(I) Provisions

Provisions are recognised when the Company has a present obligation
(legal or constructive) as a result of a past event, it is probable that the
Company will be required to settle the obligation, and a reliable estimate
can be made of the amount of the obligation.

Provisions for restructuring are recognised by the Company when it
has developed a detailed formal plan for restructuring and has raised a
valid expectation in those affected that the Company will carry out the
restructuring by starting to implement the plan or announcing its main
features to those affected by it.

Provisions are measured at 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, it's carrying amount is the
present value of those cash flows (when the effect of the time value of
money is material) and increase in the provision due to passage of time
is recognized as a Finance Cost in the Statement of Profit and Loss.
The measurement of provision for restructuring includes only direct
expenditures arising from the restructuring, which are both necessarily
entailed by the restructuring and not associated with the ongoing
activities of the Company.

(J) Employee benefits

Employee benefits include salaries, wages, contribution to provident
fund, gratuity, leave encashment towards un-availed leave, compensated
absences, post-retirement medical benefits and other terminal benefits.

Short-term employee benefits

Wages and salaries, including non-monetary benefits that are expected
to be settled 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. The undiscounted amount of short¬
term employee benefits expected to be paid in exchange for the services
rendered by employees are recognised as an expense in Employee
Benefit Expenses in the Statement of Profit and Loss during the period
when the employees render the services.

Post-employment benefits
Defined contribution plan

Employee Benefit under defined contribution plans comprises
of Contributory provident fund etc. is recognized based on the
undiscounted amount of obligations of the Company to contribute to
the plan. The same is paid to a fund administered through a separate
trust. The Company recognises contribution payable to the provident
fund scheme as an expense, when an employee renders the related
service. If the contribution payable to the scheme for service received
before the balance sheet date exceeds the contribution already paid,
the deficit payable to the scheme is recognised as a liability. If the
contribution already paid exceeds the contribution due for services
received before the balance sheet date, then excess is recognised as an
asset to the extent that the pre-payment will lead to a reduction in future
payment or a cash refund.

Defined benefit plan

Defined benefit plans comprising of gratuity is recognized based on the
present value of defined benefit obligations which is computed using the
projected unit credit method, with actuarial valuations being carried out
at the end of each annual reporting period. These are accounted either
as current employee cost or included in cost of assets as permitted.

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
plan assets. This cost is included in employee benefit expense in the
statement of profit and loss.

Remeasurement gains and losses arising from experience adjustments
and changes in actuarial assumptions are recognised in the period in
which they occur, directly in other comprehensive income. They are
included in retained earnings in the statement of changes in equity and
in the balance sheet.

Changes in the present value of the defined benefit obligation resulting
from plan amendments or curtailments are recognised immediately in
profit or loss as past service cost.

(K) Leases

The Company assesses whether a contract contains a lease, at inception
of a contract. A contract is, or contains, a lease if the contract conveys
the right to control the use of an identified asset for a period of time in
exchange for consideration. To assess whether a contract conveys the
right to control the use of an identified asset, the Company assesses
whether:

• The contract involves the use of an identified asset

• The Company has substantially all the economic benefits from use
of the asset through the period of the lease and

• The Company has the right to direct the use of the asset.

At the date of commencement of the lease, the Company recognizes
a right-of-use asset (“ROU") and a corresponding lease liability for all
lease arrangements in which it is a lessee, except for leases with a term
of twelve months or less (short-term leases) and low value leases. For
these short-term and low value leases, the Company recognizes the
lease payments as an operating expense on a straight-line basis over the
term of the lease.

Certain lease arrangements includes the options to extend or terminate
the lease before the end of the lease term. ROU assets and lease
liabilities includes these options when it is reasonably certain that they
will be exercised.

The right-of-use assets are initially recognized at cost, which comprises
the initial amount of the lease liability adjusted for any lease payments
made at or prior to the commencement date of the lease plus any initial
direct costs less any lease incentives. They are subsequently measured
at cost less accumulated depreciation and impairment losses.

