AGSTACK TECHNOLOGIES PRIVATE LIMITED '[CIN: U74999MP2016PTC040803]

BALANCE SHEET

(Amount in INR unless otherwise stated)

Particulars Note As at March 31, 2023 As at March 31, 2022

I. ASSETS

(1) Non-current assets

(a) Property, Plant and Equipment 3 3,362,922 3,160,319
(b) Intangible Assests 123,166 -
Total non-current assets 3,486,087 3,160,319

(2) Current assets

(a) Inventories 4 7,270,751 11,879,401
(b) Financial assets
(i) Trade Receivables 5 63,911,774 172,161,362
(ii) Cash and cash equivalents 6 110,851,055 291,388,890
(iii) Bank balances other than (ii) above 7 65,440,748 78,699,890
(iv) Other Financials Assets 8 675,806,847 320,409,938
(c) Other current assets 9 62,810,322 41,353,915
Total current assets 986,091,497 915,893,396
Total assets 989,577,584.09 919,053,715

II. EQUITY AND LIABILITIES

Equity
(a) Equity share capital 10 1,110,670 1,110,670
(b) Other equity 11 767,885,361 734,891,373
Total Equity 768,996,031 736,002,043

LIABILITIES
(1) Non-current liabilities
(a) Financial Liabilities
Borrowings 12 24,000,000 24,000,000
(b) Provisions 13 4,916,169 4,749,734

Total non-current liabilities 28,916,169 28,749,734

(2) Current liabilities

(a) Financial Liabilities
(i) Borrowings 14 141,019,600 96,641,348
(ii) Trade payable 15
(A) Total Outstanding Dues of micro and small enterprises - -
(B) Total Outstanding Dues of creditors other than micro and small 29,235,948 43,687,032
enterprises
(iii) Other financial liabilities 16 5,227,270 4,735,788
(b) Other current liabilities 17 15,588,474 9,071,335
(c) Provisions 18 594,092 166,435

Total current liability 191,665,384 154,301,938

Total equity and liabilities 989,577,584.07 919,053,715
(0.02) 0
Basis of preparation, measurement and significant accounting policies 1&2

The accompanying Notes are an integral part of these financial statements.

As per our report of even date attched

For and on behalf of
For ACNJ & Co. For and on behalf of the Board of Directors
Chartered Accountants
Firm's Registration Number: 016804C

Aditya Digitally signed by

Aditya Chokhra

Chokhra
Aditya Chokhra
Date: 2023.05.08
15:05:21 +05'30'
Nishant Vats Mahatre Tauseef Ahmad Khan
Partner Director Director
Membership Number: 405034 (DIN:07506200) (DIN: 07525028)
UDIN:
Indore Indore
Date: Date: 25/05/2023
AGSTACK TECHNOLOGIES PRIVATE LIMITED '[CIN: U74999MP2016PTC040803]
STATEMENT OF PROFIT AND LOSS

(Amount in INR unless otherwise stated)

Particulars
For the year ended March 31, For the year ended March 31,
Note
2023 2022

INCOME:
I. Revenue from Operations 19 1,644,213,871 1,628,611,815
II. Other Income 20 34,016,712 32,269,339
III. Total Income ( I+II) 1,678,230,583 1,660,881,154
IV. EXPENSES:
Purchases of Stock-in-Trade 21 1,587,238,083 1,550,235,537
Changes in inventories of finished goods, stock-in-Trade and work-in- 22 4,608,651 20,212,154
progress Benefits expense
Employee 129,384,947 217,461,334
Finance Cost 24 22,827,753 3,276,104
Depreciation and amortization expense 25 1,601,653 2,888,678
Other expenses 26 191,395,318 167,473,102
Total Expenses (IV) 1,937,056,404 1,961,546,909

V. Profit/(loss) before exceptional items and tax (III- IV) (258,825,821) (300,665,755)

VI. Exceptional Items - -

VII. Profit/(loss) before tax (V- VI) (258,825,821) (300,665,755)

VIII. Tax expense:

a) Current tax - -
b) Deferred tax - -
Total Tax Expenses - -
IX Profit/( Loss) for the Period from continuing operations ( VII- VIII) (258,825,821) (300,665,755)
X Profit/(loss) from discontinued operations - -
XI Tax expense of discontinued operations - -
XII Profit/(loss) from Discontinuing operations (after tax)(X-XI) - -

XIII Profit/( Loss) for the Period (IX+XII) (258,825,821) (300,665,755)

XIV Other Comprehensive Income / (Loss)

A Items that will not be reclassified to profit and loss 27
Remeasurement of the net defined benefit liability / asset 933,224 (1,701,559)
Income tax relating to above - -
B Items that will be reclassified to profit and loss 27 - -
Income tax relating to above
TOTAL 933,224 (1,701,559)

XV Total comprehensive Income / (Loss) for the period (XIII+XIV)

(257,892,597) (302,367,314)
XVI Earnings per equity shares 28
a Basic (in INR) [Face value of INR 10 per share) (2,330) (2,707.07)
b Diluted (in INR) [Face value of INR 10 per share) (728) (928.05)

Basis of preparation, measurement and significant accounting policies 1&2

The accompanying Notes are an integral part of these financial statements.

