M. Provisions, Contingent Liabilities and Contingent Assets
General

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. When the Company expects some or all of a provision to be
reimbursed, the expense relating to a provision is presented in the statement of profit and loss net of any reimbursement.

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.

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed by the occurrence
or non-occurrence of one or more uncertain future events beyond the control of the Company or a present obligation that is
not recognized because it is not probable that an outflow of resources will be required to settle the obligation. The Company
does not recognize a contingent liability but discloses its existence in the financial statements. Payments in respect of such
liabilities, if any are shown as advances.

A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the
occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the company. The
Company does not recognize a contingent asset nor disclose it in the financial statements.

N. Accounting for Taxation of Income
(i) Current taxes

Income tax expense is recognized in net profit in the statement of profit and loss except to the extent that it relates
to items recognized directly in other comprehensive income or equity, in which case it is recognized in other
comprehensive income or equity respectively. Current income tax is recognized at the amount expected to be paid
to or recovered from the tax authorities, using the tax rates and tax laws that have been enacted or substantively
enacted by the balance sheet date. The Company offsets, on a year to year basis, the current tax assets and liabilities,
where it has legally enforceable right to do so and where it intends to settle such assets and liabilities on a net basis.

(ii) Deferred taxes

Deferred tax is recognized on differences between the carrying amounts of assets and liabilities in the financial
statements and the corresponding tax bases used in the computation of taxable profit and are accounted for using the
balance sheet liability method. Deferred tax liabilities are generally recognized for all taxable temporary differences,
and deferred tax assets are generally recognized for all deductible temporary differences to the extent that it is
probable that taxable profits will be available against which those deductible temporary differences can be utilized.
Such assets and liabilities are not recognized if the temporary difference arises from goodwill or from the initial
recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither
the taxable profit nor the accounting profit.

Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss (either in other
comprehensive income or in equity). Deferred tax items are recognised in correlation to the underlying transaction
either in OCI or directly in equity.

The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it
is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets
against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the
Company intends to settle its current tax assets and liabilities on a net basis.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset
is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted
at the reporting date.

O. Fair value measurement

The Company measures financial instruments, such as, derivatives at fair value at each balance sheet date.

Fair value is the price that would be received to sell an asset or paid to settle 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 liability, the Company takes into account the characteristics of the asset or liability
if market participants would use when pricing the asset or liability, assuming that market participants act in their economic
best interest.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the
fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement
as a whole:

• Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities

• Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is
directly or indirectly observable

• Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is
unobservable

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's Management determines the policies and procedures for both recurring fair value measurement, such as
derivative instruments and unquoted financial assets measured at fair value, and for non-recurring measurement, such as
assets held for distribution in discontinued operations.

This note summarizes accounting policy for fair value. Other fair value related disclosures are given in the relevant notes.

P. Foreign Currency-Transactions and Balances

The Company's functional currency is INR and accordingly, the financial statements are presented in INR.

Transactions in foreign currencies are initially recorded by the company in their functional currency spot rates at the date
the transaction first qualifies for recognition.

Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of
exchange at the reporting period. Gains and losses arising on account of differences in foreign exchange rates on settlement/
translation of monetary assets and liabilities are recognised in the Statement of Profit and Loss except exchange differences
on foreign currency borrowings relating to assets under construction for future productive use, which are included in the cost
of those assets when they are regarded as an adjustment to interest costs on those foreign currency borrowings.

Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange
rates as at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are
translated using the exchange rates at the date when the fair value was determined. The gain or loss arising on translation
of non-monetary items measured at fair value is treated in line with the recognition of the gain or loss on the change in fair
value of the item (i.e. translation differences on items whose fair value gain or loss is recognised in OCI or profit or loss are
also recognised in OCI or profit or loss, respectively).

Q. Borrowing Costs

General and specific borrowing costs directly attributable to the acquisition, construction or production of qualifying assets,
which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added
to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. All other
borrowing costs are recognised in Statement of Profit and Loss in the period in which they are incurred.

R. Leases

As a lessor

Lease income from operating leases where the Company is a lessor is recognized in income on a straight-line basis over
the lease term unless the receipts are structured to increase in line with expected general inflation to compensate for the
expected inflationary cost increases. The respective leased assets are included in the balance sheet based on their nature.

As a lessee

The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset
is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made
at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove
the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end
of the lease term.

