i) Provisions:

The Company recognizes provisions for liabilities and probable losses that have been incurred when it has a present legal or constructive obligation as a result of past events
and it is probable that the Company will be required to settle the obligation and a reliable estimate of the amount of the obligation can be made. If the effect of the time value of
money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability. When discounting is used, the increase
in the provision due to the passage of time is recognized as a financing cost.

ii) Contingent liability is disclosed in the case of:

• A present obligation arising from past events, when it is not probable that an outflow of resources will be required to settle the obligation:

• A present obligation arising from past events, when no reliable estimate is possible:

• A possible obligation arising from past events, unless the probability of outflow of resources is remote.

Provisions, contingent liabilities, contingent assets and commitments are reviewed at each balance sheet date.

iii) Other Litigation claims:

Provision for litigation related obligation represents liabilities that are expected to materialise in respect of matters in appeal.

iv) Onerous contracts:

Provisions for onerous contracts are recorded in the statements of operations when it becomes known that the unavoidable costs of meeting the obligations under the contract
exceed the economic benefits expected to be received.

v) Contingent Assets :

Contingent Assests are not recognised but disclosed in the financial statements when an inflow of economic is probeble

s) Exceptional Items:

On certain occasions, the size, type or incidence of an item of income or expense, pertaining to the ordinary activities of the company is such that its disclosure improves the
understanding of the performance of the company, such income or expense is classified as an exceptional item and accordingly, disclosed in the notes accompanying to the
financial statements.

t) Earnings per share:

Basic Earnings per share is calculated by dividing the profit from continuing operations and total profit, both attributable to equity shareholders of the Company by the weighted
average number of equity shares outstanding during the period. In case there are any dilutive securities during the period presented, the impact of same is given to arrive at diluted
earning per share.

Diluted earnings per share is computed using the net profit for the year attributable to the shareholder' and weighted average number of equity and potential equity shares
outstanding during the year including share options, convertible preference shares and debentures, except where the result would be anti-dilutive. Potential equity shares that are
converted during the year are included in the calculation of diluted earnings per share, from the beginning of the year or date of issuance of such potential equity shares, to the date
of conversion.

u) Segment accounting:

The company's business falls within a primary business segment viz "Manufacturing and Trading of Aluminium Foil in various forms".

v) Financial statement classification:

Certain line items on the balance sheet and in the statement of Profit and Loss have been combined. These items are disclosed separately in the Notes to the financial statements.
Certain reclassifications have been made to the prior year presentation to conform to that of the current year. In general the company classifies assets and liabilities as current
when they are expected to be realized or settled within twelve months after the balance sheet date.

w) Fair value measurement:

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

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:

• In the principal market for the asset or liability. Or

• 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 in to 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, maximizing the use of relevant observable inputs and minimizing 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;

• 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 balance sheet 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.

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

Note : -

i) The company has elected to fair value certain class of property, plant & Equipment at transition date 01.04.2016 and resulting impact have been recognised on 01.04.2016.

ii) On Transition date i.e. 01.04.2016, the gross block of tangible assets was Rs 7799.56 Lakhs, accumulated depreciation was Rs 4972.69 Lakhs and net book value was
Rs. 2826.86 Lakhs

iii) Security : Refer Note no. 15 & 18 for details of Assets Mortgaged

iv) All Immovable properties held in the name of Company

v) As per Ind AS -8, If a depreciation error is deemed a material prior period error, Ind AS 8 requires retrospective restatement, accordingly depreciation has been recalculated and
financial statements for the prior period(s) (i.e. year ended 31.03.2024) presented in which the error occurred must be restated by Rs 72.08 Lakhs and the opening balances of
Property, Plant & Equipments and equity for the earliest prior period presented has been restated by Rs 30.30 Lakhs through retained earning.

