r) Provisions & contingent liabilities

Provisions are recognized when the company has a present legal or constructive obligation as a result of past events, it is probable that an
outflow of resources will be required to settle the obligation and the amount can be reliably estimated. These are reviewed at each year end and
reflect the best current estimate. Provisions are not recognized for future operating losses.

Where there are number of similar obligations, the likely hood that an outflow will be required in settlement is determined by considering the class
of obligations as a whole. A provision is recognized even if the likely hood an outflow with respect to any one item included in the same class of
obligations may be small.

Provisions are measured at present value of best estimate of expenditure required to settle the present obligations at the end of reporting period.
The discount rate used to determine the present value is a pre tax rate that reflects current market assessment of the time value of money and
the risk specific to the liability. The increase in the provision due to the passage of time is recognized as interest expense.

Contingent liabilities are disclosed when there is a possible obligations arising from past event, the existence of which will be confirmed only by
the occurence or non- occurence of one of more uncertain future events not wholly within the control of the company or a present obligations that
arrises from past events where it is either not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of
amount can not be made.

_s) Employee benefits

Retirement benefit in the form of contribution to provident fund is a defined contribution scheme. The Company has no obligation, other than the
contribution payable to the provident fund. The Company recognizes 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 recognized as a liability after deducting the contribution already paid. If the
contribution already paid exceeds the contribution due for services received before the balance sheet date, then excess is recognized as an asset
to the extent that the pre-payment will lead to, for example, a reduction in future payment or a cash refund.

The Company's liabilities towards gratuity payable to its employees are determined using the Actuarial Valuation Report which is obtained in
accordance with Ind AS 19

Remeasurements, comprising of actuarial gains and losses are recognised immediately in the balance sheet with a corresponding debit or credit
to retained earnings through OCI in the period in which they occur. Remeasurements are not reclassified to profit or loss in subsequent periods.

Past service costs are recognised in profit or loss on the earlier of:

a) The date of the plan amendment or curtailment, and

b) The date that the Company recognises related restructuring costs

Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Company recognises the following changes
in the net defined benefit obligation as an expense in the standalone statement of profit and loss:

a) Service costs comprising current service costs, past-service costs, gains and losses on curtailments and non-routine settlements; and

b) Net interest expense or income.

t) Earnings Per Share

Earnings per share (EPS) is calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average
number of equity shares outstanding during the period. Earnings considered in ascertaining the EPS is the net profit for the period and any
attributable tax thereto for the period.

For the purpose of calculating diluted EPS, the net profit for the period attributable to equity shareholders and the weighted average number of
equity shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

Critical estimates and judgements

Preparation of the Standalone Financial Statements requires use of accounting estimates, judgements and assumptions, which, by definition, will
seldom equal the actual results. Appropriate changes in estimates are made as the Management becomes aware of changes in circumstances
surrounding the estimates. Changes in estimates are reflected in the Standalone Financial Statements in the period in which changes are made
and, if material, their effects are disclosed in the notes to the Standalone Financial Statements. This Note provides an overview of the areas that
involves a higher degree of judgements or complexity and of items which are more likely to be materially adjusted due to estimates and
assumptions turning out to be different than those originally assessed. Detailed information about each of these estimates and judgements is
included in relevant notes together with information about the basis of calculation for each affected line item in the Standalone Financial
Statements.

The areas involving critical estimates or judgements are:

i) Estimation for income tax: Note 1 (d)

ii) Estimation of useful life of tangible assets: Note 1 (i)

iii) Estimation of provision for inventories: Note 1 (n)

iv) Estimation of defined benefit obligations: Note 1 (u)

v) Fair value measurements: Note 30

The Income tax department had carried out a search operations at the office/factory premises of the Company on 14th May, 2025. No assets

u) were seized or impounded. Income tax department is yet to frame the assessments of the search period. The Company does not expect any
additional liability on account of search proceedings.

The above sensitivity analysis 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 while calculating the defined benefit liability
recognised in the Standalone Balance Sheet.

