company shall within one month after doing so, give notice thereof to the Registrar specifying as the case
may be, the Shares consolidated, divided, converted, sub-divided, redeemed or cancelled or the stocks
reconverted.

The Company shall thereupon request the Registrar to record the notice and make any alterations which may be
necessary in the Memorandum or Articles or both.

(i) Further Issue of capital

Where at any time, it is proposed to increase the subscribed capital of the Company by issue of further shares,
such further shares shall be offered;

(i) to the persons who, at the date of the offer, are holders of the Equity Shares of the Company in proportion,
as nearly as circumstances admit, to the paid-up share capital on those shares by sending a letter of offer subject
to the following conditions namely:

(a) Such offer shall be made by a notice specifying the number of shares offered and limiting a time not
being less than fifteen days and not exceeding thirty days from the date of the offer within which the offer, if
not accepted, shall be deemed to have been declined. Such notice shall be dispatched through registered post or
speed post or through electronic mode or courier or any other mode having proof of delivery to all the existing
shareholders at least three days before the opening of the issue;

546
(b) The offer aforesaid shall be deemed to include a right exercisable by the person concerned to renounce
the shares offered to him or any of them in favour of any other person and the notice referred to in sub-clause(i)
hereof shall contain a statement of this right, PROVIDED THAT the Directors may decline, without assigning
any reason, to allot any shares to any person in whose favour any member may renounce the shares offered to
him;

(c) After the expiry of the time specified in the aforesaid notice, or on receipt of earlier intimation from the
person to whom such notice is given that he declines to accept the shares offered, the Board of Directors may
dispose of them in such manner which is not disadvantageous to the shareholders and the Company.

(ii) to the employees under a scheme of employees’ stock option, subject to special resolution passed by
Company and subject to such conditions as may be prescribed

(iii) Notwithstanding anything contained in sub-clause (1) hereof, the further shares aforesaid may be offered
to any persons, if a special resolution to that effect is passed by the Company in general meeting, whether or not
those persons include the persons referred to in sub-clause (1)(i) or (ii) hereof, either for cash or for a
consideration other than cash in accordance with the provisions of Section 62 of the Companies Act, 2013 (and
the rules made thereunder) and in accordance with applicable rules and regulations prescribed by SEBI in this
regard from time to time.

(iv) Nothing in this Article shall apply to the increase of the subscribed capital of the Company caused by the
exercise of an option as a term attached to the debentures issued or the terms of any loans raised by the Company
to convert such debentures or loans into shares in the Company. PROVIDED that the terms of issue of such
debentures or terms of such loan containing such an option have been approved before the issue of such
debentures or the raising of such loan by a special resolution passed by the Company in a general meeting.

(v) Notwithstanding anything contained in sub-clause (3) above, where any debentures have been issued or
loan has been obtained from any Government by the Company, and if that Government considers it necessary
in the public interest so to do, it may, by order, direct that such debentures or loans or any part thereof shall be
converted into shares in the Company on such terms and conditions as appear to the Government to be reasonable
in the circumstances of the case even if terms of the issue of such debentures or the raising of such loans do not
include a term for providing for an option for such conversion.
Provided that where the terms and conditions of such conversion are not acceptable to the Company, it may,
within sixty days from the date of communication of such order, appeal to the Tribunal which shall after hearing
the Company and the Government pass such order as it deems fit.

(vi) In determining the terms and conditions of conversion under sub-clause (iv), the Government shall have
due regard to the financial position of the Company, the terms of issue of debentures or loans, as the case may
be, the rate of interest payable on such debentures or loans and such other matters as it may consider necessary.

(vii) Where the Government has, by an order made under sub-clause (iv), directed that any debenture or loan
or any part thereof shall be converted into shares in the Company and where no appeal has been preferred to the
Tribunal under sub-clause (iv) or where such appeal has been dismissed, the Memorandum of the Company
shall, where such order has the effect of increasing the authorised share capital of the Company, be altered and
the authorised share capital of the Company shall stand increased by an amount equal to the amount of the value
of shares which such debentures or loans or part thereof has been converted into.

(viii) Subject to the provisions of these Articles and of the Act, the shares shall be under the control of the
Directors who may issue, allot or otherwise dispose of the same or any of them to such persons, in such
proportion and on such terms and conditions and either at a premium or at par and at such time as they may from
time to time think fit subject to the sanction of the Company in a general meeting to give any person the option
to call for or be allotted shares of any class of the Company either at a premium or at par or at a discount subject
to the provisions of Sections 52, 53,54 and 58 of the Companies Act, 2013 and for such time and for such
consideration as the Directors think fit.
(ix) Where the Company issues shares at a premium, whether for cash or otherwise, a sum equal to the
aggregate amount of the premium received on those shares shall be transferred to an account, to be called “THE
SECURITIES

PREMIUM ACCOUNT” and the provisions of the Companies Act, 2013 relating to reduction of share capital

547
of the Company shall, except as provided in this Article, apply as if the securities premium account were the
paid-up share capital of the Company.

(x) Notwithstanding anything contained in clause (1) above but subject to the provisions of Section 52 of the
Companies Act, 2013, the securities premium account may be applied by the Company-

(i) towards the issue of unissued shares of the Company to the members of the Company as fully paid bonus;

(ii) in writing off the preliminary expenses of the Company;

(iii) in writing off the expenses of, or the commission paid or discount allowed on, any issue of shares or
debentures of the Company;

(iv) in providing for the premium payable on the redemption of any redeemable preference shares or of any
debentures of the Company; or

(v) for the purchase of its own shares or other securities under Section 68 of the Companies Act, 2013.

(xi) In addition to and without derogating from the powers for that purpose conferred on the Board under
Articles 15 and 16, the Company in a General Meeting may, subject to the provisions of Section 62 of the
Companies Act, 2013 and 108A of the Companies Act, 1956, determine that any shares (whether forming part
of the original capital or of any increased capital of the Company) be offered to such persons (whether members
or not) in such proportion and on such terms and conditions and either at a premium or at par or at a discount
(subject to compliance with the provisions of Sections 52, 53 and 54 of the Companies Act, 2013) as such
General Meeting shall determine and with full power to give any person whether a member or not the option to
call for or be allotted shares of any class of the Company either at a premium or at par or at a discount (subject
to compliance with the provisions of Sections 52, 53 and 54 of the Companies Act, 2013) such option being
exercisable at such time and for such consideration as may be directed by such General Meeting may make any
other provisions whatsoever for the issue, allotment or disposal of any such shares.

(xii) Except as provided in Section 54 of the Companies Act, 2013, the Company shall not issue shares at a
discount. Any share issued by the Company at a discount shall be void.

(xiii) If by the conditions of any allotment of any share, the whole or any part of the amount or issue price
thereof shall be payable by installments, every such installment shall, when due, be paid to the Company by the
person who for the time being and from time to time shall be the registered holder of the shares or his legal
representatives.

(c) Directors may allot shares as fully paid up

Subject to the provisions of the Companies Act, 2013 and these Articles, the Board may allot and issue shares
in the capital of the Company as payment of any property sold or transferred or for service rendered to the
Company in the conduct of its business and any shares which may be so issued shall be deemed to be fully paid
up shares.

(d) Same as original capital

Except so far as otherwise provided by the conditions of issue or by these presents, any capital raised by the
creation of new shares shall be considered as part of the original capital and shall be subject to the provisions
herein contained with reference to the payment of calls, installments, transfers, transmission, forfeiture, lien,
surrender, voting and otherwise.

(e) Acceptance of shares

Any application signed by or on behalf of an applicant for shares in the Company, followed by an allotment of
any share therein, shall be an acceptance of shares within the meaning of these Articles; and every person who
thus or otherwise accepts any shares and whose name is on the Register shall, for the purpose of these Articles,
be a member.

(f) The money (if any) which the Board of Directors shall, on the allotment of any shares being made by
them, require or direct to be paid by way of deposit, call or otherwise, in respect of any shares allotted by them,
shall immediately on the inscription of the name of the allottee in the register of members as the name of the
holder of such shares, become a debt due to and recoverable by the Company from the allottee thereof, and shall

548
be paid by him accordingly.

(g) Every member, or his heirs, executors or administrators to the extent of his assets which come to their
hands shall be liable to pay to the Company the portion of the capital represented by his share or shares which
may, for the time being remain unpaid thereon in such amounts, at such time or times and in such manner as the
Board of Directors shall from time to time require or fix for the payment thereof.

9. Modifications of rights

Whenever the share capital of the Company, by reason of the issue of Preference Shares or otherwise, is divided
into different classes of shares, all or any of the rights and privileges attached to each class may, subject to the
provisions of Section 48 of the Companies Act, 2013, be varied with the consent in writing of the holders of not
less than three-fourths of the issued shares of that class or by means of a special resolution passed at a separate
general meeting of the holders of shares of that class, and all the provisions hereafter contained as to general
meetings shall, mutatis mutandis, apply to every such meeting. This Article is not to derogate from any power
the Company would have if this Article was omitted. Provided that if variation by one class of shareholders of
the Company affects the rights of any other class of Shareholders of the Company, the consent of three-fourths
of such other class of shareholders shall also be obtained and the provisions of this Article shall apply to such
variation. The rights conferred upon the holders. of the shares (in cluding Preference Shares, if any) of any class
issued with preferred or other rights or privileges shall unless otherwise expressly provided by the terms of the
issue of shares of that class be deemed not to be modified, commuted, affected, abrogated, dealt with or varied
by the creation or issue of further shares ranking pari passu therewith.

SHARES, DEBENTURES, OTHER SECURITIESAND CERTIFICATES

10. Register of Members and Debenture Holders

The Company shall cause to be kept and maintain a Register of Members, register of debenture-holders, and a
register of any other security holders in accordance with all applicable provisions of the Companies Act, 2013
and the Depositories Act, 1996 with details of shares, debentures, or other securities held in material and
dematerialized forms in any medium as may be permitted by law including in any form of electronic media. The
Company is authorised to, if so required by the Company, maintain a part of its register of members, register of
debenture holders and / or register of any other security holders outside India (such part of the relevant register
shall be called the “Foreign Register”) and such Foreign Register shall contain the names and particulars of the
members, debenture holders, other security holders or beneficial owners (as the case may be) residing outside
India.

11. Dematerialization of Existing shares and allotment of new shares.

1. Demterialization.

Notwithstanding anything to the contrary contained in these Articles, the Company shall be entitled to
dematerialise and rematerialise its existing shares, debentures and other securities and/or to offer its fresh shares,
debentures and other securities in a dematerialized form pursuant to the Depositories Act, 1996 and the rules
framed there under, if any.

2. Issue of securities in dematerialised form only

Every person subscribing to securities offered by the Company shall hold the securities with a Depository. The
Company shall intimate such depository the details of allotment of the security, and on receipt of the information,
the

depository shall enter in the records the name of the allottee as the beneficial owner of the security. Such a
person who is a beneficial owner of the securities can at any time opt out of a depository, if permitted by the
law, in respect of any security in the manner provided by the Depositories Act, 1996, and the Company shall, in
the manner and within the time prescribed issue to the beneficial owner the required Certificates of Securities.

3. Securities with Depositories to be in fungible form.

All securities held by a depository shall be dematerialized and be in fungible form. Nothing contained in sections
89 and 90 and such other applicable provisions of the Companies Act, 2013 shall apply to a depository in respect

549
of the securities held by it on behalf of the beneficial owners.

4. Rights of Depositories and Beneficial Owners

(i) Notwithstanding anything to the contrary contained in the Companies Act, 2013 or these Articles, a
Depository shall be deemed to be the registered owner for the purpose of effecting transfer of ownership of
securities on behalf of the beneficial owner.

(ii) Save and otherwise provided in (i) above, the Depository as the registered owner of the securities shall
not have any voting rights or any other rights in respect of the securities held by it.

(iii) Every person holding securities of the Company and whose name is entered as the beneficial owner in
the records of the Depository shall be deemed to be a member of the Company. The beneficial owner of securities
shall be entitled to all rights and benefits and be subject to all liabilities in respect of the securities held by a
Depository on behalf of the beneficial owner.

5. Service of Documents

Notwithstanding anything contained in the Companies Act, 2013 or these Articles to the contrary, where
securities are held with a Depository the records of the beneficial ownership may be served by such Depository
on the Company by means of registered post or by speed post or by courier service or by leaving it at its
Registered Office or by means of such electronic or other mode as may be prescribed.

6. Transfer of Securities

Nothing contained in Section 56 of the Companies Act, 2013, or these Articles shall apply to transfer of securities
issued by the Company, affected by a transferor and transferee both of whom are entered as beneficial owners
in the records of a Depository.

7. Allotment of Securities dealt with in a Depository

Notwithstanding anything contained in these Articles, where securities issued by the Company are dealt with by
a Depository, the Company shall intimate the details thereof to the Depository immediately on allotment of such
securities.

8. Distinctive numbers of Securities held with a Depository

Nothing contained in Section 45 of the Companies Act, 2013 or these Articles regarding the necessity of having
distinctive numbers for securities issued by the Company, shall apply to securities held with a Depository.

Subject to the provisions of the Act (and the rules made thereunder) and Article 7 (b), every member or allottee
of shares shall be entitled, without payment, to receive one Certificate for all the shares of the same class
registered in his name. Every Share Certificate shall specify the number and the distinctive number(s) of the
shares in respect of

which it was issued and the amount paid up thereon. Such certificate shall be issued only in pursuance of a
Resolution passed by the Board and on surrender to the Company of its letter of allotment or its fractional
coupons of requisite value, save in case of issues against letters of acceptance or of renunciation or in case of
issue of bonus shares. PROVIDED THAT if the letter of allotment is lost or destroyed the Board may impose
such reasonable terms, if any, as it thinks fit, as to evidence and indemnity and the payment of out-of-pocket
expenses incurred by the Company in investigating the evidence. The certificate of title to shares shall be issued
and signed in conformity with the provisions of the Companies (Share Capital and Debenture) Rules, 2014 or
any statutory modification or re- enactment thereof for the time being in force. Printing of blank forms to be
used for issue of Share Certificates and maintenance of books and documents relating to issue of Share
Certificates shall be in accordance with the provisions of aforesaid rules. Such certificates of title to shares shall
be completed and kept ready for delivery within such time frame as may be prescribed in this regard after the
allotment. Any two or more joint allottees or holders of shares shall, for the purpose of this Article, be treated
as a single member and the certificate of any share, which may be the subject to joint ownership, may be
delivered to any one of such joint owners on behalf of all of them.

550
9. Notwithstanding anything contained in Article 7 (h), the Board of Directors may refuse applications for
sub division of Share Certificate into denominations of less than the marketable lot for the time being in force,
except when such sub-division is required to be made to comply with a statutory order or an order of a competent
court of law or to remedy a genuine mistake of fact or law. PROVIDED THAT the Directors may, at their
discretion, in case of genuine needs, allow sub-division of share certificates in denomination of less than the
marketable lots, and may, if necessary, require production of suitable documentary evidence therefore.

10. If any share stands in the names of two or more persons the first named in the Register shall, as regards
receipts of dividends or bonus or service of notice or any other matter connected with the Company, except
voting at meetings and the transfer of the shares, be deemed the sole holder thereof but the joint holders of a
share shall severally as well as jointly be liable for the payment of all installments and calls due in respect of
such share, and for all incidents thereof according to the provisions of the Act.

11. Except as ordered by a court / Tribunal of competent jurisdiction or as by law required, the Company
shall be entitled to treat the person whose name appears on the Register of Members as the holder of any share
or whose name appears as the beneficial owner of shares in the records of the Depository, as the beneficial owner
thereof and accordingly shall not be bound to recognise any benami trust, or equity or equitable, contingent or
other claim to or interest in such share on the part of any other person whether or not it shall have express or
implied notice thereof. The Board shall be entitled at their sole discretion to register any shares in the joint names
of any two or more persons or the survivor or survivors of them.

-
12. Option to receive share certificate or hold shares with depository.

(a) Every person subscribing to securities offered by the Company shall have the option to receive security
certificates or to hold the securities with a Depository. Such a person who is a beneficial owner of the securities
can at any time opt out of a depository, if permitted by the law, in respect of any security in the manner provided
by the Depositories Act, 1996, and the Company shall, in the manner and within the time prescribed issue to the
beneficial owner the required Certificates of Securities. If a person opts to hold his security with a depository,
the Company shall intimate such depository the details of allotment of the security, and on receipt of the
information, the depository shall enter in the records the name of the allottee as the beneficial owner of the
security.

(b) All securities held by a depository shall be dematerialized and be in fungible form. Nothing contained in
sections 89 and 112 and such other applicable provisions of the Companies Act, 2013 shall apply to a depository
in respect of the securities held by it on behalf of the beneficial owners.

(i) Notwithstanding anything to the contrary contained in the Companies Act, 2013or these Articles, a
Depository shall be deemed to be the registered owner for the purpose of effecting transfer of ownership of
securities on behalf of the beneficial owner.

(ii) Save and otherwise provided in (i) above, the Depository as the registered owner of the securities shall
not have any voting rights or any other rights in respect of the securities held by it.

(iii) Every person holding securities of the Company and whose name is entered as the beneficial owner in
the records of the Depository shall be deemed to be a member of the Company. The beneficial owner of securities
shall be entitled to all rights and benefits and be subject to all liabilities in respect of the securities held by a
Depository on behalf of the beneficial owner.

(c) Notwithstanding anything contained in Section 56 of the Companies Act, 2013 or these Articles, where
securities issued by the Company are dealt with by a Depository, the Company shall intimate the details thereof
to the Depository immediately on allotment of such securities.

(d) Nothing contained in Section 56 of the Companies Act, 2013 or these Articles regarding the necessity of
having distinctive numbers for securities issued by the Company, shall apply to securities held with a Depository.

13. Shares to be Numbered Progressively and Number Shares to be Subdivided

551
The shares in the Capital shall be numbered progressively according to the several denominations and except in
the manner hereinbefore mentioned no share shall be subdivided. Every forfeited or surrendered share shall
continue to bear the number by which the same was originally distinguished.

14. Application of Premium Received on Issue of Shares

(a) Where the Company issues Shares at a premium, whether for cash or otherwise, a sum equal to the
aggregate amount or value of the premium on those Shares shall be transferred to an account to be called ‘the
share premium account’ and the provisions of the Act relating to the reduction of the share capital of the
Company shall except as provided in these Articles, apply as if the share premium account was the paid-up share
capital of the Company. The share premium account may, notwithstanding, anything in clause (a) above, be
applied
by the Company.
(i) In paying up unissued shares of the Company to be issued to members of the Company as fully paid
bonus shares;
(ii) In writing off the preliminary expenses of the Company;
(iii) In writing off the expenses of, or the commission paid or discount allowed on, any issue of shares or
debentures of the Company; or
(iv) In providing for the premium payable on the redemption of any redeemable preference shares ofany
debenture of the Company.

15. Sale of fractional shares

If and whenever, as the result of issue of new or further shares or any consolidation of sub-division of shares
,any shares are held by member in fractions, the Directors shall, subject to the provisions of the Act and these
Articles and to the directions of the Company in general meeting, if any, sell those shares, which members hold
infractions, for the best price reasonably obtainable and shall pay and distribute to an amongst the members
entitled to such shares in due proportion, the net proceeds of the sale thereof. For the purpose on giving effect
to any such sale the Directors may authorise any person to transfer the shares sold to the purchaser thereof,
comprised in any such transfer and he shall not be bound to see

to the application of the purchase money nor shall his title to the shares be affected by any irregularity or
invalidity in the proceedings in reference to the sale.

16. Acceptance of Shares

An application signed by or on behalf of an applicant for Shares in the Company, followed by allotment of any
Shares thereof shall be an acceptance of Shares within the meaning of these Articles and every Person who thus
or otherwise accepts any Shares and whose name is on the Register of Members shall for the purpose of these
Articles be a Member. The Director shall comply with provisions of Sections 69, 70, 71, 72, and 73 of the Act
and these Articles in so far as they are applicable.

17. Deposits and calls etc. to be a debt payable immediately

Subject to Part B of these Articles, the money (if any) which the Board shall, on the allotment of any Shares
being made by it, require or direct to be paid by way of deposit, call or otherwise in respect of any Shares allotted
by it immediately, on the insertion of the name of the allottee in the Register of Members as the name of the
holder of such Shares, become a debt, due to and recoverable by the Company form the allottee thereof, and
shall be paid by him/her/it accordingly.

18. Trusts not recognized

Save as herein provided, the Company shall be entitled to treat the person whose name appears on the Register
of Members as the holder of any share as the absolute owner thereof, and accordingly shall not (except as ordered
by a court of competent jurisdiction or as by law required) be bound to recognize any benami, trust of equity or
equitable, contingent, future, or partial or other claim or claims or right to or interest in such share on the part of
any other person whether or not it shall have express implied notice thereof and the provisions of Section 153
of the Act shall apply.

552
19. Issue of Certificates of Shares to be governed by Section 84 of the Act etc.

