n) Provisions, Contingent Liabilities and Contingent
Assets

Provisions are recognized when the company
has present obligation (legal or constructive) as a
result of past event and it is probable that outflow
of resources embodying economic benefits will
be required to settle the obligation and a reliable
estimate can be made of the amount of the
obligation. The expense related to a provision is
presented in the statement of profit and loss net of
any reimbursement/contribution towards provision
made.

Provisions are reviewed at each balance sheet date
and adjusted to reflect the current best estimates.

Contingent Liability:

Contingent liability is disclosed in the case;

• When there is a possible obligation which could
arise from past event and whose existence will
be confirmed only by the occurrence or non¬
occurrence of one or more uncertain future
events not wholly within the control of the
Company or;

• A present obligation that arises from past events
but is not recognized as expense because it
is not probable that an outflow of resources
embodying economic benefits will be required to
settle the obligation or;

• The amount of the obligation cannot be
measured with sufficient reliability.

Contingent asset:

Contingent asset is disclosed in case a possible
asset arises from past events and whose existence
will be confirmed only by the occurrence or non¬
occurrence of one or more uncertain future events
not wholly within the control of the Company.

Provisions, contingent liabilities, contingent assets
and commitments are reviewed at each balance
sheet date and adjusted to reflect the current best
estimates.

o) Leases

As a lessee

Initial measurement

Lease Liability: At the commencement date, a
Company measure the lease liability at the present
value of the lease payments that are not paid at that
date. The lease payments shall be discounted using
incremental borrowing rate.

Right-of-use assets: initially recognised at cost,
which comprises the initial amount of the lease
liability adjusted for any lease payments made at or
prior to the commencement date of the lease plus
any initial direct costs less any lease incentives.

Subsequent measurement

Lease Liability: Company measure the lease liability by

(a) increasing the carrying amount to reflect interest
on the lease liability;

(b) reducing the carrying amount to reflect the lease
payments made; and

(c) remeasuring the carrying amount to reflect any
reassessment or lease modifications.

Right-of-use assets: subsequently measured at cost
less accumulated depreciation and impairment
losses. Right- of-use assets are depreciated from the
commencement date on a straight line basis over
the shorter of the lease term and useful life of the
under lying asset.

Impairment: Right of use assets are evaluated
for recoverability whenever events or changes in
circumstances indicate that their carrying amounts
may not be recoverable. For the purpose of
impairment testing, the recoverable amount (i.e. the
higher of the fair value less cost to sell and the value-
in-use) is determined on an individual asset basis
unless the asset does not generate cash flows that
are largely independent of those from other assets.
In such cases, the recoverable amount is determined
for the Cash Generating Unit (CGU) to which the
asset belongs.

Short term Lease

Short term lease is that, at the commencement
date, has a lease term of 12 months or less. A lease
that contains a purchase option is not a short-term
lease. If the company elected to apply short term
lease, the lessee shall recognise the lease payments
associated with those leases as an expense on either
a straight-line basis over the lease term or another
systematic basis. The lessee shall apply another
systematic basis if that basis is more representative
of the pattern of the lessee's benefit

As a lessor

Leases for which the company is a lessor is classified
as a finance or operating lease. Whenever the terms
of the lease transfer substantially all the risks and
rewards of ownership to the lessee, the contract is
classified as a finance lease. All other leases are
classified as operating leases. Lease income is
recognised in the statement of profit and loss on
straight line basis over the lease term.

p) Financial Instruments

The Company recognizes financial assets and
financial liabilities when it becomes party to the
contractual provision of the instrument.

Part I - Financial Assets

• Initial recognition and measurement

Financial assets are initially measured at its
fair value excepts for trade receivable which
are initially recognised at transaction price.
Transaction costs that are directly attributable
to the acquisition or issue of financial assets
(other than financial assets at fair value through
profit or loss) are added to or deducted from the
fair value of the concerned Financial assets, as
appropriate, on initial recognition.

Transaction costs directly attributable to
acquisition of financial assets at fair value
through profit or loss are recognized immediately
in profit or loss. However, trade receivable that
do not contain a significant financing component
are measured at transaction price.