The determination of whether an arrangement is a lease, or contains a lease, is based on the substance of the arrangement
and requires an assessment of whether the fulfilment of the arrangement is dependent on the use of a specific asset or
assets or whether the arrangement conveys a right to use the asset. A contract is, or contains, a lease if the contract
conveys the right to control the use of an identified asset for a time in exchange for a consideration. The Company, at the
inception of a contract, assesses whether the contract is a lease or not lease. For arrangements entered into prior to April
01,2019, the Company has determined whether the arrangement contains a lease on the basis of facts and circumstances
existing on the date of transition.

The estimated useful lives of right-of-use assets are determined on the same basis as those of property, plant and
equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain
re-measurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement
date, discounted using incremental borrowing rate. For leases with reasonably similar characteristics, the Company, on a
lease by lease basis, may adopt either the incremental borrowing rate specific to the lease or the incremental borrowing rate
for the portfolio as a whole.

Lease payments included in the measurement of the lease liability comprises of fixed payments, including in-substance
fixed payments, amounts expected to be payable under a residual value guarantee and the exercise price under a purchase
option that the Company is reasonably certain to exercise, lease payments in an optional renewal period if the Company is
reasonably certain to exercise an extension option.

The lease liability is subsequently remeasured at amortised cost using the effective interest method. It is remeasured when
there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Company's
estimate of the amount expected to be payable under a residual value guarantee, or if Company changes its assessment
of whether it will exercise a purchase, extension or termination option.

When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-
of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

Lease liability and the right of use asset will be separately presented in the balance sheet and lease payments will be
classified as financing activities.

The Company has elected not to recognise right-of-use assets and lease liabilities for short term leases that have a lease
term of less than or equal to 12 months with no purchase option and assets with low value leases. The Company recognises
the lease payments associated with these leases as an expense in standalone statement of profit and loss over the lease
term. The related cash flows are classified as operating activities.

S. Employee Benefits

a) Short-term obligations

Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled wholly within 12
months after the end of the period in which the employees render the related service are recognised in respect of
employee's services up to the end of the reporting period and are measured at the undiscounted amounts of the
benefits expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit
obligations in the balance sheet.

b) Other Long-term employee benefit obligations

The liabilities for compensated absences (annual leave) which are not expected to be settled wholly within 12 months
after the end of the period in which the employee render the related service are presented as non-current employee
benefits obligations. They are therefore measured as the present value of expected future payments to be made
in respect of services provided by employees up to the end of the reporting period using the Projected Unit Credit
method. The benefits are discounted using the market yields at the end of the reporting period on government bonds
that have terms approximating to the terms of the related obligations. Re-measurements as a result of experience
adjustments and changes in actuarial assumptions (i.e. actuarial losses/ gains) are recognised in the Statement of
Profit and Loss.

The obligations are presented as current in the balance sheet, if the Company does not have an unconditional right
to defer settlement for at least twelve months after the reporting period, regardless of when the actual settlement is
expected to occur.

c) Post- employment obligations

The Company operates the following post-employment schemes:

(i) Defined benefit plans such as gratuity

(ii) Defined contribution plans such as provident fund.

Defined benefit plan - Gratuity Obligations

The Company provides for gratuity, a defined benefit plan (the “Gratuity Plan”) covering eligible employees in
accordance with the Payment of Gratuity Act, 1972. The Gratuity Plan provides a lump sum payment to vested
employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective
employee's salary and the tenure of employment.

The liability or asset recognised in the balance sheet in respect of defined benefit gratuity plans is the present value of the
defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation
is actuarially determined using the Projected Unit Credit method.

The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows by
reference to market yields at the end of the reporting period on government bonds that have a terms approximating to the
terms of the obligation.

The net interest cost, calculated by applying the discount rate to the net balance of the defined benefit obligation and the
fair value of the plan assets, is recognised as employee benefit expenses in the statement of profit and loss.

Remeasurements gains and losses arising from experience adjustments and changes in actuarial assumptions are
recognised in the other comprehensive income in the year in which they arise and are not subsequently reclassified to
Statement of Profit and Loss.

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.

Defined Contribution Plan

The Company pays provident fund contributions to publicly administered provident funds as per local regulatory authorities.
The Company has no further obligations once the contributions have been paid. The contributions are accounted for as
defined contribution plans and the contributions are recognised as employee benefit expense when they are due.

