Notes to Accounts of Foundry Fuel Products Ltd.

Mar 31, 2024

1.14 Provisions, contingent liabilities and contingent assets:

a) A provision is recognised when the Company has a present obligation (legal or constructive)
as a result of past event and it is probable that an outflow of resources will be required to
settle the obligation, in respect of which a reliable estimate can be made. If the effect of time
value of money is material, provisions are discounted using a current pre-tax rate that reflects,
when appropriate, the risk specific to the liability. When discounting is used, the increase in
the provision due to the passage of time is recognised as a finance cost. These are reviewed
at each balance sheet date and adjusted to reflect the current best estimates.

b) A disclosure for a contingent liability is made when there is a possible obligation or a present
obligation that may, but probably will not require an outflow of resources. When there is a
possible obligation or a present obligation in respect of which likelihood of outflow of resources
is remote, no provision or disclosure is made.

c) A contingent asset is disclosed, where an inflow of economic benefits is probable.

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

1.15 Segment reporting:

Operating segments are reported in a manner consistent with the internal reporting provided to the
chief operating decision-maker. The chief operating decision-maker, is responsible for allocating
resources and assessing performance of the operating segments and makes strategic decisions.

1.16 Recent accounting 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.

For the year ended March 31, 2024, MCA not notified any new standards or amendements to the
existing standards applicable to the Company.

d) Fair valuation techniques

The fair values of the financial assets and liabilities are included at the amount 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 following method and assumptions are used to estimate the fair values:

Financial assets and liabilities

The management assessed that fair value of Cash and cash equivalents, Short term
borrowings, Trade payables, Current financial liabilities approximate their carrying amounts
largely due to the short-term maturities of these instruments.

18 Financial risk management and capital management

The Company has exposure to the two risks mainly credit risk and liquidity risk. The Board of directors
has overall responsibility for the establishment of the Company''s risk management framework. Risk
management systems are reviewed periodically to reflect changes in market conditions and Company''s
activities.

A Financial risk management:

i) Credit risk :

Credit risk is the risk of financial loss to the Company if a counterparty to a financial
instruments fail to meet its contractual obligations. The Company is exposed mainly to
credit risk which arises from cash and cash equivalents.
a) Cash and cash equivalents

The Company considers factors such as track record, size of institution, market reputation
and service standards to select the banks with which balances are maintained. The balances
are generally maintained with banks with whom the Company has regular transactions.
Further, the Company does not maintain high amount of cash in hand. Considering the
same, the Company is not exposed to expected credit loss of cash and cash equivalents.

ii) Liquidity Risk :

Liquidity risk is defined as the risk that the Company will not be able to settle or meet its
obligation on time. The Company does not maintain sufficient liquidity to meet the
obligations as and when due. However, the Company receives continuous support from
the Holding Company to meet its obligations. The table below provides details regarding
the remaining contractual maturities of financial liabilities at the reporting date based on the
undiscounted payments.

B Capital Management:

The Company''s objectives when managing capital are to safeguard the Company''s ability
to continue as a going concern in order to provide returns for shareholders and benefits for
other stakeholders and to maintain an optimal capital structure. The Company has debts
which is repayable on demand to the holding company.

19 Contingent liabilities

There is no contingent liability (Previous year: Rs. Nil).

20 Capital commitments and other commitments

Estimated amount of contracts remaining to be executed on capital account and not provided for
Rs. Nil (Previous year: Rs. Nil). There is no other commitment as at year end (Previous year:
Rs. Nil).

26 The Company''s business was dependent on the commencement of mining operation by its holding
company. However, during the F.Y. 2014-15, the Hon''ble Supreme Court had passed an order
cancelling coal block allocations of various companies including the holding company. Considering
the aforesaid cancellation, the Company is looking for another business project. In view of no
business operations, the Company has incurred loss on account of administrative and other
expenses, current liabilities are more than current assets as at current & previous year end and its
net worth has also become negative by Rs. 99.59 lakhs as on 31st March, 2023 (Previous year:
Rs. 74.54 lakhs). Further, depreciable fixed assets have been fully depreciated in the previous
year considering no significant recoverable value. The Company has received commitment from
holding company for infusing the funds as and when required for any working capital requirements
or any other shortfall that may arise due to the lack of operations in the Company. Considering the
same, accounts are prepared on going concern. Attention has been drawn on this matter by statutory
auditors in their report on the financial results for the year ended 31st March, 2024. Further, reference
was also drawn on this matter by the statutory auditors in their limited review reports for the earlier
quarters and in their audit reports of earlier financial years.

29 The Company has not taken any borrowings from banks or financial institutions on the basis of
security of current assets.

30 Subsequent Events: There are no significant subsequent events that would require adjustments
or disclosures in the financial statement between the Balance Sheet date and the date of signing
of accounts.

