S Provisions, contingent liabilities and contingent assets
i Provisions:

A provision is recognized, when company has a present obligation (legal or constructive) as a result of past events and it is probable
that an outflow of resources embodying economic benefits will be required to settle the obligation, in respect of which a reliable
estimate can be made for the amount of obligation. The expense relating to the provision is presented in the 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.

li Contingent Liability

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. A contingent liability also
arises in extremely rare cases where there is a liability that cannot be recognized because it cannot be measured reliably. The
Company does not recognize a contingent liability but discloses its existence in the financial statements.

Contingent liabilities, if material, are disclosed by way of notes and contingent assets, if any, are disclosed in the notes to financial
statements.

lli Contingent Assets

Contingent Assets are disclosed, where an inflow of economic benefits is probable.

T Earnings per share

i Basic earnings per share
Basic earnings per share is calculated by dividing:

- the profit attributable to owners of the Company, and

- by the weighted average number of equity shares outstanding during the financial year, adjusted for bonus elements in equity
shares issued during the year.

li Diluted earnings per share

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

- the weighted average number of additional equity shares that would have been outstanding assuming the conversion of all dilutive
potential equity shares.

U Lease Accounting

As a lessee, the Company previously classified leases as operating or finance leases based on its assessment of whether the lease
transferred significantly all of the risks and rewards incidental to ownership of the underlying asset to the Company. Under Ind AS 116,
the Company recognizes right of use assets and lease liabilities for most leases i.e. these leases are on balance sheet.

On transition, the Company has applied fbUowingjvactial expedients: .-5===-^.

i Applied a single discount rate to a portftlfiMiEJeiSiBsfipnlar assets in similar economic enwomBCtir wjjfesftttilar end date.

ii Applied the expemption not to recognise right-of-use-assets and liabilities for leases with less than 12 months of lease term on the
date of transition.

lii Excluded the initial direct costs from the measurement of the right-of -use-asset at the date of transition.

It Grandfathered the assessment of which transactions are, or contain leases. Accordingly, Ind AS 116 is applied only to contracts that
were previously identified as leases under Ind AS 17.

v Relied on its assessment of whether leases are onerous, applying Ind AS 37 immediately before the date of initial application as an
alternative to performing an impairment review.

vi Used hindsight when determining the lease term if the contract contains options to extend or terminate the lease.

V Employee benefits

i Short-term obligations

Liabilities fair wages, salaries and leave encashment 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 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.

ii Other long-term employee benefit obligations

The liabilities for earned leave are not expected to be settled wholly within 12 months after the end of the period in which the
employees render the related service. 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 appropriate market yields at the end of the reporting period that have terms approximating to the
terms of the related obligation. Remeasurements as a result of experience adjustments and changes in actuarial assumptions are
recognised in profit or loss.

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

iii Post-employment obligations

The group operates the following post-employment schemes:
a Defined benefit gratuity plan:

Gratuity and Leave encashment which are defined benefits are accrued based on actuarial valuation working provided by
Independent actuary, The Contribution is charged to profit and loss.

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. The defined benefit obligation is calculated annually
as per the report on independent actuary. 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
terms approximating to the terms of the related obligation. 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.

b Defined Contribution plan:

Contribution payable to recognised provident fund and superannuation scheme which is defined contribution scheme is charged to
Statement of Profit & Loss. The company has no further obligation to the plan beyond its contribution.

W Cash Flow Statement

Cash flows are reported using the indirect method, whereby net profit before tax is adjusted for the effects of transactions of a non-cash
nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with
investing or financing cash flows. The cash flows from operating, investing and financing activities of the Company are segregated.

X Operating Cycle

Based on the nature of products/activities of the Company and the normal time between acquisition of assets and their realisation in cash
or cash equivalents, the Company has determined its operating cycle as 12 months for the purpose of classification of its assets and
liabilities as current and non current.

Y Rounding of amounts ________

All amounts disclosed in the financial state(MK2mS$gQ»Kive been rounded off to the nearest fokitedsUcs (M_rio\two decimals),
unless otherwise stated as per the requiremjnr'of Schedule'WjiWvlsion II), ’ "01 M u mb a i ] 3 |]

29 EXCEPTIONAL ITEMS

During the previous year, the company has complied with circular no. 16/2023-Cus dated 7th June 2023 issued by The Central Board of Indirect
taxes and Customs Drawback division for compliance with the pre-import condition for payment of IGST and interest thereon for imports made
under Advance Authorization on or after 13th October 2017 till 9th January 2019 on which IGST exemption had been availed. As per the circular
the company was non-compliant with the 'pre-import' conditions as defined in the revised circular no. 16/2023-Cus dated 7th June 2023 due to
which the company was liable to pay 8s. 259.87 lakhs including interest. The Company has claimed the credit of IGST paid and the interest
portion amounting to Rs. 115.65 lakhs has been shown under Exceptional items.

30 Financial Risk Management

The Company’s activities expose it to credit risk, liquidity risk and price risk.

This note explains the sources of risk which the entity is exposed to and how the entity manages the risk and the impact thereof in the financial
statements.

The Board provides guiding principles for overall risk management, as well as policies covering specific areas such as credit risk, liquidity risk,
price risk and foreign exchange risk effecting business operation. The company’s risk management is carried out by the management as per
guidelines and policies approved by the Board of Directors.

(A) Credit Risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss.
Credit risk encompasses the direct risk of default, risk of deterioration of creditworthiness as well as concentration risks. The Company is
exposed to credit risk from its operating activities (primarily trade receivables), deposits with banks and loans given.

Credit Risk Management

The company's credit risk mainly from trade receivables as these are typically unsecured. This credit risk has always been managed through
credit approvals, establishing credit limits and continuous monitoring the creditworthiness of customers to whom credit is extended in the
normal course of business. The Company estimates the expected credit loss based on past data, available information on public domain and
experience. Expected credit losses of financial assets receivable are estimated based on historical data of the Company. The company has
provisioning policy for expected credit losses.

36 Capital Management
(i) Risk Management

For the purpose of the Company’s capital management, capital includes issued equity capital and all other equity reserves attributable to the equity
holders. The primary objective of the Company 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. The Company monitors capital using a gearing ratio and is measured by net debt divided by Equity. The Company’s Debt is
defined as long-term and short-term borrowings including current maturities of long term borrowings and total equity (as shown in balance sheet)
includes issued capital and all other reserves.

The management assessed that Cash and Cash equivalents, loans, other balances with Banks, trade receivables, trade payables and other current
liabilities/assets approximate their carrying amounts largely due to the short-term maturities of these instruments.

39 The previous year figures have been regrouped/reclassified, wherever necessary to conform to the current presentation as per the schedule III of
Companies Act, 2013

As per our report of even date attached.

For Kanu Doshi Associates LLP For and on behalf of Board of Directors '

Chartered Accountants }

/ Grace R. Deora Puran Parmar

Ý---^ |tr7 ^HJKIRa V^l Director (DIN: 00312080) Chief Financial Officer

Kuna) Vakharia ¹ /*/ l«V(V<

Partner -__——--. pj

Membership No.: 148916 l -----

Ramu S. Deora Ureca Deokkar

Director (DIN: 00312369) Company Secretary

Place: Mumbai
Dated: 24th May, 2025