As per our report of even date attched

For and on behalf of
For ACNJ & Co. For and on behalf of the Board of Directors
Chartered Accountants
Firm's Registration Number: 016804C

Aditya Digitally signed by

Aditya Chokhra

Chokhra
Aditya Chokhra
Date: 2023.05.08
15:05:38 +05'30' Nishant Vats Mahatre Tauseef Ahmad Khan
Partner Director Director
Membership Number: 405034 (DIN:07506200) (DIN: 07525028)
UDIN: -
Indore Indore
Date: Date: 25/05/2023
AGSTACK TECHNOLOGIES PRIVATE LIMITED '[CIN: U74999MP2016PTC040803]
STATEMENT OF CASH FLOWS

(Amount in INR unless otherwise stated)

Particulars For the year ended March 31, For the year ended March 31,
2023 2022

A Cash flow from operating activities

Profit/(Loss) Before tax (257,892,597) (302,367,314)
Total Comprehensive income for the period
Adjustments for:
Depreciation, amortization and impairment expense 1,601,653 2,888,678
Reserve for Employee Stock Option 5,245,141 32,044,629
Operating profit before working capital change
Adjustments for:
(Increase)/ decrease in inventories 4,608,651 20,212,154
(Increase)/ decrease in trade receivables 108,249,588 (128,633,858)
(Increase)/ decrease in other current assets (21,456,407) 19,129,212
(Increase)/ decrease in other financial current assets (355,396,909) (318,113,570)
(Decrease)/ increase in long term provision 166,435 (556,712)
(Decrease)/increase in trade payable (14,451,084) 36,301,763
(Decrease)/ increase in other financial current liabilities 491,482 (856,538)
(Decrease)/ increase in other current liabilities 6,517,139 6,033,452
(Decrease)/ increase in short term provision 427,657 153,794
-
-
Cash generated from operations (521,889,251) (633,764,310)
Income tax paid - -
Net cash flow (used in)/from operating activities (521,889,251) (633,764,310)

B Cash flow from investing activities

Purchase of tangible fixed assets (1,927,422) 428,648
Investment in Fixed Deposit 13,259,142 (28,320,616)

Net cash flow from/ (used in) investing activities 11,331,720 (27,891,968)

C Cash flow from financing activities

Issue of preference share capital 285,641,444 827,707,180
Issue of equity share capital - 26,527,202
Proceed from short term borrowing (Net) 44,378,252 40,435,113
Interest paid - -
Net cash Flow from/ (used in) financing activities 330,019,696 894,669,495

Net increase /(decrease) in cash and cash equivalent D= (A+B+C) (180,537,835) 233,013,216
Cash and cash equivalent at the beginning of the year 291,388,890 58,375,674
Cash and cash equivalent at the end of the year 110,851,055 291,388,890
Net increase /(decrease) in cash and cash equivalent during the year (180,537,835) 233,013,215

Reconciliation of Cash and Cash Equivalents with balance sheet

Cash and bank balances as per balance sheet
Cash on hand
Bank Balance (including Bank deposits)
Cash and cash Equivalents as Restated as the year end

The above Cash Flow Statement has been prepared under the 'Indirect Method' as set out in the Accounting Standard (IND AS) 7 - "Cash Flow Statements"

Basis of preparation, measurement and significant accounting policies [Refer Note 1&2]

The accompanying Notes are an integral part of these financial statements.

As per our report of even date attched

For and on behalf of
For ACNJ & Co.
Chartered Accountants For and on behalf of the Board of Directors
Firm's Registration Number: 016804C

Aditya Digitally signed by

Aditya Chokhra

Chokhra Date: 2023.05.08

15:05:51 +05'30'
Aditya Chokhra Nishant Vats Mahatre Tauseef Ahmad Khan
Partner Director Director
Membership Number: 405034 (DIN:07506200) (DIN: 07525028)
UDIN: -
Indore Indore
Date: Date: 25/05/2023
 AGSTACK TECHNOLOGIES PRIVATE LIMITED '[CIN: U74999MP2016PTC040803]
Notes to financial statements for the year ended March 31, 2023

10 SHARE CAPITAL
(A) Authorized Share Capital
Equity Shares Preference Shares

Nos. Amount in Rs. Nos. Amount in Rs.

As at March 31, 2022 500,000 5,000,000 7,500,000 75,000,000
Increase/(decrease) during the year - - - -
As at March 31, 2023 500,000 5,000,000 7,500,000 75,000,000

(a) Terms/ rights attached to equity shares

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

(b) Terms/ rights attached to preference shares

During the Year Ended 31st March 2023 the Company has issued 31,636 Series C Compulsory Convertible Preference Shares (CCPS) having a par value of Rs. 10/- each at a premium of Rs. 9019 and having 0.01%
coupon rate to various investors.

The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the Company, the holders of preference shares will be entitled to receive any of the remaining assets of the company, after distribution of all the other preferential amounts.

(B) Issued Equity Capital

Equity Shares of Rs. 10 each issued, subscribed, and Fully paid Nos. Amount in INR
As at March 31, 2022 111,067 1,110,670
Increase/(decrease) during the year - -
As at March 31, 2023 111,067 1,110,670

© Issued Preference Share Capital

Preference Shares of Rs. 10 each issued, subscribed, and Fully paid Amount in INR
Nos.

As at March 31, 2022 6,553,858 65,538,580

Increase/(decrease) during the year 31,636 316,360
As at March 31, 2023 6,585,494 65,854,940

(D) (i) Details of Equity Shareholders holding more than 5% shares of the Company

Particulars As at March 31, 2023 As at March 31, 2022

No. of shares % holding in the class No. of shares % holding in the class
Equity shares of Rs. 10/-each fully paid up held by
Nishant Vats Mahatre 46,251 41.64% 46,251 41.64%
Tausfeef Ahmad Khan 46,251 41.64% 46,251 41.64%
Harshit Gupta 3,500 3.15% 3,500 3.15%
Total 96,002 86.43% 96,002 86.43%

(ii) Details of Preference Shareholders holding more than 5% shares of the Company