The issue of certificates of Shares or of duplicate or renewal of certificates of Shares shall be governed by the
provisions of Section 84 and other provisions of the Act, as may be applicable and by the rules or notifications
or orders, if any, which may be prescribed or made by competent authority under the Act or rules or any other
Applicable Law. The Directors may also comply with the provisions of such rules or regulations of any stock
exchange where the Shares of the Company may be listed for the time being.

20. Certificate of Shares

1) The certificate of title to Shares shall be issued under the Seal of the Company and shall be signed by
such Directors or officers or other authorised Persons as may be prescribed by the Act or the rules made
thereunder from time to time and shall be signed in such manner and by such Persons as the Directors may
determine from time to time.

2) The Company shall comply with all rules and regulations and other directions which may be made by
any competent authority under Section 84 of the Act.

21. Limitation of Time for Issue of Certificate

1) Every Shareholder shall be entitled, without payment, to one certificate for all the Shares of each class or
denomination registered in his/her/its name, or if the Directors so approve (upon paying such fee as the Directors
may from time to time determine) to several certificates, each for one or more of such Shares and the Company
shall complete and have ready for delivery such certificates within the time provided by Section 113 of the Act
unless the conditions of issue thereof otherwise provide. Every certificate of Shares shall be under the Seal of
the Company and shall specify the number and distinctive numbers of the Shares in respect of which it is issued
and the amount paid

up thereon and shall be in such form as the Director shall prescribe or approve provided that in respect of a Share
or Shares held jointly by several Persons, the Company shall not be bound to issue more than one certificate and
delivery of a certificate of Shares to one of several joint holders shall be sufficient delivery to all such holders.

2) The Company shall not entertain any application for split of share/debenture certificate for less than
10(Ten) Equity shares / 10 (Ten) debentures (all relating to the same series) in market lots as the case may be

Provided however this restriction shall not apply to an application made by the existing Shareholder or debenture
holder for split of Share/debenture certificates with a view to make an odd lot holding into a marketable lot
subject to verification by the Company.

22. Issue of new certificate in place of one defaced lost or destroyed

1. If any certificate be worn out, defaced, mutilated or torn or if there be no further space on the back thereof
for endorsement of Transfer, then upon production and surrender thereof to the Company, a new certificate may
be issued in lieu thereof, and if any certificate be lost or destroyed then upon proof thereof to the satisfaction of
the Company and on execution of such indemnity as the Company deem adequate, being given, a new certificate
in lieu thereof shall be given to the party entitled to such lost or destroyed certificate. Every certificates under
this Article shall be issued without payment of fees if the Directors so decide, or on payment of such fees (not
exceeding INR 1/- for each certificate) as the Directors shall prescribe.

Provided that notwithstanding what is stated above the Directors shall comply with such rules or regulation or
requirements of any stock exchange or the rules made under the Act or the rules made under Securities Contracts
(Regulation) Act, 1956 or any other act, or rules applicable in this behalf.

2. The provisions of the Articles under this heading shall mutatis mutandis apply to debenturesof the
Company.
CALLS

23. Directors may make calls

553
Subject to the provisions of Section 49 of the Companies Act, 2013, the Board of Directors may, from time to
time, by a Resolution passed at a meeting (and not by a Circular Resolution), make such calls as it thinks fit
upon the members in respect of all monies unpaid on the shares held by them (whether on account of the nominal
value of the shares or by way of premium), and not by conditions of allotment thereof made payable at fixed
time. Each member shall pay the amount of every call so made on him to the person or persons and at the time
and place appointed by the Board of Directors. A call may be made payable by installments. A call may be
postponed or revoked as the Board may determine.

24. Calls to date from resolution

A call shall be deemed to have been made at the time when the resolution authorising such call was passed at a
meeting of the Board of Directors and may be made payable by the members whose names appear on the Register
of Members on such date or at the discretion of the Directors on such subsequent date as shall be fixed by the
Board of Directors.

25. Notice of call

At least fourteen days’ notice in writing of any call shall be given by the Company specifying the time or times
and place of payment, and the person or persons to whom such call shall be paid.

26. Directors may extend time

The Board of Directors may, from time to time at its discretion, extend the time fixed for the payment of any
call, and may extend such times as to all or any of the members who on account of residence at a distance or
other cause, the Board of Directors may deem fairly entitled to such extension; but no member shall be entitled
to such extension as of right except as a matter of grace and favour.

27. Sums deemed to be calls

Any sum, which by the terms of issue of a Share / debenture becomes payable on allotment or at any fixed date
whether on account of the nominal value of the Share / debenture or by way of premium, shall for the purposes
of these Articles be deemed to be a call duly made and payable on the date on which by the terms of issue the
same becomes payable, and in case of non-payment, all the relevant provisions of these Articles as to payment
of interest and expenses, forfeiture or otherwise, shall apply as if such sum had become payable by virtue of a
call duly made and notified.

28. Installments on Shares to be duly paid

If by the condition of allotment of any Shares the whole or part of the amount of issue price thereof shall be
payable by installments, every such installment shall, when due, be paid to the Company by the Person who, for
the time being and from time to time, shall be the registered holder of the Share or his/her/its legal representative.
.
29. Calls on Shares of the same class to be made on uniform basis

Where any calls for further share capital are made on Shares of the same class, such calls shall bemade on a
uniform basis on all Shares falling under such class.

30. Liability of Joint holders of Shares

The joint holders of a Share shall be severally as well as jointly liable for the payment of all installments and
calls due in respect of such Shares.

31. When Interest on Call or Installment Payable

If the sum payable in respect of any call or installment be not paid on or before the day appointed for the payment
thereof the holder for the time being or allottee of the share in respect of which the call shall have been made or
the installment shall be due, shall pay interest on the same at such rates as may be fixed by the Board of Directors

554
from the day appointed for the payment thereof to the time of actual payment but the Directors may, in their
absolute discretion, waive payment of such interest wholly or in part.

32. Partial Payment not to preclude Forfeiture

Neither a judgment nor a decree in favour of the Company for the calls or other monies due in respect of any
shares nor the receipt by the Company of a portion of any money which shall, from time to time, be due from
any member to the Company in respect of his share, either by way of principal or interest, nor any indulgence
granted by the Company in respect of the payment of any such money, shall preclude the Company from
thereafter proceeding to enforce a forfeiture of such shares as hereinafter provided.

33. Proof on trial of suits for money due on Shares

On the trial or hearing of any action or suit brought by the Company against any member or his legal
representatives for the recovery of any monies claimed to be due to the Company for any call in respect of his
shares, it shall be sufficient to prove that the name of the member in respect of whose shares the money is sought
to be recovered is entered in the Register of Members as the holder or as one of the holders of the shares at or
subsequent to the date at which the money sought to be

recovered is alleged to have become due, on the shares in respect of which such money is sought to be recovered
that the resolution making the call is duly recorded in the minute book and that notice of such call was duly
given to the member or his legal representatives sued in pursuance of these Articles and it shall not be necessary
to prove the appointment of Directors who made such call, nor that a quorum of Directors was present at the
Board at which any call was made nor that the meeting at which any call was made was duly convened or
constituted nor any other matter whatsoever and the proof of the matters aforesaid shall be conclusive evidence
of the debt.

34. Payment in anticipation of calls may carry interest

The Board of Directors may, if it thinks fit, agree to and receive from any member willing to advance the same,
all or any part of the amount due upon the shares held by him beyond the sums actually called for and upon the
monies so paid in advance or so much thereof from time to time as exceeds the amount of the calls then made
upon shares in respect of which such advances are made, the Board of Directors may pay or allow interest, at
such rate not exceeding, unless the Company in general meeting shall otherwise direct, nine per cent per annum
as the member paying the sum in advance and the Board of Directors agree upon. The Board of Directors may
agree to repay at any time any amount so advanced or may at any time repay the same upon giving to such
members three months’ notice in writing. The member paying any such sum in advance shall not be entitled to
dividend or to participate in the profits of the Company or to voting rights in respect of the monies so paid by
him until the same would, but for such payment, become presently payable. Provided however and
notwithstanding the aforesaid and subject to applicable law, the Company may pay dividends in proportion to
the amount paid up on each share.

LIEN

35. Company’s Lien on Shares/Debentures

The Company shall have a first and paramount lien upon all shares (other than fully paid up shares) registered
in the name of each member (whether solely or jointly with others) and upon the proceeds of sale thereof, for all
monies (whether presently payable or not), called or payable at a fixed time in respect of such shares and no
equitable interests in any such share shall be created except upon the footings and condition that this Article is
to have full legal effect. Any such lien shall extend to all dividends from time to time declared in respect of
shares. PROVIDED THAT the Board of Directors may, at any time, declare any share to be wholly or in part
exempt from the provisions of this Article.

36. As to enforcing lien by sale

The Company may sell, in such manner as the Board thinks fit, any shares on which the Company has a lien for
the purpose of enforcing the same.
PROVIDED THAT no sale shall be made:-
(i) unless a sum in respect of which the lien exists is presently payable; or

555
(ii) until the expiration of fourteen days after the notice in writing demanding payment of such part of the
amount in respect of which the lien exists as in presently payable has been given to the registered holder for the
time being of the share or the person entitled thereto by reason of his death or insolvency. For the purpose of
such sale the Board may cause to be issued a duplicate certificate in respect of such shares and may authorise
out of their members to execute a transfer thereof on behalf of and in the name of such members.

37. Application of proceeds of sale

(a) The net proceeds of any such sale shall be received by the Company and applied in or towards such part
of the amount in respect of which the lien exists as is presently payable; and
(b) The residue, if any, shall be paid to the person entitled to the shares at the date of the sale (subject to a
like lien for sums not presently payable as existed on the share before the sale).

38. Outsiders lien not to affect Company's lien

(a) The Company shall be entitled to treat the registered holder of any share or debenture as the absolute
owner thereof and accordingly shall not(except as ordered by a court of competent jurisdiction or by statute
required) be bound to recognise equitable or other claim to, or interest in, such shares or debentures on the part
of any other person. The Company's lien shall prevail notwithstanding that it has received notice of any such
claims.

39. Transfer of shares sold under lien

(i) To give effect to any such sale, the Board may authorise some person to transfer the shares sold to the
purchaser thereof.
(ii) The Purchaser shall be registered as the holder of the shares comprised in any such transfer.
(iii) The Purchaser shall not be bound to see to the application of the purchase money, nor shall his title to the
shares be affected by any irregularity or invalidity in the proceedings in reference to the sale.

FORFEITURE

40. If call or installment not paid notice must be given

If any Member or debenture holder fails to pay the whole or any part of any call or installment or any money
due in respect of any Share or debentures either by way of principal or interest on or before the day appointed
for the payment of the same or any such extension thereof as aforesaid, the Directors may at any time thereafter,
during such time as the call or any installment or any part thereof or other moneys remain unpaid or a judgment
or decree in respect thereof remains unsatisfied in whole or in part, serve a notice on such Member or debenture
holder or on the Person (if any) entitled to the Share by transmission requiring him to pay such call or installment
or such part thereof or other moneys as remain unpaid together with any interest that may have accrued and all
expenses that may have been incurred by the Company by reason of such non payment.

41. Form of Notice

The notice shall name a day not being less than one month from the date of the notice and a place or places, on
and at which such call, or installment or such part or other moneys as aforesaid and such interest and expenses
as aforesaid are to be paid. The notice shall also state that in the event of non payment of call amount with
interest at or before the time and at the place appointed, the Shares or debentures in respect of which the call
was made or installment or such part or other moneys is or are payable will be liable to be forfeited.

42. In Default of Payment Shares or Debentures to be Forfeited

If the requirements of any such notice as aforesaid are not complied with, every or any share in respect of which
such notice has been given, may at any time thereafter, before payment of all calls or installments, interest and
expenses due in respect thereof, be forfeited by a Resolution of the Board of Directors to that effect. Such
forfeiture shall include all dividends declared or any other monies payable in respect of the forfeited shares and
not actually paid before the forfeiture

43. Notice of forfeiture to a member

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When any share shall have so forfeited, notice of the forfeiture shall be given to the member in whose name it
stood immediately prior to the forfeiture, and an entry of the forfeiture, with the date thereof, shall forthwith be
made in the Register of Member, but no forfeiture shall be in any manner invalidated by any omission or neglect
to give such notice or to make any such entry as aforesaid.

44. Entry of Forfeiture in Register of Members/Debenture Holders

When any Shares/debenture shall have been so forfeited in accordance with these Articles, notice of the
forfeiture shall be given to the Member or debenture holder in whose name it stood immediately prior to the
forfeiture and an entry of the forfeiture with the date thereof shall forthwith be made in the Register of Members
or debenture holders but no forfeiture shall be invalidated by any omission or neglect or any failure to give such
notice or make such entry as aforesaid.

45. Forfeited Share/debenture to be property of Company and may be sold

Any share so forfeited, shall be deemed to be the property of the Company and may be sold, re-allotted or
otherwise disposed of, either to the original holder or to any other person, upon such terms and in such manner
as the Board of Directors shall think fit. The Board may decide to cancel such shares.

46. Power to annul forfeiture

The Directors may, at any time, before any Share or debenture so forfeited shall have been sold, re- allotted or
otherwise disposed of, annul forfeiture thereof upon such conditions as they think fit.

47. Shareholders or Debenture holders still liable to pay money owing at time of forfeiture and interest

Any Member or debenture holder whose Shares or debentures have been forfeited shall, notwithstanding the
forfeiture, be liable to pay and shall forthwith pay to the Company, all calls, installments, interest expenses and
other money owing upon or in respect of such Shares or debentures at the time of the forfeiture together with
interest thereon from the time of the forfeiture’ until payment at such rate as the Directors may determine, and
the Directors may enforce the payment of the whole or a portion thereof, if they think fit, but shall not be under
any obligation to do.

48. Effect of forfeiture

The forfeiture of a Share or debenture shall involve extinction, at the time of forfeiture, of all interest in and all
claims and demands against the Company, in respect of the Share or debenture and all other rights incidental to
the Share or debenture, except only such of those rights as by these Articles are expressly saved.

49. Certificate of forfeiture

A Certificate in writing under the hand of one Director and counter signed by the Secretary or any other officer
authorised by the Directors for the purpose that the call in respect of a Share or debenture was made and notice
thereof given and that default in payment of the call was made and that the forfeiture of the Share or debenture
was made by the resolution of Directors to that effect shall be conclusive evidence of the facts stated therein as
against all Persons entitled to such Share or debenture.

50. Validity of forfeiture

(a) A duly verified declaration in writing that the declarant is a Director, the Managing Director or the
Manager or Secretary of the Company, and that a share in the Company has been duly forfeited in accordance
with these Articles, on a date stated in the declaration, shall be conclusive evidence of the facts therein stated as
against all persons claiming to be entitled to the share;
(b) The Company may receive the consideration, if any, given for the share on any sale, re-allotment or other
disposal thereof and may execute a transfer of the share in favour of the person to whom the share is sold or
disposed of;
(c) The person to whom such share is sold, re-allotted or disposed off shall thereupon be registered as the
holder of the shares;
(d) Any such purchaser or allottee shall not (unless by express agreement) be liable to pay any calls, amounts,
installments, interest and expenses owing to the Company prior to such purchase or allotment nor shall be
entitled (unless by express agreement) to any of the dividends, interest or bonuses accrued or which might have

557
accrued upon the share before the time of completing such purchase or before such allotment;
(e) Such purchaser or allottee shall not be bound to see to the application of the purchase money, if any, nor
shall his title to the share be affected by any irregularity or invalidity in the proceedings in reference to the
forfeiture, sale, re- allotment or other disposal of the share.

51. Provision of these Articles as to forfeiture to apply in case of non-payment of any sum

The provisions of these Articles as to forfeiture shall apply in the case of non-payment of any sum which, by the
terms of issue of a share becomes payable at a fixed time, whether on account of the nominal value of the share
or by way of premium, as if the same had been payable by virtue of a call duly made and notified.

52. Cancellation of Share/debenture Certificate in respect of forfeited Shares/debentures.

Upon any sale, re-allotment or other disposal under the provisions of the preceding Articles, the certificate/s
originally issued in respect of the relative Shares or debentures shall (unless the same shall on demand by the
Company has been previously surrendered to it by the defaulting Member or debenture holder) stand cancelled
and become null and void and be of no effect, and the Directors shall be entitled to issue a duplicate certificate/
s in respect of the said Share or debentures to the Person/s entitled thereto.

53. Title of Purchaser and allottee of forfeited Shares/debentures

The Company may receive the consideration, if any, given for the Share or debenture on any sale, re- allotment
or other disposition thereof.

54. Surrender of Shares or Debentures

The Directors may, subject to the provisions of the Act, accept a surrender of any Share or debenture from or by
any Member or debenture holder desirous of surrendering them on such terms as they think fit.

TRANSFER AND TRANSMISSION OF SHARES AND DEBENTURES

55. Register of Transfers

The Company shall keep a “Register of Transfers” and shall have recorded therein fairly and distinctly
particulars of every transfer or transmission of any share and debenture held in material form.

56. Form of transfer

The instrument of Transfer shall be in writing and all the provisions of Section 108 of the Act shall be duly
complied with in respect of all Transfer of Shares and registration thereof.

57. Instrument of Transfer to be executed by transferor and transferee

Every such instrument of transfer shall be signed both by the transferor and transferee and the transferor shall
be deemed to remain the holder of such share until the name of the transferee is entered in the Register of
members in respect thereof.

58. Transfer and Transmission of Shares and Securities held in electronic

In the case of transfer and transmission of shares or other marketable securities where the Company has not
issued any certificates and where such shares or securities are being held in any electronic and fungible form in
a Depository, the provisions of the Depositories Act, 1996 shall apply.

59. Application for transfer of shares

Every holder of securities of the Company who intends to transfer such securities shall get such securities
dematerialised before the transfer;

Provided that, except in case of transmission or transposition of securities, requests for effecting transfer of

558
securities shall not be processed by the Company unless the securities are held in the dematerialized form with
a depository.

60. Transfer by legal Representative.

A transfer of a share in the Company of a deceased member thereof made by his legal representative shall,
although the legal representative is not himself a member, be as valid as if he had been a member at the time of
the execution to the instrument of transfer.

61. Directors may refuse to register transfers

(a) Subject to the provisions of Sections 58 of the Companies Act, 2013, or any statutory modification thereof
for the time being in force, the Directors may, at any time, in their own absolute and uncontrolled discretion
decline to register or acknowledge any transfer of any share for sufficient cause and in particular may so decline
in any case in which the Company has a lien upon the shares desired to be transferred or any call or installment
regarding any of them remains unpaid. The registration of a transfer shall be conclusive evidence of the approval
of the Directors of the transferee. PROVIDED THAT registration of a transfer shall not be refused on the ground
of the transferor being either alone or jointly with any other person or persons indebted to the Company on any
account whatsoever except in a lien on shares.

(b) No share shall in any circumstances be transferred to any minor, insolvent or person of unsound mind,
unless represented by a guardian.

(c) If the Company refuses to register the transfer of any securities or transmission of any right therein, the
Company shall within thirty days from the date on which the instrument of transfer or intimation of transmission
was lodged with the Company send notice of refusal along with sufficient cause to the transferee and the
transferor or to the person giving intimation of the transmission, as the case may be, and thereupon the provisions
of Section 58 of the Companies Act, 2013, or any statutory modification thereof for the time being in force shall
apply.

(d) Death of one or more joint-holders of shares

In case of the death of any one or more persons named in the Register of Members as the joint holders of any
share, the survivor or survivors shall be the only persons recognised by the Company as having any title to or
interest in such share, but nothing herein contained shall be taken to release the estate of a deceased joint holder
from any liability on shares held by him jointly with any other person.

64. Registration of persons entitled to shares otherwise than by transfer (Transmission Clause)

Subject to the provisions of Article 66 and any person becoming entitled to any share in consequence of the
death, lunacy, bankruptcy or insolvency of any member or by and lawful means other than by a transfer in
accordance with these Articles, may with the consent of the Board of Directors (which it shall not be under
obligation to give) upon producing such evidence that he sustains the character in respect of which he proposes
to act under these Articles, or of his title, as the Board of Directors shall require and upon giving such indemnity
as the Directors shall require, either be registered as a member in respect of such shares or elect to have some
person nominated by him and approved by the Board of Directors registered as a member in respect of such
shares PROVIDED NEVERTHELESS that if such person shall elect to have his nominee registered, he shall
testify his election by executing in favour of his nominee as instrument of transfer in accordance with the
provision herein contained, and until he does so, he shall not be freed from any liability in respect of such shares.
This clause is herein referred to as “THE TRANSMISSION CLAUSE”.

65. Directors entitled to refuse to register more than four joint holders

The Company shall be entitled to decline to register more than four persons as the holders of any share.

1) Persons entitled may receive dividend without being registered as member

A person entitled to a share by transmission shall subject to the right of the Directors to retain such dividends or
money as hereinafter provided, be entitled to receive and may give a discharge for any dividends or other monies
payable in respect of the share.

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66. Custody of Instrument of Transfer

The instrument of Transfer shall after registration be retained by the Company and shall remain in its custody.
The Directors may cause to be destroyed all transfer deeds lying with the Company in accordance with the
provisions of the Act.