31 As on March 31, 2024, the Company has not been declared wilful defaulter by any bank/ financial
institution or other lender.

32 The Company has not advanced any funds or loaned or invested by the Company to or in any other
person(s) or entities, including foreign entities (“Intermediaries”), with the understanding that the
intermediary shall whether directly or indirectly lend or invest in other persons or entities identified
in any manner by or on behalf of the Company (Ultimate Beneficiaries) or provide any guarantee,
security or the like on behalf of ultimate beneficiaries.The Company has not received any funds
from any person(s) or entities including foreign entities (“Funding Parties”) with the understanding
that such Company shall whether, 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
provide guarantee, security or the like on behalf of the Ultimate beneficiaries.

33 The Company has not advanced any funds or loaned or invested by the Company to or in any other
person(s) or entities, including foreign entities (“Intermediaries”), with the understanding that the
intermediary shall whether directly or indirectly lend or invest in other persons or entities identified
in any manner by or on behalf of the Company (Ultimate Beneficiaries) or provide any guarantee,
security or the like on behalf of ultimate beneficiaries.The Company has not received any funds
from any person(s) or entities including foreign entities (“Funding Parties”) with the understanding
that such Company shall whether, 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
provide guarantee, security or the like on behalf of the Ultimate beneficiaries.

34 No proceedings have been initiated or are pending against the Company as on 31st March, 2024
for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 and rules
made thereunder.

35 The Company does not have any transaction with companies struck off under section 248 of
Companies Act, 2013 or section 560 of Companies Act, 1956 and hence no disclosure is required.

36 The Company has not entered into any scheme of arrangements in terms of sections 230 to 237 of
the Companies Act, 2013.

37 Previous Year Figures have been regrouped/rearranged, wherever necessary.

Refer accompanying notes. These notes are an integral part of the financial statements.

As per our audit report of even date.

As per our audit report of even date.

For C V Pagariya & Co. For and on behalf of the Board of Directors of

Chartered Accountants Foundry Fuel Products Limited

Firm Registration No. 127772W

Sd/- Sd/- Sd/-

Gaurav Samota Nikesh Oswal Adarsh Agarwalla

Partner Director Director

Membership No. 152186 DIN 07895357 DIN 00527203

UDIN: 24152186BKFXEA8922 Sd/- Sd/-

Om Prakash Ojha Avinash Landge

Company Secretary Chief Financial Officer

M. No: 36603

Place: Mumbai Place: Mumbai Place: Mumbai

Date : 29/05/2024 Date : 29/05/2024 Date : 29/05/2024

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Mar 31, 2015

1. Contingent Liabilities: There is no contingent liability.

2. Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. Nil (previous year Rs.15,564,000, net of advances paid). There is no other commitment as at year end.

3. Related Party Disclosure

a. Entities having control

Castron Mining Limited - Holding company (w.e.f. 6th October 2012)

Chinmaya Steel and Power Limited – Intermediary holding company (w.e.f. 26th March 2014)

Chinmaya Holding Private Limited- Ultimate holding company (w.e.f. 26th March 2014)

B L A Industries Private Limited - Ceased to be ultimate holding company (w.e.f. 26th March 2014)

b. Companies in which Key Management Personnel (KMP) has significant influence / control: Anup Malleables Limited – up to 10th January 2014

Mechanical & Electrical Engineering Co. Private Limited B L A International Private Limited B L A Minerals Private Limited Dhanbad Engineering Private Limited

c. Key Management Personnel (KMP)

Shri Devendra Kumar Agarwalla (Ceased to be Managing Director w.e.f. 13th August 2013) Shri Kamal Ghosh (Whole Time Director w.e.f. 29th May 2013)

d. Relatives of KMP

Mrs. Madhu Agarwalla (wife of Managing Director)

Shri Adarsh Agarwalla (Director – son of Managing Director)

Mrs. Dipanwita Ghosh (wife of Whole Time Director)

4. There are no employees (except Managing director who has waived his right to receive managerial remuneration for the year) in the Company as on 31st March 2015. Therefore disclosures are not applicable under Accounting Standard 15 – 'Employee benefits' (revised).

5. Segment reporting:

There are no reportable segments under Accounting Standard 17 "Segment Reporting" as the primary operations comprise of only one segment i.e. manufacturing of coke. Further there are no secondary / geographical segments as the Company does its business only in India.

Deferred tax assets created only to the extent of deferred tax liability.

6. The Company's business which was dependent on the commencement of mining operation by its holding company. In view of the Hon'ble Supreme Court's order cancelling coal block allocations of various companies including the holding company, the Company is planning to initiate the process of searching another project. Further, in the opinion of the management, fixed assets are sufficiently and substantially depreciated / amortized and hence no adjustment would be required to its carrying value. For the purpose of payment to the trade liabilities, Company will be able get sufficient funds from holding company. Considering the same, accounts are prepared on going concern basis.