Particulars As at March 31, 2023 As at March 31, 2022

No. of shares % holding in the class No. of shares % holding in the class

Series A Preference shares of Rs. 10/-each fully paid up

held by
Startup Investment Holding Ltd. 6,382,530 100.00% 6,382,530 100.00%
Total 6,382,530 100.00% 6,382,530 100.00%

Series B Preference shares of Rs. 10/-each fully paid up

held by
Startup Investment Holding Ltd. 43,299 47.55% 43,299 47.55%
Asha Impact Initiatives LLP 20,463 22.47% 20,463 22.47%
Siana Capital Management LLP 22,459 24.66% 22,459 24.66%
Vistra ITCL (India) Limited, acting as the trustee for AL Trust 3,689 4.05% 3,689 4.05%

Total 89,910 98.73% 89,910 98.73%

Series C Preference shares of Rs. 10/-each fully paid up

held by
Startup Investment Holding Ltd. 37,449 33.47% 27,134 33.81%
Z3Partners Tech Fund 29,561 26.42% 26,238 32.69%
Z3P Global 12,505 11.18% 12,505 15.58%
Sumeet Kanwar 6,645 5.94% 6,645 8.28%
Siana Capital Management LLP 7,753 6.93% 2,215 2.76%
Total 93,913 83.93% 72,522 93.11%

(Note: The Shareholding % is before considering the Conversion of CCPS in Equity Shares)

(E) Reconciliation of the number of shares outstanding at the beginning and the end of the year

Particulars
As at 31st March, 2023 As at 31st March, 2022

Number of Shares Amounts Number of Shares Amounts

Equity Shares
Balance as at the beginning of the year 111,067 1,110,670 108,129 1,081,290
Change in Equity Share Capital due to prior period errors
Restated balance at the beginning of the current reporting period
Change in equity share Capital during the current year - - 2,938 29,380
Balance as at the end of the year 111,067 1,110,670 111,067 1,110,670

Particulars
As at 31st March, 2023 As at 31st March, 2022
Number of Shares Amounts Number of Shares Amounts
Preference Shares
Balance as at the beginning of the year 6,553,858 65,538,580 6,438,038 64,380,380
Change in Preference Share Capital due to prior period errors
Restated balance at the beginning of the current reporting period
Change in Preference share Capital during the current year 31,636 316,360 115,820 1,158,200
Balance as at the end of the year 6,585,494 65,854,940 6,553,858 65,538,580

(E)For the period of five years immediately preceding the date as at which the Balance Sheet is prepared:
(a) Aggregate number and class of shares alloted as fully paid- up pursuant to contract (s) without payment being received in cash: Nil
(b) Aggregate number and class of shares alloted as fully paid- up by way of bonus shares: Nil
(c) Aggregate number and class of shares bought back: Nil

(F) Equity Shares held by Promoters at the end of the year

Promoter's Name No. of Shares % of total shares % changes during the year

Nishant Vats Mahatre 46,251 41.64% 0.00%

Tausfeef Ahmad Khan 46,251 41.64% 0.00%
Harshit Gupta 3,500 3.15% 0.00%
TOTAL 96,002
AGSTACK TECHNOLOGIES PRIVATE LIMITED '[CIN: U74999MP2016PTC040803]
STATEMENT OF CHANGES IN EQUITY (SOCIE)

a. Equity Share capital

As at March 31, 2023 (Amount in INR unless otherwise stated)

Balance at the Changes in Equity
beginning of the Share Capital due to
current reporting prior period errors Restated balance at
period the beginning of the Changes in equity Balance at the end of
current reporting share capital during the current reporting
period the current year period

1,110,670 - - - 1,110,670

As at March 31, 2022 (Amount in INR unless otherwise stated)

Changes in Equity
Share Capital due to
Balance at the Restated balance at
prior period errors
beginning of the the beginning of the Changes in equity Balance at the end of
current reporting current reporting share capital during the current reporting
period period the current year period

1,081,290 - - 29,380 1,110,670

b. Other Equity

(i) As at March 31, 2023 (Amount in INR unless otherwise stated)

Reserve and Surplus

Equity Component of
Other Comprehensive
Particulars Compound Financial Total
Notes Income
Instrument Securities Premium Employee Option
Retained Earnings
Reserve Reserve Account
Balance at the beginning of the reporting period 1,297,841,462 34,068,677 (627,566,079) 32,044,629 (1,497,315) 734,891,373
Change in accounting policy or prior period errors - - - - - -
Restated balance at the beginning of the current reporting period - - - - - -
Profit/( Loss) for the year 10 (258,825,821) - - (258,825,821)
Compulsory Convertible Preference Shares during the year 285,641,444 - - - 285,641,444
Other Comprehensive Income for the year ( net of tax) 26 - - - - - -
Total comprehensive income for the year 1,583,482,906 34,068,677 (886,391,900) 32,044,629 (1,497,315) 761,706,996

Transactions with the owners in their capacity as the owners

- Issue of Shares 10 - - - - -
- Equity Dividends Paid during the year ( Including DDT) 10 -
Transfer to Retained Earnings -
Other changes during the year -
Addition during the year - - - 5,245,141 933,224 6,178,365
Transactions cost incurred on account of issue of share 10 - - - - - -

Balance at the end of the reporting period 1,583,482,906 34,068,677 (886,391,900) 37,289,770 (564,091) 767,885,361

(ii) As at March 31, 2022

Reserve and Surplus

Equity Component of
Other Comprehensive
Particulars Notes Compound Financial Total
Securities Premium Employee Option Income
Instrument Retained Earnings
Reserve Reserve Account

