p. Provisions, contingent liabilities and contingent assets

A provision is recognised when the Company has a present
obligation as a result of past events and it is probable
that an outflow of resources will be required to settle the
obligation, in respect of which a reliable estimate can
be made. Provisions are not discounted to their present
value and are determined based on management estimate
of the amount required to settle the obligation at the
date of the balance sheet. These are reviewed at each
balance sheet date and adjusted to reflect the current
management estimates.

Contingent liabilities are disclosed in respect of possible
obligations that arise from past events, whose existence
would be confirmed by the occurrence or non-occurrence
of one or more uncertain future events not wholly within
the control of the Company.

Contingent assets are not recognised in the financial
statements. However, it is disclosed only when an inflow of
economic benefits is probable.

q. Foreign currency transactions and translations
Functional and Presentation currency

Items included in the financial statements of the
Company are measured using the currency of the primary
economic environment in which the Company operates
('the functional currency’). The financial statements are
presented in Indian Rupees (INR), which is the Company’s
functional and presentation currency.

Transactions and balances

Foreign currency transactions are translated into the
functional currency using the exchange rates at the dates
of the transactions. Foreign exchange gains and losses
resulting from the settlement of such transactions and
from the translation of monetary assets and liabilities
denominated in foreign currencies at year end exchange
rates are recognised in profit or loss. All foreign exchange
gains and losses are presented in the statement of profit
and loss on a net basis.

Non-monetary items that are measured at fair value in a
foreign currency are translated using the exchange rates at
the date when the fair value was determined. Translation
differences on assets and liabilities carried at fair value are
reported as part of the fair value gain or loss.

r. Earnings per share

Basic earnings per share are computed by dividing net
profit after tax (excluding other comprehensive income) by
the weighted average number of equity shares outstanding
during the year.

Diluted earnings per share adjusts the figures used in the
determination of basic earnings per share after considering
the income tax effect of all finance 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.

Potential equity shares are deemed to be dilutive only if
their conversion to equity shares would decrease the net
profit per share.

s. Operating segments

An operating segment is a component of a Company
that engages in business activities from which it may
earn revenue and incur expenses, including revenue and
expenses that relates to transactions with any of the

Company’s other components, for which discrete financial
information is available, and such information is regularly
reviewed by the Company’s Chief Operating Decision
Maker (CODM) to make key decision on operations of the
segments and assess its performance.

t. Rounding off

All amounts disclosed in the financial statements and
notes have been rounded off to the nearest lakhs as per
the requirement of Schedule III, unless otherwise stated.

u. Events after report date

Where events occurring after the balance sheet date
provide evidence of conditions that existed at the end of
the reporting period, the impact of such events is adjusted
within the financial statements. Where the events are
indicative of conditions that arose after the reporting
period, the amounts are not adjusted, but are disclosed if
those non-adjusting events are material.

3B. Recent accounting pronouncements:

Recent accounting 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.
During the year ended 31 March 2025, MCA has notified
Ind AS 117 - Insurance Contracts and amendments to
Ind As 116 - Leases, relating to sale and lease back
transactions, applicable from 1 April 2024. The Company
has assessed that there is no significant impact on its
financial statements. On 9 May 2025, MCA notifies the
amendments to Ind AS 21 - Effects of Changes in Foreign
Exchange Rates. These amendments aim to provide
clearer guidance on assessing currency exchangeability
and estimating exchange rates when currencies are not
readily exchangeable. The amendments are effective for
annual periods beginning on or after 1 April 2025. The
Company is currently assessing the probable impact of
these amendments on its financial statements.

1. The above includes:

a) Cash credit from the Zoroastrian Co-operative Bank Limited amounting ? 1,004.64 lakhs (31 March 2024: ? 1,105.09 lakhs)
which is secured by hypothecation of entire current assets both present and future including stocks and book debts on pari-
passu basis with Axis Bank. The cash credit is also secured by collateral securities i.e. extension of equitable mortgage of
property situated at Industrial property plot no. 583, Belur Industrial area, Dharwad, Karnataka owned by Company on first
Pari Passu basis with Zoroastrian Bank. Rate of interest 8.95% p.a. as at year end (31 March 2024 - 8.50% p.a.).

b) The Company also has sanctioned cash credit limit with Axis Bank Limited. The payable towards such cash credit limit is ?
116.08 lakhs (31 March 2024 - ? 568.76 lakhs). Average rate of interest for the year ended 31 March 2025 is 9.25% p.a.(31
March 2024 is 9.25% p.a.). The primary and collateral security against cash credit limit and short term loan with Axis Bank
Limited is same, refer note 2 below.