67. Transfer books and Register of Members when closed

The Board shall have power of giving not less than seven days’ previous notice by advertisement in some
newspaper circulating in the district in which the office of the Company is situated, to close the Transfer books,
the Register of Members or Register of debenture holders at such time or times and for such period or periods,
not exceeding thirty days at a time and not exceeding in the aggregate forty five days in each year.

68. Transfer to Minors etc.

Only fully paid Shares or debentures shall be transferred to a minor acting through his/her legal or natural
guardian. Under no circumstances, Shares or debentures be transferred to any insolvent or a Person of unsound
mind.

69. Title to Shares of Deceased Holder

Except where a deceased member had made a nomination in respect of the shares held (in which case such shares
shall be dealt with in the manner prescribed by the Act and the Rules thereunder), the executors or administrators
of a deceased member or the holder of a succession certificate or the legal representatives in respect of the shares
of a deceased member (not being one of two or more joint holders) shall be the only persons recognised by the
Company as having any title to the shares registered in the names of such member, and the Company shall not
be bound to recognise such executors or administrators or holders of a succession certificate of the legal
representative unless such executors or administrators or legal representatives shall have first obtained Probate
or Letters of Administration, or Succession Certificate as the case may be, from a duly constituted Court in the
Union of India provided that in any case where the Board of Directors in its absolute discretion thinks fit, the
Board upon such terms as to indemnity or otherwise as the Directors may deem proper dispense with production
of Probate or Letters of Administration or Succession Certificate and register under Article 70 the name of any
person who claims to be absolutely entitled to the shares standing in the name of the deceased member, as a
member.

70. Directors may require evidence of transmission

Subject to these Articles, every transmission of a Share shall be verified in such manner as the Directors may
require, and the Company may refuse to register any such transmission until the same be so verified or until or
unless an indemnity be given to the Company with regard to such registration which the Directors at their
discretion shall consider sufficient, provided nevertheless that there shall not be any obligation on the Company
or the Directors to accept any indemnity.

71. No Fees on transfer or transmission

No fees shall be charged for registration of Transfer, probe, succession certificate and letters of administration,
certificate of death or marriage, power of attorney or similar other documents.

72. The Company not liable for disregard of a notice prohibiting registration of a transfer

The Company shall incur no liability or responsibility whatever in consequence of its registering or giving effect
to any transfer of shares made or purporting to be made by any apparent legal owner thereof as shown or
appearing in the register of members to the prejudice of persons having or claiming any equitable right, title or
interest to or in the said shares, notwithstanding that the Company may have had notice of such equitable right,
title or interest or notice prohibiting registration of such transfer, and may have entered such notice, or referred
thereto in any book of the Company and the Company shall not be bound or required to regard or attend or give
effect to any notice which may be give to it of any equitable right, title or interest, or be under any liability
whatsoever for refusing or neglecting so to do, though it may have been entered or referred to in some book or
the Company, but the Company shall nevertheless, be at liberty to regard and attend to any such notice, and give
effect thereto if the Board of Directors shall so think fit.

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73. Notice of refusal to be given to transferor and transferee

If the Company refuses to register the transfer of any securities or transmission of any right therein, the Company
shall within thirty days from the date on which the instrument of transfer or intimation of transmission was
lodged with the Company send notice of refusal along with sufficient cause to the transferee and the transferor
or to the person giving intimation of the transmission, as the case may be, and thereupon the provisions of
Section 58 of the Companies Act, 2013, or any statutory modification thereof for the time being in force shall
apply

74. Refusal to register Nominee

Subject to the provisions of the Act and these Articles, the Directors shall have the same right to refuse to register
a person entitled by transmission to any share or his nominee as if he were the transferee named in an ordinary
transfer presented for registration.

75. Conditions of registration of transfer

Subject to the provisions of the Act (and the rules made thereunder) and Article 65, prior to the registration of a
transfer, the certificate or certificates of the share or shares to be transferred, and if no such certificate is in
existence, the Letter of Allotment of the shares, must be delivered to the Company along with (save as provided
in Section 56 of the Act) a properly stamped and executed instrument of transfer, with the date of presentation
of the instrument to the proper authorities, duly endorsed thereon.

JOINT HOLDERS

76. Joint-holders

Where two or more Persons are registered as the holders of any Share/debentures, they shall be deemed (so far
as the Company is concerned) to hold the same as joint tenants with benefits of survivorship, subject to the
following and other provisions contained in these Articles.

1) The joint holders of any Share/debenture shall be liable severally as the holders of any Share/debenture
Transfer by joint holders.

2) In the case of a Transfer of Shares/debentures held by joint holders, the Transfer will be effective only if
it is made by all the joint holders.

3) The joint holders of any Share/debenture shall be liable severally as well as jointly for and in respect of
all calls or installments and other-payments which ought to be made in respect of such Share/debenture.

4) On the death of anyone or more of such joint holders the survivor/survivors shall be the only Person or
Persons recognized by the Company as having any title to the Share/debenture, but the Directors may require
such evidence

of death as they may deem fit, and nothing herein contained shall be taken to release the estate of a deceased
joint holder from any liability on Shares / debentures held by him jointly with any other Person.

5) Anyone of such joint holders may give effectual receipts of any dividends, interests or other moneys
payable in respect of such Share/debenture.

6) Only the Person whose name stands first in the Register of Members / debenture holders as one of the
joint holders of any Shares/debentures shall be entitled to the delivery of the certificate relating to such
Share/debenture or to receive notice.

7) Anyone of two or more joint holders may vote at any meeting either personally or by attorney or by Proxy
in respect of such Shares as if he were solely entitled thereto and if more than one of such joint holders be present
at any meeting personally or by Proxy or by attorney then that one of such Persons so present whose name stands

561
first or higher (as the case may be) on the Register in respect of such Share shall alone be entitled to vote in
respect thereof but the other or others of the joint holders shall be entitled to be present at the Meeting provided
always that a joint holder present at any Meeting personally shall be entitled to vote in preference to a joint
holder present by Attorney or by proxy although the name of such joint holder present by an Attorney or proxy
stands first or higher (as the case may be) in the Register in respect of such Shares.

8) Several executors or administrators of a deceased Member in whose sole name any Share stands shall for
the purpose of this clause be deemed joint holders.

BORROWING POWERS

77. Restriction on Powers of the Board

The Board of Directors shall not, except with the consent of the Company in general meeting and subject
Sections 180 of the Companies Act, 2013 and of these Articles

(a) to sell, lease or otherwise dispose of the whole or substantially the whole of the undertaking of the
company or where the company owns more than one undertaking, of the whole or substantially the whole of any
of such undertakings.

(b) remit, or give time for the repayment of any debt due by a Director.

(c) invest, otherwise than in, trust securities the amount of compensation received by the Company in respect
of the compulsory acquisition alter the' commencement of this Act, of any such undertaking as- isreferredto in"
clause (a) or of any premises or properties used for any such undertaking and without which it can not be carried
on or can be carried on only with difficulty or only after a considerable time.

(d) borrow monies where the moneys to be borrowed, together with the moneys already borrowed by the
Company (apart from temporary loans obtained from the Company's bankers in the ordinary course of business)
will exceed the aggregate of the paid-up capital of the company and its free reserves, that is to say, reserves not
set a part for any specific purpose.

(e) contribute, to charitable and other funds not directly relating to the business of the Company or the
welfare of its employees, any amounts the aggregate, of which will, in any financial year, exceed fifty thousand
rupees or five percent; of its average net profits as determined in accordance with the provisions of Sections 349
and 350 of the Act during the three financial years immediately preceding, whichever is greater.

Explanation: Every resolution passed by the Company in general meeting in relation to the exercise of the power
referred to in clause (d) or in clause (e) shall specify the total amount up to which money may be borrowed by
the

Board of Directors under clause (d) or as the case may be, the total amount which may be contributed to
charitable and other funds in any financial year under clause (e).

78. Power to borrow

Subject to the provisions of Sections 179 and 180 of the Companies Act, 2013 and of these Articles, the Board
of Directors may, from time to time at its discretion, accept deposits from members either in advance of calls or
otherwise and generally raise or borrow or secure the payment of any sum or sums of money for the purpose of
the Company from any source. PROVIDED HOWEVER, where the monies to be borrowed together with the
monies already borrowed (apart from temporary loans obtained from the Company’s Bankers in the ordinary
course of business) exceed the aggregate of the paid up capital of the Company, its free reserves (not being
reserves set apart for any specific purpose) and Securities Premium the Board of Directors shall not borrow such
money without the sanction of the Company in general meeting. No debt incurred by the Company in excess of
the limit imposed by this Article shall be valid or effectual unless the lender proves that he advanced the loan in
good faith and without knowledge that the limit imposed by this Article had been exceeded.

79. The payment or repayment of monies Borrowed

The payment or repayment of monies borrowed as aforesaid may be secured in such manner and upon such

562
terms and conditions in all respects as the Board of Directors may think fit, and in particular in pursuance of a
Resolution passed at a meeting of the Board (and not by Circular Resolution) by the issue of debentures of
Debenture-Stock of the Company, charged upon all or any part of the property of the Company, (both present
and future), including its uncalled capital for the time being, and the debentures and the Debenture-Stock and
other securities may be made assignable free from any equities between the Company and the person to whom
the same may be issued.

80. Conditions on which money may be borrowed

The Directors may raise and secure the payment of such sum or sums in such manner and upon such terms and
conditions in all respects as they think fit, and in particular by the issue of bonds, perpetual or redeemable
,debenture or debenture stocks or any mortgage or charge or other security on the undertaking of the whole or
any part of the property of the company (both present and future) including its uncalled capital for the time
being.

81. Debenture with Voting Rights not to be Issued

1) The Company shall not issue any debentures carrying voting rights at any meeting of the Company
whether generally or in respect of particular classes of business.

2) The Company shall have power to reissue redeemed debentures in certain cases in accordance with
Section 121 of the Act.

3) Payments of certain debts out of assets subject to floating charge in priority to claims under the charge
may be made in accordance with the provisions of Section 123 of the Act.

4) Certain charges mentioned in Section 125 of the Act shall be void against the liquidators or creditors
unless registered as provided in section 125 of the Act.

5) The term ‘charge’ shall include mortgage in these Articles.

6) A contract with the Company to take up and pay for any debentures of the Company may be enforced by
a decree for specific performance.

82. Limitation of time for issue of certificate

The Company shall, within three months after the allotment of any of its debentures or debenture stock, and
within one month after the application for the registration of the Transfer of any such debentures or debenture
stocks have complete and have ready for delivery the certificate of all the debentures and the certificates of all
debenture stocks allotted or transferred unless the conditions of issue of the debentures or debenture stocks
otherwise provide.

83. Right to obtain copies of and inspect trust deed

1) A copy of any trust deed for securing any issue of debentures shall be forwarded to the holder of any such
debentures or any Member of the Company at his request and within seven days of the making thereof on
payment.

(a) in the case of a printed trust deed of the sum of INR 1/-; and
(b) in the case of a trust deed which has not been printed of thirty-seven paise for everyone hundred words
or fractional part thereof required to be copied.

2) The trust deed shall also be open to inspection by any Member or debenture holder of the Company in
the same manner, to the same extent, and on payment of the same fees, as if it were the Register of Members of
the Company.

84. Mortgage of uncalled capital

If any uncalled Capital of the Company is included in or charged by any mortgage or other security the Directors
shall, subject to the provisions of the Act and these Articles, make calls on the members in respect ofsuch

563
uncalled, capital in trust for the person in whose favour such mortgage or security is executed.

85. Indemnity may be given

If the Directors or any of them or any other person shall become personally liable for the 'payment of any sum
primarily due from the Company, the Directors may execute or cause to be executed any mortgage charge or
security over or affecting the whole or any part of the assets of the Company by way of indemnity to secure the
Directors or person so becoming liable as aforesaid from any loss In respect of such liability.

86. Registration of Charges

The Board of Directors shall cause a proper register to be kept in accordance with the provisions of Section 85
of the Companies Act, 2013 of all mortgages, debentures and charges specifically affecting the property of the
Company, and shall cause the requirements of Sections 71 and Sections 77 to 87 (both inclusive) of the
Companies Act, 2013, in that behalf to be duly complied with, so far as they are to be complied with by the
Company. The Company shall comply with the provisions of Section 79 of the Companies Act, 2013 as regards
modification of a charge and its registration with the Registrar.

87. Trust not recognised

No notice of any trust, express or implied or constructive, shall be entered on the register of debenture holders.

88. Register of charges etc. to be kept

The Board of Directors shall cause a proper register to be kept in accordance with the provisions of Section 85
of the Companies Act, 2013 of all mortgages, debentures and charges specifically affecting the property of the
Company, and shall cause the requirements of Sections 71 and Sections 77 to 87 (both inclusive) of the
Companies Act, 2013, in that behalf to be duly complied with, so far as they are to be complied with by the
Company. The Company shall comply with

the provisions of Section 79 of the Companies Act, 2013 as regards modification of a charge and its registration
with the Registrar.

89. Register and Index of Debenture-holders.

The Company shall, if at any time it issues debentures, keep a Register and Index of Debenture Holders in
accordance with Section 88 of the Companies Act, 2013. The Company shall have the power to keep in any
State or Country outside India a branch Register of Debenture-holders resident in that State or country.

SHARE WARRANTS

90. Powers to issue share warrants

The Company may issue share warrants subject to and in accordance with the provisions of Sections 114 and115
of the Act and accordingly, the Board may in its discretion, with respect to any share which is fully paid upon
application in writing signed by the persons registered as holder of the share and authenticated by such evidence
(if any) as the Board may, from-time to time require as to the identity ~f the person signing the application, and
on receiving the certificate (if any) of the share, and the amount of the stamp duty on the warrant and such fee
as the Board may, from time to time, require, issue a share warrant.

91. Deposit of share warrants

1) The bearer of a share warrant may at any time deposit the warrant at the office of the Company and so
long as the warrant remains so deposited, the depositor shall have the same right of signing a requisition for
calling a meeting of the Company, and of attending, and voting, and exercising the other privileges of a Member
at any meeting held after the expiry of two clear days from the time of deposit, as if his name were inserted in
the Register of Members as the holder of the Share included in the deposited warrant.

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2) Not more than one Person shall be recognised as depositor of the share warrant.

3) The Company shall on two days written notice return the deposited share warrant to the depositor.

92. Privileges and disabilities of the holders of share warrant.

1) Subject as herein otherwise expressly provided, no Person shall, as a bearer of a share warrant, sign a
requisition for calling a meeting of the Company, or attend, or vote or exercise any of the privileges of a Member
at a meeting of the Company, or be entitled to receive any notice from the Company.

2) The bearer of a share warrant shall be entitled in all other respects to the same privileges and advantages
as if he were named in the Register of Members as the holder of the Shares included in the warrant and he shall
be a Member of the Company.

93. Issue of new share warrant or coupon

The Board may, from time to time, make rules as to the terms on which (if it shall think fit) a new share warrant
or coupon may be issued by way of renewal in case of defacement, loss or destruction.

CONVERSION OF SHARES INTO STOCK AND RECONVERSION

94. Shares may be converted into stock

The Company in general meeting may convert any paid up Shares into stock and when any Shares shall have
been converted into stock, the several holders of such stock may thenceforth transfer their respective interest
therein or any part of such interests, in the same manner and subject to the same' regulations as, and subject to
which Shares from which the stock arise might have been transferred, if no such conversion had taken place, or
as near thereto as circumstances will admit. The Company may at any time reconvert any stock into paid up
Shares of any denomination.

95. Right of Stock holders

The holders of stock shall, according to the amount of stock, held by them have the same right, privileges and
advantages as regards dividends, voting at meeting of the Company and other matters, as if they held the Share
from which the stock arose, but no such privilege or advantage (exceptparticipation in the dividends and profits
of the Company and the assets on winding up) shall be conferred by an amount of stock which would not if
existing in Shares, have conferred that privilege or advantage.

GENERAL MEETINGS

96. Annual general meeting

The Company shall in each year hold, in addition to any other meetings, a general meeting as its Annual General
Meeting in accordance with the provisions of Sections 96 of the Companies Act, 2013 and shall specify the
meeting as such in the notice calling it, except in the case where the Registrar, has given an extension of time
for holding any Annual General Meeting and not more than fifteen months shall elapse between the date of one
Annual General Meeting of the Company and that of the next. PROVIDED THAT the Registrar may, for any
special reason, extend the time within which any annual general meeting shall be held, by a period not exceeding
three months.
Every Annual General Meeting shall be called for any time during business hours, that is, between 9 a.m. and 6
p.m., on any day that is not a National Holiday (as defined under the Companies Act, 2013) and shall be held
either at the registered office of the Company or at some other place within the city or town or village in which
the registered office of the Company is situated for the time being.

97. Report, Statement and Registers to be laid before the Annual General Meeting.

At every annual general meeting of the Company there shall be laid on the table the Directors’ Report and
Audited Statement of Accounts, Auditors’ Report (if not already incorporated in the Audited Statement of
Accounts), the Proxy Register with Proxies, the Register of Directors and Key Managerial Personnel maintained
under Section 170 of the Companies Act, 2013 and Register of Contracts or Arrangements in which Directors

565
are interested maintained under Section 189 of the Companies Act, 2013.

98. Annual Return

The Company shall comply with the provisions of Section 92 of the Companies Act, 2013 regarding the filing
of Annual Return and as regards the annual return and certificates to be annexed thereto.

99. Place of keeping &Inspection of registers & returns

The Register required to be kept and maintained by the Company under Section 88 of the Companies Act,2013
and copies of the annual return filed under Sections 92 of the Companies Act, 2013, shall be kept at the registered
office of the Company. PROVIDED THAT such registers or copies of return may, also be kept at any other
place in India in which more than one-tenth of the total number of members entered in the register of members
reside, if approved for this purpose by a Special Resolution passed in general meeting of the Company.

100. Inspection
(i) The registers and their indices, except when they are closed under the provisions of the Act, and the
copies of all the returns shall be open for inspection by any member, debenture holder or other security holder
or beneficial owner,

during the business hours (subject to such reasonable restrictions as the Company may impose) without fee and
by any other person on payment of such fees as may be prescribed under the Act and the rules made thereunder.

(ii) Any such member, debenture-holder, other security holder or beneficial owner or any other person may
take extracts from any register, or index or return without payment of any fee or require a copy of any such
register or entries therein or return on payment of such fees as may be prescribed under the Act not exceeding
ten rupees for each page. Such copy or entries or return shall be supplied within seven days of deposit of such
fee.

The Company shall cause any copy required by any person under Clause (ii) of sub-clause (3) to be sent to that
person within a period of seven days of the deposit of such fees exclusive of non-working days, commencing on
the day next after the day on which the requirement is received by the Company.

101. Circulation of Members’Resolution

Subject to the provisions of Section 111 of the Companies Act, 2013, the Directors shall on the requisition in
writing of such number of members as required in Section 100 of the Companies Act,:-

(i) give notice to the members of the Company of any resolution which may properly be moved and is
intended to be moved at a meeting;

(ii) Circulate to members, any statement with respect to the matter referred to in any proposed resolution or
the business to be dealt with at that meeting.
Subject to the provisions of Section 100 of the Companies Act, 2013, the number of members necessary for a
requisition under clause (1) hereof shall be such number or numbers who hold, on the date of receipt of the
requisition, not less than one-tenth of the paid-up share capital of the Company as on that date carried the right
of voting.

The Company shall not be bound under this Article to give notice of any resolution or to circulate any statement
unless :

(i) a copy of a requisition signed by the requisitionists (or two or more copies which between them contain
the signature of all the requisitionists) is deposited at the registered office of the Company-

(a) in the case of a requisition requiring notice of resolution, not less than six weeks before the meeting,
(b) in the case of any other requisition not less than two weeks before the meeting, and

(ii) there is deposited or tendered with the requisition a sum reasonably sufficient to meet the Company’s
expenses in giving effect thereto. PROVIDED that if after a copy of the requisition requiring notice of a
resolution has been deposited at the registered office of the Company, an annual general meeting is called on a
date within six weeks after such copy has been deposited, the copy, although not deposited within the time

566
required by this clause, shall be deemed to have been properly deposited for the purpose thereof.

The Company shall not also be bound under this Article to circulate any statement, if, on the application either
of the Company or of any other person who claims to be aggrieved, the Central Government by order declares
that the rights conferred by this clause are being abused to secure needless publicity for defamatory matter.

102. Calling of Extra Ordinary general meeting by Board and by Requisition

The Directors may, whenever they think fit convene an extraordinary general meeting and they shall on
requisition of the members as hereinafter provided, call an extraordinary general meeting of the Company within
the period specified below.

1) The requisition shall set out the matters for the consideration of which the meeting is to be called, and
shall be signed by the requisitionists and sent to the registered office of the Company.

2) The requisition may consist of several documents in like form, each signed by one or more requisitionists.

3) the number of members entitled to requisition an extraordinary general meeting shall be such number of
members who hold at the date of the receipt of the requisition, not less than one-tenth of such of the paid up
capital of the Company as on that date carries the right of voting.