Balance at the beginning of the reporting period 470,134,282 7,570,855 (326,900,324) - 204,244 151,009,057
Change in accounting policy or prior period errors - - - - - -
Restated balance at the beginning of the current reporting period - - - - - -
Profit/( Loss) for the year 10 - - (300,665,755) - - (300,665,755)
Compulsory Convertible Preference Shares during the year 827,707,180 - - - - 827,707,180
Other Comprehensive Income for the year ( net of tax) 26 - - - - - -
Total comprehensive income for the year - - - - - -
- - - - - -
Transactions with the owners in their capacity as the owners 1,297,841,462 7,570,855 (627,566,079) - 204,244 678,050,481
- Issue of Shares 10 - 26,497,822 - - - 26,497,822
- Equity Dividends Paid during the year ( Including DDT) 10 -
Transfer to Retained Earnings -
Other changes during the year -
Addition during the year - - - 32,044,629 (1,701,559) 30,343,070
Transactions cost incurred on account of issue of share 10 - - - - - -
-
Balance at the end of the reporting period 1,297,841,462 34,068,677 (627,566,079) 32,044,629 (1,497,315) 734,891,373
- - - - -

Basis of preparation, measurement and significant accounting policies [Refer Note 1 & 2]

The accompanying Notes are an integral part of these financial statements.

As per our report of even date attched

For and on behalf of
For ACNJ & Co. For and on behalf of the Board of Directors
Chartered Accountants
Firm's Registration Number: 016804C

Aditya Chokhra Nishant Vats Mahatre Tauseef Ahmad Khan

Partner Director Director
Membership Number: 405034 (DIN:07506200) (DIN: 07525028)
UDIN:
Indore Indore
Date:
AGSTACK TECHNOLOGIES PRIVATE LIMITED '[CIN: U74999MP2016PTC040803]
Notes to financial statements for the Year Ended March 31, 2023

2 PROPERTY,PLANT & EQUIPMENT

(A) Year ended March 31, 2023 (Amount in INR unless otherwise stated)
Particulars Furniture and Office Equipments Vehicles Plant and Computer and Total
Fixture Equipments Data Processing
units
Year ended March 31, 2023
Gross carrying amount
Opening gross carrying amount - 34,173 - - 3,821,498 3,855,671
Add : Additions - 244,430 - - 1,548,484 1,792,914
Less : Assets classified as held for sale - - - - - -
Less : Disposals - - - - - -
Less :Transfers - - - - - -
Closing gross carrying amount - 278,603 - - 5,369,982 5,648,584

Accumulated depreciation and impairment

Opening accumulated depreciation - 2,609 - - 692,744 695,352
Add : Depreciation charge for the year - 21,057 - - 1,569,253 1,590,310
Add : Impairment loss - - - - - -
Less : Disposals/ Adjustments - - - - - -
Less : Assets classifed as held for sale - - - - - -
Closing accumulated depreciation and - 23,666 - - 2,261,997 2,285,663
impairment

Net carrying amount - 254,937 - - 3,107,984 3,362,922

(B) Year ended March 31, 2022
Particulars Furniture and Office Equipments Vehicles Plant and Computer and Total
Fixture Equipments Data Processing
units
Year ended Mar 31, 2022
Gross carrying amount
Opening gross carrying amount 1,384,084 1,621,019 290,000 135,286 6,866,305 10,296,694
Add : Additions 450,633 195,620 125,000 - 3,888,303 4,659,556
Less : Assets classified as held for sale - - - - - -
Less : Disposals 1,834,717 1,799,332 415,000 135,286 6,916,244 11,100,579
Less :Transfers - (16,866) - - 16,866 -
Closing gross carrying amount - 34,173 - - 3,821,498 3,855,671

Accumulated depreciation and impairment

Opening accumulated depreciation 204,062 404,161 98,530 12,736 3,099,560 3,819,049
Add : Depreciation charge for the year 160,009 261,854 19,917 8,567 2,438,331 2,888,678
Add : Impairment loss - - - - - -
Less : Disposals/ Adjustments 364,071 663,407 118,447 21,303 4,845,147 6,012,375
Less : Assets classifed as held for sale - - - - - -
Closing accumulated depreciation and - 2,609 - - 692,744 695,352
impairment
-
Net carrying amount - 31,565 - - 3,128,754 3,160,318

Note: For contractual Commitments with respect to property, plant and equipment. [Refer Note 27]

2 INTANGIBLE ASSETS
(A) Year ended March 31, 2023
Particulars Trademark Computer Total
Software
Year ended March 31, 2023
Gross carrying amount
Opening gross carrying amount - -
Add : Additions 54,000 80,508 134,508
Less : Assets classified as held for sale - - -
Less : Disposals - - -
Less :Transfers - - -
Closing gross carrying amount 54,000 80,508 134,508

Accumulated depreciation and impairment

Opening accumulated depreciation - - -
Add : Depreciation charge for the year 450 10,893 11,342
Add : Impairment loss - - -
Less : Disposals/ Adjustments - - -
Less : Assets classifed as held for sale - - -
Closing accumulated depreciation and 450 10,893
impairment 11,342

Net carrying amount 53,550 69,615 123,166

(B) Year ended March 31, 2022

Particulars
Year ended Mar 31, 2022
Gross carrying amount
Opening gross carrying amount -
Add : Additions -
Less : Assets classified as held for sale -
Less : Disposals -
Less :Transfers -
Closing gross carrying amount -

Accumulated depreciation and impairment

Opening accumulated depreciation -
Add : Depreciation charge for the year -
Add : Impairment loss -
Less : Disposals/ Adjustments -
Less : Assets classifed as held for sale -
Closing accumulated depreciation and -
impairment

Net carrying amount -

AGSTACK TECHNOLOGIES PRIVATE LIMITED '[CIN: U74999MP2016PTC040803]
Notes to financial statements for the year ended March 31, 2023
(Amount in INR unless otherwise stated)
4 Inventories (At cost or net realizable value whichever is lower)