37. CONTINGENT LIABILITIES AND COMMITMENTS NOT PROVIDED FOR :

CONTINGENT LIABILITIES :

(a) Guarantees/ TCBG given by bank in favour of buyers/suppliers, & Central Excise for Rs. NIL Lac (previous Year Rs. Nil Lac)

(b) Letter of Credit of Rs. 3182.38 Lac (previous Year Rs. 7329.56 Lac) opened in favour of Raw Material Suppliers

(c) Personal Guarantee by the Managing Director and Whole Time Director have been given to IDBI bank Limited, HDFC Bank Ltd. and Kotak Bank Ltd. against Credit facilities
sanctioned to company.

(d) Uncompleted/reopened assessments of sales tax, Excise,Custom, GST and income tax etc.

(e) Suit filed by NECLO for Sum of Rs. 2.27 Lacs against which a sum of Rs.0.25 Lacs has been deposited in the city Civil Court Ahmedabad.

*Matter pending since more than 20 years and company does not expect any liability

(f) Bonus Liability for the year 2014-15 as per new amendment issued by Ministry of Labour on which stay granted by Hon'ble High Court in company favour.

(g) Total penalty of Rs. 25.00 Lacs is raised on Shri Pankaj P Shah (Managing Director) and Shri Ashok P Shah (Ex. Director) of the company by custom department and company
has paid Rs. 6,00,000/- as per direction of Custom Excise & Gold (control) Appellate, New Delhi through order dated 03.02.2003 and company has filled appeal before Hon'ble
High Court.

(i) LER - Loan Equivalent Risk of Rs. 6154.20 Lacs (Previous Year Rs. 6005.16 Lacs ) given by bank towards potential fluctuation in the contractual currency of foreign exchange
transaction.

(j) Total Demand of Rs. 214.55 Lacs for Income tax along with interest is raised by Income Tax department for various years and company has file appeal for the same.

(k) Total Demand of Rs. 38.61 Lacs for GST along with interest is raised by GST Department and company has file appeal for the same

COMMITMENTS :

(m) Estimated amount of contracts on Capital Accounts remaining to be executed and not provided for (net of advances) USD NIL Lakh (PY- USD 0.70 Lakh)

(n) The Company has entered into derivative contracts during the year in the nature of Forward Contracts for hedging currency risk for export made. The Forward Contracts
outstanding as on 31st March 2025 amount to Rs. 6154.20 Lacs (USD 72.00 Lacs) (PY Rs. 6005.16 Lacs (USD 72.00 Lacs))

(o) The Company has entered into derivative contracts during the year in the nature of Forward Contracts for hedging currency risk for import. The Forward Contracts outstanding
as on 31st March 2025 amount to Rs. NIL (USD Nil & EURO Nil), (PY Rs. Nil (USD Nil & EURO NIL)

(p) The Company has entered into derivative contracts during the year in the nature of Forward Contracts for hedging currency risk for FCY Loans. The Forward Contracts out¬
standing as on 31st March 2025 amount to Rs.1453.07 Lakh (USD 17.00 Lacs & EURO Nil ), (PY Rs. 1316.85 Lakh (USD Nil & EURO 15 Lakh)

xiii) Risk Exposure

The gratuity scheme is a final salary Defined Benefit Plan that provides for lump sum payment made on exit either by way of retirement, death, disability, voluntary withdrawal. The
benefits are defined on the basis of final salary and the period of service and paid as lump sum at exit. The plan design means the risk commonly affecting the liabilities and the financial
results are expected to be:

A) Salary Increase

Actual salary increases will increase the Plan's liability. Increase in salary increase rate assumption in future valuations will also increase the liability.

B) Investment Risk:

If Plan is funded then assets liabilities mismatch & actual investment return on assets lower than the discount rate assumed at the last valuation date can impact the liability.

C) Discount Rate

Reduction in discount rate in subsequent valuations can increase the plan's liability.

D) Mortality & disability:

Actual deaths & disability cases proving lower or higher than assumed in the valuation can impact the liabilities.