4) Where two or more distinct matters are specified in the requisition the provisions of sub- article 80.4
above shall apply separately in regard to each such matter; and the requisition shall accordingly be valid only in
respect of those matters in regard to which the condition specified in that sub-article is fulfilled.

5) If the Board does not, within twenty-one days from the date of the deposit of a valid requisition in regard
to any matters, proceed duly to call a meeting for the consideration of those matters on a day not later than forty-
five days from the date of receipt of the requisition, the meeting may be called and held by the requisitionists
themselves within a period of three months from the date of the requisition. A meeting called under clause (iii)
by requisitionists shall be called and held in the same manner in which the meeting is called and held by the
Board.
(a) by the requisitionists themselves;

(b) by such of the requisitionists as represent either a majority in value of the paid up share capital held by
all of them or not less than one tenth of such of the paid-up share capital of the Company;

Any reasonable expenses incurred by the requisitionists in calling a meeting under sub-clause (iii) shall be
reimbursed to the requisitionists by the Company, and any sums so paid shall be deducted from any fee or other
remuneration under Section 197 of the Companies Act, 2013 payable to such of the Directors who were in
default in calling the meeting.

Explanation: For the purpose of this sub-article, the Board shall in the case of a meeting at which resolution is
to be proposed as a Special Resolution, be deemed not to have duly convened the meeting if they do not give
such notice thereof as is required by sub-section
189 of the Act.

Explanation: Nothing in sub-article 80.7 (b) above, shall be deemed to prevent a meeting duly commenced
before the expiry of the period of three months aforesaid, from adjourning to some day after the expiry of that
period.

6) Where two or more Persons hold any Share or interest in the company jointly, a requisition, or a notice
calling a meeting, signed by one or some of them shall, for the purposes of this article, have the same force and
effect as if it had been signed by all of them.

103. Length of notice for calling meeting

A general meeting of the Company may be called by giving not less than clear twenty-one days’ notice either in
writing or through electronic mode in such manner as may be prescribed by the Act and the rules made there

567
under

Provided that a general meeting may be called after giving shorter notice if consent, in writing or by electronic
mode, is accorded thereto—

(i) in the case of an annual general meeting, by not less than ninty-five percent of the members entitled to
vote thereat; and

(ii) in the case of any other general meeting, by members of the company holding majority in number of
members entitled to vote and who represent not less than ninety-five percent of such part of the paid-up share
capital of the company as gives a right to vote at the meeting.

Provided further that where any member of a company is entitled to vote only on some resolution or resolutions
to be moved at a meeting and not on the others, those members shall be taken into account for the purposes of
this sub section in respect of the former resolution or resolutions and not in respect of the latter.

104. Special and ordinary business and explanatory statement

i) In the case of an annual general meeting, all business to be transacted at the meeting, shall be deemed special
with the exception of business relating to:

(a) The consideration of financial statements and the reports of the Board of Directors and Auditors;

(b) The declaration of any dividend;

(c) The appointment of Directors in the place of those retiring; and

(d) The appointment of, and the fixing of the remuneration of the Auditors

(ii) In the case of any other meeting, all business shall be deemed special;

PROVIDED that where any item of special business to be transacted at a meeting of the Company relates to or
affects any other Company, the extent of shareholding interest in that other Company of every promoter,
Director, manager, if any, and of every other key managerial personnel of the Company shall, if the extent of
such shareholding interest is not less than two per cent of the paid-up share capital of that Company, also be set
out in the [Link] any item of business refers to any document which is to be considered by the meeting,
the time and place where the document can be inspected shall be specified in the statement aforesaid.

Any accidental omission to give any such notice as aforesaid to or the non-receipt thereof by any member or
other person who is entitled to such notice for any meeting shall not invalidate the proceedings of any such
meeting

1) For the purpose of this Article:

(a) in the case of an annual general meeting, all business to be transacted at the meeting shall be deemed
special with the exception of business relating to:

(1) the consideration of the accounts, balance sheet and the report of the Board of Directors and auditors;

(2) the declaration of a dividend;

(3) the appointment of Directors in the place of those retiring, and

(4) the appoint of and the fixing of the remuneration of the auditors, and
(b) In the case of any other meetings, all business shall be deemed special.

2) Where any items of business to be transacted at the meeting are deemed to be special as aforesaid, there
shall be annexed to the notice of the meeting a statement setting out all material facts concerning each item of
business including in particular the nature of the concern or interest, if any, therein of every Director, and the

568
manager, if any.

Provided that where any item of special business as aforesaid to be transacted at a meeting of the Company
relates, to or affects, any other company, the extent of Shareholding interest in that other Company of any such
Person shall be set out in the circumstances specified in the proviso to sub- section (2) of Section 173 of the Act.

3) Where any item of business consists of the according of approval to any document by the meeting, the
time and place where the documents can be inspected shall be specified in the statement aforesaid.

105. Notice of business to be given

No general meeting, annual or extra-ordinary, shall be competent to enter upon, discuss or transact any business
which has not been mentioned in the notice or notices convening the meeting.

106. Quorum for General Meeting.

The number of members prescribed under Section 103 of the Companies Act, 2013 and entitled to vote and
present in person shall be a quorum for general meeting and no business shall be transacted at the general meeting
unless the quorum requisite be present at the commencement of the meeting. A body corporate being a member
shall be deemed to be personally present if it is represented in accordance with Section 113 of the Companies
Act, 2013. The President of India or the Governor of a State, if he is a member of the Company, shall be deemed
to be personally present if he is represented in accordance with Section 112 of the Companies Act, 2013.

107. Presence of quorum

If within half an hour from the time appointed for holding a meeting of the Company the quorum is not present,

(i) the meeting shall stand adjourned to the same day in the next week at the same time and place or to such
other day and at such other time and place as the Board may determine; or
(ii) the meeting, if called by requisitionists in accordance with Section 100 of the Companies Act, 2013, shall
stand cancelled.
Provided that in case of an adjourned meeting or of a change of day, time or place of meeting under sub clause(i),
the Company shall give not less than three days’ notice to the members either individually or by publishing an
advertisement in thenewspapers (one in English and one in vernacular language) which is in circulationat the
place where the registered office of the Company is situated.

2. If at the adjourned meeting also a quorum is not present within half an hour from the time appointed for
holding the meeting, the members present shall be the quorum and may transact the business for which the
meeting was called.

108. Resolution passed at adjourned meeting

Where a resolution is passed at an adjourned meeting of the Company, the resolution shall for all purposes be
treated as having been passed on the date on which it was in fact passed and shall not be deemed to have been
passed on any earlier date.

109. Chairman of General Meeting

The Chairman of the Board of Directors shall be entitled to take the chair at every general meeting, or if there
be no such Chairman, or if at any meeting he shall not be present within fifteen minutes after the time appointed
for holding such meeting, or shall decline to take the chair, the Directors present shall elect one of them as
Chairman and if no Director be present or if the Directors present decline to take the chair, then the members
present shall elect one of their members to be a Chairman. If a poll is demanded on the election of the Chairman
it shall be taken forthwith in accordance with the provisions of the Act and the Chairman elected on show of
hands shall exercise all the powers of the Chairman under the said provisions. If some other person is elected as
a result of the poll, he shall be the Chairman for the rest of the meeting. The Chairman may if permitted by law,
at the same time, be appointed as Managing Director or Deputy Managing Director or Whole Time Director or
Chief Executive Officer of the Company.

569
110. Chairman may adjourn Meeting

1. The Chairman may, with the consent of any meeting at which a quorum is present and shall, if so directed
by the meeting, adjourn the meeting from time to time from place to place.

2. No business shall be transacted at any adjourned meeting other than the business left unfinished at the
meeting from which the adjournment took place.

111. Proxies

Any Member of the Company entitled to attend and vote at a meeting of the Company shall be entitled to:

1) appoint any other Person (whether a Member of not) as his proxy to attend and vote instead of himself.
A Member (and in the case of joint holders all holders) shall not appoint more than one Person as proxy. A proxy
so appointed shall not have any right to speak at the meeting. Provided that unless where the proxy is appointed
by a body corporate a proxy shall not be entitled to vote except on a poll.

2) In every notice calling a meeting of the Company there shall appear with reasonable prominence a
statement that a Member entitled to attend and vote is entitled to appoint a proxy to attend and vote instead of
himself, and that a proxy need not be a Member.

3) The instrument appointing a proxy or any other document necessary to show the validity or otherwise
relating to the appointment of a proxy shall be lodged with the Company not less than 48 (forty-eight) hours
before the meeting in order that the appointment may be effective thereat.

4) The instrument appointing a proxy shall:

5) be in writing, and

6) be signed by the appointor or his attorney duly authorised in writing or, if the appoint or is a body
corporate, be under its seal or be signed by an officer or an attorney duly authorised by it.

112. Inspection of proxies

Every member entitled to vote at a meeting of the Company according to the provisions of these Articles on any
resolution to be moved thereat, shall be entitled during the period beginning twenty-four hours before the time
fixed for the commencement of the meeting, and ending with the conclusion of the meeting, to inspect proxies
lodged, at any time during the business hours of the Company provided not less than three days' notice in writing
of the intention so as to inspect is given to the Company.

113. Form of proxy

1) Every instrument of proxy whether for a specified meeting or otherwise shall, as nearly as circumstances
will admit, be in usual common form.

2) An instrument appointing a proxy, if in any of the forms set out in Schedule IX to the Act shall not be
questioned on the ground that it fails to comply with any special requirements specified for such instrument by
these Articles.

3) Every Member entitled to vote at a meeting of the Company, or on any resolution to be moved thereat,
shall be entitled during the period beginning 24 (twenty four) hours before the time fixed for the commencement
of the meeting and ending with the conclusion of the meeting, to inspect the proxies lodged at any time during
the business hours of the Company, provided not less than 3 (three) days' notice in, writing of the intention so
to inspect is given to the Company.

VOTES OF MEMBERS

114. Restrictions on exercise of voting rights of Members who have not paid calls
1) No Member shall exercise any voting right in respect of any Shares registered in his name on which any
calls or other sums presently payable by him have not been paid or in regard to which the Company has and has

570
exercised any right of lien.

2) Where the Shares of the Company are held in trust, the voting power in respect of such Shares shall be
regulated by the provisions of Section 187 B of the Act.

115. Restriction on exercise of voting right in other cases to be void

A Member is not prohibited from exercising his voting right on the ground that he has not held his Share or other
interest in the Company for any specified period preceding the date on which the vote is taken, or on any other
ground not being a ground

116. Number of votes to which member entitled

Subject to the provisions of Section 43, sub-section (2) of Section 50 and sub-section (1) of section 188 of the
Companies Act, 2013, every member of the Company holding any equity share capital shall have a right to vote
on every resolution placed before the Company; and his voting rights on a poll shall be in proportion to his share
of the paid-up equity share capital of the Company. Every member holding any preference share capital of the
Company, shall, in respect of such capital, have the right to vote only on resolutions placed before the Company
which directly affect the rights attached to his preference shares and any resolution for the winding up of the
Company or for the repayment or reduction of its equity or preference share capital and his voting rights on a
poll shall be in proportion to his share in the paid up preference share capital of the Company. Provided that the
proportion of the voting rights of equity shareholders to the voting rights of the preference shareholders shall be
in the same proportion as the paid-up capital in respect of the equity shares bears to the paid-up capital in respect
of the preference shares:
PROVIDED FURTHER that where the dividend in respect of a class of preference shares has not been paid for
a period of two years or more, such class of preference shareholders shall have a right to vote on all there
solutions placed before the Company.

117. Votes in respect of Shares of deceased or insolvent Members or unsound mind and minors etc.

Subject to the provisions of the Act and other provisions of these Articles, any Person entitled under the
transmission clause to any Shares may vote at any general meeting in respect thereof as if he was the registered
holder of such Shares, provided that at least 48 (forty eight) hours before the time of holding the meeting or
adjourned meeting as the case may be at which he proposes to vote, he shall satisfy the Directors of his right to
such Shares unless the Directors shall have previously admitted his right to vote at such meeting in respect
thereof. A member of unsound mind or in respect of whom order has been made by any Court having jurisdiction
in lunacy, may vote whether on a show of hands or on a poll by his committee or other legal guardian and any
such committee or guardian may on a poll, vote by proxy. A member, be a minor, the vote in respect of his share
or shares shall be his guardian, or any one of his guardian, if more than one, to be elected, in case of dispute by
the Chairman of the meeting.

118. Custody of Instrument

If any such instrument of appointment be confined to the object of appointing proxy or substitute for voting at
meetings of the Company, it shall remain permanently or for such time as the Directors may determine in the
custody of the Company; if embracing other objects a copy thereof examined with the original, shall be delivered
to the Company to remain in the custody of the Company.

119. Validity of votes given by proxy notwithstanding death of Members etc.

A vote given in accordance with the terms of an instrument of proxy shall be valid notwithstanding the previous
death of the principal or revocation of the proxy or the transfer of the Share in respect of which the vote is given,
provided that no intimation in writing of the death, revocation or transfer shall have been received at the
registered office of the Company before the meeting.

120. Time for objections for vote

No objection shall be made to the validity of any vote except at the meeting or poll at which such vote shall be
tendered and every vote whether given personally or by an agent or proxy or representative not disallowed at
such meeting or poll shall be deemed valid for all purpose of such meeting or poll whatsoever.

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121. Right of a Member to use his votes differently

On a poll taken at a meeting of the Company a Member or other Person entitled to vote for him as the case may
be, need not, if he votes, use, all his votes or cast in the same way all the votes he uses.

122. Voting to be by show of hands in the first instance

At any general meeting, a resolution put to the vote of the meeting shall unless a poll is demanded under Section
109 of the Companies Act, 2013, or the voting is carried out electronically, be decided on a show of hands.

123. No voting by proxy on show of hands

No Member not personally present shall be entitled to vote on a show of hands unless such Member is a body
corporate present by proxy or by a representative duly authorised under Sections 109 or 109A of the Act, in
which case such proxy or representative may vote on a show of hands as if he were a Member of the Company.

124. Votes in respect of deceased or insolvent Members

Member of unsound mind or in respect of whom an order has been made by any court having jurisdiction in
lunacy, may vote, whether on a show of hands or on a poll by his committee or other legal guardian and any
such committee or guardian may on poll vote by proxy; if any Member be a minor the vote in respect of his
Share or Shares shall be by his guardians 'or anyone of his guardians, if more than one, to be selected in case of
dispute by the Chairman of the meeting.

125. Chairman’s declaration of result of voting on show of hands

A declaration by the Chairman that on a show of hands, a resolution has or has not been carried either
unanimously or by a particular majority, and an entry to that effect in the books containing the minutes of the
proceeding of the Company shall be conclusive evidence of the fact of passing of such resolution, or otherwise,
without proof of the number of proportion of votes in favour or against such resolution.

126. Demand for poll

Before or on the declaration of result of voting on any resolution on a show of hands, a poll may be ordered to
be taken by the Chairman of the meeting on his own motion and shall be ordered to be taken by him on a demand
made in that behalf by the members present in person or by proxy, where allowed, and having not less than one-
tenth of the total voting power or holding shares on which an aggregate sum of not less than five lakhs rupees
or such higher amount as may be prescribed has been paid-up.

The demand for a poll may be withdrawn at any time by the person or persons who made the demand.

127. Time of taking poll

A poll demanded for adjournment of the meeting or appointment of Chairman of the meeting shall be taken
forthwith. A poll demanded on any question other than adjournment of the meeting or appointment of a
Chairman shall be taken at such time, not being later than forty-eight hours from the time when the demand was
made and in such manner and place as the Chairman of the meeting may direct.

128. Chairman’s casting vote

In the case of an equality of votes, the Chairman shall, both on a show of hands and on a poll (if any) have a
casting vote in addition to the vote or votes to which he may be entitled as a member.

129. Scrutineers at poll

Where a poll is to be taken, the Chairman of the meeting shall appoint one scrutineer to scrutinise the vote given
on the poll and to report thereon to him. Subject to the provisions of Section 109 of the Companies Act, 2013,
the Chairman of the meeting shall have power to regulate the manner in which the poll shall be taken and the
result of the poll shall be deemed to be the decision of the meeting on the resolution on which the poll was taken.

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130. Demand for poll not to prevent transaction of other business

The demand for a poll except on the question of the election of the Chairman and of an adjournment shall not
prevent the continuance of a meeting for the transaction of any business other than the question on which the
poll has been demanded.

131. Votes of joint members

If there be joint registered holders of any shares any one of such persons may vote at any meeting personally or
by an agent duly authorised under a Power of Attorney or by proxy in respect of such shares, as if he were solely
entitled thereto but the proxy so appointed shall not have any right to speak at the meeting, and, if more than
one of such joint holders be present at any meeting either personally or by agent or by proxy, that one of the said
persons so present who stands higher on the register shall alone be entitled to speak and to vote in respect of
such shares, but the other or others of the joint holder shall be entitled to be present at the meeting; provided
always that a person present at any meeting personally shall be entitled to vote in preference to a person present
by an agent duly authorised under a Power of Attorney or by proxy although the name of such person present
by agent or proxy stands first or higher in the Register in respect of such shares. Several executors or
administrators or a deceased member in whose name shares stand shall for the purpose of these Articles be
deemed joint holders thereof.

132. Representation of body Corporate

1. A body corporate (whether a Company within the meaning of the Act or not) may,

(i) if it is member of the Company by a resolution of its board of Directors or other governing body, authorise
such person as it thinks fit to act as its representative at any meeting of the Company, or at any meeting of any
class of members of the Company;
(ii) if it is a creditor, (including a holder of debentures of the Company) by a resolution of its Directors or
other governing body, authorise such person as it thinks fit to act as its representative at any meeting of any
creditors of the Company held in pursuance of the Act or of any rules made thereunder, or in pursuance of the
provisions contained in any debenture or trust deed, as the case may be.

2. A person authorised by resolution as aforesaid shall be entitled to exercise the same rights and power
(including the right to vote by proxy) on behalf of the body corporate which he represents as that body could
exercise if it were an individual member, creditor or holder of debentures of the Company.

133. Chairman of any meeting to be the Judge of validity of any vote

The Chairman of any meeting shall be sole judge of every vote tendered at such meeting. The Chairman present
at the taking of a poll shall be the sole judge of the validity of every vote tendered at such poll.

134. Public Trustee

The Company shall observe the provisions of Section 187B of the Act in regard to the public trustee.

135. Registration of resolutions and agreements

The Company shall comply with the provisions of Section 192 of the Act relating to registration of certain
resolutions and agreements.

MINUTES

136. Minutes of proceedings of general meeting and of Board and other meetings

The Company shall cause minutes of all proceedings of general meetings of any class of shareholders or
creditors, and every resolution passed by postal ballot or by electronic means and every meeting of the Board of

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Directors or of every committee of the Board to be prepared and signed in such manner as may be prescribed
and kept within thirty days of the conclusion of every such meeting concerned, or passing of resolution by postal
ballot in books kept for that purpose with their pages consecutively numbered.

1) Each page of every such book shall be initialed or signed and the last page of the record of proceedings
of each meeting in such books shall be dated and signed: -

(a) in the case of minutes of proceedings of the Board or of a committee thereof by the Chairman of the said
meeting or the Chairman of the next succeeding meeting,
(b) in the case of minutes of proceedings of the general meeting by Chairman of the said meeting within the
aforesaid period, of thirty days or in the event of the death or inability of that Chairman within that period, by a
Director duly authorised by the Board for the purpose.

1) Minutes to be considered to be evidence

The minutes of meetings kept in accordance with the provisions of Section 193 of the Act shall be evidence of
the proceedings recorded therein.

2) In no case the minutes of proceedings of a meeting shall be attached to any such book as aforesaid by
pasting or otherwise.

3) The minutes of each meeting shall contain a fair and correct summary of the proceedings thereat.
4) All appointments of officers made at any of the meetings aforesaid shall be included in the minutes of
the meeting.

5) in the case of a meeting of the Board of Directors or of a Committee of the Board, the minutes shall also
contain:

(a) the names of the Directors present at the meetings, and

(b) in the case of each resolution passed at the meeting, the names of the Directors, if any dissenting from or
not concurring in the resolution.

137. Inspection of Minutes Books of general meeting

1) The books containing the minutes of the proceedings of any general meeting of the Company shall:

(a) be kept at the registered office of the Company, and

(b) be open, during the business hours to the inspection of any Member without charge subject such to such
reasonable restrictions as the Company may, in general meeting impose.

2) Any Member shall be entitled to be furnished, within seven days after he has made a request in that behalf
of the Company, with a copy of any minutes referred to in sub-article 104.1 above on payment of thirty-seven
paise for everyone hundred words or fractional part thereof required to be copied.

138. Publication of reports of proceeding of general meetings

No document purporting to be a report of the proceedings of any general meeting of the Company shall be
circulated or advertised at the expenses of the Company unless it includes the matters required by Section 193
of the Act to be contained in the minutes of the proceedings of such meeting.

