iii. Provisions and liabilities

Provisions and liabilities are recognized in the period when it becomes probable that there will be a
future outflow of funds resulting from past operations or events that can reasonably be estimated. The
timing of recognition requires application of judgement to existing facts and circumstances, which may
be subject to change. The amounts are determined by discounting the expected future cash flows at a
pre-tax rate that reflects current market assessments of the time value of money and the risks specific
to the liability.

iv. Contingencies

In the normal course of business, contingent liabilities may arise from litigation and other claims against
the Company. Potential liabilities that are possible but not probable of crystallising or are very difficult
to quantify reliably are treated as contingent liabilities. Such liabilities are disclosed in the notes but are
not recognized.

v. Fair value measurements

When the fair values of financial assets or financial liabilities recorded or disclosed in the financial
statements cannot be measured based on quoted prices in active markets, their fair value is measured
using valuation techniques including the DCF model. The inputs to these models are taken from
observable markets where possible, but where this is not feasible, a degree of judgment is required
in establishing fair values. Judgements include consideration of inputs such as liquidity risk, credit risk
and volatility.

vi. Leases

The Company evaluates if an arrangement qualifies to be a lease as per the requirements of Ind AS 116.
Identification of a lease requires significant judgment. The Company uses significant judgement in
assessing the lease term (including anticipated renewals) and the applicable discount rate.

The Company determines the lease term as the non-cancellable period of a lease, together with both
periods covered by an option to extend the lease if the Company is reasonably certain to exercise that
option; and periods covered by an option to terminate the lease if the Company is reasonably certain
not to exercise that option. In assessing whether the Company is reasonably certain to exercise an
option to extend a lease, or not to exercise an option to terminate a lease, it considers all relevant facts
and circumstances that create an economic incentive for the Company to exercise the option to extend
the lease, or not to exercise the option to terminate the lease. The Company revises the lease term if
there is a change in the non-cancellable period of a lease.

4. Recent pronouncements

Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards under

Companies (Indian Accounting Standards) Rules as issued from time to time.

A. In May 2025, MCA notified amendments to Ind AS 21 - The Effects of Changes in Foreign Exchange
Rates, applicable w.e.f. April 1, 2025.

The Company has reviewed the amendment and based on its evaluation has determined that it does not
have any significant impact in its financial statements.

B. In August 2025, MCA notified the following amendments to:

1. Ind AS 1, Presentation of Financial Statements, applicable w.e.f. April 1, 2025 - The amendment
relates to classification of liabilities as current or non-current and non-current liabilities with covenants.
In the context of classifying a liability as current, it removes the requirement of existence of a right to
defer settlement for at least 12 months after the reporting date and instead requires that the said right
should exist on the reporting date and have substance. The amendment also introduces guidance on
classification of liabilities with covenants. The Company has no impact of these amendments in its
classification criteria of current and non-current liabilities.

2. Ind AS 7, Statement of Cash Flows and Ind AS 107, Financial Instruments: Disclosures, applicable
w.e.f. April 1,2025 - The amendment in Ind AS 7 requires to inform users of financial statements of the
existence of supplier finance arrangements and explain the nature of the arrangements, the carrying
amount of liabilities and the range of payment due dates. Ind AS 107 has been amended to add
supplier finance arrangements as a factor that may cause concentration of liquidity risk. The Company
has reviewed the amendment and based on its evaluation has determined that it does not have any
significant impact in its financial statements.

3. Ind AS 12, International Tax Reform - Pillar Two Model Rules applicable immediately - The amendments
provide a temporary mandatory relief from deferred tax accounting for top-up tax and disclose that they
have applied the relief. This relief is immediate and applies retrospectively (Refer note 40.4).

7.1. Fair value of the Company’s investment properties

The fair value of the Company's investment properties situated at Surat have been arrived at on the basis of
a valuation carried out by M/s R K Patel & Co. and for other investment properties have been carried out by
Nadkarni & Co., independent valuers not related to the Company. The Valuers are registered with the authority
which governs the valuers in India, and they have appropriate qualifications and recent experience in the valuation
of properties in the relevant locations. The fair value was derived using the market comparable approach based
on recent market prices with few adjustments being made to the market observable data.