Right-of-use assets are depreciated from the commencement date on
a straight-line basis over the shorter of the lease term and useful life of
the underlying asset. Right of use assets are evaluated for recoverability
whenever events or changes in circumstances indicate that their
carrying amounts may not be recoverable. For impairment testing, the
recoverable amount (i.e. the higher of the fair value less cost to sell and
the value-in-use) is determined on an individual asset basis unless the
asset does not generate cash flows that are largely independent of those
from other assets. In such cases, the recoverable amount is determined
for the Cash Generating Unit (CGU) to which the asset belongs.

The lease liability is initially measured at amortized cost at the present
value of the future lease payments. The lease payments are discounted
using the interest rate implicit in the lease or, if not readily determinable,
using the incremental borrowing rates in the country of domicile of
these leases. Lease liabilities are re-measured with a corresponding
adjustment to the related right of use asset if the Company changes
its assessment if whether it will exercise an extension or a termination
option.

Lease liability and ROU asset have been separately presented in the
Balance Sheet and lease payments have been classified as financing
cash flows.

(L) Financial instruments

Financial assets and financial liabilities are recognised when an entity
becomes a party to the contractual provisions of the instrument.

Financial assets and financial liabilities are initially measured at fair value.
Trade receivables that do not contain a significant financing component
are measured at transaction price. Transaction costs that are directly
attributable to the acquisition or issue of financial assets and financial
liabilities (other than financial assets and financial liabilities at fair value
through Statement of Profit and Loss (FVTPL)) are added to or deducted
from the fair value of the financial assets or financial liabilities, as
appropriate, on initial recognition. Transaction costs directly attributable
to the acquisition of financial assets or financial liabilities at fair value
through profit and loss are recognised immediately in Statement of
Profit and Loss.

(M) Financial assets

Recognition and initial measurement

The Company initially recognises loans and advances, deposits and debt
securities purchased on the date on which they originate. Purchases and
sale of financial assets are recognised on the trade date, which is the date
on which the Company becomes a party to the contractual provisions of
the instrument.

Classification of financial assets

On initial recognition, a financial asset is classified to be measured at -

> Amortised cost; or

> Fair Value through Other Comprehensive Income (FVTOCI) - debt
investment; or

> Fair Value through Other Comprehensive Income (FVTOCI) - equity
investment; or

> Fair Value through Profit or Loss (FVTPL)

Financial assets are not reclassified subsequent to their initial recognition
unless the Company changes its business model for managing financial
assets, in which case all affected financial assets are reclassified on the
first day of the first reporting period following the change in the business
model.

Subsequent Measurement

a) Financial asset measured at Amortized cost

A financial asset is measured subsequently at amortised cost using
EIR method less impairment if any, if it meets both of the following
conditions and is not designated at FVTPL:

• The asset is held within a business model whose objective is to
hold assets to collect contractual cash flows; and

• 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.

The Amortization of EIR and loss arising from impairment if any, is
recognized in the statement of profit and loss.

b) Financial Assets measured at Fair Value through Other
Comprehensive Income (FVTOCI)

Financial asset, except trade receivables and contract assets that
are measured at transaction price, is classified as FVTOCI only if
it meets both of the following conditions and is not recognised at
FVTPL:

• The asset is held within a business model whose objective is
achieved by both collecting contractual cash flows and selling
financial assets; and

• 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.

Debt instruments included within the FVTOCI category are
measured initially as well as at each reporting date at fair value.
Fair value movements are recognised in the Other Comprehensive
Income (OCI). However, the Company recognises interest income,
impairment losses & reversals and foreign exchange gain or loss in
the Statement of Profit and Loss. On derecognition of the asset,
cumulative gain or loss previously recognised in OCI is reclassified
from the equity to Statement of Profit and Loss. Interest earned
whilst holding FVTOCI debt instrument is reported as interest
income using the EIR method.

c) Financial Assets measured at Fair Value through Profit and Loss
(FVTPL)

Financial asset which is not classified in any of the above categories
are measured at FVTPL. Financial assets are reclassified subsequent
to their recognition, if the Company changes its business model for
managing those financial assets. Changes in business model are
made and applied prospectively from the reclassification date which
is the first day of immediately next reporting period following the
changes in business model in accordance with principles laid down
under Ind AS 109 - Financial Instruments.

d) Investment in Subsidiaries, Associates and Joint Ventures

The Company has accounted for its investments in Subsidiaries,
associates and joint venture at cost less impairment loss (if any).

e) Other Equity Instruments

All other equity investments in scope of IND AS 109 are measured at
fair value through Profit and Loss except for those equity investments
for which the Company has elected to present the value changes in
'Other Comprehensive Income'. Equity instruments which are held
for trading and contingent consideration recognised by an acquirer
in a business combination to which IND AS 103 applies are classified
as at FVTPL. For all other equity instruments, the Company may make
an irrevocable election to present in other comprehensive income
subsequent changes in the fair value. The Company makes such
election on an instrument-by-instrument basis. The classification is
made on initial recognition and is irrevocable.

