The fair values of the financial assets and liabilities are 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:

1 .Fair value of cash and short-term deposits, trade and other short term receivables, trade payables, other current liabilities, short term loans from banks and
other financial institutions approximate their carrying amounts largely due to short term maturities of these instruments.

2. Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such as interest rates and individual credit
worthiness of the counterparty. Based on this evaluation, allowances are taken to account for expected losses of these receivables. Accordingly, fair value of
such instruments is not materially different from their carrying amounts.

The Financial Instruments are categorised in two level based on the inputs used to arrive at fair value measurements as described below:-

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.

Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.

Level 3: Inputs which are not based on observable market data

The carrying amounts and fair values of financial instruments by catergory are as follows:

Financial risk management objectives and policies

The Company Financial risk management is an integral part of how to plan and execute its business strategies. The company risk
management policy is set by the Managing Board.

Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the price of a financial
instrument. The value of a financial instrument maychange as a result of changes in the interest rates, foreign currencyexchange rates, equity
prices and other market changes that affect market risk sensitive instruments. Market risk is attributable to all market risk sensitive financial
instruments including investments and deposits, foreign currency receivables, payables and loans and borrowings.

(i) Market Risk- Interest rate risk

Interest rate risk is the riskthatthe fair value offuture cash flows ofthe financial instruments will fluctuate because of changes in market interest
rates. In order to optimize the company's position with regards to interest income and interest expenses and to manage the interest rate risk,
treasury performs a comprehensive corporate interest rate risk management by balancing the proportion of fixed rate and floating rate financial
instruments in its total portfolio.

(iii) Credit risk

Credit risk arises from the possibility that the counter party may not be able to settle their obligations as agreed. To manage this, the company
periodically assess financial reliability of customer, taking into account the financial condition, current economic trends, and analysis of historical
bad debts and ageing of accounts receivable. Individual risk limits are set accordingly.

The companyconsiders the probability of default upon initial recognition ofasset and whether there has been a significant increase in credit risk
on an ongoing basis through each reporting period. To assess whether there is a significant increase in credit risk the company compares the
riskofdefault occurring on asset as atthe reporting date with the riskof default as atthe date of initial recognition. It considers reasonable and
supportive forwarding-looking information such as:

i) Actual or expected significant adverse changes in business,

ii) Actual or expected significant changes in the opertaing results of the counterparty,

iii) Financial or economic conditions that are expected to cause a significant change to the counterparty's ability to meet its obligations,

iv) Significant increase in credit risk on other financial instruments of the same counterparty,

v) Significant changes in the value of the collateral supporting the obligation or in the quality of the third-party guarantees or credit enhancements .

(iv) Liquidity Risk

Liquidity risk is defined as the risk that the company will not be able to settle or meet its obligations on time, or at a reasonable price. The
company's treasury deparment is responsible for liquidity, funding as well as settlement management. In addition, processes and policies
related such risk are overseen by senior management. Management monitors the company's net liquidity position through rolling forecasts on
the basis of expected cash flows.

Note 31 Going Concern Principal Impaired:

a. Saraswat Bank declared the Company as Non performing Asset and has initiated Notice u/s.13(2) of
the Securitisation and Reconstruction of Financial Assets and Enforcement of Security interest Act
2002. The Company has handed over the possession of all assets mortgaged/pleadged to bank in FY
19-20, however under COVID 19 situation the legal formalities with auction was completed in the FY 20¬
21. Hence the Company does not have any manufacturing facility and there is no capacity of present
management to introduce fund for stretigic investment. There is no scope for future earnings.

b. Company lost its all key employees on closure of all business activities in finance, accounts, legal,
production, marketting etc. Hence the accounts were mafe on available information and all ledger
accounts are without conformation.

c. Management has taken efforts to presents this financial statements with intention to present in
realistic figure based on the available information and support from various contact. The efforts has
been made to draw accounts on realisable values of currents assets, current liabilities, investments and
long term Assets / liabilities to the extent possible with constraint of funds, legal hurdle and other
problems.

d. Company does not have full information for the claim against the company or any contingent
liabilities, which is or may arises in near future as entire operation has become stanstill since February,
2019.

e. Company is not a going concern as there is no ket persons, no manufacturing or commercial
activities and negetive net worth and negetive working capital.

(vi) Details of Benami Property held

No proceedings have been initiated or pending against the company for holding any benami property under the Benami
Transactions (Prohibition) Act, 1988 (45 of 1988).

(vii) Company has no borrowings from banks or financial institutions on the basis of security of current
assets.

(viii) Wilful Defaulter*

Company is not declared as wilful defaulter by any bank or financial Institution or other lender.

(ix) Company does not have any Relationship with struck off companies, hence other information is not required to be diclosed.

(x) Registration of charges or satisfaction with Registrar of Companies

There are no charges or satisfaction yet to be registered with Registrar of Companies beyond the statutory period.

(xi) Compliance with number of layers of companies

The Company has no holding subsdiary, Associated or Joint venture Company, hence compliance with layer of Companies are not applicable.

(xii) Compliance with approved Scheme(s) of Arrangements

There are no Scheme of Arrangements has been approved by the Competent Authority in terms of sections 230 to 237 of the
Companies Act, 2013, which are required to be disclosed.

(xiii Utilisation of Borrowed funds and share premium:

During the year, Company has not borrowed any funds

Mukesh D. Naik Nitin Desai

Chairman & Mg. Director Whole Time Director

(CA Bharat C. Bhandari) DIN: 00412896 DIN: 08278643

Partner

For Raman S. Shah & Associates

Chartered Accountants Uday Desai

FRN No. 119891W Chief Executive Officer

M. No. 106122

Place : Mumbai

Date : 29th September, 2025