8 Provisions, Contingent Liabilities and Contingent
Assets

Provisions are recognised when the company has
a present obligation (legal or constructive) as a re¬
sult of a past event, for which it is probable that a
cash outflow will be required, and a reliable esti¬
mate can be made of the amount of the obligation.
When a provision is measured using the cash flows
estimated to settle the present obligation, it’s carry¬
ing amount is the present value of those cash flows
(when the effect of time value of money is material).
These are reviewed at each balance sheet date and
adjusted to reflect the current best estimates.

Contingent Liabilities are disclosed when the com¬

pany has a possible obligation, or a present obliga¬
tion and it is probable that an outflow of resources
will not be required to settle the obligation or the
amount of obligation cannot be measured with
sufficient reliability. Contingent assets are not rec¬
ognized in the books of account. If it has become
virtually certain that an inflow of economic benefits
will arise, the asset and the related income are rec¬
ognised in the financial statements of the period in
which the change occurs. If an inflow of economic
benefits has become probable, an entity discloses
the contingent asset.

9 Foreign Currency Transactions and Translations

Foreign currency transactions are recorded in the
reporting currency by applying the exchange rate
between the reporting currency and the foreign cur¬
rency at the date of the transaction.

Foreign currency monetary items are reported using
the closing rate. Non-monetary items which are car¬
ried in terms of historical cost denominated in a for¬
eign currency are reported using the exchange rate
at the date of the transaction; non-monetary items
which are carried at fair value or other similar valua¬
tion denominated in a foreign currency are reported
using the exchange rates that existed when such val¬
ues were determined.

Exchange differences: Exchange differences arising
on the settlement of monetary items or on report¬
ing the Company’s monetary items at rates differ¬
ent from those at which they were initially recorded
during the year, or reported in previous financial
statements, are recognised as income or as expens¬
es in the year in which they occur. The exchange
differences arising on restatement / settlement of
long-term foreign currency monetary items are cap¬
italized as part of the depreciable fixed assets to
which the monetary item relates and depreciated
over the remaining useful life of such assets.

10 Share Capital and Share Premium:

Ordinary shares are classified as equity, par value of
the equity share is recorded as share capital and the
amount received in excess of the par value is classi¬
fied as share premium.

11 Dividend Distribution to equity shareholders

The Company recognises a liability to make cash dis¬
tributions to equity holders when the distribution is
authorized and the distribution is no longer at the
discretion of the Company. A distribution is autho¬
rized when it is approved by the shareholders. A cor¬
responding amount is recognised directly in other
equity along with any tax thereon.

12 Cash Flows and Cash and Cash Equivalents

Statement of cash flows is prepared in accordance
with the indirect method prescribed in the Ind AS 7.
For the purpose of presentation in the statement of
cash flows, cash and cash equivalents includes cash
on hand, cheques and drafts on hand, deposits held
with Banks, other short term highly liquid invest¬
ments with original maturities of 3 months or less
that are readily convertible to known amounts of
cash and which are subject to an insignificant risk of
changes in value.

13 Revenue Recognition

The company derives revenues primarily from sale
of manufactured goods, traded goods and related
services. Effective 01 April 2018, the Group has ad¬
opted Indian Accounting Standard 115 (Ind AS 115)
-’Revenue from contracts with customers’ using the
cumulative catch-up transition method, applied to
contracts that were not completed as on the transi¬
tion date i.e. 01 April 2018. The effect on adoption of
Ind-AS 115 was insignificant.

Revenue is recognized on satisfaction of perfor¬
mance obligation upon transfer of control of prom¬
ised products to customers in an amount that
reflects the consideration we expect to receive in
exchange for those products or services.

The company has a very low sales return ratio to
sales and hence no provision for sales return or re¬
fund liability is recognized in the accounts for the
products expected to be returned. The company
does not expect to have any contracts where the
period between the transfer of the promised goods
or services to the customer and payment by the cus¬
tomer exceeds one year. As a consequence, it does
not adjust any of the transaction prices for the time
value of money.

Revenue is measured based on the transaction price,
which is the consideration, adjusted for volume dis¬
counts, price concessions and incentives, if any, as
specified in the contract with the customer. Revenue
also excludes taxes collected from customers.

a. Sale of Goods:

Revenue from sale of goods is recognised at the
moment when control has been transferred to
the customer and is measured net of trade dis¬
counts, rebates and pricing allowances to cus-

tomers.

b. Export benefits/incentives:

Export incentives under various schemes noti¬
fied by the Government are recognized when
confirmation of the right to receive the income
is established. Receipts from government by way
of Duty Draw Back is recognized only on receipt
basis.

c. Other incomes:

Other incomes are recognised on accrual basis
except when there are significant uncertainties.
Interest income is recognised on accrual basis
using effective interest rate method.