E) Withdrawals:

Actual withdrawals proving higher or lower than assumed withdrawals and change of withdrawal rates at subsequent valuations can impact Plan's liability.

b) Leave Encashment (Unfunded)

The Leave Encashment liability of f 69.60 lacs form part of long term provision f 48.88 Lacs (PY f 43.90 Lacs) and short term provision f 20.72 Lacs (PY f 22.00 Lacs) and is un¬
funded and does not require disclosures as mentioned in para 158 of Ind AS 19.

c) Provident Fund

An amount of Rs 26.82 Lacs (2023-24 Rs 24.63 Lacs) as contribution towards defined contribution plans is recognized as expenses in statement of Profit & Loss.

43. a) The lease deed regarding land at Jaisalmer where Enercon Make wind mill is installed has not been executed.

b) The lease deed regarding land at Pipalia Kalan, where Bunglow in the name of company is situated, has been executed for 35 year and unexpired portion of said lease holds
lands is 30 years and the lease deed is not registered

44. Balances of Trade Receivables, Trade Payables, Loans, Amount Received against FDR's & Advances and Unsecured Loans as on 31.3.2025 are subject to reconciliation &
confirmation by the parties.

45. The Company had invested ?900.00 lakhs in Non-Convertible Debentures (NCDs) of M/s Earthcon Infracon Private Limited during the financial year 2017-18. As per the terms
of the investment, repayment of principal and interest was to be completed by December 2019. However, due to a prolonged downturn in the real estate sector and disruptions
caused by the COVID-19 pandemic, there was a persistent default in repayment by the investee company for the financial years 2019-20 to 2023-24.

In view of the prolonged uncertainty regarding recovery, the Company had recognised a provision for diminution in the value of investment to the extent of ?450.00 lakhs as at
March 31, 2022.

During the current financial year 2024-25, based on discussions and mutual agreement with M/s Earthcon Infracon Private Limited, the Company accepted ?423.00 lakhs as full
and final settlement against the total outstanding investment of ?900.00 lakhs. Accordingly, the impact of the settlement has been duly accounted for in the financial statements
for the year ended March 31, 2025

46. During the financial year 2017-18, the Company paid a single premium amounting to ?500.00 lakhs to HDFC Life Insurance Company Limited under an Employee-Employer plan.
The policy, having a term of 10 years, was taken in March 2018 in the name of related parties covered under the plan.

At the time of inception, the Company obtained undertakings from the life assured individuals stating that they would not claim any end-benefits upon maturity of the policy

During the financial year 2023-24, the Company surrendered one policies and received a surrender value of ?163.14 lakhs. Further, during the financial year 2024-25, the
Company received an additional surrender value of ?803.53 lakhs by surrendering all remaining policies. The accounting effect of these transactions has been duly recognised in
the respective financial years.

47. The Company has installed a Wind Mill with a capacity of 0.6 MW at Soda Bandan, District Jaisalmer, under an agreement with Rajasthan Rajya Vidyut Vitran Nigam Limited
(RRVUNL) and Enercon Wind Farm for wheeling of power for captive consumption. The original agreement, which expired in September 2023, has been renewed for a further
period of five years upon application and subsequent approval from RRVUNL and associated parties. During the financial year 2024-25, the said Wind Mill generated 417,928
units (Previous Year: 320,711 units), resulting in energy savings valued at ?26.07 lakhs (Previous Year: ?20.54 lakhs). After accounting for depreciation, the net profit from this
installation amounted to ?9.73 lakhs

Furthermore, Company has installed one Wind Mill of 1.5MW capacities at Aakal, Jaisalmer with agreement with Jodhpur Vidhut Vitran Nigam Limited & Suzlon Suzlon Infrastruc¬
ture Service Limited for generation power. During the year 1360443 units (Previous Year 1799818 units) generated and sale to Jodhpur Vidhut Vitran Nigam Limited amounting to
Rs. 55.78/- Lacs (Previous Year Rs. 73.79 Lacs). Loss after depreciation earned from above wind mill is (1024073)/- .