• Subsequent measurement

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

• Financial Assets at amortized cost

• Financial Assets at FVTOCI (Fair Value
through Other Comprehensive Income)

• Financial Assets at FVTPL (Fair Value
through Profit or Loss)

• Financial Assets at amortized cost:

A Financial Assets is measured at the amortized
cost if both the following conditions are met:

- The asset is held within a business model
whose objective is to hold assets for
collecting contractual cash flows, and

- Contractual terms of the asset give rise on
specified dates to cash flows that are solely
payments of principal and interest (SPPI) on
the principal amount outstanding.

This category is the most relevant to the
Company. After initial measurement, such
financial assets are subsequently measured at
amortized cost using the effective interest rate
(EIR) method.

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. The EIR amortization is included in finance
income in the profit or loss. The losses arising
from impairment are recognized in the profit or
loss.

• Financial Assets at FVTOCI (Fair Value through
Other Comprehensive Income):

A Financial Assets is classified as at the FVTOCI
if following criteria are met:

The objective of the business model is achieved
both by collecting contractual cash flows (i.e.
SPPI) and selling the financial assets.

Financial instruments included within the FVTOCI
category are measured initially as well as at each
reporting date at fair value. Fair value movements
are recognized in the other comprehensive
income (OCI). However, the Company recognizes
interest income, impairment losses and reversals
and foreign exchange gain or loss in the
statement of profit and loss. On de- recognition
of the asset, cumulative gain or loss previously
recognised in OCI is reclassified from the equity
to the statement of profit and loss. Interest
earned whilst holding FVTOCI debt instrument
is reported as interest income using the EIR
method.

• Financial Assets at FVTPL (Fair Value through
Profit or Loss):

FVTPL is a residual category for financial
instruments. Any financial instrument, which
does not meet the criteria for categorization as
at amortized cost or as FVTOCI, is classified as
at FVTPL.

In addition, the Company may elect to designate
a financial instrument, which otherwise meets
amortized cost or FVTOCI criteria, as at FVTPL.
However, such election is allowed only if doing
so reduces or eliminates a measurement
or recognition inconsistency (referred to as
'accounting mismatch'). The Company has not
designated any financial instrument as at FVTPL.

Financial instruments included within the FVTPL
category are measured at fair value with all
changes recognized in the Statement of Profit
and Loss.

All other equity investments are measured at
fair value, with value changes recognised in
Statement of Profit and Loss.

• De- recognition:

A financial asset is primarily derecognized when
rights to receive cash flows from the asset have
expired or the Company has transferred its
contractual rights to receive cash flows of the
financial asset and has substantially transferred
all the risk and reward of the ownership of the
financial asset.

• Impairment of financial assets:

In accordance with Ind AS 109, the Company
uses 'Expected Credit Loss'(ECL) model, for
evaluating impairment of financial assets other
than those measured at fair value through profit
and loss (FVTPL).

ECL is the difference between all contractual cash
flows that are due to the Company in accordance
with the contract and all the cash flows that the
entity expects to receive (i.e., all cash shortfalls),
discounted at the original effective interest rate.

Lifetime ECL are the expected credit losses
resulting from all possible default events over
the expected life of a financial asset. 12-month
ECL is a portion of the lifetime ECL which results
from default events that are possible within 12
months from the reporting date.

For trade receivables, Company applies 'simplified
approach', which requires expected lifetime
losses to be recognised from initial recognition
of the receivables. The Company uses historical
default rates to determine impairment loss on the
portfolio of trade receivables. At every reporting
date, these historical default rates are reviewed
and changes in the forward-looking estimates
are analyzed.

For other assets, the Company uses 12 month
ECL to provide for impairment loss where there
is no significant increase in credit risk. If there is
significant increase in credit risk full lifetime ECL
is used.

ECL impairment loss allowance (or reversal)
recognized during the period is recognized as
income/ expense in the Statement of Profit and
Loss under the head 'Other expenses'.