Note 37 - Employee benefits

A. Defined contribution plan - Provident fund

The Company makes contribution towards provident fund to a defined contribution retirement benefit plan for qualifying
employees. The Company’s contribution to the Employees Provident Fund is deposited with the Regional Provident Fund
Commissioner. Under the Scheme, the Company is required to contribute a specified percentage of payroll cost to the retirement
benefit scheme to fund the benefits.

The Company recognised ? 57.25 lakhs (31 March 2024 - ? 42.81 lakhs) for provident fund contribution (including pension fund,
employees deposit linked insurance charges and admin charges) in the statement of profit and loss. The contribution payable
to the plan by the Company is at the rate specified in rules to the scheme.

Employer's contribution towards employees' state insurance is amounting to ? 0.16 lakhs (31 March 2024: ? 0.67 lakhs), the
contribution of the Company is limited to the amount contributed and it has no further contractual or constructive obligation.

B. Defined benefit plan for gratuity and compensated absences

The Company's employees are covered under the group gratuity cum life insurance scheme with the Life Insurance Corporation
of India (LIC). Gratuity is a post employment benefit and is in the nature of a defined benefit plan. The assets recognised in
the balance sheet in respect of gratuity is the fair value of plan assets less present value of the defined benefit /obligation at
the balance sheet date, together with the adjustments for unrecognised actuarial gains or losses and past service costs. The
defined benefit / obligation are calculated at or near the balance sheet date by an independent actuary using the projected
unit credit method.

The Company has a defined benefit gratuity plan. Every employee who has completed continuous services of five years or more
gets a gratuity on death or resignation or retirement at 15 days salary (last drawn salary) for each completed year of service.

The following tables summarise the components of net benefit expense recognised in the statement of profit and loss and the
amount recognised in the balance sheet for the defined benefit plan.

The present value of the defined benefit obligation calculated with the same method (projected unit credit) as the
defined benefit obligation recognised in the balance sheet. The sensitivity analysis is based on a change in one
assumption while not changing any other assumptions. This analysis may not be representative of the actual change
in the defined benefit obligation as it is unlikely that the change in the assumptions would occur in isolation of one
another since some of the assumptions may be co-related.

These plans typically expose the Company to actuarial risks such as: Investment Risk, Interest Risk, Longevity Risk
and Salary Risk.

1. Investment risk: The present value of the defined benefit plan liability is calculated using a discount rate which
is determined by reference to market yields at the end of the reporting period on government bonds.

2. Interest risk: A decrease in the bond interest rate will increase the plan liability; however, this will be partially
offset by an increase in the return on the plan debt investments.

3. Longevity risk: The present value of the defined benefit plan liability is calculated by reference to the best
estimate of the mortality of plan participants both during and after their employment. An increase in the life
expectancy of the plan participants will increase the plan’s liability.

4. Salary risk:The present value of the defined plan liability is calculated by reference to the future salaries of plan
participants. As such, an increase in the salary of the plan participants will increase the plan’s liability.

(a) The carrying value of trade receivables, loans, cash and cash equivalents, other bank balances, other financial assets
and investments (except investment in equity shares) recorded at amortised cost, is considered to be a reasonable
approximation of fair value.

(b) The carrying value of borrowings, trade payables, lease liabilities and other financial liabilities recorded at amortised cost,
is considered to be a reasonable approximation of fair value.

(ii) Fair value hierarchy and methods of valuation

(a) Fair values hierarchy

Financial assets and financial liabilities measured at fair value in the balance sheet are grouped into three levels of a fair
value hierarchy. The three levels are defined based on the observability of significant inputs to the measurement, as follows:

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

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation
techniques which maximise the use of observable market data and rely as little as possible on entity specific estimates.

Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs).

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

Note 39 - Fair value measurements (Contd..)

The following methods and assumptions were used to estimate the fair values:

1 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 values.

2 Investments in unquoted equity shares are measured at fair value through profit or loss. Due to unavailability of
observable market data, fair value of such investments are considered to be its carrying values as at the reporting date.

The fair values for security deposits is calculated based on cash flows discounted using a current lending rate,
however the change in current rate does not have any significant impact on fair values as at the current year end.