21.4. Additional information as per Schedule III

(i) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the
statutory period.

(ii) The Company has 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 to or on behalf of the Ultimate Beneficiaries.

(iii) The Company has not been declared willful defaulter by any bank or financial Institution or other lender.

33.1.Products and services from which reportable segments derive their revenues

Information reported to the chief operating decision maker (CODM) for the purposes of resource allocation and
assessment of segment performance focuses on the types of goods or services delivered or provided, and in
respect of the 'Property Division*' and 'Trading Division'. The directors of the Company have chosen to organise
the Company around differences in products and services. No operating segments have been aggregated in
arriving at the reportable segments of the Company.

Specifically, the Company's reportable segments under lnd AS 108 are as follows:

- Property division*

- Trading division

* The property division (Real estate) comprises of assets which are in excess of business needs, which the
Company would liquidate based on the market condition.

Segment revenue reported above represents revenue generated from external customers. There were no inter¬
segment sales in the current and previous year.

The accounting policies of the reportable segments are the same as the Company's accounting policies
described in note 2. Segment profit represents the profit before tax earned by each segment without allocation
of unallocated expenses and income. This is the measure reported to the chief operating decision maker for the
purposes of resource allocation and assessment of segment performance.

The Company presently caters to only domestic market i.e. India and hence there is no revenue from external
customers outside India nor any of its non-current asset is located outside India.

33.6.Information about major customers

Included in revenue arising from direct sales of trading goods of ? 2,771.94 Lakhs (year ended March 31, 2025:
? 1433.96 Lakhs) which arose from sales to its six (previous year: two) major customers which accounts for
90.34 percent (year ended March 31, 2025: 64.16 percent) of the total revenue from trading operations.

There is no revenue arising from direct sales of property division during current and previous year.

No other single trading customer contributed 10% or more to the company's revenue for year ended March 31,
2026 and year ended March 31, 2025.

35. Employee benefits

i) Defined Contribution Plan

The Company's contribution to Provident fund and other funds aggregating during the year is ? 31.84 Lakhs
(and during the year ended March 31,2025: ? 31.45 Lakhs) has been recognised in the statement of profit
or loss under the head employee benefits expense.

ii) Defined Benefit Plans:

Gratuity

The Company has a defined benefit gratuity plan in India (funded). The company's defined benefit gratuity plan
is a final salary plan for employees, which requires contribution to be made to a separately administered fund.

The fund is managed by a trust which is governed by the board of trustees. The board of trustees are
responsible for the administration of the plan assets and for the definition of the investment strategy.

During the previous year, the Company has changed the benefit scheme in line with Payment of Gratuity Act,
1972 by increasing monetary ceiling from 10 lakhs to 20 lakhs, for those employees who are getting benefit
as per Payment of Gratuity Act, 1972. Change in liability (if any) due to this scheme change is recognised as
past service cost.

A separate trust fund is created to manage the Gratuity plan and the contributions towards the trust fund is
done as guided by rule 103 of Income Tax Rules, 1962.

Through its defined benefit plans the Company is exposed to a number of risks, the most significant
of which are detailed below:

(1) Salary risk:

The present value of the defined benefit plan liability is calculated by reference to the future salaries
of members. As such, an increase in the salary of the members more than assumed level will increase
the plan's liability.

(2) Interest rate risk:

A fall in the discount rate which is linked to the G.Sec. Rate will increase the present value of the
liability requiring higher provision. A fall in the discount rate generally increases the mark to market
value of the assets depending on the duration of asset.

(3) Investment Risk:

The present value of the defined benefit plan liability is calculated using a discount rate which
is determined by reference to market yields at the end of the reporting period on government bonds.
If the return on plan asset is below this rate, it will create a plan deficit. Currently, for the plan in India,
it has a relatively balanced mix of investments in government securities, and other debt instruments.

(4) Asset Liability Matching Risk:

The plan faces the ALM risk as to the matching cash flow. Since the plan is invested in lines of Rule
101 of Income Tax Rules, 1962, this generally reduces ALM risk.