Part II - Financial Liabilities

• Initial recognition and measurement

The Company's financial liabilities include trade
and other payables, loans and borrowings including
bank overdrafts, financial guarantee contracts and
derivative financial instruments.

All financial liabilities are recognised initially at fair
value and, in the case of loans and borrowings and
payables, net of directly attributable transaction
costs.

Financial liabilities are classified, at initial recognition,
as financial liabilities at fair value through profit
or loss, loans and borrowings, payables, or as
derivatives designated as hedging instruments in an
effective hedge, as appropriate.

• Subsequent measurement

The measurement of financial liabilities depends on
their classification, as described below:

• Financial liabilities at fair value through profit or loss

Financial liabilities at fair value through profit or
loss include financial liabilities held for trading
and financial liabilities designated upon initial
recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading
if they are incurred for the purpose of repurchasing in
the near term. This category also includes derivative
financial instruments entered into by the Company
that are not designated as hedging instruments in

hedge relationships as defined by Ind-AS 109. Gains
or losses on liabilities held for trading are recognised
in the profit or loss.

Financial liabilities designated upon initial
recognition at fair value through profit or loss is
designated as such at the initial date of recognition,
and only if the criteria in Ind-AS 109 are satisfied.
For liabilities designated as FVTPL, fair value gains/
losses attributable to changes in own credit risks
are recognized in OCI. These gains/ loss are not
subsequently transferred to statement of profit
and loss. However, the Company may transfer
the cumulative gain or loss within equity. All other
changes in fair value of such liability are recognised
in the statement of profit or loss. The Company has
not designated any financial liability as at fair value
through profit and loss.

• Loans and borrowings

This is the category most relevant to the Company.
After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortized
cost using the EIR method. Gains and losses are
recognised in profit or loss when the liabilities are de¬
recognised as well as through the EIR amortization
process. Amortised 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. The
EIR amortisation is included as finance costs in the
statement of profit and loss. This category generally
applies to borrowings.

• Financial guarantee contracts

Financial guarantee contracts issued by the
Company are those contracts that require a payment
to be made to reimburse the holder for a loss it
incurs because the specified debtor fails to make a
payment when due in accordance with the terms of
a debt instrument. Financial guarantee contracts are
recognised initially as a liability at fair value, adjusted
for transaction costs that are directly attributable to
the issuance of the guarantee. Subsequently, the
liability is measured at the higher of the amount
of loss allowance determined as per impairment
requirements of Ind-AS 109 and the amount
recognised less cumulative amortisation.

• De-recognition:

A financial liability is de-recognised when the
obligation under the liability is discharged or
cancelled or expires. When an existing financial

liability is replaced by another from the same lender
on substantially different terms, or the terms of an
existing liability are substantially modified, such
an exchange or modification is treated as the de¬
recognition of the original liability and the recognition
of a new liability. The difference in the respective
carrying amounts is recognised in the statement of
profit or loss.

• 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 realize the assets and settle
the liabilities simultaneously.

Part-III Fair Value Measurement:

The Company measures financial instruments at
fair value in accordance with the accounting policies
mentioned above. 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.

All assets and liabilities for which fair value is
measured or disclosed in the financial statements
are categorized within the fair value hierarchy that
categorizes into three levels, described as follows,
the inputs to valuation techniques used to measure
value. The fair value hierarchy gives the highest
priority to quoted prices in active markets for
identical assets or liabilities (Level 1 inputs) and
the lowest priority to unobservable inputs (Level 3
inputs).

Level 1 - quoted (unadjusted) market prices in active
markets for identical assets or liabilities

Level 2 - inputs other than quoted prices included
within Level 1 that are observable for the asset or
liability, either directly or indirectly

Level 3 - inputs that are unobservable for the asset or
liability

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 summarizes accounting policy for fair
value. Other fair value related disclosures are given
in the relevant notes.

q) Cash and Cash Equivalents

Cash and cash equivalent in the balance sheet
comprise cash at banks and on hand and short-term
deposits with an original maturity of three months or
less from the date of acquisition, which are subject
to an insignificant risk of changes in value.

r) Business Combination

The acquisition method of accounting is used to
account for all business combinations, regardless
of whether equity instruments or other assets are
acquired. The consideration transferred for the
acquisition of a subsidiary comprises the fair values
of the assets transferred;

• Liabilities incurred to the former owners of the
acquired business;

• Equity interest issued by the group; and

• Fair value of any asset or liability resulting from a
contingent consideration arrangement.