14 Employee benefits

a. Short term employee benefits

All employee benefits payable wholly within
twelve months of rendering services are classi¬
fied as short term employee benefits. Benefits
such as salaries, wages, short-term compensated
absences, performance incentives etc., are rec¬
ognised during the period in which the employ¬
ee renders related services and are measured at
undiscounted amount expected to be paid when
the liabilities are settled.

b. Long term employee benefits:

The cost of providing long term employee benefit
such as earned leave is 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. The expected
costs of the benefit are accrued over the period
of employment using the same methodology
as used for defined benefits post-employment
plans. Actuarial gains and losses arising from the
experience adjustments and changes in actuar¬
ial assumptions are charged or credited to the
Statement of Profit or Loss in which they arise
except those included in cost of assets as permit¬
ted. The benefit is valued annually by indepen¬
dent actuary.

c. Defined contribution plans.

Payments to defined contribution retirement
benefit plans, viz., Provident Fund for certain eli¬
gible employees, Pension Fund and Superannua¬
tion benefits are recognised as an expense when
employees have rendered the service entitling
them to the contribution.

d. Defined benefit plans: gratuity.

The net present value of the obligation for gra¬
tuity benefits are determined by actuarial valu¬
ation, conducted annually using the projected
unit credit method. The retirement benefit ob¬
ligations recognised in the Balance Sheet rep¬
resents the present value of the defined benefit
obligations reduced by the fair value of plan as¬
sets.

All expenses represented by current service cost,
past service cost, if any, and net interest on the
defined benefits are recognised immediately in
Statement of Profit and Loss .

Remeasurements of the net defined benefit li¬
ability/ (asset) comprising actuarial gains and
losses and the return on the plan assets (ex¬
cluding amounts included in net interest), are
recognised in Other Comprehensive Income.
Such remeasurements are not reclassified to the
Statement of Profit and Loss in the subsequent
periods.

15 Taxation

Income tax expense represents the sum of tax cur¬
rently payable and deferred tax. Tax is recognised in
the Statement of Profit and Loss, except to the extent
that it relates to items recognised directly in equity
or in other comprehensive income.

Current tax

Current tax includes provision for Income Tax com¬
puted under Special provision (i.e., Minimum alter¬
nate tax) or normal provision of Income Tax Act. Tax
on Income for the current year is determined on the
basis on estimated taxable income and tax credits
computed in accordance with the provisions of the
relevant tax laws and based on the expected out¬
come of assessments / appeals.

Deferred tax

Deferred tax is recognised on temporary differenc¬
es between the carrying amounts of assets and
liabilities in the financial statements and the cor¬
responding tax bases used in the computation of
taxable profit. Deferred tax liabilities are generally
recognised for all taxable temporary differences.
Deferred tax assets are generally recognised for all
deductible temporary differences to the extent that
it is probable that taxable profits will be available
against which those deductible temporary differenc¬
es can be utilised.

The carrying amount of deferred tax assets is re¬
viewed at the end of each reporting period and re¬
duced to the extent that it is no longer probable that
sufficient taxable profits will be available to allow all
or part of the asset to be recovered. Any such reduc¬
tion is reversed to the extent that it becomes proba¬
ble that sufficient taxable profit will be available.

Deferred tax liabilities and assets are measured at
the tax rates that are expected to apply in the period
in which the liability is settled or the asset realised,
based on tax rates (and tax laws) that have been en¬
acted or substantively enacted by the end of the re¬
porting period.

Current and deferred tax are recognised in the State¬
ment of Profit and Loss, except when they relate to
items that are recognised in other comprehensive
income or items related to equity, in which case, the
current and deferred tax are also recognised in other
comprehensive income or directly in equity respec¬
tively.

16 Earnings per Share

The Company presents basic and diluted earnings
per share (“EPS”) data for its equity shares. Basic
EPS is calculated by dividing the profit and loss at¬
tributable to equity shareholders of the Company
by the weighted average number of equity shares
outstanding during the period. Diluted EPS is deter¬
mined by adjusting the profit and loss attributable to
equity shareholders and the weighted average num¬
ber of equity shares outstanding for the effects of all
dilutive potential equity shares.