Note 40 - Financial risk management

Risk management

The Company’s activities expose it to market risk, liquidity risk and credit risk. This note explains the sources of risk which the entity
is exposed to and how the entity manages the risk and the related impact in the financial statements:

The Company’s risk management is carried out under policies approved by the Board of Directors. The Board of Directors provide
written principles for overall risk management, as well as policies covering specific areas, such as foreign exchange risk, interest rate
risk, market risk, credit risk and investment of excess liquidity. There is no impact of the aforementioned risk on other comprehensive
income in current and previous year.

A) Credit risk

Credit risk is the risk that a customer or counterparty to a financial instrument will fail to perform or pay amounts due to the
Company causing financial loss. It arises from cash and cash equivalents, deposits with banks and financial institutions, security
deposits, loans given and principally from credit exposures to customers relating to outstanding receivables. The Company’s
maximum exposure to credit risk is limited to the carrying amount of financial assets recognised at the reporting date.

The Company continuously monitors defaults of customers and other counterparties, identified either individually or by the
Company, and incorporates this information into the credit risk controls. Where available at reasonable cost, external credit
ratings and/or reports on customers and other counterparties are obtained and used. The Company’s policy is to deal only with
creditworthy counterparties.

In respect of trade and other receivables, the Company is not exposed to any significant credit risk exposure to any single
counterparty or any company of counterparties having similar characteristics. Trade receivables consist of large number of
customers in various geographical areas. The Company has very limited history of customer default, and considers the credit
quality of trade receivables that are not past due or impaired to be good.

Note 40 - Financial risk management (Contd..)

B) Liquidity risk

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding
through an adequate amount of committed credit facilities to meet obligations when due. Due to the nature of the business, the
Company maintains flexibility in funding by maintaining availability under committed facilities.

Management monitors rolling forecasts of the Company’s liquidity position and cash and cash equivalents on the basis of
expected cash flows. The Company takes into account the liquidity of the market in which the entity operates. In addition, the
Company’s liquidity management policy involves projecting cash flows in major currencies and considering the level of liquid
assets necessary to meet these, monitoring balance sheet liquidity ratios against internal and external regulatory requirements
and maintaining debt financing plans.

D) Interest rate risk

Interest rate risk is the risk that the fair value of future cash flows of the financial instruments will fluctuate because of changes
in market interest rates. In order to optimise 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.

According to the Company, interest rate risk exposure is only for floating rate borrowings. For floating rate liabilities, the analysis
is prepared assuming the amount of the liability outstanding at the end of the reporting period was outstanding for the whole
year. A 50 basis point increase or decrease is used when reporting interest rate risk internally to key management personnel and
represents management’s assessment of the reasonably possible change in interest rates.

Note 41 - Capital management

The Company’s capital management objectives are:

- to ensure the Company’s ability to continue as a going concern

- to provide an adequate return to shareholders

The Company monitors capital on the basis of the carrying amount of equity less cash and cash equivalents as presented on the face
of balance sheet.

The management assesses the Company’s capital requirements in order to maintain an overall efficient financing structure while
avoiding excessive leverage. This takes into account the subordination levels of the Company’s various classes of debt. The
Company manages the capital structure and makes adjustments to it in the light of changes in the economic conditions and the risk
characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may adjust the amount of
dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt.

e) Product warranty by the customers against the Company are likely to be immaterial, hence the impact has not been taken in the
financial statements.

f) The code on Social Security, 2020 ("the code”) relating to employee benefits during employment and post-employment benefits
received Presidential assent in September 2020. The code has been published in the Gazette of India. However, the date on
which the code will come into effect has not been notified. The Company will assess the impact of the Code when it comes into
effect and will record any related impact in the period the Code becomes effective.

Note 47 - Segment information

(a) Business segment

Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker
(CODM). The CODM regularly monitors and reviews the operating result of the whole Company as one segment of "Alloy and steel
castings". Thus, as defined in Ind AS 108 "Operating Segments”, the Company’s entire business falls under this one operational segment.

Note 47 - Segment information (Contd..)

(b) Entity wide disclosures

As per Ind AS 108 - "Operating Segments", the Company is required to disclose revenue from individual external customers when
it is 10 per cent or more of entity's revenue. Revenue of ? 9,403.53 lakhs and ? 9,552.42 lakhs is derived from such external
customers during the year ended 31 March 2025 and 31 March 2024 respectively. Ind AS 108 also requires Company to disclose
total non-current assets located in the entity’s country of domicile and in all foreign countries. There are no such assets which
are located outside India which requires a separate disclosure. For disaggregation of revenue based on geographical markets,
refer note 26(a).