Identifiable assets acquired and liabilities and
contingent liabilities assumed in a business
combination are, with limited exceptions, measured
initially at their fair values at the acquisition date.
The group recognizes any non-controlling interest in
the acquired entity on an acquisition-by-acquisition
basis either at fair value or at the non-controlling
interests' proportionate share of the acquired entity's
net identifiable assets.

Acquisition-related costs are expensed as incurred.
The excess of the

• Consideration transferred;

• Amount of any non-controlling interest in the
acquired entity; and

• Acquisition-date fair value of any previous equity
interest in the acquired entity

Over the fair value of the net identifiable assets
acquired is recorded as goodwill. If those amounts
are less than the fair value of the net identifiable

assets of the business acquired, the difference is
recognised in other comprehensive income and
accumulated in equity as capital reserve provided
there is clear evidence of the underlying reasons for
classifying the business combination as a bargain
purchase. In other cases, the bargain purchase gain
is recognised directly in equity as capital reserve.

Business Combination involving entities or business
under common control shall be accounted for using
the pooling of interest method.

s) Cash Flow Statements:

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

t) Derivative Financial Instruments and Hedge
Accounting

Initial recognition and subsequent measurement:

Company uses derivative financial instruments such
as forward currency contracts to mitigate its foreign
currency fluctuation risks. Such derivative financial
instruments are initially recognized at fair value on
the date on which a derivative contract is entered
into and are subsequently re-measured at fair value
at each reporting date. Gain or loss arising from
changes in the fair value of hedging instrument is
recognized in the Statement of Profit or Loss.

Derivatives are carried as financial assets when the
fair value is positive and as financial liabilities when
the fair value is negative.

u) Earnings Per Share

Basic earnings/ (loss) per share are calculated by
dividing the net profit or loss for the year attributable
to equity shareholders by the weighted average
number of equity shares outstanding during the
year. The weighted average number of equity shares
outstanding during the year is adjusted for events,
other than conversion of potential equity shares,
that have changed the number of equity shares
outstanding without a corresponding change in
resources.

In case of a bonus issue, the number of ordinary
shares outstanding is increased by number of
shares issued as bonus shares in current year
and comparative period presented as if the event
had occurred at the beginning of the earliest year
presented.

For the purpose of calculating diluted earnings/
(loss) per share, the net profit or loss for the period
attributable to equity shareholders and the weighted
average number of shares outstanding during the
period are adjusted for the effects of all dilutive
potential equity shares.

v) Insurance Claims

Insurance claims are accounted for on the basis of
claims admitted / expected to be admitted and to the
extent that there is no uncertainty in receiving the
claims.

w) Segment Reporting

The Company identifies operating segments based
on the internal reporting provided to the chief
operating decision-maker.

The chief operating decision-maker, who is
responsible for allocating resources and assessing
performance of the operating segments, has been
identified as the Board of Directors that makes
strategic decisions.

The accounting policies adopted for segment
reporting are in line with the accounting policies of
the Company. Segment revenue, segment expenses
have been identified to segments on the basis of
their relationship to the operating activities of the
segment.

Note 3(i): Key Accounting Judgements, Estimates &
Assumptions

The preparation of the Company's financial statements
requires the management to make judgments',
estimates and assumptions that affect the reported
amounts of revenues, expenses, assets and liabilities,
and the accompanying disclosures and the disclosure
of contingent liabilities. Uncertainty about these
assumptions and estimates could result in outcomes
that require a material adjustment to the carrying amount
of assets or liabilities affected in future periods. The key
assumptions concerning the future and other key sources
of estimation uncertainty at the reporting date, that have
a significant risk of causing a material adjustment to the
carrying amounts of assets and liabilities within the next
financial year, are described below:

A. Income taxes and Deferred tax assets:

The Company's tax jurisdiction is India. Significant
judgments are involved in estimating budgeted
profits for the purpose of paying advance tax,
determining the provision for income taxes, including
amount expected to be paid/recovered for uncertain
tax positions. Deferred tax asset is recognised for all
the deductible temporary differences to the extent
that it is probable that taxable profit will be available
against which the deductible temporary difference
can be utilized. The management assumes that
taxable profit will be available while recognizing the
deferred tax assets.