17 Current versus non-current classification

The Company presents assets and liabilities in the
balance sheet based on current/ non-current classi¬
fication. An asset is classified as current when it is:

• Expected to be realized or intended to be sold or
consumed in normal operating cycle

• Held primarily for the purpose of trading

• Expected to be realized within twelve months af¬
ter the reporting period, or

Cash or cash equivalent unless restricted from be¬
ing exchanged or used to settle a liability for at least
twelve months after the reporting period

All other assets are classified as non-current.

• A liability is classified as current when:

• It is expected to be settled in normal operating
cycle

• It is held primarily for the purpose of trading

• It is due to be settled within twelve months after
the reporting period, or

There is no unconditional right to defer the settle¬
ment of the liability for at least twelve months after
the reporting period

All other liabilities are classified as non-current.
Deferred tax assets and liabilities are classified as
non-current assets and liabilities.

All assets and liabilities have been classified as cur¬
rent or non-current as per the Company’s normal
operating cycle and other criteria set out in the
Schedule III to the Companies Act, 2013. Based on
the nature of products and the time between the
acquisition of assets for processing and their realiza¬
tion in cash and cash equivalents, the company has
ascertained its operating cycle as 12 months for the
purpose of current - noncurrent classification of as¬
sets and liabilities.

Deferred tax assets and liabilities are classified as
noncurrent assets and liabilities.

18 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 mea¬
surement date, regardless of whether that price is
directly observable or estimated using another valu¬
ation technique. In estimating the fair value of an as¬
set or a liability, the Company takes into account the
characteristics of asset and liability if market partici¬
pants would take those into consideration.

The Company uses valuation techniques that are
appropriate in the circumstances and for which suf¬
ficient data are available to measure fair value, max¬
imizing the use of relevant observable inputs and
minimizing the use of unobservable inputs.

19 Financial assets

A financial asset inter-alia includes any asset that is
cash, equity instrument of another entity or contrac¬
tual obligation to receive cash or another financial
asset or to exchange financial asset or financial lia¬
bility under condition that are potentially favourable
to the Company.

Investments in subsidiaries

Investments in equity shares of subsidiaries are car¬
ried at cost less impairment. Impairment is provided
for on the basis explained in Paragraph (5) of Note C
above.

Financial assets other than above

Financial assets of the Company comprise trade re¬
ceivable, cash and cash equivalents, Bank balances,
loans/ advances to employee / others, security de¬
posit, claims recoverable etc.

Initial recognition and measurement

All financial assets are recognised initially at fair val¬
ue plus, in the case of financial assets not recorded
at fair value through profit or loss, transaction costs
that are attributable to the acquisition of the finan¬
cial asset. Transaction costs of financial assets car¬
ried at fair value through profit or loss are expensed
in Statement of Profit and Loss.

Subsequent measurement

For purposes of subsequent measurement, financial
assets are classified in three categories:

• Financial assets measured at amortized cost

• Financial assets at fair value through OCI

• Financial assets at fair value through profit or
loss

Financial assets measured at amortized cost

Financial assets are measured at amortized cost if
the financials asset is held within a business model
whose objective is to hold financial assets in order
to collect contractual cash flows and the contractu¬
al terms of the financial asset give rise on specified
dates to cash flows that are solely payments of prin¬
cipal and interest on the principal amount outstand¬
ing. These financial assets are amortized using the
effective interest rate (EIR) method, less impairment.
Amortized cost is calculated by taking into account
any discount or premium on acquisition and fees or
costs that are an integral part of the EIR.

Financial assets at fair value through OCI (FVTOCI)

Financial assets are measured at fair value through
other comprehensive income if the financial asset
is held within a business model whose objective is
achieved by both collecting contractual cash flows
and selling financial assets and the contractual
terms of the financial asset give rise on specified
dates to cash flows that are solely payments of prin¬
cipal and interest on the principal amount outstand¬
ing.

At initial recognition, an irrevocable election is made
to designate investments in equity instruments oth¬
er than held for trading purpose at FVTOCI. Fair value

changes are recognised in the other comprehensive
income (OCI).

Financial assets at fair value through profit or loss
(FVTPL)

Any financial asset that does not meet the criteria
for classification as at amortized cost or as financial
assets at fair value through other comprehensive
income, is classified as financial assets at fair value
through profit or loss.

Derecognition

The Company derecognises a financial asset only
when the contractual rights to the cash flows from
the asset expire, or when it transfers the financial
asset and substantially all the risks and rewards of
ownership of the asset to another entity.