If the Company decides to classify an equity instrument as at
FVTOCI, then all fair value changes on the instrument, excluding
dividends, are recognised in the OCI. There is no recycling of the
amounts from OCI to Statement of Profit and Loss, even on sale of
investment. However, on sale/disposal the Company may transfer
the cumulative gain or loss within equity.

Equity instruments included within the FVTPL category are
measured at fair value with all changes recognised in the Statement
of Profit and Loss.

Trade receivables and contract assets are recognized at Transaction
Price which is the amount of consideration Company expects to be
entitled to in exchange for transferring promised goods or services
to a customer, excluding the amounts collected on behalf of third
party. The Transaction price is net of discounts, sales incentives,
rebates granted, returns, sales taxes, GST and duties and any other
recoverable taxes. Where trade receivables contain a significant
financing component, then they are recognized at discounted
transaction price using EIR. Unwinding of such discount is
recognized as Other Income in the Statement of Profit and Loss.

All other financial assets are classified as measured at FVTPL.

In addition, on initial recognition, the Company may irrevocably
designate a financial asset that otherwise meets the requirements
to be measured at amortised cost or at FVTOCI as at FVTPL if doing
so eliminates or significantly reduces and accounting mismatch that
would otherwise arise.

Financial assets at FVTPL are measured at fair value at the end
of each reporting period, with any gains and losses arising on
remeasurement recognised in statement of profit or loss. The net
gain or loss recognised in statement of profit or loss incorporates
any dividend or interest earned on the financial asset and is included
in the 'other income' line item. Dividend on financial assets at FVTPL
is recognised when:

• The Company's right to receive the dividends is established,

• It is probable that the economic benefits associated with the
dividends will flow to the entity,

• The dividend does not represent a recovery of part of cost of
the investment and the amount of dividend can be measured
reliably.

Derecognition of financial assets

The Company derecognises a financial asset when the contractual rights
to the cash flows from the asset expire, or when it transfers the financial
asset and substantially all the risks and rewards of ownership of the asset
to another party or neither transfers or retains substantially all of the risks
and rewards of ownership and it does not retain control of the financial
asset..

Impairment

The Company applies the expected credit loss model for recognising
impairment loss on financial assets other than those measured at Fair
Value through Profit and Loss (FVTPL).

Expected credit losses are the weighted average of credit losses with
the respective risks of default occurring as the weights. Credit loss is
the difference between all contractual cash flows that are due to the
Company in accordance with the contract and all the cash flows that
the Company expects to receive (i.e. all cash shortfalls), discounted at
the original effective interest rate (or credit-adjusted effective interest
rate for purchased or originated credit-impaired financial assets). The
Company estimates cash flows by considering all contractual terms of
the financial instrument (for example, prepayment, extension, call and
similar options) through the expected life of that financial instrument.

The Company measures the loss allowance for a financial instrument
at an amount equal to the lifetime expected credit losses if the credit
risk on that financial instrument has increased significantly since initial
recognition. If the credit risk on a financial instrument has not increased
significantly since initial recognition, the Company measures the loss
allowance for that financial instrument at an amount equal to 12-month
expected credit losses. 12-month expected credit losses are portion
of the life-time expected credit losses and represent the lifetime cash
shortfalls that will result if default occurs within the 12 months after the
reporting date and thus, are not cash shortfalls that are predicted over
the next 12 months.

If the Company measured loss allowance for a financial instrument at
lifetime expected credit loss model in the previous year, but determines
a the end of a reporting year that the credit risk has not increased
significantly since initial recognition due to improvement in credit quality
as compared to the previous year, the Company again measures the loss
allowance based on 12-month expected credit losses.

