m. Provisions, Contingent liabilities, Contingent
assets and Commitments:

Provisions are recognised when the Company has a
present obligation (legal or constructive) as a result of
a past event, it is probable that an outflow of resources
embodying economic benefits will be required to settle
the obligation and a reliable estimate can be made of
the amount of the obligation. The expense relating to
a provision is presented in the statement of profit and
loss.

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

Contingent liability is disclosed in the case of:

• A present obligation arising from past events,
when it is not probable that an outflow of resources
will be required to settle the obligation;

• A present obligation arising from past events,
when no reliable estimate is possible;

• A present obligation arising from past events,
unless the probability of outflow of resources is
remote.

Commitments include the amount of purchase order
(net of advances) issued to parties for completion of
assets.

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

n. Retirement and other employee benefits

Provident fund and National Pension Scheme

Retirement benefit in the form of provident fund
and employee state insurance scheme are defined
contribution schemes. The Company has no obligation,
other than the contribution payable to such schemes.
The Company recognises contribution payable to such
schemes as an expense, when an employee renders the
related service.

Gratuity

The Company operates a defined benefit gratuity plan,
which requires contributions to be made to a separately
administered fund. The cost of providing benefits
under the defined benefit plan is determined using the
projected unit credit method. Liability for gratuity as
at the year-end is provided on the basis of actuarial
valuation.

m. Remeasurement, comprising of actuarial gains and
losses and the return on plan assets (excluding amounts

included in net interest on the net defined benefit
liability), are recognised immediately in the balance
sheet with a corresponding debit or credit to retained
earnings through OCI in the period in which they
occur. Remeasurements are not reclassified to profit or
loss in subsequent periods.

Net interest is calculated by applying the discount
rate to the net defined benefit liability or asset. The
Company recognises the following changes in the
net defined benefit obligation as an expense in the
statement of profit and loss:

• Service costs comprising current service costs;
and

• Net interest expense or income
Compensated Absences

Accumulated leave, which is expected to be utilised
within the next 12 months, is treated as short-term
employee benefit. The Company measures the expected
cost of such absences as the additional amount that it
expects to pay as a result of the unused entitlement that
has accumulated at the reporting date.

The Company treats accumulated leave expected to be
carried forward beyond twelve months, as long-term
employee benefit for measurement purposes. Such
long-term compensated absences are provided for
based on the actuarial valuation using the projected
unit credit method at the year-end. Actuarial gains/
losses are immediately taken to the statement of profit
and loss and are not deferred. The Company presents
the entire leave as a current liability in the balance
sheet, since it does not have an unconditional right to
defer its settlement for 12 months after the reporting
date.

o. Fair value measurement

Fair value is the price that would be received to sell
an asset or paid to transfer a liability in an orderly
transaction between market participants at the
measurement date. The fair value measurement is
based on the presumption that the transaction to sell
the asset or transfer the liability takes place either:

• In the principal market for the asset or liability, or

• In the absence of a principal market, in the most
advantageous market for the asset or liability

The principal or the most advantageous market must
be accessible by the Company.

The fair value of an asset or a liability is measured
using the assumptions that market participants would
use when pricing the asset or liability, assuming that
market participants act in their economic best interest.

The Company uses valuation techniques that are
appropriate in the circumstances and for which sufficient
data are available to measure fair value, maximising

the use of relevant observable inputs and minimising
the use of unobservable inputs. In order to show how
fair values have been derived, financial instruments are
classified based on hierarchy of valuation techniques,
as summarised below:

• Level 1 Financial Instrument - Those where the
inputs used in valuation are unadjusted quoted
prices from active markets for identical assets
and liabilities that the company has access at
the measurement date. The company considers
the markets as active only if there are sufficient
trading activities with regards to the volume and
liquidity of the identical assets or liabilities and
when there are binding and exercisable price
quotes available on the balance sheet date.

• Level 2 Financial Instruments-Those where
the inputs that are used for valuation and are
significant, are derived from directly or indirectly
observable market data available over the entire
period of the instrument's life.