B. Property, Plant and Equipment:

Property, Plant and Equipment represent a significant
proportion of the asset base of the Company. The
charge in respect of periodic depreciation is derived
after determining an estimate of an asset's expected
useful life as prescribed in the Schedule II of the
Companies Act, 2013 and the expected residual
value at the end of its life. The useful lives and
residual values of Company's assets are determined
by the management at the time the asset is acquired
and reviewed periodically, including at each financial
year end. The lives are based on historical experience
with similar assets as well as anticipation of future
events, which may impact their life, such as changes
in technical or commercial obsolescence arising
from changes or improvements in production or
from a change in market demand of the product or
service output of the asset.

C. Impairment of non-financial assets:

The Company assesses at each reporting date
whether there is an indication that an asset may
be impaired. If any indication exists, the Company
estimates the asset's recoverable amount. An
asset's recoverable amount is the higher of an
asset's or Cash Generating Units (CGU's) fair value
less costs of disposal and its value in use. It is
determined for an individual asset, unless the asset
does not generate cash inflows that are largely
independent of those from other assets or a group
of assets. Where the carrying amount of an asset
or CGU exceeds its recoverable amount, the asset
is considered impaired and is written down to its
recoverable amount.

In assessing value in use, the estimated future cash
flows are discounted to their present value using
pre-tax discount rate that reflects current market
assessments of the time value of money and the
risks specific to the asset. In determining fair value
less costs of disposal, recent market transactions
are taken into account, if no such transactions can
be identified, an appropriate valuation model is used.

D. Impairment of financial assets:

The impairment provisions for financial assets
are based on assumptions about risk of default
and expected cash loss rates. The Company uses
judgement in making these assumptions and
selecting the inputs to the impairment calculation,
based on Company's past history, existing market
conditions as well as forward looking estimates at
the end of each reporting period.

E. Recognition and measurement of defined benefit
obligation:

The obligation arising from the defined benefit plan
is determined on the basis of actuarial assumptions.
Key actuarial assumptions include discount rate,
trends in salary escalation and vested future
benefits and life expectancy. The discount rate
is determined with reference to market yields at
the end of the reporting period on the government
bonds. The period to maturity of the underlying
bonds correspond to the probable maturity of the
post-employment benefit obligations.

F. Recognition and measurement of other provisions:

The recognition and measurement of other provisions
are based on the assessment of the probability of
an outflow of resources, and on past experience and
circumstances known at the balance sheet date.
The actual outflow of resources at a future date
may, therefore, vary from the figure included in other
provisions.

G. Contingencies:

Management judgement is required for estimating
the possible outflow of resources, if any, in respect
of contingencies/claim/ litigations against the
Company as it is not possible to predict the outcome
of pending matters with accuracy.

Note 3(ii): Recent Indian Accounting Standard (Ind AS)
pronouncements which are not yet effective

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. For the year ended March 31,
2025, MCA has notified Ind AS - 117 Insurance Contracts
and amendments to Ind AS 116 - Leases, relating to sale
and leaseback transactions, applicable to the Company
w.e.f. April 1, 2024. The Company has reviewed the
new pronouncements and based on its evaluation has
determined that it does not have any significant impact
in its Standalone Financial Statements.

ii) Discounted cash flow projections based on reliable estimates of future cash flows.

iii) Capitalised income projections based upon an estimated net market income from investment properties and a
capitalisation rate derived from an analysis of market evidence.