(5) Mortality risk:

Since the benefits under the plan is not payable for life time and payable till retirement age only, plan
does not have any longevity risk.

ii) Furthermore, in presenting the above sensitivity analysis, the present value of the projected benefit obligation
has been calculated using the projected unit credit method at the end of the reporting period, which is the
same method as applied in calculating the projected benefit obligation as recognised in the balance sheet.

iii) There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior
years.

36.3.Financial risk management objectives

The company monitors and manages the financial risks to the operations of the company. These risks include market
risk, credit risk, interest risk and liquidity risk.

A. Credit risk

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial
loss to the Company. The Company has adopted a policy of only dealing with creditworthy counterparties, as a
means of mitigating the risk of financial loss from defaults. The Company uses its own trading records to rate
its major customers. The Company's exposure to financial loss from defaults are continuously monitored.

Trade receivables consist of a large number of customers, spread across various geographical areas. Ongoing
credit evaluation is performed on the financial condition of accounts receivable.

B. Liquidity risk

Liquidity risk refers to insufficiency of funds to meet the financial obligations. Liquidity Risk Management implies
maintenance of sufficient cash to meet obligations when due.

The Company continuously monitoring forecast and actual cash flows, and by assessing the maturity profiles
of financial assets and liabilities.

C. Market risk

The risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market risk comprises of currency risk and interest rate risk. In the normal course of business
and in accordance with our policies, we manage these risks through a variety of strategies.

i) Currency risk

The risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in foreign exchange rates. The Company is domiciled in India and has its revenues and other
major transactions in its functional currency i.e. INR. Accordingly the Company is not exposed to any
currency risk.

ii) Interest rate risk

The risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in market interest rates.

The Company has borrowed funds with both fixed and floating interest rate.

40.2. The Company does not have any 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).

40.3. The Company had opted Tax U/s. 115BAA applicable to Domestic Companies w.e.f Financial year 2021-2022

40.4. The Company does not have any global operations, overseas subsidiaries, branches, joint ventures, associates,
or foreign presence. The Company operates solely within India and all its business activities are carried out
domestically. Accordingly, management has assessed that the provisions relating to Pillar Two global minimum
taxation are presently not applicable to the Company.

Consequently, no impact of Pillar Two legislation has been recognized or disclosed in these Ind AS financial
statements.

II. Other Statutory Information

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

(ii) The Company did not have any transactions with Companies struck off.

(iii) The Company has not traded or invested in Crypto currency or Virtual Currency during the respective
financial years / period.

(iv) 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.

The Company does not have any Scheme of Arrangements which have been approved by the
Competent Authority in terms of sections 230 to 237 of the Act.

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

(vi) The Company has not made any delay in Registration of Charges under the Companies Act, 2013.

42. On November 21,2025, the Government of India notified provisions of the Code on Wages, 2019, the Industrial
Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working
Conditions Code, 2020 (collectively referred to as the “Labour Codes”), which consolidate twenty-nine existing
labour laws into a unified framework governing employee benefits during employment and post-employment. The
Labour Codes, amongst other things, introduce changes including a uniform definition of wages and enhanced
benefits relating to leave. The Company has assessed the financial implications of these changes, which has
resulted in NIL impact on the Company's Statement of Comprehensive Income for the year ended March 31,
2026. The company continues to monitor developments pertaining to the Labour Codes and will evaluate the
impact, if any, on the measurement of employee benefits liability.

43. During the earlier periods, the unsecured loan of ? 5370.00 Lakhs (including accrued interest of ? 1,249.18 Lakhs
and business advance of ? 159.45 Lakhs) given to Standard Salt Works Limited (SSWL) has been converted into
equity shares. Consequently, the total investment in SSWL as at March 31,2026 aggregates ? 5,969.82 Lakhs.

The net worth of SSWL post aforesaid conversion has become positive.

Further, in view of the long-term strategic nature of the investment in leasehold rights to salt pans and the growth
prospects of the subsidiary which is engaged in the manufacture of salt from the significant leased salt pans that
it is holding, no provision for diminution in the value of the investment is considered necessary at this stage.