Reasoning for variance more than 25%

Debt-equity ratio: The decrease in the debt-equity ratio is due to the decrease in the borrowings by 34%.

Debt service coverage ratio: The increase in the debt service coverage ratio is due to decrease in the borrowings by 34%.

Return on equity ratio: The decrease in the return on equity ratio is due to increase in the total equity of the company by 25% due to
accumulation of profit.

Trade receivables turnover ratio: The decrease in the trade receivables turnover ratio is due to the increase in the average trade
receivables of the Company by 55%.

Note 49 - Disclosure of transactions with struck off Companies

The Company does not have any balance with companies struck off under Section 248 of the Companies Act, 2013 or Section 560 of
Companies Act, 1956 during the financial year.

Note 50 - Other disclosures

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

(a) Crypto Currency or Virtual Currency

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

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

Note 50 - Other disclosures (Contd..)

(d) Relating to borrowed funds:

(i) Wilful defaulter

(ii) Utilisation of borrowed funds and share premium

(iii) Discrepancy in utilisation of borrowings

(e) During the year the Company has not disclosed or surrendered, any income other than the income recognised in the books of
account in the tax assessments under Income Tax Act, 1961.

(f) The Company has not advanced or loaned or invested funds from any person or entity, including foreign entities (intermediaries)
with the understanding that the intermediary shall:

(i) 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

(ii) provide any guarantee, security or the like to or on behalf of the ultimate beneficiary.

(g) The Company has not received any fund from any person or entity including foreign entities (funding party) with the understanding
(whether recording in writing or otherwise) that the Company shall:

(i) 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

(ii) provide any guarantee, security or the like to or on behalf of the ultimate beneficiary.

(h) The Code on Social Security, 2020 ("the Code”) relating to employee benefits during employment and post-employment benefits
received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on
which the Code will come into effect has not been notified. The Company will assess the impact of the Code when it comes into
effect and will record any related impact in the period the Code becomes effective.

(i) The Ministry of Corporate Affairs (MCA) has prescribed a requirement for companies under the proviso to Rule 3(1) of the
Companies (Accounts) Rules, 2014 inserted by the Companies (Accounts) Amendment Rules, 2021 requiring companies, which
uses accounting software for maintaining its books of account, shall use only such accounting software which has a feature of
recording audit trail of each and every transaction, creating an edit log of each change made in the books of account along with
the date when such changes were made and ensuring that the audit trail cannot be disabled.

The Company has used an accounting software for maintenance of accounting records which has a feature of recording audit
trail (edit log) facility. The audit trail (edit log) is enabled at the application level, however the audit trail feature was not enabled
for inventory master, vendor master and customer master. Further, the audit trail feature was not enabled at the database level
for the said accounting software to log any direct data changes.

The feature of recording audit trail in accounting software used for maintenance of payroll records and property, plant and
equipment records is enabled and operated at the application level. The said software are maintained by third-party software
service providers and the access to database is restricted with the vendor. In the absence of an 'Independent Service Auditor’s
Assurance Report on the Description of Controls, their Design and Operating Effectiveness’ ('Type 2 report issued in accordance
with SAE 3402, Assurance Reports on Controls at a Service Organisation), we are unable to demonstrate on whether audit trail
feature at the database level of the said software was enabled and operated throughout the year.

Further, the audit trail has been preserved by the Company as per the statutory requirements for record retention from the date
the audit trail was enabled for the accounting software.

Note 51 - Previous year comparatives

The figures for previous year have been regrouped/recast/rearranged to render them comparable with the figures of the current year,
which are not considered material to these financial statements.

Note 52 - Event occurring after balance sheet date

The Board of Directors have recommended final equity dividend of 350% (? 35 per share) on the face value of ? 10 each (31 March
2024 - 250% (? 25 per share)) for the financial year 2024-25.

For Walker Chandiok and Co LLP For and on behalf of the Board of Directors of

Chartered Accountants Uni-Abex Alloy Products Limited

Firm Registration Number: 001076N/N500013

Murad D. Daruwalla F. D. Neterwala Kuldeep Bhan

Partner Chairman Director

Membership Number: 043334 DIN: 00008332 DIN: 01598686

J. D. Divekar Nisar Hassan Bhautesh Shah

Chief Financial Officer Manager and Chief Company Secretary

Operating Officer

Place: Mumbai Place: Mumbai

Date: 28 May 2025 Date: 28 May 2025