139. Presumptions to be drawn where minutes duly drawn and signed

Where the minutes of the proceedings of any general meeting of the Company or of any meeting of the Board
or of a Committee of Directors have been kept in accordance with provisions of Section 118 of the Companies
Act, 2013, until the contrary is proved, the meeting shall be deemed to have been duly called and held, all
proceedings thereat to have been duly taken place and in particular all appointments of Directors or Liquidators
made at the meeting shall be deemed to be valid.

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MANAGERIAL PERSONNEL

140. Managerial Personnel

The Company shall not appoint or employ at the same time a Managing Director and a Manager. Subject to the
provisions of the Act –
(i) a chief executive officer, manager, Company secretary or chief financial officer may be appointed by the
Board for such term, at such remuneration and upon such conditions as it may think fit; and any chief financial
officer so appointed may be removed by means of a resolution of the Board;
(ii) a Director may be appointed as chief executive officer, manager, Company secretary or chief financial
officer.

BOARD OF DIRECTORS

141. Number of Directors

Until otherwise determined by a general meeting of the Company and subject to the provisions of Sections 149
and 152 of the Companies Act, 2013, the number of Directors shall not be less than 3 and not more than 15 and
the manner of constituting the Board shall be as prescribed under the Act and as may be directed by the Securities
and Exchange Board of India.

142. Board of Directors

The First Directors of the Company shall be:

(a) Shri Rohitbhai Jashbhai Patel

(b) Shri Jitendrabhai Jashbhai Patel

(c) Shri Bhavesh Girishbhai Patel

143. Nominee Directors

Notwithstanding anything to the contrary contained in these Articles, so long as any monies remain owing by
the Company to (i) the Life Insurance Corporation of India (LIC), (ii) the Infrastructure Development Finance
Company Limited, (iii) specified Company referred to in the Unit Trust of India (Transfer of Undertaking and
Repeal) Act, 2002, (iv) institutions notified by the Central Government under sub-section (2) of Section 4Aof
the Companies Act, 1956, (v) such other institutions as may be notified by the Central Government in
consultation with the Reserve Bank of India, or (vi) any other bank or entity providing financing facilities to the
Company (each of the above is hereinafter in this Article referred to as “the Corporation”) out of any
loans/debentures assistance granted by them to the Company or so long as the Corporation holds or continues
to hold Debentures/Shares in the Company as a result of underwriting or by direct subscription or private
placement, or so long as any liability of the Company arising out of any guarantee furnished by the Corporation
on behalf of the Company remains outstanding, the Corporation shall have a right to appoint from time to time,
any person or persons as a Director or Directors, whole-time or non-whole-time (which Director or Directors,
is/are hereinafter referred to as “Nominee Director/s”) on the Board of the Company and to remove from such
office any person or persons so appointed and to appoint any person or persons in his or their place/s. The Board
of Directors of the Company shall have no power to remove from office the Nominee Director/s. At the option
of the Corporation such Nominee Director/s shall not be required to hold any share qualification in the Company.
Also at the option of the Corporation such Nominee Director/s shall not be liable to retirement by rotation of
Directors. Subject as aforesaid, the Nominee Director/s shall be entitled to the same rights and privileges and be
subject to the same obligations as any other Director of the Company. The Nominee Director/s so appointed
shall hold the said office only so long as any monies remain owing by the Company to the Corporation or so
long as the Corporation holds or continues to hold Debentures/Shares in the Company as a result of underwriting
or by direct subscription or private placement or the liability of the Company arising out of the guarantee is
outstanding and the Nominee Director/s so appointed in exercise of the said power shall, of the Company, the
fees, commission, monies and remuneration in relation to such Nominee Director/s shall accrue to the
Corporation and the same shall accordingly be paid by the Company directly to the Corporation. Any expenses
that may be incurred by the Corporation or such Nominee

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Director/s in connection with their appointment or Directorship shall also be paid or reimbursed by the Company
to the Corporation or as the case may be, to such Nominee Director/s.
Provided that if any such Nominee Director/s is an officer of the Corporation, the sitting fees, in relation to such
Nominee Director/s shall also accrue to the Corporation and the same shall accordingly be paid by the Company
directly to the Corporation.
Provided further that in the event of the Nominee Director/s being appointed as Managing Director/Whole Time
Director/s, such Nominee Director/s shall exercise such powers and duties as may be approved by the
Corporation and have such rights as are usually exercised or available to a Whole Time Director in the
management of the affairs of the Company. Such Whole Time Directors shall be entitled to receive such
remuneration, fees, commission and monies as may be approved by the Corporation.
Provided further that the appointment of Nominee Director/s as Managing/Whole Time Director/s, as aforesaid
,is subject to the provisions of Sections 203 and 197 of the Companies Act, 2013 and any other applicable
provisions of the Act and the rules made [Link] facto, vacate such office immediately the monies owing
by the Company to the Corporation are paid off or on the Corporation ceasing to hold Debentures/Shares in the
Company or on the satisfaction of the liability of the Company arising out of the guarantee furnished by the
Corporation. The Nominee Director/s appointed under this Article shall be entitled to receive all notices of and
attend all General Meetings, Board Meetings and of the Meetings of the Committee of which the Nominee
Director/sis/are member/s as also the minutes of such Meetings. The Corporation shall also be entitled to receive
all such notices and minutes. The Company shall pay to the Nominee Director/s sitting fees and expenses to
which the other Directors of the Company are entitled but if any other fees, commission, monies or remuneration
in any form is payable to the Directors

144. Limit on number of retiring Directors

The provisions of Articles 135, 136 and 137 are subject to the provisions of Section 152 of the Companies Act,
2013, and the number of such Directors appointed under Articles 135, 136, 137 and 167 shall not exceed in the
aggregate one-third of the total number of Directors for the time being in office. However, the Independent
Directors appointed under Section 152 of the Companies Act, 2013 will not be considered for the purpose of
calculating the total number of Director(s) liable for retirement by rotation and term of such Independent
Director(s) shall be as provided under Section 149 of the Companies Act, 2013.

145. Directors may fill Vacancies

The Directors shall have power at anytime and from time to time to appoint any qualified person to be a Director
to fill a casual vacancy. Such casual vacancy shall be filled by the Board of Directors at a meeting of the Board
and shall be approved by members in the immediate next general meeting. Any person so appointed shall retain
his office only upto the date upto which the Director in whose place he is appointed would have held office, if
it had not been vacated as aforesaid but he shall then be eligible for re-election.

146. Additional Director

The Directors shall also have power at any time and from time to time to appoint any other qualified person,
other than a person who fails to get appointed as a Director in a general meeting of the Company, to be an
Additional Director who shall hold office only up to the date of the next annual general meeting or the last date
on which the annual general meeting should have been held, whichever is earlier.

147. Remuneration of Directors

1) Subject to the provisions of the Act, a Managing Director or a Director who is in the wholetime
employment of the Company may be paid remuneration either by way of a monthly payment or at a specified
percentage of the net profits of the Company or partly by one way and partly by the other.

2) Subject to the provisions of the Act, a Director, who is neither in the wholetime employment nor a
Managing Director may be paid remuneration either:
(i) by way of monthly, quarterly or annual payment with the approval of the Central Government, or
(ii) by way of commission if the Company by a special resolution has authorised such payment.

3) The fee payable to Directors (other than Managing or Wholetime Director, if any) for attending each
meeting of the Board or Committee thereof shall be such sum as may be prescribed by the Act or the Central
Government from time to time.

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148. Subject to the provisions of the Act, a Director, who is neither in the whole time employment nor a
Managing Director may be paid remuneration either:

(1) by way of monthly, quarterly or annual payment with the approval of the Central Government, or

(2) by way of commission if the Company by a Special Resolution has authorised such payment.

(3) The fee payable to Directors (other than Managing or Wholetime Director, if any) for attending each
meeting of the Board or Committee thereof shall be such sum as may be prescribed by the Act or the Central
Government from time to time.

149. Remuneration for extra services

If any Director, being willing shall be called upon to perform extra services or to take any special exertions
forany of the purposes of the Company and in that event the Company may, subject to the provisions of the Act
,remunerate such Director either by a fixed sum or by a percentage of profit or otherwise, as may be determined
by the Directors but not exceeding that permitted under Section 309 of the Act and such remuneration may be
either in addition to or in substitution for his share in the remuneration above provided.

150. Increase in remuneration of Directors to require Government sanction

Any provision relating to the remuneration of any Director including a Managing or Joint Managing or
Wholetime Director or any amendment thereof, which purports to increase or has the effect of increasing,
whether directly or indirectly, the amount thereof, whether that provision is contained in the Company’s
Memorandum or there Articles, or in an agreement entered into by it, or any resolution, passed by the Company
in general meeting or by the Board of Directors, shall not have any effect unless approved by the Central
Government and the amendment shall become void if, and in so far as, it is disapproved by the Government.

151. Increase in remuneration of Managing Director on re-appointment or appointment

If the terms of any re-appointment of a Managing or Joint Managing or Wholetime Director purport to increase
or have the effect of increasing, whether directly or indirectly, the remuneration which the Managing or Joint
Managing or Wholetime Director, as the case may be was receiving immediately before such reappointment or
appointment shall not have any effect unless approved by the Central Government, and shall become void if,
and in so far as, it is disapproved by the Government.

152. Directors may Act notwithstanding vacancy

The Continuing Directors may act notwithstanding any vacancy in their body, but if and as long as their number
is reduced below the quorum fixed by these Articles for a meeting of the Board of Directors, the Continuing
Directors may act for the purpose of filling vacancies to increase the number of Directors to that fixed for the
quorum or for summoning a general meeting of the Company, but for no other purpose.

153. Directors Vacating Office

Subject to the provisions of Section 164 and 165 of the Companies Act, 2013, a person shall not capable of being
appointed Director of the Company, if –

(ii) he is an undischarged insolvent;

(iii) he has applied to be adjudged an insolvent and his application is pending;

(iv) he has been convicted by a court of any offence involving moral turpitude or otherwise, and sentenced in
respect thereof to imprisonment for not less than six months and a period of five years has not elapsed from the
date of expiry of the sentence;

Provided that if a person has been convicted of any offence and sentenced in respect thereof to imprisonment
for a period of seven years or more, he shall not be eligible to be appointed as a Director of the Company.

577
(v) an order disqualifying him for appointment as a director has been passed by a court or Tribunal and the
order is in force;

(vi) he has not paid any call in respect of shares of the Company held by him, whether alone or jointly with
others, and six months have elapsed from the last day fixed for the payment of the call;

(vii) he has been convicted of the offence dealing with related party transactions under Section 188 of the
Companies Act, 2013 at any time during the last preceding five years; or

(viii) he has not complied with sub-section (3) of Section 152 of the Companies Act, 2013.

No person who is or has been a Director of a Company, where the Company—

(i) has not filed financial statements or annual returns for any continuous period of three financial years; or

(ii) has failed to repay the deposits accepted by it or pay interest thereon or to redeem any debentures on the
due date or pay interest due thereon or pay any dividend declared and such failure to pay or redeem continues
for one year or more, shall be eligible to be re-appointed as a Director of that Company or appointed in other
Company for a period of five years from the date on which the said Company fails to do so.
Subject to the provisions of Section 167 of the Companies Act, 2013 (as amended from time to time), the office
of a Director shall become vacant if:

(i) he incurs any of the disqualifications specified in Section 164 of the Companies Act, 2013;

Provided that where he incurs disqualification under sub-section (2) of section 164, the office of the director
shall become vacant in all the companies, other than the company which is in default under that sub-section.

(ii) he absents himself from all the meetings of the Board of Directors held during a period of twelve months
with or without seeking leave of absence of the Board;

(iii) he acts in contravention of the provisions of Section 184 of the Companies Act, 2013, relating to entering
into contracts or arrangements in which he is directly or indirectly interested;

(iv) he fails to disclose his interest in any contract or arrangement in which he is directly or indirectly
interested, in contravention of the provisions of Section 184 of the Companies Act, 2013;

(v) he becomes disqualified by an order of a court or the Tribunal;

(vi) he is convicted by a court of any offence, whether involving moral turpitude or otherwise and sentenced
in respect thereof to imprisonment for not less than six months:

Provided that the office shall not be vacated by the director in case of orders referred to in clauses (v) and (vi) ;

(i) for thirty days from the date of conviction or order of disqualification;

(ii) where an appeal or petition is preferred within thirty days as aforesaid against the conviction resulting in
sentence or order, until expiry of seven days from the date on which such appeal or petition is disposed of; or

(iii) where any further appeal or petition is preferred against order or sentence within seven days, until such
further appeal or petition is disposed of.](vii) he is removed in pursuance of the provisions of the Act;

154. Removal of Directors

The Company may (subject to the provisions of Section 169 and other applicable provisions of the Companies
Act, 2013 and these Articles) by ordinary resolution remove any Director before the expiry of his period of
office.

Provided that an independent Director re-appointed for second term under sub-section (10) of Section 149 shall
be removed by the Company only by passing a special resolution and after giving him a reasonable opportunity

578
of being heard.

Provided that nothing contained in this sub-clause shall apply where the Company has availed itself of the option
given to it under Section 163 of the Companies Act, 2013, to appoint not less than two-thirds of the total number
of Directors according to the principle of proportional representation

Special notice shall be required of any resolution to remove a Director under this Article or to appoint some
other person in place of a Director so removed at the meeting at which he is removed.

On receipt of notice of a resolution to remove a Director under this Article, the Company shall forthwith send a
copy thereof to the Director concerned and the Director (whether or not he is a member of the Company) shall
be entitled to be heard on the resolution at the meeting.

Where notice is given of a resolution to remove a Director under this Article and the Director concerned makes
with respect thereto representations in writing to the Company and requests its notification to members of the
Company, the Company shall, if the time permits it to do so - (i) in the notice of the resolution given to the
members of the Company, state the fact of the representations having been made, and (ii) send a copy of the
representations to every member of the Company to whom notice of the meeting is sent (before or after the
receipt of the representations by the Company) and if a copy of the representations is not sent as aforesaid
because they were received too late or because of the Company's default,

the Director may (without prejudice to his right to be heard orally) require that the representations shall be read
out at the meeting:
Provided that copies of the representations need not be sent or read out at the meeting if on the application either
of the Company or of any other person who claims to be aggrieved, the Tribunal is satisfied that the rights
conferred by this sub- clause are being abused to secure needless publicity for defamatory matter, and the
Tribunal may order the Company’s costs on the application to be paid in whole or in part by the Director
notwithstanding that he is not a party to it.

A vacancy created by the removal of a Director under this Article may, if he had been appointed by the Company
in General Meeting or by the Board be filled by the appointment of another Director in his stead at the meeting
at which he is removed; Provided special notice of the intended appointment has been given. A Director so
appointed shall hold office till the date up to which his predecessor would have held office if he had not been
removed as aforesaid.

If the vacancy is not filled under sub-clause (5), it may be filled as a casual vacancy in accordance with the
provisions of the Act.
A Director who was removed from office under this Article shall not be re-appointed as a Director by the Board
of Directors. Nothing contained in this Article shall be taken:
i) as depriving a person removed hereunder of any compensation or damages payable to him in respect of
the
termination of his appointment as Director as per the terms of contract or terms of his appointment as Director,
or of any other appointment terminating with that as Director; or
ii) as derogating from any power to remove a Director under the provisions of the Act.

155. Directors may contract with Company

If the Company –

(i) enters into a contract for the appointment of a manager or a Managing Director of the Company in which
contract any Director of the Company is in any way directly or indirectly concerned or interested, or

(ii) varies any such contract already in existence and in which a Director is concerned or interested as
aforesaid, the provisions of Section 302 of the Companies Act, 1956 or other applicable provisions of law shall
be complied with.

156. Directors may be Directors of companies promoted by the company

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A Director may be or become a Director of any Company in which it may be interested as a vendor, shareholder,
or otherwise, and no such Director shall be accountable for any benefits received as Director or shareholder of
such Company except in so far as Section 197 or Section 188 of the Companies Act, 2013 (and the rules made
thereunder) may be applicable.

157. Duty of Directors etc. to make disclosure

(1) Every Director of the Company who is in any way, whether directly or indirectly concerned or interested
in a contract or arrangement, or proposed contract or arrangement, entered into or to be entered into, by or on
behalf of the Company, shall disclose the nature of his concern or interest at a meeting of the Board of Directors,
in the manner provided in Section 184 of the Companies Act, 2013.
(2) Every Director of the Company who is in any way, whether directly or indirectly, concerned or interested
in a contract or arrangement or proposed contract or arrangement entered into or to be entered into—
(i) with a body corporate in which such Director or such Director in association with any other Director,
holds more than two per cent of the shareholding of that body corporate, or is a promoter, manager, chief
executive officer of that body corporate; or
(ii) with a firm or other entity in which, such Director is a partner, owner or member, as the case may be,
shall disclose the nature of his concern or interest at the meeting of the Board in which the contract or
arrangement is discussed and shall not participate in such meeting:
Provided that where any Director who is not so concerned or interested at the time of entering into such contract
or arrangement, he shall, if he becomes concerned or interested after the contract or arrangement is entered into,

disclose his concern or interest forthwith when he becomes concerned or interested or at the first meeting of the
Board held after he becomes so concerned or interested.

Nothing in this Article shall –

(i) be taken to prejudice the operation of any rule of law restricting a Director of the Company from having
any concern or interest in any contract or arrangement with the Company;

(ii) apply to any contract or arrangement entered into or to be entered into between the Company and any
other Company where any one or more of the Directors of the Company together holds or hold not more than
two percent of the paid up share capital in other Company.

158. Loans to Directors

The Company shall observe the restrictions imposed on the Company in regard to giving of loans or guarantees
or providing securities in connection with any loans taken by Directors or their relatives or partner or any firm
or any person in whom any of the director of the Company is interested as provided in section 185 of the
Companies Act, 2013.

159. Loans etc. to Companies

The Company shall observe the restrictions imposed on the Company in regard to making any loans, giving any
guarantee or providing any security to the companies or bodies corporate as provided in Section 186 of the
Companies Act, 2013.

160. Appointment of Sole Selling Agents

(1) The appointment, re-appointment and extension of the term of a Sole Selling Agent shall be regulated in
accordance with the provisions of Section 294 of the Act and any rules or notifications issued thereunder by a
competent authority and the Directors and/or the Company in general meeting may make the appointment, re-
appointment or extension of the term of office in accordance with and subject to the provisions of the said section
and such rules or notification, if any as may be applicable.

(2) The payment of any compensation to a Sole Selling Agent shall be subject to the provisions under Section
294A of the Act.

161. Interested Director not to participate or to vote in Board's proceedings.

580
No Director of the Company shall as a Director take any part in the discussion of or vote on any contract or
arrangement entered into, or to be entered into, by or on behalf of the Company, if he is in any way whether
directly or indirectly concerned or interested in such contract or arrangement nor shall his presence count for the
purpose of forming a quorum at the time of any such discussion or vote.

162. Board resolution at a meeting necessary for certain contract

Except with the consent of the Board of Directors of the Company (or the Audit Committee) given by a
resolution at a meeting of the Board and subject to such conditions as may be prescribed by the Company, a
Company shall not enter into any contract or arrangement with a related party with respect to,
(i) sale, purchase or supply of any goods or materials;
(ii) selling or otherwise disposing of, or buying, property of any kind;
(iii) leasing of property of any kind;

(iv) availing or rendering of any services;

(v) appointment of any agent for purchase or sale of goods, materials, services or property;

(vi) such related party’s appointment to any office or place of profit in the Company, its subsidiary Company
or associate Company; and
(vii) underwriting the subscription of any securities or derivatives thereof, of the Company:
Notwithstanding the provisions of this sub-clause (1) of this Article, where prescribed, the Company shall enter
into such contracts and / or arrangements only with the prior approval of the members of the Company by a
resolution. However, no member of the Company shall vote on such resolution, to approve any contract or
arrangement which may be entered into by the Company, if such member is a related party:
It is clarified that this sub-clause shall not apply to any transactions entered into by the Company in its ordinary
course of business other than transactions which are not on an arm’s length basis.

Every contract or arrangement entered into under sub-clause (1) shall be referred to in the Board’s report to the
shareholders along with the justification for entering into such contract or arrangement
163. Rotation of Directors

Not less than two-thirds of the total number of Directors shall (i) be persons whose period of the office is liable
to determination by retirement of Directors by rotation and (ii) save as otherwise expressly provided in the
Articles be appointed by the Company in General Meeting.

1) Retirement of Directors

Subject to the provisions of Section 152(6) and 152(7) of the Companies Act, 2013 and the provisions of these
Articles, at every annual general meeting of the Company one-third of such of the Directors for the time being
as are liable to retire by rotation, or if their number is not three or a multiple of three the number nearest to one-
third, shall retire from office. The Debenture Directors, Corporation Directors, Special Directors, or Managing
Directors, if any, shall not be subject to retirement under this Article and shall not be taken into account in
determining the number of Directors to retire by rotation. In these Articles a “Retiring Director” means a Director
retiring by rotation.
164. Ascertainment of Directors retiring by rotation and filling of vacancies.