When making the assessment of whether there has been a significant
increase in credit risk since initial recognition, the Company uses the
change in the risk of a default occurring over the expected life of the
financial instrument instead of the change in the amount of expected
credit losses. To make that assessment, the Company compares the risk
of a default occurring on the financial instrument as at the reporting date
with the risk of a default occurring on the financial instrument as at the
date of initial recognition and considers reasonable and supportable
information, that is available without undue cost or effort, that is
indicative of significant increases in credit risk since initial recognition.

Further, for the purpose of measuring lifetime expected credit loss
allowance for trade receivables, the Company has used a practical
expedient as permitted under Ind AS 109. This expected credit loss
allowance is computed based on a provision matrix which takes into
account historical credit loss experience and adjusted for forward¬
looking information.

(N) Effective interest rate method

The effective interest rate method is a method of calculating the
amortised cost of a debt instrument and allocating interest income over
the relevant period. The effective interest rate is the rate that exactly
discounts estimated future cash receipts (including all fees and points
paid or received that form an integral part of the effective interest
rate, transaction costs and other premiums or discounts) through the
expected life of the debt instrument, or, where appropriate, a shorter
period, to the net carrying amount on initial recognition.

Income is recognised on an effective interest basis for debt instruments
other than those financial assets classified as at FVTPL and Interest
income is recognised in profit or loss.

(O) Financial liabilities and equity instruments

Classification as debt or equity

Debt and equity instruments issued by a company are classified as either
financial liabilities or as equity in accordance with the substance of the
contractual arrangements and the definitions of a financial liability and
an equity instrument.

Equity instruments

An equity instrument is any contract that evidences a residual interest
in the assets of an entity after deducting all of its liabilities. Equity
instruments issued by the Company are recognised at the proceeds
received, net of directly attributable transaction costs.

Financial liabilities

Financial liabilities are classified as measured at amortised cost or
'FVTPL'.

A Financial Liability is classified as at FVTPL if it is classified as held-
for-trading or it is a derivative (that does not meet hedge accounting
requirements) or it is designated as such on initial recognition.

A financial liability is classified as held for trading if:

> It has been incurred principally for the purpose of repurchasing it in
the near term; or

> On initial recognition it is part of a portfolio of identified financial
instruments that the Company manages together and has a recent
actual pattern of short-term profit-taking; or

> It is a derivative that is not designated and effective as a hedging
instrument.

A financial liability other than a financial liability held for trading may be
designated as at FVTPL upon initial recognition if:

> Such designation eliminates or significantly reduces a measurement
or recognition inconsistency that would otherwise arise;

> The financial liability forms part of a group of financial assets or
financial liabilities or both, which is managed and its performance
is evaluated on a fair value basis, in accordance with the Company's
documented risk management or investment strategy, and
information about the grouping is provided internally on that
contract basis; or

> It forms part of a containing one or more embedded derivatives, and
IND AS 109 permits the entire combined contract to be designated
as at FVTPL in accordance with IND AS 109.

Financial liabilities at FVTPL are stated at fair value, with any gains or
losses arising on remeasurement recognised in Statement of Profit and
Loss. The net gain or loss recognised in Statement of Profit and Loss
incorporates any interest paid on the financial liability and is included in
the 'other gains and losses' line item in the Statement of Profit and Loss.

Other financial liabilities

Other financial liabilities (including borrowings and trade and other
payables) are subsequently measured at amortised cost using the
effective interest method.

Derecognition of financial liabilities

The Company derecognises financial liabilities when, and only when,
the Company's obligations are discharged, cancelled or have expired.
An exchange with a lender of debt instruments with substantially
different terms is accounted for as an extinguishment of the original
financial liability and the recognition of a new financial liability. Similarly,
a substantial modification of the terms of an existing financial liability
(whether or not attributable to the financial difficulty of the debtor)
is accounted for as an extinguishment of the original financial liability
and the recognition of a new financial liability. The difference between
the carrying amount of the financial liability derecognised and the
consideration paid and payable is recognised in profit or loss.

(P) 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 insignificant risk of changes in value.

(Q) Share capital

Ordinary shares are classified as equity. Incremental costs directly
attributable to the issuance of new ordinary shares and share options
and buyback of ordinary shares are recognized as a deduction from
equity, net of any tax effects.