T. Earnings Per Share

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

Diluted earnings per share adjust the figures used in the determination of basic earnings per share to take into account:

• The after income tax effect of interest and other financing costs associated with dilutive potential equity shares, and

• Weighted average number of equity shares that would have been outstanding assuming the conversion of all the
dilutive potential equity.

U. 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 from the date of acquisition), which are subject to an insignificant risk of changes
in value.

V. Insurance claims

Insurance claims are accounted for on the basis of claims admitted / expected to be admitted and to the extent that there is
no uncertainty in receiving the claims.

W. Segment Reporting

The Company identifies operating segments based on the internal reporting provided to the chief operating decision-maker.

The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating
segments, has been identified as the Board of Directors that makes strategic decisions.

The accounting policies adopted for segment reporting are in line with the accounting policies of the Company. Segment
revenue, segment expenses have been identified to segments on the basis of their relationship to the operating activities of
the segment.

X. Recent Pronouncements

Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards under Companies
(Indian Accounting Standards) Rules as issued from time to time. For the year ended March 31, 2025, MCA has notified Ind
AS - 117 Insurance Contracts and amendments to Ind AS 116 - Leases, relating to sale and leaseback transactions, which
is not applicable to the Company w.e.f. April 1, 2024. The Company has reviewed the new pronouncements and based on
its evaluation has determined that it does not have any significant impact in its financial statements.

Notes:

1) Working capital loans from State Bank of India Rs. 1,336.81 lakhs (March 31, 2024: Rs.1,179.97 lakhs) carries interest rate

@ 9.10% (March 31, 2024: 8.60% p.a.) and are secured as under:

a) Primary Security:

i) Hypothecation on the entire current assets of the company both present and future on pari-passu 1st charge with
Axis Bank and Kotak Mahindra Bank.

b) Collateral Security:

i) First pari-passu charge (with Axis Bank and Kotak Mahindra Bank) on Land & Building located at B-102, MIDC, Lote
Parshuram, Taluka Khed, District Ratnagiri, Maharashtra, standing in the name of company.

ii) First pari-passu charge (with Axis Bank and Kotak Mahindra Bank) on Land & Building located at B-103, MIDC, Lote
Parshuram, Taluka Khed, District Ratnagiri, Maharashtra, standing in the name of company.

iii) First pari-passu charge (with Axis Bank and Kotak Mahindra Bank) on Land & Building located at D-25, MIDC, Lote
Parshuram, Taluka Khed, District Ratnagiri, Maharashtra, standing in the name of company.

iv) First pari-passu charge (with Axis Bank and Kotak Mahindra Bank) on Land & Building located at B-97, MIDC, Lote
Parshuram, Taluka Khed, District Ratnagiri, Maharashtra, standing in the name of company.

v) First pari-passu charge (with Axis Bank and Kotak Mahindra Bank) on Land & Building located at D-18, MIDC, Lote
Parshuram, Taluka Khed, District Ratnagiri, Maharashtra, standing in the name of company.

vi) Hypothecation charges on pari-passu basis over Plant & Machinery and entire fixed assets located at B-102/103,
D-25, B-97 & D-18, Lote Parshuram, Taluka Khed, District Ratnagiri, Maharashtra, standing in the name of
company.

2) Working capital loans from Axis Bank Ltd. Rs. 1,609.51 lakhs (March 31, 2024: Rs. 1,784.76 lakhs) carries interest rate @

8.75% p.a. (March 31, 2024: 8.75% p.a.) and are secured as under:

a) Primary Security:

i) First Pari-passu charge on the entire current assets of the company with State Bank of India and Kotak Mahindra
Bank, present and future.

b) Collateral Security:

i) First Pari-passu charge on Land & Building located at B-102/103, D-25, D-18, B-97 MIDC, Lote Parshuram, Taluka
Khed, District Ratnagiri, Maharashtra, standing in the name of company.

ii) First Pari-passu charge on Plant & Machinery located at B-102/103, D-25, D-18, B-97 MIDC, Lote Parshuram,
Taluka Khed, District Ratnagiri, Maharashtra, standing in the name of company.

3) Working capital loans from Kotak Mahindra Rs. Nil (March 31, 2024: Rs. -604.70 lakhs) carries interest rate @ 9.10% p.a.