The Directors who retire by rotation under Article 158 at every annual general meeting shall be those who have
been longest in office since their last appointment, but as between those who become Directors on the same day,
those who are to retire shall, in default of and subject to any agreement amongst themselves, be determined by
lot.

Eligibility for re-election

A retiring Director shall be eligible for the re-appointment Company to fill Vacancies
Subject to the provisions of the Act, the Company at the annual general meeting at which a Director retires in
manner aforesaid may fill up the vacancy by appointing the retiring Director or some other person thereto.
Provisions in default of appointment

If the place of retiring Director is not so filled up and the meeting has not expressly resolved not to fill the
vacancy, the meeting shall stand adjourned till the same day in the next week, at the same time and place, or if

581
that day is a public holiday till the next succeeding day which is not a public holiday, at the same time and place.

If at the adjourned meeting also, the place of the retiring Director is not filled up and that meeting also has not
expressly resolved not to fill the vacancy, the retiring Director shall be deemed to have been re-appointed at the
adjourned meeting unless –

i) at the meeting or the previous meeting a resolution for the reappointment of such Director has been put
to the meeting and lost;

ii) the retiring Director has, by a notice in writing addressed to the Company or its Board of Directors,
expressed his unwillingness to be so re-appointed;
iii) he is not qualified or is disqualified for appointment; or

iv) a resolution, whether special or ordinary, is required for his appointment or re-appointment in virtue of
any provisions of the Act,
165. Company may increase or reduce the number of Directors or remove any Director

Subject to the provisions of Sections 149 and 152 of the Companies Act, 2013, the Company may, by special
resolution, from time to time, increase or reduce the number of Directors.

166. Appointment of Directors to be voted Individually

No motion at any general meeting of the Company shall be made for the appointment of two or more persons as
Directors of the Company by a single resolution unless a resolution that it shall be so made has been first agreed
to by the meeting without any vote being given against it.

A resolution moved in contravention of clause (1) hereof shall be void, whether or not objection was taken at
the time of its being so moved, provided where a resolution so moved is passed, no provision for the automatic
re-appointment of retiring Director in default of another appointment as hereinbefore provided, shall apply.

For the purpose of this Article, a motion for approving a person’s appointment or for nominating a person for
appointment shall be treated as a motion for his appointment.

MEETING & PROCEEDING OF DIRECTORS

167. The Directors may meet together as a Board for the dispatch of business from time to time, and unless
the Central Government by virtue of the proviso to Section 173 of the Companies Act, 2013 otherwise directs,
shall so meet at least once in every one hundred and twenty days and at least four such meetings shall be held in
every year. The Directors may adjournand otherwise regulate their meetings as they think fit.

168. Directors may appoint Committees

The Board of Directors may, subject to the provisions of Section 179 of the Companies Act, 2013, and other
relevant provisions of the Act and these Articles, appoint committees of the Board, and delegate any of the
powers other than the powers to make calls and to issue debentures to such committee or committees and may
from time to time revoke and discharge any such committee of the Board either wholly or in part and either as
to the persons or purposes, but every committee of the Board so formed shall in exercise of the powers so
delegated conform to any regulation that may from time to time be imposed on it by the Board of Directors. All
acts done by any such Committee of the Board in conformity with such regulations and in fulfillment of the
purpose of their appointment, but not otherwise, shall have the like force and effect, as if done by the Board.

The meetings and proceedings of any such Committee of the Board consisting of two or more members shall be
governed by the provisions herein contained for regulating the meetings and proceedings of the Directors, so far
as the same are applicable thereto and are not superseded by any regulations made by the Directors under the
last preceding Article.

169. Minutes of proceedings of the Board and the Committees to be valid

The Directors shall cause minutes to be duly entered in a book or books provided for the purpose in accordance

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with these Articles and Section 193 of the Act.

170. Notice of meetings

Notice of every meeting of the Board of Directors shall be given in writing to every Director for the time being
in India, and at his usual address in India and such notice shall be sent by hand delivery or by post or by electronic
means.

A Director may at any time and the Secretary upon the request of Director made at any time shall convene a
meeting of the Board of Directors by giving a notice in writing to every Director for the time being in India and
at his usual address in India to every other Director. Notice may be given by telex or telegram to any Director
who is not in India.

171. Quorum for a meeting of the Board of Directors

Subject to Section 174 of the Companies Act, 2013 the quorum for a meeting of the Board of Directors shall be
one-third of its total strength (excluding Directors, if any, whose place may be vacant at the time and any fraction
contained in that one- third being rounded off as one) or two Directors whichever is higher, PROVIDED that
where at any time the number of interested Directors at any meeting exceeds or is equal to two-third of the total
strength, the number of the remaining Directors (that is to say, the number of Directors who are not interested)
present at the meeting being not less than two shall be quorum during such time.

For the purpose of clause (1) :

(i) ”Total Strength” of the Board of Directors of the Company shall be determined in pursuance of the Act,
after deducting there from number of the Directors, if any, whose places may be vacant at the time, and

(ii) ”Interested Directors” means any Director whose presence cannot by reason of Article 155 hereof or any
other provisions in the Act count for the purpose of forming a quorum at a meeting of the Board, at the time of
the discussion or vote on any matter.

172. Procedure when meeting adjourned for want of quorum

If a meeting of the Board could not be held for want of quorum then the meeting shall automatically stand
adjourned till the same day in the next week, at the same time and place, or if that day is a public holiday, till
the next succeeding day which is not a public holiday at the same time and place.

173. Chairman

One of the Directors shall be the Chairman of the Board of Directors who shall preside at all meetings of the
Board. If at any meeting the Chairman is not present at the time appointed for the meeting then the Directors
present shall elect one of them as Chairman who shall preside

174. Questions at Board meeting how decided

Subject to provisions of the Companies Act, 2013, and other applicable provisions of law, questions arising at
any meeting of the Board shall be decided by a majority of votes, and in case of an equality of votes, the
Chairman shall have second or casting vote.

175. Powers of Board Meetings

A meeting of the Board of Directors for the time being at which a quorum is present shall be competent to
exercise all or any of the authorities, powers and discretions which by or under the Act or these Articles or the
regulations for the time being of the Company are vested in or are exercisable by the Board of Directors
generally.

Circular Resolution

A resolution passed by circular without a meeting of the Board or a Committee of the Board appointed under
Article 179 shall subject to the provisions of sub-clause (2) hereof and the Act be as valid and effectual as the

583
resolution duly passed at meeting of, the Directors or of a Committee duly called and held.

A resolution shall be deemed to have been duly passed by the Board or by a Committee thereof by circulation,
if the resolution, has been circulated in draft together with necessary papers, if any, to all the Directors or to all
the members of the Committee then in India (not being less in number than in the quorum fixed for a meeting
of the Board or Committee as the case may be), and to all other Directors or members of the Committee at their
usual addresses in India in accordance with the provisions of Section 175(1) of the Companies Act, 2013, and
has been approved by such of the Directors or members of the Committee as are in India or by a majority of
such of them as are entitled to vote on the resolution.

176. Board Minutes to be evidence

Minutes of any meeting of the Board of Directors or of any Committees of the Board if purporting to be signed
by the Chairman of such meeting or by the Chairman of the next succeeding meeting shall be for all purposes
whatsoever prima facie evidence of the actual passing of the resolution recorded and the actual and regular
transaction or occurrence of the proceedings so recorded and the 'regularity of the meeting at which the same
shall appear to have taken place.

177. Register of Directors and Managing Directors etc.

The Directors shall cause to be kept at the registered office of the Company:

1. a Register of the Directors, Managing Directors, Manager and secretary of the Company containing the
particulars required by section 303 of the Act;

2. a Register of contracts with companies and firms in which the Directors are interested, containing the
particulars required by Section 301 of the Act, and

3. a Register of Directors’ shareholding containing the particulars required by Section 307 of the Act. They
shall also cause to be kept other registers and indexes as required by the Act.

4. The Company shall comply with the provisions of Sections 301, 303 and 307 and other Sections of the
Act with regard to the inspection of registers and furnishing copies or extracts so far as the same be applicable
to the Company.

POWERS OF BOARD

178. Certain powers to Be exercised by the Board only at meetings

Without derogating from the powers vested in the Board of Directors under these Articles, the Board shall
exercise the following powers on behalf of the Company and they shall do so only by means of resolution passed
at the meetings of the Board :
(i) to make calls on shareholders in respect of money unpaid on their shares;

(ii) to authorise buy-back of securities under Section 68 of the Companies Act, 2013;
(iii) to borrow monies;

(iv) to invest the funds of the Company;

(v) to grant loans or give guarantee or provide security in respect of loans;

(vi) to approve financial statement and the Board’s report;

(vii) to diversify the business of the Company;

(viii) to approve amalgamation, merger or reconstruction;

(ix) to take over a Company or acquire a controlling or substantial stake in another Company;

584
(x) any other matter which may be prescribed under the Act and the rules made thereunder.
Provided that the Board may by resolution passed at a meeting delegate to any Committee of Directors,
Managing Director or any other principal officer of the Company, or in case of branch office of the Company a
principal officer of the branch office, the powers specified in (iii), (iv) and (v) of this sub-clause on such terms
as it may specify.

Certain powers of the Board

Without prejudice to the general powers conferred by the last preceding Article and so as not in any way to limit
or restrict those powers and without prejudice to the last preceding Article it is hereby declared that the Directors
shall have the following powers that is to say, power:

1. to pay the costs, charges and expenses preliminary and incidental to the formation, promotion,
establishment and registration of the Company;
2. to pay and charge the capital account to the Company any commission or interest, lawfully payable there
out under the provisions of Section 40 of the Companies Act, 2013 and other applicable provisions of law;
3. subject to Sections 179 and 188 of the Companies Act, 2013, to purchase or otherwise acquire for the
Company any property, rights or privileges which the Company is authorised to acquire at or for price or
consideration and generally on such terms and conditions as they may think fit and in any such purchase or other
acquisition accept such title as the Directors may believe or may be advised to be reasonably satisfactory;

at their discretion and subject to the provisions of the Act to pay for any property, rights or privileges by or
services rendered to the Company, either wholly or partially in cash or in shares, bonds, debentures, mortgages
or other securities of the Company, and any such shares may be issued either as fully paid up or with such
amount credited as paid up thereon as may be agreed upon, and any such bonds, debentures, mortgages or other
securities may be either specifically charged upon all or any part of the property of the Company and its uncalled
capital or not so charged;

to secure the fulfillments of any contracts or engagement entered into by the Company mortgage or charge of
all or any of the property of the Company and its uncalled capital for the time being or in such manner as they
may think fit;

to accept from any member, so far as may be permissible by law, a surrender of his shares or any part thereof,
on such terms and conditions as shall be agreed;

to appoint any person to accept and hold in trust for the Company any property belonging to the Company, or
in which it is interested or for any other purposes and to execute and do all such deeds and things as may be
required in relation to any such trust, and to provide for the remuneration of such trustee or trustees;

to institute, conduct, defend, compound or abandon any legal proceeding by or against the Company or its
officer, or otherwise concerning the affairs of the Company, and also to compound and allow time for payment
on satisfaction of any debts due, and of any claims or demands by or against the Company and to refer any
difference to arbitration, either according to Indian law or according to foreign law and either in India or abroad
and observe and perform or challenge any award made therein;

to act on behalf of the Company in all matters relating to bankrupts and insolvents;

to make and give receipts, release and other discharge for monies payable to the Company and for the claims
and demands of the Company;

subject to the provisions of Sections 179, 180 and 186, of the Companies Act, 2013 and other applicable
provisions of law, to invest and deal with any monies of the Company not immediately required for the purpose
thereof, upon such security (not being the shares of this Company) or without security and in such manner as
they may think fit, and from time to time to vary or realize such investments. Save as provided in Section 187
of the Companies Act, 2013, all investments shall be made and held in the Company’s own name;

to execute in the name and on behalf of the Company in favour of any Director or other person who may incur
or be about to incur any personal liability whether as principal or surety, for the benefit of the Company, such
mortgage of the Company’s property (present and future) as they think fit, and any such mortgage may contain

585
a power of sale and other powers, provisions, covenants and agreements as shall be agreed upon;

to determine from time to time who shall be entitled to sign, on Company’s behalf, bills, notes, receipts,
acceptances, endorsements, cheques, dividend warrants, releases, contracts, and documents and to give the
necessary authority for such purpose;

to distribute by way of bonus amongst the staff of the Company a share or shares in the profits of the Company,
and to give to any officer or other person employed by the Company a commission on the profits of any particular
business or transaction; and to charge such bonus or commission as a part of working expenses of the Company;

to provide for the welfare of Directors or ex-Directors or employees or ex-employees of the Company and wives,
widows, and families or the dependents or connections of such persons, by building or contributing to the
building of houses, dwellings or chawls or by grants of money, as, gratuities, allowances, bonus or other
payments, or by creating and from time to time subscribing or contributing to provident and other associations,
institutions, funds, or trusts and by providing or subscribing or contributing towards places of instructions and
recreation, hospitals and dispensaries, medical and other attendance and other assistance as the Board shall think
fit, and subject to the applicable provisions of law to subscribe or contribute or otherwise to assist or to guarantee
money to charitable, benevolent, religious, scientific, national or other institutions or objects which shall have
any moral or other claim to support or aid by the Company, either by reason of locality of operation, or of public
and general utility or otherwise;

before recommending any dividend, subject to the provision of Section 123 of the Companies Act, 2013, to set
aside out of the profits of the Company such sums as they may think proper for depreciation or the depreciation
fund, or to insurance fund, or as a reserve fund or sinking fund or any special fund to meet contingencies or to
repay debentures or debenture stock or for special dividends or for equalizing dividends or for repairing,
improving, extending and maintaining any of the properties of the Company and for such other purposes
(including the purposes referred to in the preceding clause) as the Board may, in their absolute discretion think
conducive to the interest of the Company, and subject to Section 179 of the Companies Act, 2013, to invest the
several sums so set aside or so much thereof as required to be invested, upon such investments (other than share
of this Company) as they may think fit, and from time to time to deal with and vary such investments and dispose
of and apply and expend all or any part thereof for the benefit of the Company, in such manner and for such
purposes as the Board in their absolute discretion think conducive to the interest of the Company notwithstanding
that the matters to which the Board apply or upon which they expend the same or any part thereof may be matters
to or upon which the capital monies of the Company might rightly

be applied or expended; and to divide the reserve fund into such special funds as the Board may think fit; with
full power to transfer the whole or any portion of a reserve fund or division of a reserve fund to another reserve
fund and/or division of a reserve fund and with full power to employ and assets constituting all or any of the
above funds including the depreciation fund, in the business of the Company or in purchase or repayment of
debentures or debenture stock and that without being bound to keep the same separate from the other assets and
without being bound to pay interest on the same, with power however to the Board at their discretion to pay or
allow to the credit of such funds interest at such rate as the Board may think proper, not exceeding nine percent
per annum;

to appoint, and at their discretion remove or suspend such general manager, managers, secretaries, assistants,
supervisors, scientists, technicians, engineers, consultants, legal, medical or economic advisers, research
workers, laborers, clerks, agents and servants for permanent, temporary or special services as they may from
time to time think fit, and to determine their powers and duties, and to fix their salaries, or emoluments or
remuneration, and to require security in such instances and to such amounts as they may think fit, and also from
time to time to provide for the management and transaction of the affairs of the Company in specified locality
in India or elsewhere in such manner as they think fit; and the provision contained in the next following sub-
clauses shall be without prejudice to the general powers conferred by this sub-clause;

to comply with the requirement of any local law which in their opinion it shall in the interest of the Company
be necessary or expedient to comply with;

from time to time and at any time to establish any Local Board for managing any of the affairs of the Company
in any specified locality in India or elsewhere and to appoint any person to be members of such Local Boards,
and to fix their remuneration;

586
subject to Section 179 of the Companies Act, 2013, from time to time and at any time to delegate to any persons
so appointed any of the powers, authorities, and discretions for the time being vested in the Board, other than
their power to make call or to make loans or borrow monies; and to authorise the member for the time being of
any such Local Board, or any of them to fill up any vacancies therein and to act notwithstanding vacancies, and
such appointment or delegation may be made on such terms subject to such conditions as the Board may think
fit, and the Board may at any time remove any person so appointed, and may annul or vary any such delegation;

at any time and from time to time by Power of Attorney to appoint any person or persons to be the Attorney or
Attorneys of the Company, for such purposes and with such powers, authorities and discretions (not exceeding
those vested in or exercisable by the Board under these presents and excluding the power to make calls and
excluding also except in their limits authorised by the Board the power to make loans and borrow monies) and
for such period and subject to such conditions as the Board may from time to time think fit, and any such
appointments may (if the Board thinks fit) be made in favour of the members or any of the members of any local
board established as aforesaid or in favour of any Company, or the shareholders, Directors, nominees or
managers of any Company or firm or otherwise in favour of any fluctuating body of persons whether nominated
directly or indirectly by the Board and any such powers of Attorney may contain such powers for the protection
or convenience of persons dealing with such Attorneys as the Board may think fit, and may contain powers
enabling any such delegated attorneys as aforesaid to sub-delegate all or any of the powers, authorities and
discretion for the time being vested in them;

subject to the provisions of the Companies Act, 2013, for or in relation of any of the matters aforesaid or
otherwise for the purposes of the Company to enter into all such negotiations and contracts and rescind and vary
all such contracts, and execute and do all such acts, deeds and things in the name and on behalf of the Company
as they may consider expedient;

from time to time to make, vary and repeal by-laws for the regulation of the business of the Company, its officers
and servants.

179. COMMITTEES OF BOARD OF DIRECTORS

Pursuant to the Applicable Sections of the Companies Act, 2013, Rules framed there under, Listing Agreement,
and various SEBI law, rules, regulations, notifications, circulars, etc. published/issued from time to time in this
regard, the Board of Directors shall constitute Audit Committee, Nomination & Remuneration Committee,
Corporate Social Responsibility Committee, Stake holders Relationship Committee and such other committees
as Board of Directors thinks proper.

The Committees of Board of Directors shall exercise powers, functions and discharge duties as assign to it
pursuant to the Companies Act, 2013, Rules framed there under, Listing Agreement, Secretarial Standards and
various SEBI laws, rules, regulations, notifications, circulars etc. issued from time to time in this regard. Apart
to statutory duties, functions, the Committees may also discharge the duties; perform functions as assign to it by
the Board of Directors of the Company.

MANAGING DIRECTORS

180. Power to appoint Managing or Wholetime Directors

1) Subject to the provisions of Section 196, 203 and other applicable provision of the Companies Act, 2013
and these Articles, the Directors shall have power to appoint or re-appointment any person to be Managing
Director, Manager or Whole-Time Director for a term not exceeding five years at a time. Provided that no re-
appointment shall be made earlier than one year before the expiry of his term. Such a Managing Director can
also act as chairperson of the Company if permitted by law. Subject to the provisions of the Act and these
Articles, the Managing Director, or the Whole Time Director shall not, while he continues to hold that office,
be subject to retirement by rotation under Article 158 but he shall be subject to the provisions of any contract
between him and the Company, be subject to the same provisions as the resignation and removal as the other
Directors of the Company and he shall ipso facto and immediately cease to be a Managing Director or Whole
Time Director if he ceases to hold the office of Director from any cause. Provided that if at any time the number
of Directors (including Managing Director or Whole Time Directors) as are not subject to retirement by rotation
shall exceed one-third of the total number of the Directors for the time being, then such of the Managing Director
or Whole Time Director or two or more of them as the Directors may from time to time determine shall be liable

587
to retirement by rotation in to the intent that the Directors so liable to retirement by rotation shall not exceed
one-third of the total number of Directors for the time being
2) Subject to the superintendence, control and direction of the Board the day to day management of the
Company shall be in the hands of the Managing Director(s) and/or Whole Time Director(s) appointed under
Article 167 with power to the Board to distribute such day to day management functions among such Director(s)
in any manner as deemed fit by the Board and subject to the provisions of the Act and these Articles the Board
may by resolution vest any such Managing Director or Managing Directors or Whole Time Director or Whole
Time Directors such of the power hereby vested in the Board generally as it thinks fit and such powers may be
made exercisable for such period or periods and upon such conditions and subject to such restrictions as it may
determine and they may subject to the provisions of the Act and these Articles confer such powers either
collaterally with or to the exclusion of or in substitution for all or any of the powers of the Directors in that
behalf and may from time to time revoke, withdraw, alter or vary all or any of such powers.

181. Appointment and payment of remuneration to Managing or Whole time Director

The remuneration of the Managing Director, Whole Time Director, or Manager shall (subject to Sections 197 to
200 and other applicable provisions of the Act and of these Articles and of any contract between him and the
Company) be fixed by the Directors from time to time and may be by way of fixed salary and/or perquisites or
commission on profits of the Company or by participation in such profits, or by fee for such meeting of the
Board or by all these modes or any other mode not expressly prohibited by the Act.