• Level 3 financial instruments -Those that include
one or more unobservable input that is significant
to the measurement as whole. For assets and
liabilities that are recognised in the financial
statements on a recurring basis, the Company
determines whether transfers have occurred
between levels in the hierarchy by re-assessing
categorization (based on the lowest level input
that is significant to the fair value measurement
as a whole) at the end of each reporting period.
The Company periodically reviews its valuation
techniques including the adopted methodologies
and model calibrations.

d. Therefore, the Company applies various techniques
to estimate the credit risk associated with its financial
instruments measured at fair value, which include a
portfolio-based approach that estimates the expected
net exposure per counterparty over the full lifetime of
the individual assets, in order to reflect the credit risk
of the individual counterparties for non-collateralised
financial instruments.

The Company evaluates the levelling at each reporting
period on an instrument-by-instrument basis and
reclassifies instruments when necessary based on the
facts at the end of the reporting period.

For assets and liabilities that are recognised in the
financial statements on a recurring basis, the Company
determines whether transfers have occurred between
levels in the hierarchy by re-assessing categorisation
(based on the lowest level input that is significant to the
fair value measurement as a whole) at the end of each
reporting period.

j. For the purpose of fair value disclosures, the Company
has determined classes of assets and liabilities on the

basis of the nature, characteristics and risks of the asset
or liability and the level of the fair value hierarchy as
explained above. (As per Schedule35)

p. Financial instruments

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.

i. Financial assets

Initial recognition and measurement

All financial assets are recognised initially at
fair value plus, in the case of financial assets
not recorded at fair value through profit or loss,
transaction costs that are attributable to the
acquisition of the financial asset.

Subsequent measurement

For purposes of subsequent measurement, financial
assets are classified in two broad categories:

• Financial assets at fair value

• Financial assets at amortized cost

When assets are measured at fair value, gains
and losses are either recognised entirely in
the statement of profit and loss (i.e. fair value
through profit or loss), or recognised in other
comprehensive income (i.e. fair value through
other comprehensive income).

A financial asset that meets the following two
conditions is measured at amortised cost (net of
any write down for impairment) unless the asset
is designated at fair value through profit and loss
under fair value option.

• Business model test: The objective of the
Company's business model is to hold the
financial asset to collect the contractual cash
flows (rather than to sell the instrument prior to
its contractual maturity to realize its fair value
changes).

• Cash flow characteristics test: The contractual
terms of the financial asset give rise on
specified dates to cash flows that are solely
payments of principal and interest on the
principal amount outstanding.

A financial asset that meets the following two
conditions is measured at fair value through
other comprehensive income unless the asset is
designated at fair value through profit and loss
under fair value option

• Business model test: The financial asset is held
within a business model whose objective is
achieved by both collected contractual cash
flows and selling financial instruments.

• Cash flow characteristics test: The contractual
terms of the financial asset give rise on
specified dates to cash flows that are solely
payments of principal and interest on the
principal amount outstanding

Investment in Equity Instrument

The company Subsequently Measures all equity
instruments at fair value through profit or Loss,
unless the management has elected to classify
irrevocably some of its strategic equity investments
to be measured at FVTOCI when such instrument
meet the definition of Equity under Ind AS and not
held for trading. Such classification is determined
on an instrument-by- instrument basis

v. Derecognition

When the Company has transferred its rights to
receive cash flows from the asset or has assumed
an obligation to pay the received cash flows in full
without material delay to a third party under a
'pass-through' arrangement; It evaluates if and to
what extent it has retained the risks and rewards
of ownership.

A financial asset (or, where applicable, a part of
a financial asset or part of a Company of similar
financial assets) is primarily derecognised when:

• The rights to receive cash flows from the asset
have expired, or

• Based on above evaluation, either (a) the
Company has transferred substantially all
the risks and rewards of the asset, or (b) the
Company has neither transferred nor retained
substantially all the risks and rewards of the
asset, but has transferred control of the asset.

When it has neither transferred nor retained
substantially all of the risks and rewards of the
asset, nor transferred control of the asset, the
Company continues to recognise the transferred
asset to the extent of the Company's continuing
involvement. In that case, the Company also
recognises an associated liability. The transferred
asset and the associated liability are measured on
a basis that reflects the rights and obligations that
the Company has retained.