The fair values of investment properties have been determined by reputed third party and independent valuers. The
main inputs used are the rental growth rates, expected vacancy rates, terminal yields and discount rates based on
comparable transactions and industry data. All resulting fair value estimates for investment properties are included in
level 2.

e) Investment Property pledged/ mortgaged as security :

Refer Note 25 for information on Investment Property hypothecated / mortgaged as security by the Company.

f) The Company does not have any contractual obligations to purchase, construct or develop, for maintenance or
enhancements of investment property.

Level 1: Hierarchy includes financial instruments measured using quoted prices. This includes 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 (for example over-the counter derivatives) is
determined using valuation techniques which maximize the use of observable market data and rely as little as possible on entity-
specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

Level 3: The fair value of financial instruments that are measured on the basis of entity specific valuations using inputs that are not
based on observable market data (unobservable inputs).

Valuation technique used to determine fair value:

The Company evaluates the fair value of financial assets and financial liabilities on periodic basis using the best and most relevant
data available.

Specific valuation techniques used to value financial instruments include:

a) the use of quoted market prices or dealer quotes for similar instruments

b) the fair value of forward foreign exchange contracts is determined using forward exchange rates at the Balance Sheet date

c) the fair value of investments in Mutual Fund Units is based on Net Asset Value ("NAV") as stated by the issuers of these
mutual fund units in the published statements as at the Balance Sheet Date. NAV represents the price at which the issuer will
issue further units of Mutual Fund and the price at which issuers will redeem such units from investors.

Note 43 : Financial Risk Management Objectives and Policies

The Company's principal financial liabilities, other than derivatives, comprise loans and borrowings, trade and other payables, and
financial guarantee contracts. The main purpose of these financial liabilities is to finance the Company's operations and to provide
guarantees to support its operations directly or indirectly. The Company's principal financial assets include investments, loans,
trade and other receivables, cash and cash equivalents that derive directly from its operations.

The Company is exposed to market risk, credit risk and liquidity risk. The below note explains the sources of risk which the entity is

Financial instruments and cash deposits

Credit risk from balances/investments with banks and financial institutions is managed in accordance with the Company's treasury
risk management policy. Investments of surplus funds are made only with approved counterparties and within limits assigned to
each counterparty. The limits are assigned based on corpus of investable surplus and corpus of the investment avenue. The limits
are set to minimize the concentration of risks and therefore mitigate financial loss through counterparty's potential failure to make
payments.

Liquidity Risk :

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The objective of
liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for use as and when required.

The Treasury Risk Management Policy includes an appropriate liquidity risk management framework for the management of the
short-term, medium-term and long term funding and cash management requirements. The Company manages the liquidity risk by
maintaining adequate cash 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 invests its surplus funds in
bank fixed deposit, equity and liquid schemes of mutual funds.

The table below provides details regarding the maturities of significant financial liabilities as at March 31,2025 and March 31,2024:

Security Price Risk

Equity price risk is related to the change in market price of the investments in quoted equity securities.

The Company's exposure to securities price risk arises from investments held by the Company and classified in the Balance Sheet
at fair value through profit or loss.

To manage its price risk arising from investments in equity securities, the Company diversifies its portfolio. Diversification of the
portfolio is done in accordance with the limits set by the Company.

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. Since, the Company has insignificant interest bearing borrowings, the exposure to risk of changes in market
interest rates is very low. The Company has not used any interest rate derivatives.

Interest Rate Sensitivity

No sensitivity analysis is prepared as the Company does not expect any material effect on the Company's results arising from the
effects of reasonably possible changes to interest rates on interest bearing financial instruments at the end of the reporting period.
Foreign Exchange Risk

Foreign exchange risk arises on future commercial transactions and on all recognised monetary assets and liabilities, which are
denominated in a currency other than the functional currency of the Company. The Company's management has set policy wherein
exposure is identified, benchmark is set and monitored closely, and accordingly suitable hedges are undertaken. Policy also includes
mandatory initial hedging requirements for exposure above a threshold.

The Company's foreign currency exposure arises mainly from foreign exchange imports, exports and foreign currency borrowings,
primarily with respect to USD & EURO.