THE SECRETARY

182. Secretary

Subject to the provisions of Section 383A of the Act, the Directors may, from time to time, appoint and, at their
discretion remove any individual as Secretary who shall have such qualifications as the authority under the Act
may prescribe to perform any functions, which by the Act or these Articles are to be performed by the Secretary,
and to execute any other purely ministerial or administrative duties which may from time to time be assigned to
the Secretary by the Director. The Directors may also at any time appoint some Persons (who need not be the
Secretary) to keep the registers required to be kept by the Company.

SEAL

183. Custody of the Seal and its use

The Directors shall provide a common seal for the purpose of the Company and shall have power from time to
time to destroy the same and substitute a new Seal in lieu thereof, and the Directors shall provide for the safe
custody of the Seal for the time being and the Seal shall never be used except by or under the authority of the
Directors or a Committee of the Directors previously given, and in the presence of one Director at the least, who
shall sign every instrument to which the Seal is so affixed in his presence.

184. Seal abroad

The Company shall also be at liberty to have an official seal in accordance with Section 50 of the Act for use in
any territory, district or place outside India and such powers shall accordingly be vested in the Directors.

INTEREST OUT OF CAPITAL

185. Interest may be paid out of Capital

Where any shares in the Company are issued for the purpose of raising money to defray the expenses of the
construction of any work or building, or the provisions of any plant, which cannot be made profitable for a
lengthy period, the Company rnay pay interest on so much of that share capital as is for the time being paid up,
for the periodand at the 'rate and subject to the conditions and restrictions provided by Section 208 of the Act,
and

DIVIDENDS

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186. Division of Profits

Subject to the rights of persons, if any, entitled to shares with special rights as to dividends, all dividends shall
be declared and paid according to the amounts paid or credited as paid on the shares in respect whereof the
divided is paid, but if and so long as nothing is paid upon any of the shares in the Company dividends may be
declared and paid according to the amounts of the shares.

No amount paid or credited as paid on a share in advance of calls shall be treated for the purposes of this
regulation as paid on the share.

All dividends shall be apportioned and paid proportionately to the amounts paid or credited as paid on the shares
during any portion or portions of the period in respect of which the dividend is paid; but if any share is issued
on terms provided that it shall rank for dividend as from a particular date such share shall rank for dividend
accordingly.

187. Dividend payable to registered holder

No dividend shall be paid by the Company in respect of any Share except to the registered holder of such Share
or to his order or to his banker.

188. Time for payment of dividend

Where a dividend has been declared by the Company it shall be paid within the period provided in Section 207
of the Act.

189. Capital paid up in advance and interest not to earn dividend

Where the capital is paid in advance of the calls upon the footing that the same shall carry interest, such capital
shall not, whilst carrying interest, confer a right to dividend or to participate in profits.

190. Company in general meeting may declare dividends

The Company in general meeting may declare dividends, to be paid to members according to their respective
rights and interest in the profits and may fix the time for payment and the Company shall comply with the
provisions of Section 127 of the Act, but no dividends shall exceed the amount recommended by the Board of
Directors, but the Company may declare a smaller dividend in general meeting

191. Dividends only to be paid out of profits

No dividend shall be declared or paid by the Company for any financial year except

(i) out of the profits of the Company for that year arrived at after providing for depreciation in accordance
with the provisions of sub-clause (2) or out of the profits of the Company for any previous financial year or
years arrived at after providing for depreciation in accordance with those provisions and remaining undistributed
or out of both; or
(ii) out of the monies provided by the Central Government or State government for the payment of dividend
in pursuance or guarantee given by the Government.

Provided that where, owing to inadequacy or absence of profits in any financial year, if the Company proposes
to declare dividend out of the accumulated profits earned by it in previous years and transferred by the company
to the free reserves, such declaration of dividend shall not be made except in accordance with rules as may be
prescribed in this behalf
Provided also that no dividend shall be declared or paid by the Company from its reserves other than free
reserves. Provided also that the Company shall not declare dividend unless carried over previous losses and
depreciation not provided in previous year or years are set off against profit of the company for the current year.

Provided that in computing profits, any amount representing unrealised gains, notional gains or revaluation of
assets and any change in carrying amount of an asset or of a liability on measurement of the asset or the liability
at fair value shall be excluded.

589
.

Provided also that the Company shall not declare dividend unless carried over previous losses and depreciation
not provided in previous year or years are set off against profit of the company for the current year.

Provided that in computing profits, any amount representing unrealised gains, notional gains or revaluation of
assets and any change in carrying amount of an asset or of a liability on measurement of the asset or the liability
at fair value shall be excluded.

For the purposes of sub-clause (1), the depreciation shall be provided in accordance with the provisions of
Schedule II of the Companies Act, 2013.
No dividend shall be payable except in cash, provided that nothing in this Article shall be deemed to prohibit
the capitalization of the profits or reserves of the Company for the purpose of issuing fully paid up bonus shares
or paying up any amount for the time being unpaid on any shares held by members of the Company

192. Directors’ declaration as to net profits conclusive

The declaration of the Directors as to the amount of the net profits of the Company shall be conclusive.

193. Interim Dividends

The Board of Directors may from time to time, pay to the members such interim dividends as in their judgment
the position of the Company justifies.

194. Retention of Dividend until completion of transfer under Article

The Directors may retain the Dividends payable upon shares in respect of which any person is under the
Transmission clause of these Articles entitled to become a member or which any person under that clause is
entitled to transfer until such person shall become a member in respect of such shares or shall duly transfer the
same.

195. No Member to receive Dividend whilst indebted to the Company and Company's right to reimbursement
there from

No member shall be entitled to receive payment of any interest or dividend or bonus in respect of his share or
shares, whilst any money may be due or owing from him to the Company in respect of such share or shares (or
otherwise however either alone or jointly with any other person or persons) and the Board of Directors may
deduct from the interest or dividend to any member all such sums of monies so due from him to the Company.
196. Dividend how remitted

The dividend payable in cash may be paid by cheque or warrant or in any electronic mode to the shareholder
entitled to the payment of the dividend or in case of joint-holders to the registered address of that one of the
joint-holders which is first named on the register of members or to such person and to such address as the holder
or the joint-holder may in writing direct. The Company shall not be liable or responsible for any cheque or
warrant or pay slip or receipt lost in transmission or for any dividend lost, to the member or person entitled
thereto by forged endorsement of any cheque or warrant or forged signature on any pay slip or receipt or the
fraudulent recovery of the dividend by any other means.
197. Unpaid Dividend or Dividend Warrant posted

(i) where the dividend has been declared or claimed within thirty days from the date of the declaration to
any shareholder entitled to the payment thereof the Company shall within seven days from the date of expiry or
the said period of thirty days transfer the total amount of dividend which remains unpaid or unclaimed within
the said period of thirty days to a special account to be opened by the Company in that behalf in any Scheduled
Bank to be called “Unpaid Dividend Account of AMANTA HEALTHCARE_LIMITED FOR THE YEAR ”

(ii) The Company shall, within a period of ninety days of making any transfer of an amount under sub clause
(i) to the Unpaid Dividend Account, prepare a statement containing the names, their last known addresses and
the unpaid dividend to be paid to each person and place it on the website of the Company, if any, and also on
any other website approved by the Central Government for this purpose, in such form, manner and other
particulars as may be prescribed.

590
(iii) If any default is made in transferring the total amount referred to in sub-clause (1) or any part thereof to
the Unpaid Dividend Account of the Company, it shall pay, from the date of such default, interest on so much
of the amount as has not been transferred to the said account, at the rate of twelve per cent per annum and the
interest accruing on such amount shall ensure to the benefit of the members of the Company in proportion to the
amount remaining unpaid to them.

iv) Any person claiming to be entitled to any money transferred under sub-clause (1) to the Unpaid Dividend
Account of the Company may apply to the Company for payment of the money claimed.

iv) any money transferred to the Unpaid Dividend Account of the Company in pursuance of this Article
which remains unpaid or unclaimed for a period of seven years from the date of such transfer, shall be transferred
by the Company along with interest accrued, if any, thereon to the Investor Education and Protection Fund of
the Central Government.

v) the Company shall when making any transfer to the Investor Education and Protection Fund of the Central
Government any unpaid or unclaimed dividend, furnish to such officer as the Central Government may appoint
in this behalf a statement in the prescribed form seeing forth in respect of all sums included in such transfer, the
nature of the sums, the names and last known addresses of the persons entitled to receive the sum, the amount
to which each person is entitled and the nature of his claim thereto and such other particulars as may be
prescribed.

(vi) No unpaid dividend shall bear interest as against the Company.

198. Effect of transfer of Shares

A transfer of shares does not pass the right to any dividend declared thereon before the registration of the transfer.

199. Notice of dividend

Notice of the declaration of any dividend whether interim or otherwise shall be given to the registered holder of
share in the manner herein provided.

200. Dividend to be paid within thirty days

The Company shall pay the dividend or send the warrant in respect thereof to the shareholder entitled to the
payment of dividend, within thirty days from the date of the declaration unless:

(i) where the dividend could not be paid by reason of the operation of any law;

(ii) where a shareholder has given directions regarding the payment of the dividend and those directions
cannot be complied with;

(iii) where there is a dispute regarding the right to receive the dividend;

(iv) where the dividend has been lawfully adjusted by the Company against any sum due to it from the
shareholder, or

(v) where for any other reason, the failure to pay the dividend or to post the warrant within the period
aforesaid was not due to any default on the part of the Company.

ACCOUNTS

201. Books of Accounts to be kept

The Company shall keep at its Registered Office proper books of Accounts as required by Section 128of the Act

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with respect to:

(a) all sums of money received and expended by the Company and the matters in respect of which the receipt
and expenditure take place;

(b) all sales and purchases of goods by the Company; and

(c) the assets and liabilities of the Company;

Provided that all or any of the books of account aforesaid may be kept at such other place in India as the Board
of Directors may decide and when the Board of Directors so decide, the Company shall, within seven days of
the decision file with the Registrar a notice in writing giving the full address of that other place.

If the Company shall have a branch office, whether in or outside India, proper books of account relating to the
transactions effected at that office shall be kept at that office and proper summarised returns made upto date at
intervals of not more than three months, shall be sent by the branch office to the Company at its Registered
Office or other place in India, as the Board thinks fit, where the said books of the Company are kept.

202. Books to give fair and true view of the Company's affairs

All the aforesaid books shall give a fair and true view of the affairs of the Company or of its branch office, as
the case may be with respect to the matters aforesaid, and explain the transactions.

1. The books of account shall be open to inspection by any Director during business hours as provided by
Section 209 of the Act.

2. The books of account of the Company relating to a period of not less than eight years immediately
preceding the current year together with the vouchers relevant to any entry in such books of accounts shall be
preserved in good order.

203. Statements of Accounts to be furnished to general meeting

The Board of Directors shall lay before each annual general meeting a Profit and Loss Account for

the Financial Year of the Company and a Balance Sheet made up as at the end of the Financial Year which shall
be a date, which shall not precede the day of the meeting by more than six months or such extended period as
shall have been granted by the Registrar of Companies under the provisions of the Act.

204. Balance Sheet and Profit and Loss Account

Subject to the provisions of Section 128 of the Act, every Balance Sheet and Profit and Loss Account of the
Company shall be in the forms set out in parts I and" respectively of Schedule VI of the Act, or as near- hereto
as circumstances admit. There shall be annexed to every Balance Sheet a statement showing the bodies corporate
(indicating separately the bodies corporate in the same group) in the Shares of which investments have been
made by it (including all investments, whether existing or not, made subsequent to the date as at which the
previous Balance Sheet was made out) and the nature and extent of the investments so made in each body
corporate.

So long as the Company is a holding Company having a subsidiary, the Company shall conform to Section 128
and other applicable provisions of the Act.

If in the opinion of the Board, any of the current assets of the Company have not a value on realization in the
ordinary course of business at least equal to the amount at which they are stated, the fact that the Board is of that
opinion shall be stated.

205. Authentication of Balance Sheet and Profit & Loss Account

Save as otherwise provided every Balance Sheet and every Profit and Loss Account of the Company shall be
signed on behalf of the Board of Directors by the Manager or Secretary, if any, and by not less than two Directors
of the Company, one of whom shall be a Managing Director, if any.

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When only one of the Directors of the Company is for the time being in India, the Balance Sheet and the Profit
and Loss Account shall be signed by such Director, but in such a case, there shall be attached to the Balance
Sheet and the Profit and Loss Account a statement signed by him explaining the reason for non compliance with
the provisions of the above sub- article.

The Balance Sheet, and the Profit and Loss Account shall be approved by the Board of Directors before they are
signed on behalf of the Board in accordance with the provisions of this Article and before they are submitted of
the auditors for their report thereon.

206. Profit and Loss Account to be annexed and Auditors' Report to be attached to the Balance Sheet

The Profit and Loss Account shall be annexed to the Balance Sheet and the Auditors’ Report including the
Auditors’ separate, special or supplementary report, if any, shall be attached thereto.

207. Board’s Report to be attached to Balance Sheet

Every Balance Sheet laid before the Company in general meeting shall have attached to it a report by the Board
of Directors with respect to the state of the Company’s affairs, the amounts, if any which it proposes to carry to
any reserves in such Balance Sheet, the amount, if any, which it recommends to be paid by way of dividends
and material changes and commitments, if any, affecting the financial position of the Company which have
occurred between the end of the financial year of the Company to which the Balance Sheet relates and

the date of the report.

The report shall, so far as it is material for the appreciation of the state of the Company's affairs by its Members
and will not in the Board's opinion be harmful to the business of the Company or of any of its subsidiaries, deal
with any changes which have occurred during the financial year in the nature of the Company’s business, in the
Company's subsidiaries or in the nature of the business in which the Company has an interest.

The Board shall also give the fullest information and explanations in its Report or in cases falling under the
proviso to Section 222 of the Act in an addendum to that report, on every reservation, qualification or adverse
remark contained in the Auditor's Report.

The Board's Report and addendum (if any) thereto shall be signed by its chairman if he is authorised in that
behalf by the Board; and where he is not so authorised shall be signed by such number of Directors as are
required to sign the Balance Sheet and the Profit and Loss Account of the Company by virtue of sub-clause (a)
and (b) of Article 203.

The Board shall have the right to charge any Person not being a Director with the duty of seeing that the
provisions of sub-clauses (a) and (c) of this Article are complied with

Every Balance Sheet and Profit and Loss Account of the Company when audited and approved and adopted by
the Members in the annual general meeting shall be conclusive except as regards any matters in respect of which
modifications are made thereto as may from time to time be considered necessary by the Board of Directors and
or considered proper by reason of any provisions of relevant applicable statutes and approved by Shareholders
at a subsequent general meeting.

208. Right of Members to copies of Balance Sheet and Auditor's Report

A copy of every Balance Sheet (including the Profit and Loss Account, the Auditor’s Report and every other
document required by Law to be annexed or attached' as the case may be, to the Balance Sheet) which is to be
laid before, the Company in general meeting shall be made available for inspection at the Registered Office of
the Company during working hours for a period of twenty, one days before of the meeting.

209. Three copies of Balance Sheet etc. to be filed with Registrar

After the Balance Sheet and Profit and Loss Account have been laid before the Company at the annual general
meeting, three copies of the Balance Sheet and Profit and Loss Account duly signed as provided under Section
220 of the Act together with three copies of all documents, which are required to be annexed thereto shall be

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filed with the Registrar, so far as the same be applicable to the Company.

AUDIT

210. Accounts to be audited

Every Balance Sheet and Profit and Loss Account shall be audited by one or more Auditors to be appointed as
hereinafter mentioned.

211. Appointment and qualifications of auditors

The Company at the annual general meeting each year

shall appoint an Auditor or Auditors to hold office from the conclusion of that meeting until the conclusion of
the next annual general meeting, and shall, within seven days of the appointment, give intimation thereof to
every auditor so appointed.

(a) The Company at the annual general meeting each year shall appoint an Auditor or Auditors to hold office
from the conclusion of that meeting until the conclusion of the next annual general meeting, and shall, within
seven days of the appointment, give intimation thereof to every auditor so appointed.

(b) At any annual general meeting, a retiring Auditor, by whatever authority appointed, shall be reappointed
unless:
(i) he is not qualified for reappointment;

(ii) he has given the Company notice in writing of his unwillingness to be reappointed;

(iii) a resolution has been passed at that meeting appointing somebody instead of him or providing expressly
that he shall not be reappointed, or

(iv) where notice has been given of an intended resolution to appoint some person or persons in the place of
retiring Auditor, and by reason of the death, incapacity or disqualification of that person or of all those persons,
as the case may be, the resolution cannot be proceeded with.

(c) Where at an annual general meeting no auditors are appointed or reappointed, the Central Government
may appoint a person to fill the vacancy.

(d) The Company shall, within seven days of the Central Government's power under sub-clause (c) becoming
exercisable give notice of that fact to the Government.

(e) The Directors may fill any casual vacancy in the office of Auditor, but while any such vacancy continues
the surviving or continuing Auditor or Auditors, (if any) may act, but where such vacancy be caused by the
resignation of an auditor, the vacancy shall only, be filled by the Company in, general meeting:

(f) A person, .other than a retiring Auditor, shall not be, capable of being appointed at an annual general
meeting unless special notice of the Resolution for appointment of that person to the office of Auditor has been
given by a member to the Company not less than fourteen days before the meeting in accordance with Section190
of the Act, arid the Company shall send a copy of any such notice to the retiring Auditor, and shall give notice
thereof to the members in accordance with Section 190 of the Act, and the provision of Section 225 of the Act
shall apply in the matter. The provision of this sub-clause shall also apply to a Resolution that a retiring Auditor
shall not be re-appointed

(g) The persons qualified for appointment as Auditors shall be only those referred to in Section 226 of the
Act.

(h) None of the persons mentioned in Section 226 of the Act as being not qualified for appointment as
Auditors shall be appointed as Auditors of the Company.

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212. Audit of Branch Office

The Company shall comply with the provisions of Section 228 of the Act in relation to the audit of the accounts
of branch offices of the Company except to the extent to which any exemption may be granted by the Central
Government, in that behalf.

213. Remuneration of Auditors

The remuneration of the Auditors shall be fixed by the Company in general meeting in such manner as the
Company may in general meeting determine except that the remuneration of any Auditors appointed to fill any
casual vacancy may be fixed by the Directors.

214.1Auditor to have access to the books of the Company

1. The Auditor/s of the Company shall have a right of access at all times to the books and vouchers of the
Company and shall be entitled to require from the Directors and officers of the Company such information and
explanation as may be necessary for the performance of the duties of the Auditor/s.

2. All notice of, and other communications relating to, any general meeting of the Company which any
Member of the Company is entitled to have sent to him shall also be forwarded to the Auditors of the Company;
and the Auditor/s shall be entitled to attend any general meeting and to be heard at any general meeting which
he attends to any part of the business which concerns him as Auditor.

3. The Auditors .shall make a Report to the Members of the Company on the accounts examined by him
and on every Balance Sheet and Profit and Loss Account, and on every other document declared by the Act to
be part of or annexed to the Balance Sheet or Profit and Loss Account, which are laid before the Company in
annual general meeting during his tenure of office, and the Report shall state whether, in his opinion and to the
best of his information and according to the explanation given to him, the accounts give the information required
by the Act in the manner so required and give a true and fair view:

4. In the case of the Balance Sheet, of the state of the Company's affairs as at the end of its financial year:
and

5. in the case of the Profit and Loss Account, of the Profit and Loss for that financial year.

215. The Auditor's Report shall also state:

1. whether he has obtained all the information and explanations which to the best of his knowledge and
belief were necessary for the purpose of his audit;

2. whether, in his opinion, proper books of accounts as required by law have been kept by the Company so
far as appears from his examination of those books and proper returns adequate for the purpose of his audit have
been received from branches not visited by him;

3. whether the report on the accounts of any branch office audited under Section 228 by a Person other than
the Company auditor has been forwarded to him as required by clause (c) subsection (3) of the Section and how
he has dealt with the same in preparing the Auditor's Report;

4. whether the Company's Balance Sheet and Profit and Loss Account dealt with by the report are in
agreement with the books of account and returns.

Where any of the matters referred to in this Article is answered in the negative or with a qualification the
Auditor's Report shall state the reasons for the answer.

216. Accounts when audited and approved to be conclusive except as to errors discovered within three months

Every account when audited and approved by a general meeting shall be conclusive except as regards any error
therein discovered within three months next after the approval thereof. Whenever any, such error is discovered
within the said period, the accounts shall forthwith be corrected and thenceforth, shall be conclusive.

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DOCUMENTS AND NOTICES

217. Service of Notice on Registrar

A notice may be served on the Registrar by sending it to him at his office by post under a certificate of posting
or by registered post, or by delivering it to, or leaving it for him at his office.

Save as otherwise expressly provided in the Act, a document or proceedings requiring authentication by the
Company may be signed by the Director, the Managing Director, the Manager, the Secretary or other authorised
Officer of the Company under the Company’s Common Seal.

1. Members bound by documents or notices served on or given to previous holders

Every person who by operation of law, transfer or other means whatsoever, has become entitled to any share
shall be bound by every document or notice in respect of such share, which prior to his name and address being
entered on the Register of Members, shall have been duly served on or give to the person from whom he derived
his title to such share.