Continuing involvement that takes the
form of a guarantee over the transferred asset
is measured at the lower of the original carrying
amount of the asset and the maximum amount of
consideration that the Company could be required
to repay.

ii. Financial liabilities

c. Initial recognition and measurement

Financial liabilities are classified, at initial
recognition, as financial liabilities at fair value
through profit or loss or at amortised cost, as

appropriate. All financial liabilities are recognised
initially at fair value and, in the case of loans and
borrowings, net of directly attributable transaction
costs.

The Company's financial liabilities include trade
payables, lease obligations, and other payables.

Subsequent measurement

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

Financial liabilities at fair value through
profit or loss

Financial liabilities at fair value through profit or
loss include financial liabilities held for trading
and financial liabilities designated upon initial
recognition as at fair value through profit or
loss. Financial liabilities are classified as held for
trading if they are incurred for the purpose of
repurchasing in the near term. This category also
includes derivative financial instruments entered
into by the Company that are not designated as
hedging instruments in hedge relationships as
defined by Ind AS 109. Separated embedded
derivatives are also classified as held for trading
unless they are designated as effective hedging
instruments.

Gains or losses on liabilities held for trading are
recognised in the profit or loss.

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

Financial liabilities at amortised cost

After initial recognition, interest-bearing loans and
borrowings and other payables are subsequently
measured at amortised cost using the EIR method.
Gains and losses are recognised in profit or loss
when the liabilities are derecognised as well as
through the EIR amortisation process.

Amortised cost is calculated by taking into
account any discount or premium on acquisition
and fees or costs that are an integral part of the
EIR. The EIR amortisation is included as finance
costs in the statement of profit and loss.

m. Derecognition

A financial liability is derecognised when the
obligation under the liability is discharged or
cancelled or expires.

iii. Offsetting of financial instruments

Financial assets and financial liabilities are offset
and the net amount is reported in the balance
sheet if there is a currently enforceable legal right
to offset the recognised amounts and there is an
intention to settle on a net basis, to realise the

assets and settle the liabilities simultaneously.

q. Cash and cash equivalents

Cash and cash equivalent in the balance sheet comprise
cash at banks and on hand and short-term deposits with
an original maturity of three months or less, which are
subject to an insignificant risk of changes in value.

For the purpose of the statement of cash flows, cash and
cash equivalents consist of cash and short-term deposits,
as defined above, net of outstanding bank overdrafts as
they are considered an integral part of the Company's
cash management.

r. Earnings per share

The earnings considered in ascertaining the Company's
Earnings Per Share (EPS) comprise of the net profit after
tax, after reducing dividend on Cumulative Preference
Shares for the period (irrespective of whether declared,
paid or not), as per Ind AS 33 on "Earnings Per Share".
The number of shares used in computing basic EPS is the
weighted average number of shares outstanding during
the period. The diluted EPS is calculated on the same basis
as basic EPS, after adjusting for the effects of potential
dilutive equity shares unless the effect of the potential
dilutive equity shares is anti-dilutive.

s. Foreign Currency Transactions

The financial statements are presented in Indian Rupees.
Transactions in currencies other than Indian Rupees (i.e.
foreign currencies) are recognised at the rates of exchange
prevailing at the dates of the transactions. At the end of
each reporting period, monetary items denominated in
foreign currencies are retranslated at the rates prevailing
at that date. Non-monetary items carried at fair value that
are denominated in foreign currencies are retranslated
at the rates prevailing at the date when the fair value
was determined. Non-monetary items that are measured
in terms of historical cost in a foreign currency are not
translated.

Exchange differences on monetary items are recognised
in statement of profit and loss in the period in which they
arise.

t. . Significant accounting judgements, estimates

and assumptions

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

up. Standards issued but not yet effective

q. There are no new standards or amendments issued but
not yet effective

Sd/- Sd/- Sd/-

Shailendra Dadhich Mr. Madhav Valia Ms. Madhu Nitin Kanadia

Partner Director Director

Membership No.: 425098 (DIN:03381853) (DIN:07049292)

UDIN : 25425098BMJQJH9055

Sd/-

Mr. Jayesh Palsanekar
C.F.O

(PAN :AVWPP2828G)

Place: Mumbai Place: Mumbai

Date: 30th May '2025 Date: 30th May '2025