p) Accounting for Provisions, Contingent Liabilities and Contingent Assets:

Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a
past event, it is probable that an 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 relating to a
provision is presented in the statement of profit or loss net of any reimbursement. If the effect of the time
value of money is material, provisions are discounted using a current pre-tax rate that reflects, when
appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to
the passage of time is recognized as a finance cost.

A contingent liability is disclosed when:

(a) a possible obligation that 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; or

(b) a present obligation that arises from past events but is not recognized because:

(i) it is not probable that an outflow of resources embodying economic benefits will be required to settle the
obligation; or

(ii) the amount of the obligation camiot be measured with sufficient reliability.

A contingent asset is disclosed, when there is a possible asset that 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.

Contingent liabilities and assets are not recognized but are disclosed in notes.

OTHER NOTES ON ACCOUNTS
25. RELATED PARTY DISCLOSURES

In accordance with the Accounting Standards (AS-18) on Related Party Disclosures, where control exists and
where erstwhile key management persoimel are able to exercise significant influence and. where transactions have
taken place during the year, along with description of relationship as identified, are given below:

27. The Resolution Plan filed vide IA No 31/2021 IN CP(IB)/325/ALD/2019 before the Adjudicating Authority
Hon'ble NCLT Allahabad has been approved vide order dated 27.07.2023 and NCLAT order dated
15.10.2024. In line with decision taken by Monitoring Committee in their meeting held on 08.11.2024 .the
Resolution Plan has been implemented and the management and control of the affairs of the Company has
been transferred to Surbhika Steels Pvt Limited in accordance with the Implementation Schedule, contained
in the Resolution Plan Approval Order/as approved by monitoring Committee.

Further, the Resolution Plan is a complete financial settlement of all past liabilities providing the Company
a fresh start. As such, all the past claims against the Company have been settled and finalised vide the
approval of the Resolution Plan, in terms of the law laid in Ghanashyam Mishra and Sons Private Limited
v. Edelweiss Asset Reconstruction Company Limited & Ors. Thus, all the past claims that do not form part
of the Resolution Plan stands extinguished.

28 CONTINGENT LIABILITIES

Contingent Liabilities and Commitments

The Resolution Plan as approved by the Hon'ble NCLT Allahabad is implemented and the management
and control of the affairs of the Corporate Debtor has been transferred to Surbhika Steels Pvt Limited in
accordance with the Resolution Plan Approval Order. Further, the Resolution Plan is a complete financial
settlement of all past liabilities providing the Company Surbhika Steels Pvt Limited a fresh start. As
such, all the past claims against the Corporate Debtor have been settled and finalized vide the approval
of the Resolution Plan, in terms of the law laid in Ghanashyam Mishra and Sons Private Limited v.
Edelweiss Asset Reconstniction Company Limited & Ors all past claims that do not form part of the
Resolution Plan stands extinguished.

i. The Resolution applicant/Company has since made payment of Corporate Guarantee, given to
banks/FI for credit facilities of Rs. 142.59,00,000 extended to M/s RGTL Industries Limited, in line
with approved Resolution Plan and charged the same to Profit and Loss Account. Details are as
under:

29. Necessary' disclosures required under the Micro. Small and Medium Enterprises Development Act.2006,
can only be considered once relevant information to identify the suppliers, who are covered the said Act.
are received from such parties/suppliers.

30. As Company operations are temporary suspended since July 2019 onwards, value on inventories are
stated at Nil.

31. UPDATE OL THE CORPORATE INSOLVENCY RESOLUTION PROCESS IN RESPECT OF
RATHI GRAPHIC TECHNOLOGIES LIMITED

The 'Corporate Insolvency Resolution Process’ (CIRP) was initiated, on a petition filed by unsecured

financial creditor, against the Company, which was admitted vide an Order of the National Company
Law Tribunal (NCLT). Allahabad dated 03.02.2020 under the provision of the Insolvency and
Bankruptcy Code 2016("Code / IBC”)- The Company was under Corporate Insolvency Resolution
Process w.e.f. 03.02.2020 vide National Company Law Tribunal. Allahabad Bench (NCLT) order dated
03.02.2020. Interim Resolution Professional Mr. Sunil Kumar Agarwal was appointed which was
subsequently replaced by Mr. Anshul Gupta as Resolution Professional by Committee of Creditors
(COC) in their meeting dated 03.03. 2020. As per the provisions of the Code the powers of the Board of
Directors of the company were suspended and vested in the IRP/RP with effect from the date of
admission of the petition.

The claims submitted by the financial creditors and Operational creditors, as on the Insolvency
Commencement Date i.e., as on 03.02.2020 and admitted by the IRP/RP, were at variance with the
amounts appearing in the books of account of the company in respect of the same.