(March 31, 2024: 9.10% p.a.) and are secured as under:

a) Primary Security:

i) First PP hypothecation charge with SBI and Axis on all present and future current assets and moveable fixed assets
of the company.

b) Collateral Security:

i) First pari-passu charge (with SBI Bank and Axis Bank) on Land & Building located at B-102, MIDC, Lote Parshuram,
Taluka Khed, District Ratnagiri, Maharashtra, standing in the name of company.

ii) First pari-passu charge (with SBI Bank and Axis Bank) on Land & Building located at B-103, MIDC, Lote Parshuram,
Taluka Khed, District Ratnagiri, Maharashtra, standing in the name of company.

iii) First pari-passu charge (with SBI Bank and Axis Bank) on Land & Building located at D-25, MIDC, Lote Parshuram,
Taluka Khed, District Ratnagiri, Maharashtra, standing in the name of company.

iv) First pari-passu charge (with SBI Bank and Axis Bank) on Land & Building located at B-97, MIDC, Lote Parshuram,
Taluka Khed, District Ratnagiri, Maharashtra, standing in the name of company.

v) First pari-passu charge (with SBI Bank and Axis Bank) on Land & Building located at D-18, MIDC, Lote Parshuram,
Taluka Khed, District Ratnagiri, Maharashtra, standing in the name of company.

vi) Hypothecation charges on pari-passu basis over Plant & Machinery and entire fixed assets located at B-102/103,
D-25, B-97 , & D-18 Lote Parshuram, Taluka Khed, District Ratnagiri, Maharashtra, standing in the name of company.

4) Details of continuing default in the repayment of loans and interest, specifying the period and amount separately in each

case.

There has been no default in the repayment of loans or interest thereon as on date.

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading
to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from
its financing activities, including Fixed deposits with banks and financial institutions and other financial instruments.

Trade receivables

Customer credit risk is managed by the Company's established policy, procedures and control relating to customer credit risk
management. The Company is in the business of manufacturing and trading of Chemical, Fertilisers and Dyes intermediate.
Credit quality of a customer is assessed by the management on regular basis with market information and individual credit
limits are defined accordingly. Outstanding customer receivables are regularly monitored and any further services to major
customers are approved by the senior management.

An impairment analysis is performed at each reporting date on an individual basis for major customers. In addition, a large
number of minor receivables are grouped into homogenous groups and assessed for impairment collectively. The maximum
exposure to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in Note 9.

On account of adoption of Ind-AS 109, the Company uses expected credit loss model to assess the impairment loss or gain.
The Company uses a provision matrix to compute the expected credit loss allowance for trade receivables. The provision
matrix takes into account available external and internal credit risk factors and the Company's historical experience for
customers.

Financial instruments and cash deposits

Credit risk from balances with banks and financial institutions is managed by the Company's finance department in
accordance with the Company's policy. Investments of surplus funds are made generally in the fixed deposits and for
funding to subsidiary company. The investment limits are set to minimise the concentration of risks and therefore mitigate
financial loss to make payments for vendors.

Liquidity Risk

The Company monitors its risk of a shortage of funds using a liquidity planning tool.

The Company's objective is to maintain a balance between continuity of funding and flexibility through the use of bank loans
and unsecured loans. The Company has access to a sufficient variety of sources of funding which can be rolled over with
existing lenders. The Company believes that the working capital is sufficient to meet its current requirements.

The table below provides details regarding the maturities of significant financial liabilities as of March 31,2025 & March 31,
2024:

Market risk comprises two types of risk: interest rate risk and currency risk. Financial instruments affected by market risk
include loans and borrowings and deposits

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes
in market interest rates. The Company's exposure to the risk of changes in market interest rates relates primarily to the
Company's long-term debt obligations with floating interest rates.

The Company manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings.
The Company's policy is to keep balance between its borrowings at fixed rates of interest. The difference between fixed and
variable rate interest amounts calculated by reference to an agreed-upon notional principal amount.

The exposure of the Company to interest rate changes at the end of the reporting period are as under:

Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in
foreign exchange rates. The Company's exposure to the risk of changes in foreign exchange rates relates primarily to its
operating activities. The Company manages its foreign currency risk by hedging the payables when considered necessary.
When a derivative is entered into for the purpose of being a hedge, the Company negotiates the terms of those derivatives
to match the terms of the hedged exposure. The Company hedges its exposure to fluctuations on the translation into INR
of its foreign payables in foreign currencies and by using foreign currency option or forward contracts.