Particulars As at March 31, 2023 As at March 31, 2022

Finished Goods 7,270,751 11,879,401

Total 7,270,751 11,879,401

5 Trade receivables (unsecured and considered good, unless otherwise stated)

Particulars
As at March 31, 2023 As at March 31, 2022

(a) Trade Receivables considered good- Secured

(b) Trade Receivables considered good- Unsecured 63,911,774 172,161,362
(c) Trade Receivables which have significant increase in credit risk - -
(d) Trade Receivables - credit impaired 87,323,415 24,085,471
151,235,189 196,246,833
Less: Allowances for Bad and Doubtful Debts 87,323,415 24,085,471

Total Receivables 63,911,774 172,161,362

(i) The Company considers its maximum exposure to credit risk with respect to customer as at March 31, 2023 to be INR 6,39,11,774/- (March 31, 2022 INR 17,21,61,362) which is the carrying value of trade receivables after allowance for credit losses.

(ii) There are no outstanding receivable dues from director or other officers of the Company.

(iii) In determining allowance for credit losses of trade receivables, the Company has used the practical expedient by computing the expected credit loss allowance based on a provision matrix. The provision matrix takes into account historical credit loss
experience and is adjusted for forward looking information. The expected credit loss allowance is based on ageing of receivables and the rates used in provision matrix.

Trade Receivable Ageing Schedule ( As at March 31, 2023) (Amount in Rs Rupees unless otherwise stated)
Particulars Outstanding for following periods from due date of payment
Not Due Less than 6 months 6 months - 1 year 1-2 years 2-3 years More than 3 years Total
(i) Undisputed Trade receivables – considered good - - - - -
(ii) Undisputed Trade Receivables – which have significant increase in credit
risk
(iii) Undisputed Trade Receivables – credit impaired - - - - -
(iv) Disputed Trade Receivables–considered good -
(v) Disputed Trade Receivables – which have significant increase in credit risk

(vi) Disputed Trade Receivables – credit impaired

Less: Allowances for Bad and Doubtful Debts - - - - - - -
Total Receivables - - - - - - -

Trade Receivable Ageing Schedule ( As at March 31, 2022) (Amount in Rs Rupees unless otherwise stated)
Particulars Outstanding for following periods from due date of payment
Not Due Less than 6 months 6 months - 1 year 1-2 years 2-3 years More than 3 years Total
(i) Undisputed Trade receivables – considered good - - - -
(ii) Undisputed Trade Receivables – which have significant increase in credit
risk
(iii) Undisputed Trade Receivables – credit impaired - - - -
(iv) Disputed Trade Receivables–considered good
(v) Disputed Trade Receivables – which have significant increase in credit risk

(vi) Disputed Trade Receivables – credit impaired -

Less: Allowances for Bad and Doubtful Debts - - - - - -
Total Receivables - - - - - - -
6 Cash and cash equivalents
Particulars As at March 31, 2023 As at March 31, 2022
Unrestricted Balance with Banks
In Current accounts 109,288,364 291,388,890
In Deposit accounts with less than or equal to 3 months maturity - -
Cash on hand 1,562,691 -
Total 110,851,055 291,388,890

7 Bank balances other than cash and cash equivalents above

As at As at
Particulars
March 31, 2023 March 31, 2022
Earmarked Unclaimed Dividend Accounts
In Deposit Accounts
Original Maturity less than or equal to 3 months - -
More than 3 months but less than or equal to 12 months maturity. 65,440,748 78,699,890
- Others more than 12 months - -

Total 65,440,748 78,699,890

8 Other Financials Assets

Particulars As at March 31, 2023 As at March 31, 2022
Unsecured - Considered Good, unless otherwise stated 669,422,847 319,240,000
Security Deposits 6,384,000 1,169,938
Total 675,806,847 320,409,938

9 Other current assets

As at As at
Particulars
March 31, 2023 March 31, 2022
Advances other than capital Advances:

(a) Advances with Public Bodies:

- Considered Good
Statutory dues with govt 3,260,012 1,422,538

(b) Others advances:

Prepaid expenses 4,772,622 3,519,612
Advance to employees 424,000 328,500
Advance to suppliers/contractors - -
Advance with Suppliers 54,353,688 36,083,265
Total 62,810,322 41,353,915
- Advances - Credit Impaired - -
Less: Allowances for doubtful Capital Advances - -

Total 62,810,322 41,353,915

 11 Other Equity (Amount in INR unless otherwise stated)
As at As at
Particulars
March 31, 2023 March 31, 2022
A. Securities Premium
Opening balances 34,068,677 7,570,855
Add: Add/(less) during the year - 26,497,822
Closing balances 34,068,677 34,068,677

B. Retained Earnings
Opening balances (627,566,079) (326,900,324)
Add: Add/(less) during the year (258,825,821) (300,665,755)
Closing balances (886,391,900) (627,566,079)

C. Compulsory Convertible Preference Shares

Opening balances 1,297,841,462 470,134,282
Add: Add/(less) during the year 285,641,444 827,707,180
Closing balances 1,583,482,906 1,297,841,462

D. Other Comprehensive Income / (Loss):

Opening balances (1,497,315) 204,244
Add: Add/(less) during the year 933,224 (1,701,559)
Closing balances (564,091) (1,497,315)

E. Employee Option Reserve Account

Opening balances 32,044,629 -
Add: Add/(less) during the year 5,245,141 32,044,629
Closing balances 37,289,770 32,044,629

Total 767,885,361 734,891,373

NATURE AND PURPOSE OF RESERVES [Refer SOCIE]