The methods and types of assumptions used in preparing the sensitivity analysis did not change as compared to the prior year.

Note 36 : Financial risk management

The Company’s principal financial liabilities comprise of loans and borrowings, trade payables and other financial liabilities. The loans and borrowings are primarily
taken to finance and support the Company's operations. The Company’s principal financial assets include loans, cash and cash equivalents, trade receivables and other
financial assets.

The Company is exposed to market risk, credit risk and liquidity risk. The Company’s senior management oversees the management of these risks. The Company’s
senior management ensures that 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. The risk management system is relevant to business reality, pragmatic and simple and
involves the following:

Risk identification and definition: Focuses on identifying relevant risks, creating / updating clear definitions to ensure undisputed understanding along with details of
the underlying root causes / contributing factors.

Risk classification: Focuses on understanding the various impacts of risks and the level of influence on its root causes. This involves identifying various processes
generating the root causes and clear understanding of risk interrelationships.

Risk assessment and prioritisation: Focuses on determining risk priority and risk ownership for critical risks. This involves assessment of the various impacts taking
into consideration risk appetite and existing mitigation controls.

Risk mitigation: Focuses on addressing critical risks to restrict their impact(s) to an acceptable level (within the defined risk appetite). This involves a clear definition of
actions, responsibilities and milestones.

Risk reporting and monitoring: Focuses on providing to the Board periodic information on risk profile evolution and mitigation plans.

1. 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 market prices. Market risk comprises three
types of risk: interest rate risk, currency risk and other price risk, such as equity price risk or Net asset value ("NAV") risk in case of investment in mutual funds.
Financial instruments affected by market risk include investments, trade receivables, trade payables, loans and borrowings and deposits.

The sensitivity analysis in the following sections relate to the position as at March 31, 2025 and March 31, 2024.

The sensitivity of the relevant profit and loss item is the effect of the assumed changes in respective market risks. This is based on the financial assets and financial
liabilities held at March 31, 2025 and March 31, 2024.

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.

interest rate sensitivity

The following table demonstrates the sensitivity to a reasonably possible change in interest rates on loans and borrowings. With all other variables held constant, the
Company’s profit before tax is affected through the impact on floating rate borrowings, as follows:

The assumed movement in basis points for the interest rate sensitivity analysis is based on the currently observable market environment, showing a significantly higher
volatility than in prior years.

Foreign currency risk

The Company has international operations and is exposed to foreign exchange risk arising from foreign currency transactions. Foreign exchange risk arises from future
commercial transactions and recognised financial assets and liabilities denominated in a currency that is not its functional currency (Rs). The risk also includes highly
probable foreign currency cash flows

As an estimation of the approximate impact of the foreign exchange rate risk, with respect to the Standalone Financial Statements, the Company has calculated the

2. Credit Risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Company is
exposed to credit risk primarily from trade receivables, cash and cash equivalents, and other financial assets.

The Company has a credit risk management policy in place to monitor and manage credit risk. The creditworthiness of customers is evaluated based on financial position,
past experience, and other relevant factors. Individual risk limits are set based on internal or external ratings in accordance with limits set by the management. These
limits are regularly monitored.

Trade receivables are subject to credit limits, ongoing credit evaluation, and account monitoring procedures. The Company applies the simplified approach for recognition
of impairment loss allowance on trade receivables as permitted by Ind AS 109, which requires expected lifetime losses to be recognized from initial recognition of the
receivables.

With respect to financial instruments such as cash and cash equivalents, deposits with banks, and other financial assets, the Company's exposure to credit risk arises
from the default of the counterparty, with a maximum exposure equal to the carrying amount of these instruments. The Company deals only with reputable banks and
financial institutions having high credit ratings to reduce the risk of counterparty default.

There is no significant concentration of credit risk in respect of trade receivables, with exposure spread across a number of customers. The Company does not hold any
collateral or other credit enhancements to cover its credit risk.