2. Service of documents on Company

A document may be served on the Company or an officer thereof by sending it to the Company or officer at the
registered office of the Company by Registered Post or by speed post or by courier service or by leaving it at its
registered office or by means of such electronic or other mode as may be prescribed:
Provided that where securities are held with a Depository, the records of the beneficial ownership may be served
by such Depository on the Company by means of electronic or other mode

3. Service of documents by Company on the Registrar

Save as provided in the Act or the rules made thereunder for filing of documents with the Registrar in electronic
mode, a document may be served on the Registrar or any member by sending it to him at his office by post or
by Registered Post or by speed post or by courier or delivering it to or leaving it for him at his office, or by such
electronic or other mode as may be prescribed.
Provided that a member may request for delivery of any document through a particular mode, for which he shall
pay such fees as may be determined by the Company in its annual general meeting. The term ‘‘courier’’ means
a person or agency which delivers the document and provides proof of its delivery.

4. Authentication of documents and proceedings

Save as otherwise expressly provided in the Act, a document or proceeding requiring authentication by the
Company or contracts made on behalf of the Company may be signed by a Director, any key managerial
personnel or other officer of the Company duly authorised by the Board of the Company.

[Link] UP

Winding up when necessary will be done in accordance with the requirements of the Act or statutory
modification thereto .

1. Distribution of Assets
(a) Subject to the provisions of the Act, if the company shall be wound up and the assets available for
distribution among the members as such shall be less than sufficient to repay the whole of the paid up capital
such assets shall be

distributed so that, as nearly, as may be, the losses shall be borne by the members in proportion to the Capital
paid up, or which ought to have been paid up, at the commencement of winding up, onthe shares held by them
respectively. And if in winding Lip, the assets available for distribution among the members shall be more than
sufficient to repay the whole of the Capital paid up at the commencement of the winding up the excess shall be
distributed amongst the members in proportion to the Capital paid-up at the commencement of the winding up
or which ought to have been paid up on the shares held by them

596
respectively.

(b) But this clause will not prejudice the rights of the holders of shares issued upon special terms and
conditions.

2. Distribution in specie or kind

(a) If the Company shall be, wound up whether voluntarily or otherwise, the liquidators may with the
sanction
of a special resolution and any other sanction required by the Act, divide amongst the contributories, in species
or kind the whole or any part of the assets of the Company, and may, with the like sanction vest any part of the
assets' of the Company in trustees upon such trusts for the benefit of the contributories or any of them
as the liquidators with the like sanction shall think fit.

(b) If thought expedient, any such division may; subject to the provisions of the Act, be otherwise than in
accordance with the legal rights of the contributories (except where unalterably fixed by the Memorandum of
Association) and in particular any class may be given (subject to the provisions of the Act) preferential or special
rights or may be excluded altogether or in part but in case any division otherwise than in accordance with the
legal rights of the contributories shall be determined or any contributory who would be prejudiced thereby shall
have the right, if any to dissent and ancillary rights as if such determination were a special resolution passed
pursuant to Section 494 of the Act.

(c) in case any shares to be divided as aforesaid involved a liability to calls or otherwise, any person entitled
under such division to any of the said shares may within ten days after the passing of the special resolution, by
notice in writing direct the liquidators to sell his proportion and pay him the net proceeds and the Liquidators
shall, if practicable act accordingly.

3. Rights of shareholders In case of sale

221. Subject to the provisions of the Act, a special resolution sanctioning a sale to any other Company duly'
passed may, in like manner as aforesaid, determine that any shares or other consideration receivable by the
Liquidators be distributed amongst the members otherwise than in accordance with their existing rights and any
such determination shall be binding upon all the members subject to the rights of dissent, if any, if such right be
givenby the Act

[Link] CLAUSE

Every Director, Manager, Auditor, Treasurer, Trustee, Member of a Committee, Officer, Servant, Agent,
Accountant or other Person employed in the business of the Company shall if so required by the Directors,
before entering upon his duties, sign a declaration pledging himself to observe a strict secrecy respecting all
transactions and affairs of the Company with the customers and the state of the accounts with individuals and in
matters thereto, and shall by such declaration pledge himself not to reveal any of the matters which may come
to his knowledge in the discharge of his duties except when required so to do by the Directors or by law or by
the Person to whom such matters relate and except so far as may be necessary in order to comply with any of
the provisions in these presents contained.

No Member shall be entitled to visit or inspect any works of the Company without the permission of the Directors
or to require discovery of or any information respecting' any detail of the Company's trading, or any matter
which may relate to the conduct of the business of the Company and which in the opinion of the Directors, it
would be inexpedient in the interest of the Company to disclose.

INDEMNITY AND RESPONSIBILITY

219. Directors and others rights to indemnity

Subject to the provisions of Section 201 of the Act, every Director, Managing Director, Wholetime
Director,Manager, Secretary and other Officer or employee of the Company shall be indemnified by the

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Company against and it shall be the duty of the Directors, out of the funds of the Company to pay all costs,
losses and expenses(including travelling expense) which such Director, Manager, Secretary and Officer or
employee may incur or become liable to by reason of any contract entered into or act or deed done by him as
such Director, Manager, Secretary, Officer or Servant or in any way in the discharge of his duties including
expenses and the amount for which such indemnity is provided, shall immediately attach as a lien on the property
of the Company and have priority between the members over all other claims.

Subject as aforesaid, every Director, Managing Director, Manager, Secretary or other officer and employee of
the Company shall be indemnified against any liability incurred by him in defending any proceedings, whether
civil or criminal in which judgment is given in his favour or in which he is acquitted or discharged or in
connection with any application under Section 633 of the Act in which relief is given to him by the Court and
the amount for which such indemnity is provided shall immediately attach as a lien on the property of the
Company.

220. Director’s and other officers not responsible for the acts of others

Subject to the provisions of Section 201 of the Act, no Director, Managing Director, Wholetime Director or
other Officer of the Company shall be liable for the acts, receipts, neglects or defaults of any other Director or
Officer or for joining in any receipt or other act for conformity or for any loss or expense happening to the
Company through insufficiency or deficiency of title to any property acquired by order of the Directors for or
on behalf of the Company or for the insufficiency or deficiency of any security in or upon which any of the
monies of the Company shall be invested or for any loss or damage arising from the bankruptcy, insolvency or
troths act of any person,company or corporation, with whom any moneys, securities or effects shall be entrusted
or deposited, or for any loss occasioned by any error of judgement or oversight on his part or for any other loss
or damage or misfortune whatever which shall happen in the execution of the duties of the office or in relation
thereto, unless the same happens through his own dishonesty.

221. SOCIAL OBJECTIVE

The Company shall have among its objectives the promotion and growth of the national economy through
increased productivity, effective utilisation of material and manpower resources and continued application of
modern scientific and managerial techniques in keeping with the national aspirations, and the Company shall be'
mindful of its social arid moral responsibilities to the consumers, employees, Shareholders, society and the local
community.

222. GENERAL POWER

Wherever in the Act, it has been provided that the Company shall have any right privilege or authority or that
the Company could carry out any transaction only if the Company if so, authorised by its Articles, then and in
that case these regulations hereby authorise and empower the Company to have such rights, privilege or authority
and to carry such transactions as have been permitted.

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 SECTION IX – OTHER INFORMATION

MATERIAL CONTRACTS AND DOCUMENTS FOR INSPECTION

The copies of the following documents and contracts which have been entered or are to be entered into by our
Company (not being contracts entered into in the ordinary course of business carried on by our Company) which
are or may be deemed material, will be attached to the copy of this Red Herring Prospectus which will be delivered
to the RoC for filing and are also available at the following weblink [Link] (Please can the QR code

to access the website: ). Copies of the abovementioned contracts and also the documents for inspection
referred to hereunder, may be inspected at our Registered and Corporate Office between 10:00 a.m. to 05:00 p.m.
on all Working Days from the date of this Red Herring Prospectus until the Bid / Issue Closing Date and will be
available on the website of our Company at [Link].

Any of the contracts or documents mentioned in this Red Herring Prospectus may be amended or modified at any
time, if so required, in the interest of our Company, or if required by the other parties, without reference to our
Shareholders, subject to compliance with the provisions of the Companies Act and other applicable law.

A. Material Contracts for the Issue

1. Issue Agreement dated February 03, 2025 entered amongst our Company and the Book Running Lead
Manager.

2. Registrar Agreement dated February 03, 2025 entered amongst our Company and the Registrar to the Issue.

3. Sponsor Bank Agreement dated August 22, 2025, entered amongst our Company, the Registrar to the Issue,
the Book Running Lead Manager, the Syndicate Members, and the Banker(s) to the Issue.

4. Syndicate Agreement dated August 22, 2025, entered amongst our Company, the Book Running Lead
Manager, the Syndicate Members, and the Registrar to the Issue.

5. Underwriting Agreement dated [●], entered amongst our Company and the Underwriters.

6. Monitoring Agency Agreement dated August 21, 2025 entered amongst our Company and the Monitoring
Agency.

B. Material Documents

1. Certified copies of updated MoA and AoA, updated from time to time.

2. Certificate of incorporation dated December 21, 1994 issued in the name of Marck Parenterals (India)
Limited. Subsequently, fresh certificate of incorporation dated November 05, 2005 issued consequent to name
change to Marck Biosciences Limited. Further, fresh certificate of incorporation dated June 24, 2014
consequent to name change issued to our Company by the Registrar of Companies, Gujarat at Ahmedabad in
the name of ‘Amanta Healthcare Limited’.

3. Resolutions of the Board of Directors and Shareholders dated August 24, 2024 and August 28, 2024,
respectively in relation to the Issue and other related matters.

4. Resolution of the Board of Directors dated February 03, 2025 approving the DRHP.

5. Resolution of the Board of Directors dated August 22, 2025 approving this Red Herring Prospectus for filing
with the RoC, SEBI and Stock Exchanges.

6. Consent dated August 22, 2025 from our Statutory Auditors, namely, Price Waterhouse Chartered
Accountants LLP, to include their names as required under section 26 (5) of the Companies Act, 2013 read

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 with SEBI ICDR Regulations, in this Red Herring Prospectus, and as an “expert” as defined under section
2(38) of the Companies Act, 2013 to the extent and in their capacity as our Statutory Auditors, and in respect
of their examination report dated July 17, 2025 on the Restated Financial Information, and such consent has
not been withdrawn as on the date of this Red Herring Prospectus. A written consent under the provisions of
the Companies Act, 2013 is different from a consent filed with the U.S. Securities and Exchange Commission
under Section 7 of the U.S. Securities Act, which is applicable only to transactions involving securities
registered under the U.S. Securities Act. As the Equity Shares are proposed to be offered as a part of an initial
public offering in India and the Equity Shares have not been and will not be registered under the U.S.
Securities Act, the Statutory Auditors have not given consent under Section 7 of the U.S. Securities Act. In
this regard, the Statutory Auditors have given consent to be referred to as “experts” in this Red Herring
Prospectus in accordance with the requirements of the Companies Act, 2013. The term “experts” as used in
this Red Herring Prospectus is different from those defined under the U.S. Securities Act, which is applicable
only to transactions involving securities registered under the U.S. Securities Act. The reference to the
Statutory Auditors as “experts” in this Red Herring Prospectus is not made in the context of the U.S. Securities
Act but solely in the context of the Offer in India.

7. The examination report dated July 17, 2025 of our Statutory Auditors on the Restated Financial Information,
included in this Red Herring Prospectus.

8. The statement of possible special tax benefits on direct taxes and indirect taxes each dated July 18, 2025 from
the Independent Chartered Accountant being S G D G & Associates LLP.

9. Consent letter dated July 01, 2025 from the independent chartered engineer, Atishkumar Naishadbhai Patel,
to include his name, as required under Section 26(5) of the Companies Act, 2013 read with SEBI ICDR
Regulations in this Red Herring Prospectus as an “expert” as defined under Section 2(38) of the Companies
Act, 2013, to the extent and in his capacity as a chartered engineer.

10. Consent dated August 22, 2025 from the practicing Company Secretary, Pooja Shah & Associates and the
certificate dated August 22, 2025 in connection with inter alia the share capital buildup

11. Consents of our Directors, our Company Secretary and Compliance Officer, Legal Counsel to our Company,
Bankers to our Company, Banker(s) to the Issue, the BRLM, Syndicate Members, and the Registrar to the
Issue, Monitoring Agency, Escrow Collection Bank(s), Public Issue Account Bank(s), Refund Bank(s) and
Sponsor Bank(s)

12. Consent letter dated August 22, 2025, of CRISIL Limited with respect to Industry Report titled “Assessment
of the Indian pharmaceuticals industry”.

13. Industry Report titled “Assessment of the Indian pharmaceuticals industry” dated June, 2024 read with
addendum dated August, 2025, prepared and issued by CRISIL and commissioned for an agreed fee,
exclusively for the purpose of this Issue.

14. Certificate on weighted average cost of acquisition, average cost of acquisition and the price at which Equity
Shares were acquired dated August 22, 2025 issued by S G D G & Associates LLP, Independent Chartered
Accountant;

15. Certificate on outstanding dues to creditors dated August 22, 2025 issued by S G D G & Associates LLP,
Independent Chartered Accountant;

16. Certificate on financial indebtedness dated August 22, 2025 issued by S G D G & Associates LLP,
Independent Chartered Accountant;

17. Certificate on key performance indicators dated August 22, 2025 issued by S G D G & Associates LLP,
Independent Chartered Accountant;

18. Consent letter dated August 22, 2025 from Dun & Bradstreet with respect to the Project Cost Vetting Report.

19. Report titled “Project Cost Vetting Report” dated August 22, 2025 issued by Dun & Bradstreet, available on
our Company’s website at [Link].

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20. Copies of annual reports of our Company for the preceding three Fiscals i.e., Fiscals 2025, 2024 and 2023.

21. Due Diligence Certificate dated February 03, 2025 addressed to SEBI from the BRLM.

22. Scheme of amalgamation and valuation report obtained pursuant to merger under section 230-232 of
Companies Act, 2013 between our Company and Marck Remedies Private Limited.

23. Settlement Agreement dated March 30, 2022 entered into by our Company with KKR India Financial Services
Private Limited, KKR India Debt Opportunities Fund II, BOI AXA Credit Risk Fund and Avendus Finance
Private Limited.

24. In principle listing approvals each dated March 10, 2025 issued by BSE and NSE.

25. Tripartite agreement dated January 13, 2011, amongst our Company, CDSL and the Registrar to the Issue.

26. Tripartite agreement dated January 13, 2009, amongst our Company, NSDL and the Registrar to the Issue.

27. Final observation letter bearing number SEBI/HO/CFD/RAC-DIL3/P/OW/2025/16447/1 dated June 19, 2025
issued by SEBI.

Any of the contracts or documents mentioned in this Red Herring Prospectus may be amended or modified at any
time if so required in the interest of our Company or if required by the other parties, without notice to the
Shareholders subject to compliance of the provisions contained in the Companies Act and other relevant statutes.

601
 DECLARATION

I hereby certify and declare that all relevant provisions of the Companies Act, 2013 and the guidelines, regulations
or rules issued by the Government of India or the guidelines, or regulations issued by the Securities and Exchange
Board of India (“SEBI”), established under Section 3 of the SEBI Act, as the case may be, have been complied
with and no statement made in this Red Herring Prospectus is contrary to the provisions of the Companies Act,
2013, the Securities and Contracts (Regulation) Act, 1956, as amended, the Securities and Contracts (Regulation)
Rules, 1957, as amended, the Securities and Exchange Board of India Act, 1992, as amended, or rules made or
guidelines or regulations issued there under, as the case may be. I further certify that all statements in this Red
Herring Prospectus are true and correct.

SIGNED BY

_____________________________
Bhavesh Patel
Chairman and Managing Director

Place: Ahmedabad
Date: August 22, 2025

602
 DECLARATION

I hereby certify and declare that all relevant provisions of the Companies Act, 2013 and the guidelines, regulations
or rules issued by the Government of India or the guidelines, or regulations issued by the Securities and Exchange
Board of India (“SEBI”), established under Section 3 of the SEBI Act, as the case may be, have been complied
with and no statement made in this Red Herring Prospectus is contrary to the provisions of the Companies Act,
2013, the Securities and Contracts (Regulation) Act, 1956, as amended, the Securities and Contracts (Regulation)
Rules, 1957, as amended, the Securities and Exchange Board of India Act, 1992, as amended, or rules made or
guidelines or regulations issued there under, as the case may be. I further certify that all statements in this Red
Herring Prospectus are true and correct.

SIGNED BY

____________________________
Nimesh Patel
Non-Executive Director

Place: Philadelphia, USA

Date: August 22, 2025

603
 DECLARATION

I hereby certify and declare that all relevant provisions of the Companies Act, 2013 and the guidelines, regulations
or rules issued by the Government of India or the guidelines, or regulations issued by the Securities and Exchange
Board of India (“SEBI”), established under Section 3 of the SEBI Act, as the case may be, have been complied
with and no statement made in this Red Herring Prospectus is contrary to the provisions of the Companies Act,
2013, the Securities and Contracts (Regulation) Act, 1956, as amended, the Securities and Contracts (Regulation)
Rules, 1957, as amended, the Securities and Exchange Board of India Act, 1992, as amended, or rules made or
guidelines or regulations issued there under, as the case may be. I further certify that all statements in this Red
Herring Prospectus are true and correct.

SIGNED BY

________________________
Kshitij Patel
Independent Director

Place: Ahmedabad
Date: August 22, 2025

604
 DECLARATION

I hereby certify and declare that all relevant provisions of the Companies Act, 2013 and the guidelines, regulations
or rules issued by the Government of India or the guidelines, or regulations issued by the Securities and Exchange
Board of India (“SEBI”), established under Section 3 of the Securities and Exchange Board of India Act, 1992,
as amended, as the case may be, have been complied with and no statement made in this Red Herring Prospectus
is contrary to the provisions of the Companies Act, 2013, the Securities and Contracts (Regulation) Act, 1956, as
amended, the Securities and Contracts (Regulation) Rules, 1957, as amended, the Securities and Exchange Board
of India Act, 1992, as amended, or rules made or guidelines or regulations issued there under, as the case may be.
I further certify that all statements in this Red Herring Prospectus are true and correct.

SIGNED BY

_______________________________
Anjali Choksi
Independent Director

Place: Ujjain
Date: August 22, 2025

605
 DECLARATION

I hereby certify and declare that all relevant provisions of the Companies Act, 2013 and the guidelines, regulations
or rules issued by the Government of India or the guidelines, or regulations issued by the Securities and Exchange
Board of India (“SEBI”), established under Section 3 of the Securities and Exchange Board of India Act, 1992,
as amended, as the case may be, have been complied with and no statement made in this Red Herring Prospectus
is contrary to the provisions of the Companies Act, 2013, the Securities and Contracts (Regulation) Act, 1956, as
amended, the Securities and Contracts (Regulation) Rules, 1957, as amended, the Securities and Exchange Board
of India Act, 1992, as amended, or rules made or guidelines or regulations issued there under, as the case may be.
I further certify that all statements in this Red Herring Prospectus are true and correct.

SIGNED BY

_______________________________
Nitin Jain
Independent Director

Place: Mumbai
Date: August 22, 2025

606
 DECLARATION

I hereby certify and declare that all relevant provisions of the Companies Act, 2013 and the guidelines, regulations
or rules issued by the Government of India or the guidelines, or regulations issued by the Securities and Exchange
Board of India (“SEBI”), established under Section 3 of the Securities and Exchange Board of India Act, 1992,
as amended, as the case may be, have been complied with and no statement made in this Red Herring Prospectus
is contrary to the provisions of the Companies Act, 2013, the Securities and Contracts (Regulation) Act, 1956, as
amended, the Securities and Contracts (Regulation) Rules, 1957, as amended, the Securities and Exchange Board
of India Act, 1992, as amended, or rules made or guidelines or regulations issued there under, as the case may be.
I further certify that all statements in this Red Herring Prospectus are true and correct.

SIGNED BY

_______________________________
Pratik Gandhi
Non-Executive Director

Place: Vadodara
Date: August 22, 2025

607
 DECLARATION

I hereby certify and declare that all relevant provisions of the Companies Act, 2013 and the guidelines, regulations
or rules issued by the Government of India or the guidelines, or regulations issued by the Securities and Exchange
Board of India (“SEBI”), established under Section 3 of the Securities and Exchange Board of India Act, 1992,
as amended, as the case may be, have been complied with and no statement made in this Red Herring Prospectus
is contrary to the provisions of the Companies Act, 2013, the Securities and Contracts (Regulation) Act, 1956, as
amended, the Securities and Contracts (Regulation) Rules, 1957, as amended, the Securities and Exchange Board
of India Act, 1992, as amended, or rules made or guidelines or regulations issued there under, as the case may be.
I further certify that all statements in this Red Herring Prospectus are true and correct.

SIGNED BY THE CHIEF FINANCIAL OFFICER OF OUR COMPANY

_______________________________
Paras Mehta
Chief Financial Officer

Place: Ahmedabad
Date: August 22, 2025

608