(i) Securities Premium

Securities Premium is created on recording of premium on issue of shares. The reserve is utilised in accordance with the provisions of the Companies Act, 2013.
(ii) Retained Earnings
The same is created out of profits over the years and shall be utilised as per the provisions of the Act.
(iii) Employee Option Reserve Account
The same is on the account of the Stock options granted to employees.
(iv) Other Comprehensive Income

12 Financial Liabilities - Borrowings: Non current

As at As at
Particulars
March 31, 2023 March 31, 2022
Borrowings (Long Term Maturity of Debentures) 24,000,000 24,000,000
Total 24,000,000 24,000,000

Particulars Interest Rate Security Year of Maturity Term of Repayment

Financial Year
Non Convertible Debentures 14.5% PA compounded First Pari Passu Charge on June 30,2023(Final As per Schedule I of the
Monthly all existing and future Redemption Date) Agreement
current assets and fixed
assets of company

13 Provisions : Non- Current

As at As at
Particulars
March 31, 2023 March 31, 2022
Provision for Employee Benefits:
Provision for Gratuity (Refer Note 18 B) 2,764,424 2,722,573
Provision for Compensated Absences 2,151,745 2,027,161
Total 4,916,169 4,749,734

14 Financial Liabilities - Borrowings: current

As at As at
Particulars
March 31, 2023 March 31, 2022
Loans Repayable on demand
(A) Secured loans
ICICI Bank (OD Limit against FD) - -
Other Working Capital Loans - -
Total (A) - -

(B) Unsecured loans

From related parties - -
Borrowings (Current Maturity of Debentures) 140,730,000 96,000,000
Unpaid matured debentures and interest accrued thereon - -
Credit Card 289,600 641,348
Total (B) 141,019,600 96,641,348

Total (A+B) 141,019,600 96,641,348

Particulars Interest Rate Security Year of Maturity Term of Repayment

Financial Year
Non Convertible Debentures 14.5% PA compounded First Pari Passu Charge on June 30,2023(Final As per Schedule I of the
Monthly all existing and future Redemption Date) Agreement
current assets and fixed
assets of company
 15 Trade payables
As at As at
Particulars
March 31, 2023 March 31, 2022
Trade Payables
Total outstanding dues of micro enterprises and small enterprises - -
Total outstanding dues of Creditors other than micro enterprises and small
enterprises 29,235,948 43,687,032
Total 29,235,948 43,687,032

Trade Payables ageing schedule (As at March 31, 2023) (Amount in Rs Rupees unless otherwise stated)
Outstanding for following periods fromdue date of payment#
Particulars
Not Due Less than 1 year 1-2 years 2-3 years More than 3 years Total
(i)MSME
- - - - - -
(ii)Others - - - -
(iii) Disputed dues – MSME - - - - - -
(iv) Disputed dues - Others - - - - - -

Trade Payables ageing schedule (As at March 31, 2022) (Amount in Rs Rupees unless otherwise stated)
Outstanding for following periods fromdue date of payment#
Particulars
Not Due Less than 1 year 1-2 years 2-3 years More than 3 years Total
(i)MSME
- - - - - -
(ii)Others - - - - - -
(iii) Disputed dues – MSME - - - - - -
(iv) Disputed dues - Others - - - - - -

16 Other financial liabilities

As at As at
Particulars
March 31, 2023 March 31, 2022
Others
-Employee dues payable 4,563,019 3,408,008
-Expenses payables 664,251 1,327,780
Total 5,227,270 4,735,788

17 Other Current Liabilities

As at As at
Particulars
March 31, 2023 March 31, 2022
Statutory dues 15,588,474 9,071,335
Total 15,588,474 9,071,335

18 A Provisions: Current

As at As at
Particulars
March 31, 2023 March 31, 2022
Provision for Employee Benefits:
Provision for Gratuity 191,252 41,851
Provision for Compensated Absences 402,840 124,584
Total 594,092 166,435

18 B Provision for Gratuity

Service Cost
As at As at
March 31, 2023 March 31, 2022
a) Current Service Cost 923,779 1,174,437
b) Past Service Cost including curtailment Gains/Losses - -
c) Gains or Losses on Non routine settlements - -
d) Total Service Cost 923,779 1,174,437

Net Interest Cost

As at As at
March 31, 2023 March 31, 2022
a) Interest Cost on Defined Benefit Obligation 200,697 254,780
b) Interest Income on Plan Assets - -
c) Net Interest Cost (Income) 200,697 254,780
 Change in Benefit Obligation
As at As at
March 31, 2023 March 31, 2022
Present value of obligation as at the 3,768,931
a) 2,764,424
beginning of the period
b) Acquisition adjustment (4,135,283)
c) Interest Cost 200,697 254,780
d) Service Cost 923,779 1,174,437
e) Past Service Cost including curtailment Gains/Losses - --
f) Benefits Paid - --
g) Total Actuarial (Gain)/Loss on Obligation (933,224) 1,701,559
Present value of obligation as at the
h) 2,955,676 2,764,424
End of the period

Bifurcation of Actuarial Gain/Loss on Obligation

As at As at
March 31, 2023 March 31, 2022
a) Actuarial (Gain)/Loss on arising from Change in Demographic Assumption - -
b) Actuarial (Gain)/Loss on arising from Change in Financial Assumption (60,308) (195,715)
c) Actuarial (Gain)/Loss on arising from Experience Adjustment (872,916) 1,897,274

Significance of actuarial gain/loss - Recurring significant amount of actuarial gain/loss arising from experience as percentage of PBO in a year
indicates that valuation assumptions need reconsideration unless it is caused by some exceptional event during the inter-valuation period.