Equity price risk

The Company's unlisted equity securities are of subsidiary and deemed cost of the same are taken as previous GAAP
carrying value (i.e. cost of acquisition). The value of the financial instruments is not material and accordingly any change in
the value of these investments will not affect materially the profit or loss of the Company.

Note 43 : Capital Management

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

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 can adjust the dividend
payment to shareholders, issue new shares, etc. The Company monitors capital using a gearing ratio, which is net debt
divided by total equity. The Company includes within net debt, interest bearing loans and borrowings, less cash and cash
equivalents.

Note:

1. The Company has issued Corporate Guarantees aggregating to Rs. 4,800.00 lakhs as at year end (March 31, 2024:
Rs. 3,000.00 lakhs) on behalf of Subsidiary M/s Kisan Phosphates Private Limited, Liabilities outstanding for which
Corporate Guarantees have been issued aggregate to Rs. 4,800.00 lakhs as on March 31, 2025 (March 31, 2024: Rs.
3,000.00 lakhs).

2. The Company has issued Corporate Guarantees aggregating to Rs. 6,100.00 lakhs as at year end (March 31,2024: Rs.

6.100.00 lakhs) on behalf of Subsidiary M/s Madhya Bharat Phosphate Private Limited, Liabilities outstanding for which
Corporate Guarantees have been issued aggregate to Rs. 6,100.00 lakhs as on March 31, 2025 (March 31, 2024: Rs.

6.100.00 lakhs).

Note 46 : Segment Information

Operating segments are defined as components of an enterprise for which discrete financial information is available
that is evaluated regularly by the chief operating decision maker, in deciding how to allocate resources and assessing
performance. Considering the nature of business and integrated manufacturing process of the Company, the Company
considers its products under one segment only i.e. Chemicals & Fertilisers. Accordingly, Segment Reporting in accordance
with Indian Accounting Standard - 108 “Operating Segment” issued by the Institute of Chartered Accountants of India and
adopted by Companies (Accounting Standard) Rules, 2015 is not applicable to the Company.

III. Sensitivity Analysis

The below sensitivity analyses are based on a change in an assumption while holding all other assumptions constant.
In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the
sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (present value of the
defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been
applied as when calculating the defined benefit liability recognised in the balance sheet. The methods and types of
assumptions used in preparing the sensitivity analysis did not change compared to the prior period.

a. There are no proceedings initiated or are pending against the Company for holding any benami property under the
Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder.

b. The Company has not entered into any transactions with struck off companies during the year.

c. The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory
period.

d. The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

e. The Company does not have any such transaction which is not recorded in the books of accounts that has been
surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as,
search or survey or any other relevant provisions of the Income Tax Act, 1961).

f. The Company has not advanced or loaned or invested (either from borrowed funds or share premium or any other sources
or kind of funds) to or in any other person or entity, including foreign entities (“Intermediaries”), with the understanding,
whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other
persons or entities identified in any manner whatsoever by or on behalf of the Company (“Ultimate Beneficiaries”) or
provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

Further, the Company has not received any funds from any person or entity, including foreign entities (“Funding Parties”),
with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly,
lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party
(“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

g. The Company has complied with the number of layers prescribed under clause (87) of the Section 2 of the Companies
Act, 2013 read with the Companies (Restrictions on Number of Layers) Rule, 2017.

h. The Company is not declared wilful defaulter by bank or financial institutions or any lender during the financial year.

i. Quarterly returns or statements of current assets filed by the Company with banks or financial institutions are in agreement
with the books of accounts.

j. The Company has used the borrowings from banks and financial institutions for the specific purpose for which it was
obtained.

The Company has re-grouped, re-classified and/or re-arranged figures for previous year, wherever required to confirm with
current year's classification.

The notes referred to above are an integral part of these financial statements.

As per our report of even date attached

For S. K. Patodia & Associates LLP For and on behalf of the Board of Directors

Chartered Accountants

Firm Registration Number: 112723W/W100962

Dhiraj Lalpuria Punit Makharia Gautam Makharia

Partner Chairman & Managing Director Joint Managing Director

Membership Number : 146268 DIN : 01430764 DIN : 01354843

Deepak Beriwala Pankaj Manjani

Chief Financial Officer Company Secretary

Place: Mumbai Place: Mumbai

Date : May 16, 2025 Date : May 16, 2025