20 Financial liabilities

The Company’s financial liabilities include trade
payable, accrued expenses and other payables.

Initial recognition and measurement

All financial liabilities at initial recognition are clas¬
sified as financial liabilities at amortized cost or fi¬
nancial liabilities at fair value through profit or loss,
as appropriate. All financial liabilities are recognised
initially at fair value. Any difference between the pro¬
ceeds (net of transaction costs) and the fair value at
initial recognition is recognised in the Statement of
Profit and Loss.

Subsequent measurement

The subsequent measurement of financial liabilities
depends upon the classification as described be¬
low:-

Financial Liabilities at Fair value through profit
and loss (FVTPL)

FVTPL includes financial liabilities held for trading
and financial liabilities designated upon initial rec¬
ognition as FVTPL. Financial liabilities are classified
as held for trading if they are incurred for the pur¬
pose of repurchasing in the near term. Financial lia¬
bilities have not been designated upon initial recog¬
nition at FVTPL.

Derecognition

A financial liability is derecognised when the obli¬
gation under the liability is discharged / cancelled /
expired..

Offsetting of financial instruments

Financial assets and financial liabilities are offset
and the net amount is reported in the balance sheet
if there is a currently enforceable legal right to offset
the recognised amounts and there is an intention to
settle on a net basis, to realise the assets and settle
the liabilities simultaneously.

21 Inter corporate deposits

Company had advanced Inter Corporate loans to
companies on short term basis at a specific rate of
interest against security. The inter corporate deposit
are advanced to the related companies after consid¬
ering factors such as track record, size of organiza¬
tion, market reputation and value of the security.

14.2 Terms / rights attached to equity shares:

The company has one class of equity shares having a par value of ?5 per share. Each shareholder is eligible for one vote per
share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuring
Annual General Meeting.

In the event of liquidation, the equity shareholders are eligible to receive the remanining assets of the company after
distribution of all preferential amounts, in proportion to their shareholding.

The Board of Directors have recommended a Final Dividend of ?2.00/- per share (on fully paid up share of ?5/- each ) for FY
2024-25 and is subject to approval of shareholders in the ensuing Annual General Meeting.)

Nature and purpose of reserves :

1. Securities premium represents amounts received in excess of par value on issue of shares.

2. General reserve represents accumulated profits and is created by transfer of profits from Retained Earnings and it
is not an item of Other Comprehensive Income and the same shall not be subsequently reclassified to Statement of
Profit and Loss.

3. Retained earning : Retained earnings are the profits that the Company has earned till date, less any transfers to
general reserve , dividends or other distributions paid to shareholders.

4. Remeasurements of defined benefit plans gains / losses arising on remeasurements of defined benefit plans are
recognised in the other comprehensive income as per IND AS-19 and shall not be reclassified to the statement of
profit or loss in the subsequent years.

35 Corporate social responsibility

As per Section 135 of the Companies Act,2013, a Company, meeting the applicability threshold, needs to spend at least
2% of its average net profit for the immediately preceding three financial years on corporate social responsibility( CSR)
Activities. A CSR Committee has been formed by the Company as per the Act. The funds were primarily allocated to the
activities which are specified in Schedule VII of the Companies Act, 2013.

The Company was required to spend an amount of ? 76.59 Lakhs (Previous Year ? 86.37 Lakhs) being 2% of the average net
profits of the three immediately preceding financial years on CSR as per the provisions of section 135 of the Companies Act,
2013. The Company has during the year spent ? 68.26 Lakhs as CSR, excess expenditure of the previous year amounting to
?0.52 totalling to 68.78. The company has short spent an amount of ?7.81 Lakhs at the end of the year and subsequently was
transferred to eligible funds as per the provisions of Section 135 of the Companies Act 2013 within 6 months from the end of
the financial year.

37 Segment information

The segment reporting of the Company has been prepared in accordance with Ind AS-108, “Operating Segment”.
Based on the “management approach” as defined in Ind AS 108- Operating Segments, the Chief Operating Decision
Maker evaluates the Company’s performance and allocates resources based on an analysis of various performance
indicators by business segments and segment information is presented accordingly. Accordingly the management has
identified, based on its products, 2 reportable segments namely, Heat Resistant Latex Rubber Thread and Corrugated
Carton Box.