The resolution plan submitted by Nikimj Udyog was approved by COC with 100% voting and same was
also approved by National Company Law Tribunal. Allahabad Bench (NCLT) vide (I.A.) No. 31 of 2021
vide order dated 27.07.2023 and NCLAT order dated 15.10.2024. The RA has since settled with
VAT/GST department and application filed with NCLAT AND NCLT has since been
disposed/withdrawn

32. IMPLEMENTATION OF NCLT APPROVED RESOLUTION PLAN SUBMITTED BY
SURBHIKA STEELS PVT LIMITED IN RESPECT OF CORPORATE DEBTOR

Post NCLAT order dated 15.10.2024 and monitoring committee meeting dated 08.11.2024 the
Resolution Plan submitted by Surbhika Steels Pvt Limited as approved by the Hon’ble NCLT Allahabad
is successfully implemented. The Monitoring Committee constituted in accordance with the NCLT
approved resolution plan comprising of SBI, Surbhika Steels Pvt Limited and Monitoring Agent -
Anshul Gupta has overseen the successful implementation of the resolution plan. As on 07.02.2025, the
Board is reconstituted, the management and control of the affairs of the Corporate Debtor was transferred
to Surbhika Steels Pvt Limited in accordance with the Implementation Schedule contained in the
Resolution Plan Approval Order.

33. SETTLEMENT OF THE LIABILITIES UNDER THE NCLT APPROVE RESOLUTION
PLAN AND CUSTODY AND CONTROL OF THE COMPANY

The Resolution Plan submitted by Surbhika Steels Pvt Limited as approved by the Hon'ble NCLT
Allahabad is successfully implemented as on 07.02.2025. The Monitoring Committee constituted in
accordance with the NCLT approved resolution plan comprising of SBI, Surbhika Steels Pvt Limited
and Monitoring Agent - Anshul Gupta has overseen the successful implementation of the resolution
plan. The management and control of the affairs of the Corporate Debtor has been transferred to Surbhika

Steels Pvt Limited in accordance with the Implementation Schedule contained in the Resolution Plan
Approval Order on the said date.

The resolution plan duly approved by the Hon’ble NCLT Allahabad being a complete document has
dealt with all the outstanding dues of the Corporate Debtor including contingent claims if any. All the
liabilities including contingent liabilities of the Corporate Debtor Rathi Graphic Technologies Limited
stand fully satisfied under the NCLT approved resolution plan.

The company has passed necessary accounting entries in the financials as on 31.03.25 to give effect to
the NCLT approved resolution plan. As per the approved Resolution Plan, the amount outstanding in the
books with respect to the Financial. Operational Creditors and Statutory Creditors reduced by amount
paid/payable to them under the Resolution Plan shall be shown in the Profit and Loss Account in the
books of the Corporate Debtor.

34. RECONSTITUTION OF THE BOARD AND UPDATE OF SECRETARIAL MATTERS

NCLT order dated 27.07.2023 was filed with ROC in e-form INC 28 and the same was approved by
ROC. As per decision of the Monitoring Committee in its meeting held on 07.02.2025. requisite form
for cessation of Directors of erstw hile management was filed with ROC and the Company's Board was
re-constituted comprising of Surbhika Steel Pvt Limited nominated Directors.

As per approved Resolution Plan, Surbhika Steels P Limited along with its associates Daga Infrastructure
Pvt Limited infused Rs. 912.85 lacs towards Total Resolution Plan amount in Rathi Graphics
Technologies Limited on 31.03.2025. Pursuant to implementation of Resolution Plan:

a. 99% of the existing issued, subscribed and paid-up share capital of Rathi Graphics Technologies
Limited shall be cancelled and extinguished during financial year 2025-26;

b. New equity shares to the extent permitted will be issued and allotted to Surbhika Steels Pvt
Limited and/or Daga Infrastructure Pvt Limited against the Resolution Plan contributed by
them.

c. Accordingly, Rathi Graphic Technologies Limited will become a subsidiary/Group Company
of Surbhika Steels Pvt Limited and/or its associates. Further, Lenders have provided No Dues
Certificate in respect of charges on the assets and property of the Company, e-form CHG-4 was
filed with ROC and charges stand satisfied in the records of ROC on 01.05.2025.

35. Post completion of CIRP process and management of Company is taken over by the new management,
financial statements have been prepared on a going concern basis in spite of the fact the net worth of the
company has been fully eroded by the huge losses accumulated as at the end of the financial year.

36. Provision for diminution in the value of long-term investments held in RGTL Industries Limited has
been made in view of the fact the RGTL Industries Limited is under liquidation.

37. Expenditure in Foreign Currency is Rs. Nil. (Previous year Rs. Nil)

42. EARNINGS PER SHARE

The basic earnings per share is calculated by dividing the net profit after tax for the year by weighted
average number of equity shares outstanding during the year.

43. Previous year figures have been regrouped / rearranged wherever necessary, to correspond to current
year figures.

As per our report of even date
ForHG&& CO.

Chartered Accountants

CA Himanshu Garg Nikunj Daga Jvoti Jha

Partner Director Director

Membership No.: 403482 DIN:00360712 DIN:10930742

Firm Regn. No. : 013074C

Geeta Sameeksha Upreti

CFO Company Secretary

M. No. F 9638

Place: New Delhi

Date: 29.05.2025

UDIN: 25403482BMLMRT1375