(R) Segments reporting

The Company is engaged in the business of Injection Moulding and
Blow Moulding plastic articles such as Industrial containers, Healthcare
furniture, and automotive components. There is no separate reportable
segment in terms of IND AS-108 and hence there is no requirement of
segment reporting.

(S) Earnings per share
Basic earnings per share

Basic earnings per share is computed by dividing the net profit after
tax by weighted average number of equity shares outstanding during
the period. The weighted average number of equity shares outstanding
during the year is adjusted for treasury shares, bonus issue, bonus
element in a rights issue to existing shareholders, share split and reverse
share split (consolidation of shares).

Diluted earnings per share

Diluted earnings per share is computed by dividing the profit after tax
after considering the effect of interest and other financing costs or
income (net of attributable taxes) associated with dilutive potential
equity shares by the weighted average number of equity shares
considered for deriving basic earnings per share and also the weighted
average number of equity shares that could have been issued upon
conversion of all dilutive potential equity shares including the treasury
shares held by the Company to satisfy the exercise of the share options
by the employees.

(T) Events after reporting period

Events after the reporting period are those events, favourable and
unfavourable, that occur between the end of the reporting period and
the date when the financial statements are approved by the Board of
Directors in case of a company, and, by the corresponding approving
authority in case of any other entity for issue. Two types of events can
be identified:

> those that provide evidence of conditions that existed at the end of
the reporting period (adjusting events after the reporting period);
and

> those that are indicative of conditions that arose after the reporting
period (non-adjusting events after the reporting period).

The Company adjusts the amounts recognised in its financial
statements to reflect adjusting events after the reporting period.

The Company does not adjust the amounts recognised in its financial
statements to reflect non-adjusting events after the reporting period.

(T) Contingent assets and Contingent Liabilities

Contingent Liability is:

> a possible obligation 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; or

> a present obligation that arises from past events but is not recognized
because:

• it is not probable that an outflow of resources embodying
economic benefits will be required to settle the obligation; or

• the amount of the obligation cannot be measured with sufficient
reliability.

The Company does not recognize Contingent Liabilities in the books of
accounts and such Contingent Liabilities are disclosed as part of notes
forming Financial Statements except where an outflow of resources
embodying economic benefits becomes probable, except in the
extremely rare circumstances where no reliable estimate can be made.
Contingent Liabilities are assessed continuously to determine whether
an outflow of resourses embodying economic benefits has become
probable.

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.

The Company does not recognize contingent assets in the books of
accounts except where the realization of Income becomes virtually
certain and where such assets no longer remain contingent. The
Company discloses Contingent Assets as part of notes forming
Financial Statements when an inflow of economic benefits is probable.
Contingent assets are assessed continually to ensure that developments
are appropriately reflected in the financial statements.

NOTE 14.1

Nature & Purpose of Reserves

(a) Securities premium reserve : Securities premium reserve is created due
to premium on issue of shares. These reserve is utilized in accordance
with the provisions of the Companies Act, 2013.

(b) "General Reserve : Under the erstwhile Indian Companies Act, 1956, a
general reserve was created through an annual transfer of net income at
a specified percentage in accordance with applicable regulations. The
purpose of these transfers was to ensure that if a dividend distribution in
a given year is more than 10.00% of the paid-up capital of the Company
for that year, then the total dividend distribution is less than the total
distributable reserves for that year.

Consequent to introduction of Companies Act, 2013, the requirement of
mandatory transfer of a specified percentage of the net profit to general

reserve has been withdrawn and the Company can optionally transfer
any amount from the surplus of profit or loss to the General reserve."

(c) Forfeiture Reserve: Share forfeiture reserve is a reserve account created
to hold the amount received from shareholders against share capital
whose shares have been forfeited due to non-payment of dues.

(d) Retained Earnings : Retained earnings are the profits that the Company
has earned till date, less any transfers to general reserve, dividends or
other distributions paid to shareholders.

(d) Items of Other Comprehensive Income

Remeasurements of Net Defined Benefit Plans : Differences between
the interest income on plan assets and the return actually achieved, and
any changes in the liabilities over the year due to changes in actuarial
assumptions or experience adjustments within the plans, are recognised
in other comprehensive income and are adjusted to retained earnings.