The Management Committee of the Company monitors the operating results of its business segments separately for
the purpose of making decisions about resource allocation and performance asessment. Major portion of production

Level 1: Level 1 hierarchy included financial instruments measured using quoted prices. This included listed equity
instruments and mutual funds that have quoted price. The fair value of all equity instruments which are traded in the
stock exchanges is valued using the closing price as at the reporting period. The mutual funds are valued using the
closing NAV.

Level 2: The fair value of financial instruments that are not traded in an active market are determined using valuation
techniques which maximize the use of observable market data. If all significant inputs required to fair value an
instrument are observable, the instrument is included in Level 2.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in
Level 3.

41 Capital management

The Company’s objective when managing capital is to safeguard continuity, maintain a strong credit rating and healthy
capital ratios in order to support its business and provide adequate return to share holders through continuing growth
and maximise the share holders’ value. The Company’s overall strategy remains unchanged from previous year. The
Company sets the amounts of capital required on the basis of annual business and long term operating plans.

42 Financial risk management

The Company’s activities expose it to a variety of financial risks, market risk, credit risk and liquidity risk. The Company’s
focus is to foresee the unpredictability of financial markets and seek to minimize potential adverse effects on its
financial performance. The Company’s exposure to credit risk is influenced mainly by the individual characteristic
of each customer. The Company’s risk management activity focuses on actively securing the Company’s short to
medium-term cash flows by minimising the exposure to volatile financial markets. Long-term financial investments
are managed to generate lasting returns. The Company does not actively engage in the trading of financial assets for
speculative purpose nor does it write options. The most significant financial risk to which the company is exposed are
described below:-

The Company has assessed market risk, credit risk and liquidity risk to its financial instruments.

1 Market Risk

It is the risk of loss of future earnings, fair values or cash flows that may result from a change in the price of a financial
instrument, as a result of interest rates, foreign exchange rates and other price risks. Financial instruments affected
by market risks, primarily include loans & borrowings, investments and foreign currency receivables, payables and
borrowings.

1a Interest Rate Risk

The company has not availed any loans , hence the exposure to interest rate risk is Nil. (Previous year-Nil)

1b Currency Risk :

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of
changes in foreign exchange rates. The Company’s exposure to the risk of changes in foreign exchange rates
relates primarily to the purchase of materials from abroad and realization on export sales: The impact on the
Companies profit before tax due to change in interest rate is given below:-

1c Price Risk

The Company is affected by the price instability of certain commodities. Due to the significantly increased
volatility of certain commodities like latex, acetic acid and other chemicals, the Company closely monitors the
price fluctuations to reap the price advantages.

The Company’s investments in unquoted securities are susceptible to market price risk arising from
uncertainties about future values of investment securities. The company manages the securities price risk
through investments in debt funds /intercorporate deposits and by placing limits on individual and total
investments.

1d Equity Risk

There is no equity risk relating to the Company’s equity investments which are detailed in note 5 “Investments”.
The Company’s equity investments majorly comprises of strategic investments rather than trading purposes.

2 Credit Risk

Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in financial loss
to the company. The company is exposed to credit risk for receivables, cash and cash equivalents and short term
loans.

Cash and cash equivalents and short-term Loans (Loans current)

The Company considers factors such as track record, size of institution, market reputation and service standard to
select the banks with which deposits are maintained. Generally, the balances are maintained with the institutions
with which the Company has been transacting for years. The Company has made several Intercorporate loans
on security with unrelated/ related companies considering factors such as track record, size of organisation,
market reputation and value of the security. The risk is mitigated by the securities and guarantees provided by the
companies. Therefore, the company does not expect any material risk on account of non -performance by any of
the companies to which the loans are given.

Trade Receivables

The company is exposed to credit risk from its operating activities primarily from trade receivable amounting
to ?.5962.27 Lakhs and ?.4937.85 Lakhs as of 31 March 2025 and 31 March 2024 respectively. The company has
standard operating procedure for obtaining sufficient security where appropriate, as a means of mitigating the
risk of financial loss from defaults. No customers accounted for 10% or more of revenue during the reporting
periods covered. The credit quality of the company’s customers is monitored on an on going basis and assessed
for impairment where indicators of such impairment exist. The history of trade receivables shows a negligible
provision for bad and doubtful debts. The solvency of customers and their ability to repay the receivable is
considered in assessing receivables for impairment. Therefore , the Company does not expect expect any material
risk on account of non performance by any of the Company’s counterparties. Where receivables are impaired, the
Company actively seeks to recover the amounts in question and enforce the compliance with credit terms.