3. Liquidity Risk

The principal sources of liquidity of the Company are cash and cash equivalents, borrowings and the cash flow that is generated from operations. It believes that current
cash and cash equivalents, tied up borrowing lines and cash flow that is generated from operations is sufficient to meet requirements. Accordingly, liquidity risk is
perceived to be low

The following table shows the maturity analysis of financial liabilities of the Company based on contractually agreed undiscounted cash flows as at the Standalone

The primary objective of capital management is to maintain a strong credit rating and healthy capital ratios in
order to support its business and maximise shareholder value, safeguard business continuity and support the
growth of the Company. It determines the capital requirement based on annual operating plans and long-term
and other strategic investment plans.

The Company manages its capital structure and makes adjustments to it 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 includes, within net debt, interest bearing loans and borrowings less cash and cash equivalents.

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
March 31,2025 and March 31,2024

Note 38 : Fair value Measurement

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. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:

a) In the principal market for the asset or liability, or

b) In the absence of a principal market, in the most advantageous market for the asset or liability.

The principal or the most advantageous market must be accessible by the Company.

The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that
market participants act in their economic best interest.

A fair value measurement of a non-financial asset takes into account a market participant's ability to generate economic benefits by using the asset in its highest
and best use or by selling it to another market participant that would use the asset in its highest and best use.

The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising
the use of relevant observable inputs and minimising the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised 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:

a) Level 1 -- This includes financial instruments measured using quoted prices. The fair value of all equity instruments which are traded on the Stock Exchanges
is valued using the closing price as at the reporting period.

b) Level 2 -- The fair value of financial instruments that are not traded in an active market (for example over-the-counter derivatives) is determined using
valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates.

c) Level 3 -- If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3

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 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.

External valuers are involved, wherever required, for valuation of significant assets, such as properties, unquoted financial assets and significant liabilities.
Involvement of external valuers is decided upon by the Company after discussion with and approval by the Company's management. Selection criteria include
market knowledge, reputation, independence and whether professional standards are maintained. The Company, after discussions with its external valuers,
determines which valuation techniques and inputs to use for each case.

At each reporting date, the Company analyses the movements in the values of assets and liabilities which are required to be remeasured or re-assessed as per
the Company's accounting policies. For this analysis, the Company verifies the major inputs applied in the latest valuation by agreeing the information in the
valuation computation to contracts and other relevant documents. The Company also compares the change in the fair value of each asset and liability with
relevant external sources to determine whether the change is reasonable.

For the purpose of fair value disclosures, the Company has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the
asset or liability and the level of the fair value hierarchy as explained above.

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

Movements in Level 3 financial instruments measured at fair value

The following tables show a reconciliation of the opening and closing amounts of Level 3 financial assets and liabilities which are
recorded at fair value. Transfers from Level 3 to Level 2 occur when the market for some securities became more liquid, which
eliminates the need for the previously required significant unobservable valuation inputs. Since the transfer, these instruments have
been valued using valuation models incorporating observable market inputs. Transfers into Level 3 reflect changes in market
conditions as a result of which instruments become less liquid. Therefore, the Company requires significant unobservable inputs to
calculate their fair value.

Note 40 Utilization of Borrowed funds and Share Premium

(a) During the year, no funds (which are material either individually or in the aggregate) have been advanced or loaned or
invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in
any other person or entity, including foreign entity ("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.

(b) During the year, no funds (which are material either individually or in the aggregate) have been received by the
Company from any person or entity, including foreign entity ("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.

In terms of our report of even date attached For and on behalf of the Board of Directors

FOR, K.C Parikh & Associates

Chartered Accountants NIKET M. SHAH HITAL M. SHAH

Firm Registration No. : 107550W Managing Director Executive Director

DIN:00278968 DIN:00279026

Kishor C. Parikh

Partner

Membership No.: 038060 HINISHA PATEL PRAFULL MAKVANA

Place: Santej Company Secretary Chief Financial officer

Date: 29/05/2025 ACS No. A59842