Actuarial Gain/Loss on Plan Asset

As at As at
March 31, 2023 March 31, 2022
a) Expected Interest Income - -
b) Actual Income on Plan Asset - -
c) Actuarial gain /(loss) for the year on Asset - -

Balance Sheet and related analysis

As at As at
March 31, 2023 March 31, 2022
a) Present Value of the obligation at end 2,955,676 2,764,424
b) Fair value of plan assets - -
c) Unfunded Liability/provision in Balance Sheet (2,955,676) (2,764,424)

The amounts recognized in the income statement.

As at As at
March 31, 2023 March 31, 2022
a) Total Service Cost 923,779 1,174,437
b) Net Interest Cost 200,697 254,780
c) Expense recognized in the Income Statement 1,124,476 1,429,217

Other Comprehensive Income (OCI)

As at As at
March 31, 2023 March 31, 2022
a) Net cumulative unrecognized actuarial gain/(loss) opening -
b) Actuarial gain / (loss) for the year on PBO 933,224 (1,701,559)
c) Actuarial gain /(loss) for the year on Asset -
d) Unrecognized actuarial gain/(loss) at the end of the year 933,224 (1,701,559)

Change in plan assets : All figures given in the table below are as provided by the company
As at As at
March 31, 2023 March 31, 2022
a) Fair value of plan assets at the beginning of the period - -
b) Actual return on plan assets - -
c) Employer contribution - -
d) Benefits paid - -
e) Fair value of plan assets at the end of the period - -
 Major categories of plan assets (as percentage of total plan assets) : All figures given in the table below are as provided by the company
As at As at
March 31, 2023 March 31, 2022
a) Government of India Securities - -
b) State Government securities - -
c) High Quality Corporate Bonds - -
d) Equity Shares of listed companies - -
e) Property - -
f) Funds Managed by Insurer - -
g) Bank Balance - -
Total - -

Change in Net Defined Benefit Obligation

As at As at
March 31, 2023 March 31, 2022
a) Net defined benefit liability at the start of the period 2,764,424 3,768,931
b) Acquisition adjustment (4,135,283)
c) Total Service Cost 923,779 1,174,437
d) Net Interest cost (Income) 200,697 254,780
e) Re-measurements (933,224) 1,701,559
f) Contribution paid to the Fund -
g) Benefit paid directly by the enterprise -
h) Net defined benefit liability at the end of the period 2,955,676 2,764,424

Bifurcation of PBO at the end of year in current and non current.

As at As at
March 31, 2023 March 31, 2022
a) Current liability (Amount due within one year) 64,384 41,851
b) Non-Current liability (Amount due over one year) 2,891,292 2,722,573
Total PBO at the end of year 2,955,676 2,764,424

Expected contribution for the next Annual reporting period.

As at As at
March 31, 2023 March 31, 2022
a) Service Cost 1,072,927 2,265,969
b) Net Interest Cost 218,720 200,697
c) Expected Expense for the next annual reporting period 1,291,647 2,466,666

Sensitivity Analysis of the defined benefit obligation.

a) Impact of the change in discount rate
Present Value of Obligation at the end of the period 2,955,676
a) Impact due to increase of 0.50% (204,612)
b) Impact due to decrease of 0.50 % 226,234

b) Impact of the change in salary increase

Present Value of Obligation at the end of the period 2,955,676
a) Impact due to increase of 0.50% 156,623
b) Impact due to decrease of 0.50 % (169,907)

Sensitivities due to mortality & withdrawals are not material & hence impact of change due to these not calculated.

Sensitivities as rate of increase of pensions in payment, rate of increase of pensions before retirement & life expectancy are not applicable.
AGSTACK TECHNOLOGIES PRIVATE LIMITED '[CIN: U74999MP2016PTC040803]
Notes to financial statements for the year ended March 31, 2023
(Amount in INR unless otherwise stated)
19 Revenue from Operations
Particulars For the year ended For the year ended March
March 31, 2023 31, 2022
(A) Sale of Services
Export Sales
Domestic Sales 1,644,780,704 1,644,190,826
SEZ Sales

(B) Other Operating revenue

Discount Received (Operational) (566,833) (15,579,011)

1,644,213,871 1,628,611,815

For the year ended For the year ended March

Particulars
March 31, 2023 31, 2022
Sale of Products
1,644,780,704 1,644,190,826
Less: Discount (566,833) 15,579,011
Total 1,644,213,871 1,628,611,815

20 Other Income
For the year ended For the year ended March
Particulars
March 31, 2023 31, 2022
(a) Interest Income (at amortised cost)
- On Fixed Deposits 2,705,035 2,834,426
- Other Interest 29,646,297 1,830,170
(b) Other Non-Operating Income
Miscellaneous Income 165,380 215,452
Service Charges - -
PMRPY Scheme Benefit on PF - 918,424
Intercompany Billing 1,500,000 25,470,867
Profit on Slump Sale - 1,000,000

Total 34,016,712 32,269,339

21 Purchases of Stock-in-Trade

For the year ended For the year ended March

Particulars
March 31, 2023 31, 2022
Purchase 1,587,903,925 1,555,634,598
Less: Discount Received (665,842) (5,399,062)
Total 1,587,238,083 1,550,235,537

22 Changes in inventories of finished goods, work in progress and stock-in-trade

For the year ended For the year ended March

Particulars
March 31, 2023 31, 2022
Opening stock: Finished Goods 11,879,401 32,091,555
Closing stock: Finished Goods 7,270,751 11,879,401
Decrease/ (Increase) in inventories 4,608,651 20,212,154

23 Employee benefit expense

For the year ended For the year ended March

Particulars
March 31, 2023 31, 2022
Salaries, wages, stipend and bonus 126,204,446 207,376,111
Contribution to provident fund and other funds 1,653,185 5,308,078
Gratuity Expenses 1,124,476 1,368,793
Leave Provision Expenses 402,840 3,408,352