*Secured Long-term Borrowings is secured against all existing and future
current assets and movable fixed assets including plant & machinery,
vehicles and further secured against Land & Building, Office premises, Fixed
Deposits and personal gurantees of directors.

**Secured Long-term Borrowings is secured against all existing and future
current assets and movable fixed assets including plant & machinery,
vehicles and further secured against Land & Building, Office premises, Fixed
Deposits and personal gurantees of directors.

On November 21, 2025, the Government of India notified the four Labour Codes - the
Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security,
2020, and the Occupational Safety, Health and Working Conditions Code, 2020 -
consolidating 29 existing labour laws. The Ministry of Labour & Employment published
draft Central Rules and FAQs to enable assessment of the financial impact due to
changes in regulations. The Company has assessed and disclosed the incremental impact
of these changes based on legal opinion obtained and the best information available,
consistent with the guidance provided by the Institute of Chartered Accountants of India.
Considering the materiality and regulatory-driven, non-recurring nature of this impact,
the Company has presented such incremental impact as "Statutory impact of new Labour
Codes" under "Exceptional Items" in the statement of profit and loss for the year ended
March 31, 2026. The incremental impact of gratuity of ?12.33 Lakhs primarily arises due to
change in wage definition. The Company continues to monitor the finalisation of Central /
State Rules and clarifications from the Government on other aspects of the Labour Code
and would provide appropriate accounting effect based on such developments as needed.

Financial instruments
Fair values

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, regardless of whether that price is directly observable
or estimated using another valuation technique. In estimating the fair value
of an asset or a liability, the Company takes in to account the characteristics
of the asset or liability if market participants would take those characteristics
into account when pricing the asset or liability at the measurement date.
Fair value for measurement and/or disclosure purposes in these financial
statements is determined on such a basis.

In addition, for financial reporting purposes, fair value measurements are
categorised into Level 1, Level 2 or Level 3 based on the degree to which the
inputs to the fair value measurements are observable and the significance of
the inputs to the fair value measurements in its entirety, which are described
as follows:

> Level 1 : inputs are quoted prices (unadjusted) in active markets
for identical assets or liabilities that the entity can access at the
measurement date;

> Level 2 : inputs are inputs, other than quoted prices included within
level 1, that are observable for the asset or liability, either directly or
indirectly; and

> Level 3 : inputs are unobservable inputs for the asset or liability.

The management assessed that cash and cash equivalents, trade receivables,
trade payables, bank overdrafts and other current liabilities approximate
their carrying amounts largely due to the short-term maturities of these
instruments.

The fair value of the financial assets and liabilities is included at the amount at
which the instrument could be exchanged in a current transaction between

willing parties, other than in a forced or liquidation sale. The following
methods and assumptions were used to estimate the fair values:

• Long-term fixed-rate and variable-rate receivables/borrowings are
evaluated by the Company based on parameters such as interest rates,
specific country risk factors, individual creditworthiness of the customer
and the risk characteristics of the financed project. Based on this
evaluation, allowances are taken into account for the expected credit
losses of these receivables.

• The fair values of the quoted notes and bonds are based on price
quotations at the reporting date. The fair value of unquoted instruments,
loans from banks and other financial liabilities, obligations under finance
leases, as well as other non-current financial liabilities is estimated by
discounting future cash flows using rates currently available for debt on
similar terms, credit risk and remaining maturities. In addition to being
sensitive to a reasonably possible change in the forecast cash flows or
the discount rate, the fair value of the equity instruments is also sensitive
to a reasonably possible change in the growth rates. The valuation
requires management to use Unobservable inputs in the model,
of which the significant unobservable inputs are disclosed in Note
41(B). Management regularly assesses a range of reasonably possible
alternatives for those significant unobservable inputs and determines
their impact on the total fair value.

• The fair values of the Company's interest-bearing borrowings and loans
are determined by using DCF method using discount rate that reflects
the issuer's borrowing rate as at the end of the reporting period.