3 Liquidity Risk

Ultimate responsibility for liquidity risk management rests with the Board of Directors, which has established an
appropriate liquidity risk management framework for the management of the Company’s short-term, medium-
term and long-term funding and liquidity management requirements. The Company manages liquidity risk by
maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring
forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

The Company requires funds both for short-term operational needs as well as for long-term growth projects. The
Company generates sufficient cash flows from the current operations which together with the available cash and
cash equivalents provide liquidity both in the short-term as well as in the long-term. The company has a current
ratio of 5.31 as on 31 March 2025 (Previous year 5.04).

4 Interest Rate Risk

The Company is a zero-debt company as on 31 March 2025 (Previous year Rs. Nil) and is not exposed to any interest
rate risk of short-term or long-term borrowings. There are no foreign currency borrowings made by the company
during the reporting periods. The impact on the Companies profit before tax due to change in interest rate is Nil at
the close of this financial year.

5 Other Risk

Financial assets of ?3356.08 lakhs (previous year ?2029.34 Lakhs) as at March 31, 2025 carried at amortised cost is
in the form of cash and cash equivalents, bank deposits and earmarked balances with banks where the Company
has assessed the counterparty credit risk. Trade receivables of ?5962.27 lakhs as at March 31, 2025 (previous
year ?4937.85 Lakhs) forms a significant part of the financial assets carried at amortised cost which is valued
considering provision for allowance using expected credit loss method.

This assessment is not based on any mathematical model but an assessment considering the financial strength
of the customers in respect of whom amounts are receivable. The Company is in the process of evaluating the
potential impact with respect to customers in Domestic Formulation segment which could have an immediate
impact. The Company closely monitors its customers who are going through financial stress and assesses actions
such as change in payment terms, recognition of revenue on collection basis etc., depending on severity of each
case. Based on the initial assessment, the company do not expect any abnormal credit loss though supplying to an
unorganised sector. The allowance for doubtful trade receivables is Rs.2.58 Lakhs as at March 31, 2025 (previous
year Rs.8.92).

43 Events after the Reporting Period

The proposed final dividend for Financial Year 2024-25 amounting to Rs.1085.35 Lakhs (Previous year Rs.651.21 Lakhs)
will be recognised as distribution to owners during the financial year 2025-26 on its approval by Shareholders. The
proposed final dividend per share amounts to Rs 2.00/- (Previous year Rs.1.20/-)

44 Audit Trail

The Company has used accounting software for maintaining its books of account which have a feature of recording
audit trail(edit log) facility that have operated throughout the financial year for all relevant transactions. Audit trail at
database level, where available, contains modified values. There was no instance of audit trail feature being tampered
with for the period the audit trail was enabled. The audit trail, where enabled, has been preserved as per the statutory
requirements.

45 Other Statutory Information

i The Company do not have any Benami property, where any proceeding has been initiated or pending against the
Company for holding any Benami property.

ii The Company do not have any transactions with companies struck off under section 248 of Companies Act, 2013 or
section 560 of Companies Act, 1956.

iii The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory
period,

iv The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

v The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign
entities (Intermediaries) with the understanding that the Intermediary shall’

(a 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

(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries

vi The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding
Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(a) 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

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,

vii The Company do not have any such transaction which is not recorded in the books of accounts that has been
surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 such as,
search or survey or any other relevant provisions of the Income Tax Act, 1961

* Earnings for Debt Service = Earnings before finance costs, depreciation and amortisation, exceptional items and tax
(EBIDTA)/ (Finance cost for the year Principal repayment of long-term debt liabilities within one year)

** Cost of Good sold = Cost of materials consumed Purchases of stock-in-trade Changes in inventories of finished goods,
stock-intrade, work-in-progress and property under development Manufacturing and operating expenses Costs
towards development of property

# Earnings before Interest and Tax = Profit after exceptional item and before tax Finance costs (recognised)

@ Capital Employed = Average of equity and total borrowings

As per our reports attached. For and on behalf of the Board of Directors

RUBFILA INTERNATIONAL LTD

For Mohan & Mohan Associates Hardik Bharat Patel G Krishna Kumar

Chartered Accountants DIN 00590663 DIN 01450683

ICAI Firm Registration No.02092 S Chairman Managing Director

R Suresh Mohan (Partner) N.N. Parameswaran

Membership No.:013398 Chief Financial Officer & Company Secretary

Thiruvananthapuram Palakkad

28 May 2025 28 May 2025