As at the end of the reporting period, the carrying amounts of the company's foreign currency denominated monetary assets and
liabilities in respect of the primary foreign currency i.e. USD and derivative to hedge the exposure, are as follows:

The Company has a branch in Bahrain. As on 31 March 2025, the branch's net assets amount to BHD 5,28,440. Resulting exchange
differences are recognized in Other Comprehensive Income and accumulated in the Foreign Currency Translation Reserve.

Sensitivity to Exchange Rate Movements: A 5% change in the INR/BHD rate would affect equity by approximately ± ' 58.60 lakhs.
This impact is recognized in OCI with no effect on profit or loss.

Note 44 : Capital Management

For the purpose of the Company's capital management, capital includes issued equity share capital, securities premium and all
other reserves attributable to the equity holders of the Company. The primary objective of the Company's capital management is to
maximise the value of the share and to reduce the cost of capital.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements
of the financial covenants. The Company monitors capital using a gearing ratio, which is net debt divided by total equity. The
company consider net debt, interest bearing loans and borrowings, less cash and cash equivalents and Equity comprises all
components including other comprehensive income.

Refer Note - The increase in profitability during the current financial year can be attributed to several factors, including fluctuations
in raw material prices, and better realisation in sales and financial costs.These combined circumstances have resulted in increase
profitability compared to the previous financial year, leading to changes in the ratios.

Note 54 : Code on Social Security, 2020

The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by the Company
towards Provident Fund and Gratuity. The Ministry of Labour and Employment has released draft rules for the Code on Social
Security, 2020 on November 13, 2020. However, the date on which the code will come into effect has not been notified. The
Company will assess the impact and will record any related impact in the period once the code becomes effective.

Note 55 : Registration of charges or satisfaction with Registrar of Companies

There is no charge or satisfaction yet to be registered with Registrar of Companies beyond the statutory period.

Note 56 : Title deeds of Immovable Property not held in name of the Company

The Title deeds of all the immovable property (other than properties where the Company is the lessee and the lease agreements
are duly executed in favour of the lessee) are in the name of the Company.

Note 57 : Relationship with Struck off Companies

The Company does not have any transaction with companies struck off under section 248 of the Companies Act, 2013 or section
560 of Companies Act, 1956, during the current year and in the previous year.

Note 58 : 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.

Note 59 : Details of Benami Property held

There are no proceedings initiated or pending against the company for holding any benami property under the Benami Transactions
(Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder.

Note 60 : Crypto currency or Virtual currency

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

Note 61 : Compliance with number of layers of companies

The Company is in compliance with number of layers of companies.

Note 62 : Utilisation of borrowed funds and share premium

1) The Company has not advanced or loaned or invested funds to any other persons or entities, 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

2) The Company has not received any fund from any persons or entities, 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.

Note 63 : Compliance With Audit Trail (Edit Log)

As required under Rule 3(1) of the Companies (Accounts) Rules, 2014, the Company has used accounting software for maintaining
its books of accounts which has a feature of recording audit trail (edit log) facility, which was made operational with effect from
April 01,2023 onwards. Further, audit trail feature has always enabled (not disabled) with effect from April 01,2023 onwards.

Note 64 : Events after the Reporting Period

There was no significant event after the end of the reporting period which requires any adjustment or disclosure in the Standalone
Financial Statements.

Note 65 : Approval of Financial Statements

The Standalone Financial Statements were approved for issue by the Board of Directors on May 17,2025
Note 66 : Previous Years' Figures

Previous year figures have been regrouped/reclassified wherever necessary to correspond with current year classification and
disclosure.

As per our report of even date attached

For Sarda & Pareek LLP For and on behalf of the Board of Directors

Chartered Accountants

FRN : 109262W / W100673 Suresh Bhageria Vinod Bhageria

Chairman Managing Director

DIN: 00540285 DIN: 00540308

Gaurav Sarda Deepa Toshniwal Rakesh Kachhadiya

Partner Company Secretary Chief Financial Officer

Membership No.110208 Membership No.A66073

Place : Mumbai Place : Mumbai

Date : 17/05/2025 Date : 17/05/2025