NOTE : 40

Financial risk management objectives and policies:

The Company's principal financial liabilities comprise loans and borrowings,
trade and other payables. The main purpose of these financial liabilities is
to finance the Company's operations and to provide guarantees to support
its operations. The Company's principal financial assets include loans, trade

and other receivables, and cash and cash equivalents that derive directly
from its operations. The Company is exposed to market risk, credit risk and
liquidity risk. The Company's senior management oversees the management
of these risks providing an assurance that the Company's financial risk
activities are governed by appropriate policies and procedures and that
financial risks are identified, measured and managed in accordance with
the Company's policies and risk objectives. It is the Company's policy that
no trading in derivatives for speculative purposes may be undertaken. The
Board of Directors reviews and agrees policies for managing each of these
risks, which are summarised below.

(A) Financial risk management

The management of the company is responsible to oversee the Risk
Management Framework for developing and monitoring the Company's
risk management policies. The risk management policies are established
to ensure timely identification and evaluation of risks, setting acceptable
risk thresholds, identifying and mapping controls against these
risks, monitor the risks and their limits, improve risk awareness and
transparency. Risk management policies and systems are reviewed
regularly to reflect changes in the market conditions and the Company's
activities to provide reliable information to the Management and the
Board to evaluate the adequacy of the risk management framework in
relation to the risk faced by the Company.

The risk management policies aims to mitigate the following risks
arising from the financial instruments:

• Market risk

• Credit risk; and

• Liquidity risk

(B) Market risk

Market risk is the risk that the fair value of future cash flows of a financial
instrument will fluctuate because of changes in the market prices. The

Company is exposed in the ordinary course of its business to risks related
to changes in foreign currency exchange rates, commodity prices and
interest rates.

The Company seeks to minimize the effects of these risks by using
derivative financial instruments to hedge risk exposures. The use of
financial derivatives is governed by the Company's policies approved
by the Board of Directors, which provide written principles on foreign
exchange risk, interest rate risk, credit risk, the use of financial derivatives
and non-derivative financial instruments, and the investment of excess
liquidity. Compliance with policies and exposure limits is reviewed by
the Management and the internal auditors on a continuous basis. The
Company does not enter into or trade financial instruments, including
derivatives for speculative purposes.

(C) Foreign currency risk management

The Company's functional currency is Indian Rupees (INR). The
Company undertakes transactions denominated in foreign currencies;
consequently, exposure to exchange rate fluctuations arise. Volatility in
exchange rates affects the Company's revenue from export markets and
the costs of imports, primarily in relation to raw materials. The Company
is exposed to exchange rate risk under its trade and debt portfolio.

Adverse movements in the exchange rate between the Rupee and any
relevant foreign currency result's in increase in the Company's overall
debt position in Rupee terms without the Company having incurred
additional debt and favourable movements in the exchange rates will
conversely result in reduction in the Company's receivables in foreign
currency. In order to hedge exchange rate risk, the Company has a policy
to hedge cash flows up to a specific tenure using forward exchange
contracts and options. In respect of imports and other payables, the
Company hedges its payables as when the exposure arises. Short term
exposures are hedged progressively based on their maturity.

All hedging activities are carried out in accordance with the Company's
internal risk management policies, as approved by the Board of Directors,
and in accordance with the applicable regulations where the Company
operates.

The carrying amounts of the Company's monetary assets and monetary
liabilities at the end of the reporting period are disclosed in Note 42

(D) Credit risk management:

Credit risk refers to the risk that a counterparty will default on its
contractual obligations resulting in financial loss to the Company.
Credit risk encompasses both, the direct risk of default and the risk
of deterioration of creditworthiness as well as concentration risks.
The Company has adopted a policy of only dealing with creditworthy
counterparties and obtaining sufficient collateral, where appropriate, as
a means of mitigating the risk of financial loss from defaults.

Company's credit risk arises principally from the trade receivables, loans,
cash & cash equivalents and financial guarantees.

Trade receivables

Customer credit risk is managed centrally by the Company and subject
to established policy, procedures and control relating to customer credit
risk management. Credit quality of a customer is assessed based on an
extensive credit rating scorecard and individual credit limits defined in
accordance with the assessment.

Credit risk on receivables is also mitigated by securing the same
against letters of credit and guarantees of reputed nationalised and
private sector banks. Trade receivables consist of a large number of
customers spread across diverse industries and geographical areas
with no significant concentration of credit risk. The outstanding trade
receivables are regularly monitored and appropriate action is taken for
collection of overdue receivables. Company has also taken insurance
cover of trade receivable exposure to mitigate credit risk.