Total 129,384,947 217,461,334

24 Finance Cost
For the year ended For the year ended March
Particulars
March 31, 2023 31, 2022
Interest Expense 22,827,753 3,276,104
Total 22,827,753 3,276,104

25 Depreciation and amortization expense

For the year ended For the year ended March
Particulars
March 31, 2023 31, 2022
Depreciation on tangible assets 1,601,653 2,888,678
Total 1,601,653 2,888,678
 26 A Other expenses

For the year ended For the year ended March

Particulars
March 31, 2023 31, 2022
. Auditor's Remuneration (refer Note 26 B) 300,000 200,000
. Business Promotion & Marketing 11,182,191 32,984,932
. IT Software Services Expense 10,767,869 7,270,911
. Legal & Professional Expenses 9,073,909 25,701,887
. Misc Expenses 2,940,250 8,605,995
. Office Expenses 3,668,405 3,395,177
. Other BD & Fundraise expenses 500,000 144,573
. Rent 8,070,524 6,933,322
. Travelling Expenses 492,321 -
Repair & Maintenance expenses 99,123 77,155
Expried Goods - 970,326
Shipping Logistics & Packaging 49,415,013 30,588,966
Staff Reimbursement Expenses 4,695,841 11,910,636
Bank Charges 125,562 118,111
Electricity Expenses 1,685,180 549,342
Freight Inward - 541,481
Freight Outward / Upaj Mandi Expenses 5,194,003 1,495,851
HR & Hiring Expenses 3,895,000 3,091,768
Prior Period Expenses 67,579 1,100,888
Provision for Trade Receivables 63,237,944 22,452,771
Call Centre Expenses 3,270,987 971,248
Brokerage Expenses 1,212,726 64,146
Insurance Expenses 1,452,556 1,429,232
GU Admin Expenses 439,341 617,855
Loan Processing Charges 1,675,000 900,000
Bad Debts 7,773,000 5,356,528
Printing & Stationary 160,995 -

191,395,318 167,473,102

26 B Auditor's remuneration
For the year ended For the year ended March
Particulars
March 31, 2023 31, 2022
(i) Remuneration to Statutory Auditors
(a) As auditors
- For Statutory Audit 300,000 200,000
- For Taxation Matters - -
- For Other Matters (including for Certification) - -
- -
(b) Travelling and other out of pocket expenses - -
300,000 200,000

27 Other Comprehensive Income

For the year ended For the year ended March

Particulars March 31, 2023 31, 2022

(A) Other Comprehensive Income

I Item that will not be reclassified to Statement of Profit and Loss

(i) Remeasurement of the net defined benefit liability / asset 933,224 (1,701,559)
(ii) Income tax relating to above - -

Income tax relating to items that will not be reclassified to Statement of Profit
and Loss

II Item that will be reclassified to Statement of Profit or Loss - -

 28 Earnings per share (EPS)
Basic EPS amounts are calculated by dividing the profit/(loss) for the year attributable to equity holders by the weighted average number of Equity
shares outstanding during the year.

Diluted EPS amounts are calculated by dividing the profit/(loss) attributable to equity holders by the weighted average number of Equity shares
outstanding during the year plus the weighted average number of Equity shares that would be issued on conversion of all the dilutive potential
Equity shares into Equity shares.
i. Profit/(loss) attributable to Equity holders For the year ended For the year ended March
March 31, 2023 31, 2022

Profit /(Loss) after tax attributable to equity holders (258,825,821) (300,665,755)

Profit/(Loss) attributable to equity holders of the for basic earnings (258,825,821) (300,665,755)
Expenses directly charged to Reserves - -
Profit/(Loss) attributable to equity holders After Exceptional Items (258,825,821) (300,665,755)
- Less : Exceptional Items - -
Profit/(Loss) attributable to equity holders before Exceptional Items (258,825,821) (300,665,755)

ii. Weighted average number of ordinary shares 111,067 111,067

Opening ordinary shares [Refer Note a of SOCIE] 111,067 111,067

Weighted average number of shares for Basic EPS 111,067 111,067

Effect of dilution:
Convertible preference shares 244,544 212,908
Convertible debentures
Weighted average number of shares for Dilutive EPS 355,611 323,975

Basic and Diluted earnings per share before Exceptional Items

Basic earnings per share (in INR) [Face value INR 10 per share] (2,330.36) (2,707.07)
Diluted earnings per share ( in INR) [Face value INR10 per share] (727.83) (928.05)

Basic and Diluted earnings per share After Exceptional Items

Basic earnings per share (in INR) [Face value INR 10 per share] (2,330.36) (2,707.07)
Diluted earnings per share ( in INR) [Face value INR10 per share] (727.83) (928.05)

29 Contingent liabilities and commitments

Particulars For the year ended For the year ended March
March 31, 2023 31, 2022

A Contingent liabilities
a) Claims against the Company not acknowledged as debts ( to the extent -
-
quantified)

b) Guarantees excluding Financial Gurantees - -

c) Other Money for which Company is Contingently liable - -

B Commitments
Other Commitments - -

30 Subsequent Events
There are no significant subsequent events that would require adjustments or disclosures in the financial statements as on the balance sheet date.

31 Details of Loans given, investment made and guarantee given under section 186(4) of the Companies Act, 2013

a Investments made
Nil

b Guarantees/Securities given
Nil

c Details of Loans and advances given to parties covered under section 186 of the Companies Act 2013

Particulars For the year ended For the year ended March
March 31, 2023 31, 2022
Voyage Agri Solution Pvt. Ltd. 669,422,847 319,240,000

31a Segment Reporting

Particulars For the year ended

March 31, 2023
Input Segment Revenue -
Output Segment Revenue -
Total -