48. a) A Misappropriation / Fraud of FDR Deposit Comes to the knowledge of the Management during Financial Year 2014-15. Company had filed a complaint with Economic Offence
Wing, Mumbai and FIR with Police station Nariman Point on 14.07.2014 against various parties including Dhanlaxmi Bank, Mumbai & their officials for Misappropriation of FDR's of
Rs. 69 Crores given to Dhanlaxmi Bank Ltd., Goregaon Branch. Company has also filed a legal case with National Consumer Court at Delhi for early justice in the matter due to
delay in decision against EOW complaint. Company recovered amount Rs. 68.93Cr. From accused through account of various parties against repayment of FDR's which shown
under head Cash & Cash Equivalent against FDR amount.

b) Company has not booked interest on these FDR's for Financial Year 2018-19 due to disputed matter and uncertainty and also not made provision of interest on amount recov¬
ered from various parties against maturity value of FDR's.

The matter is pending with competent court for trial.

ii) Details of Benami property:

No proceedings have been initiated or are pending against the Company for holding any Benami property under the Benami tansactions (Prohibition) Act, 1988 (45 of 1988) and
the rules made thereunder.

iii₎ 'No funds have been advanced/loaned/invested (from borrowed fund or from share premium or from any other sources/kind of fund) by the company to any other person(s) or
entity(ies), including foreign entities(intermediaries), with the understanding (whether recorded in writing or otherwise) that the intermediary shall (i) directly or indirectly lend

or invest in other peron or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or (ii) provide any guarantee, security or like to or on
behalf of the Ultimate Beneficiaries.

No funds have been received by the company from any person(s) or entity(ies), including foreign entities (funding Parties), with the understanding (whether recorded 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 on behalf of the Ultimate Beneficiaries.

iv) Compliance with number of layers of companies:

The Company has complied with the number of layers prescribed under section 2(87) of the Companies Act, 2013 read with companies (Restriction on number of layers) Rules,
2017.

v) Compliance with approved scheme(s) of arrangements:

The Company has not entered into any scheme of arrangement which has an accounting impact on current or previous financial year.

vi) Undisclosed income:

There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under the Income Tax Act, 1961, that has not been recorded in
the books of account.

vii) Details of crypto currency or virtual currency:

The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.

viii) Valuation of PP&E, intangible asset and investment property: The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible
assets or both during the current or previous year.

ix) The company has not granted any loans or advances in the nature of loans either repayable on demand or without specifying any tenure or period of repayment.

_x) There are no charges or satisfaction of charges which are yet to be registered/satisfied with Registrar of Companies.

xi) The Company has not entered into any transaction with companies struck off under section 248 of Companies Act, 2013/ Section 560 of Companies Act, 1956.

xii) The title deeds of immovable properties are held in the name of Company.

xiii) The Company has not been declared willful defaulter by any bank or financial institution or any other lender.

xiv) The quarterly return or statement of current assets filed by the company with bank are generally in agreement with book of accounts.

xiv) Audit Trail

The company has used an accounting software for maintaining its books of accounts for the financial year ended 31 March 2025, which has a feature of recording audit trail
(edit log) facilities and the same has been operating for all relevant transactions recorded in the software. Although the accounting software has inherent limitations, there
were no instances of audit trail feature been tempered

56. 'Previous year figures have been re-grouped and re-arranged wherever necessary to conform to current year classification.

As per our report of even date annexed

For Jain P C & Associates For and on behalf of the Board of Directors

Chartered Accountants
Reg. No.126313W

CA Poonam Chand Jain Pankaj P Shah Sahil P Shah

Partner Managing Director Whole Time Director

Membership No. 076039 DIN- 00160558 DIN- 01603118

Bhawana Songara Naveen Kumar Jain

Place : Pipalia Kalan Company Secretary Chief Financial Officer

Date : 25.06.2025 ACS NO. A54416 FCA NO. 414187