Cash and cash equivalents

Credit risks from balances with banks and financial institutions are
managed in accordance with the Company policy.

In addition, the Company is exposed to credit risk in relation to financial
guarantees given to banks and other counterparties. The Company's
maximum exposure in this respect is the maximum amount of the
Company would have to pay if the guarantee is called upon.

(E) Liquidity risk management

Liquidity risk refers to the risk of financial distress or extraordinary high
financing costs arising due to shortage of liquid funds in a situation
where business conditions unexpectedly deteriorate and requiring
financing. The Company requires funds both for short term operational
needs as well as for long term capital expenditure growth projects. The
Company generates sufficient cash flow for operations, which together
with the available cash and cash equivalents and short term investments
provide liquidity in the short-term and long- term. The Company has
established an appropriate liquidity risk management framework for the
management of the Company's short, medium and long-term funding
and liquidity management requirements. The Company manages
liquidity risk by maintaining adequate reserves, banking facilities and
reserve borrowing facilities, by continuously monitoring forecast and
actual cash flows, and by matching the maturity profiles of financial
assets and liabilities.

Collateral

The Company has pledged part of its trade receivables, cash and cash
equivalents and all current assets to fulfil certain collateral requirements
for the banking facilities extended to the Company. There is obligation
to return the securities to the Company once these banking facilities are
surrendered.

Capital management

For the purpose of the Company's capital management, capital includes
issued equity capital, share premium and all other equity reserves
attributable to the equity holders of the parent. The primary objective
of the Company's capital management is to maximise the shareholder
value.

The Company manages its capital structure and makes adjustments
in light of changes in economic conditions and the requirements of
the financial covenants. To maintain or adjust the capital structure, the
Company may adjust the dividend payment to shareholders, return
capital to shareholders or issue new shares. The Company monitors
capital using a gearing ratio, which is net debt divided by total capital
plus net debt. The Company's policy is to keep the gearing ratio between
30% and 70%. The Company includes within net debt, interest bearing
loans and borrowings, trade and other payables, less cash and cash
equivalents, excluding discontinued operations.

The Company monitors its capital using gearing ratio, which is net debt
divided to total equity. Net debt includes, interest bearing loans and
borrowings less cash and cash equivalents, bank balances other than
cash and cash equivalents and current investments. Company's gearing
ratio at the end of the reporting period are disclosed in Note 36

In order to achieve this overall objective, the Company's capital
management, amongst other things, aims to ensure that it meets financial
covenants attached to the interest-bearing loans and borrowings
that define capital structure requirements. Breaches in meeting the
financial covenants would permit the bank to immediately call loans and
borrowings. There have been no breaches in the financial covenants of
any interest-bearing loans and borrowing in the current period.

No changes were made in the objectives, policies or processes for
managing capital during the years ended 31 March 2026 and 31 March
2025.

Fair value measurement of financial instruments

When the fair values of financial assets and financial liabilities recorded
in the balance sheet cannot be measured based on quoted prices in
active markets, their fair value is measured using valuation techniques
including the DCF model. The inputs to these models are taken from
observable markets where possible, but where this is not feasible, a
degree of judgement is required in establishing fair values. Judgements
include considerations of inputs such as liquidity risk, credit risk and
volatility. Changes in assumptions about these factors could affect the
reported fair value of financial instruments.

The Company did not have any material transactions with companies struck
off under section 248 of the Companies Act, 2013 or section 560 of the
Companies Act, 1956 during the financial year.

No transactions to report against the following disclosure requirments as
notified by MCA pursuant to amended schedule III :

(a) Title deeds of Immovable Property not held in name of the Company

(b) Benami Property held under Prohibition of Benami Property Transactions
Act, 1988 and rules made thereunder

(c) Compliance with number of layers of companies & approved scheme of
arrangments

(d) Delay in registration or Satisfaction of Charges with Registrar of
Companies

(e) Relating to Borrowed Funds

(i) Wilful defaulter

(ii) Utilisation of Borrowed funds or share premium

(iii) Discrepancy in utilisation of borrowings

(f) Crypto Currency or Virtual Currency

(g) Undisclosed Income
NOTE 45

Previous year figures have been regrouped to comply with current year
groupings.