7. Depreciation has been provided based on the Schedule II of the Companies Act 2013 which has been effective from 1st April 2014. Accordingly carrying value of fixed assets is depreciated over the remaining useful life of the assets. Consequently, depreciation & loss for the year ended is higher by Rs. 1,513,456.

8. Pending finalisation of another project as referred to in note 25 above, the Company is yet to appoint Chief financial officer and Company secretary (key managerial personnel) as required by Section 203 of the Companies Act, 2013. Also the Company is in process of appointing woman director in accordance with Section 149 of the Companies Act, 2013.

9. The additional information as required by Para 5 of General Instructions for preparation of Statement of Profit and Loss (other than already disclosed above) are either Nil or Not Applicable.

10. Previous year figures are regrouped or rearranged wherever considered necessary.

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Mar 31, 2014

1.1 4,053,585 (P.Y. 4,053,585) Equity Shares of Rs.10/- each, fully paid-up are held by Castron Mining Limited, the holding company (w.e.f 6th October 2012).

1.2 In previous year, in accordance with the Board for Industrial and Financial Reconstruction (BIFR) Order:(a) The Company had reduced its Equity share capital by 50% i.e. by Rs. 30,387,500 and 3,038,750 shares, (b) The unsecured loan from Director and Group Company aggregating to Rs. 49,800,000 was converted into Equity share capital by allotment of 4,980,000 Equity shares of Rs.l0/-eachatpar.

1.3 In previous year Company had forfeited 1,200 equity shares face value Rs.10/- each against which allotment money @ Rs. 5 per share was not paid by the shareholders.

2. Contingent Liabilities:

There is no contingent liability.

3. Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. 15,564,000/- (net of advances paid) (P.Y. Rs. 15,564,000/-). There is no other commitment as at year end.

4. Related Party Disclosure

a. Entities having control

Castron Mining Limited - Holding company (w.e.f. 6th October 2012) B L A Industries Private Limited - Ceased to be ultimate holding company (w.e.f. 26th March 2014) Chinmaya Steel and Power Limited - Intermediary holding company (w.e.f. 26th March 2014)

Chinmaya Holding Private Limited- Ultimate holding company (w.e.f. 26th March 2014)

b. Companies in which Key Management Personnel (KMP) has significant influence I control:

Anup Malleables Limited - upto 10th January 2014 Mechanical & Electrical Engineering Co. Private Limited B L A International Private Limited B L A Minerals Private Limited Dhanbad Engineering Private Limited

c. Key Management Personnel (KMP)

Shri Devendra Kumar Agarwalla (Ceased to be Managing Director w.e.f. 13th August 2013)

Shri Kamal Ghosh (Whole Time Director w.e.f. 29th May 2013)

d. Relatives of KMP

Mrs. Madhu Agarwalla (wife of Managing Director)

Shri Adarsh Agarwalla (Director - son of Managing Director)

Mrs. Dipanwita Ghosh (wife of Whole Time Director)

Note

1. Figures in bracket pertain to previous year.

2. Amount including advance received in previous year of Rs. 485,000.

Notes:

(1) There are no employees in the Company as on 31st March 2014.

(2) Managing director has waived his right to receive managerial remuneration for the year.

(3) Since there is no liability or fund, other disclosures are not applicable.

5. The Company is in the process of appointing a company secretary as per the requirement of section 383A of the Companies Act, 1956.

6. Segment reporting:

There are no reportable segments under Accounting Standard 17 "Segment Reporting" as the primary operations comprise of only one segment i.e. manufacturing of coke. Further there are no secondary / geographical segments as the Company does its business only in India.

7. In the previous year, the unsecured loan taken from director and Group Company aggregating to Rs.49,800,000 was converted into equity share capital by allotment of 4,980,000 equity shares of Rs.10/- each at par which was not considered as cash transaction for cash flow statement. Also there was no cash flow on account of capital reduction & shares forfeited.

8. Company''s business is dependent on the commencement of mining operation by its holding company, Castron Mining Limited, which currently is uncertain. Company will take up another project in case the holding company is not able to start its operation. Further the fixed assets are sufficiently and substantially depreciated / amortized and hence no adjustment would be required to its carrying value. Company''s current assets are sufficient to repay its current liabilities. Considering the same, accounts are prepared on going concern basis.

9. Company has been discharged from the purview of SICA/BIFR as per its order dated 2nd July 2013. Accordingly Company now ceases to be a sick industrial company, within the meaning of section 3(l)(o) of the SICA as its net-worth has turned positive.

10. The additional information as required by Para 5 of General Instructions for preparation of Statement of Profit and Loss (other than already disclosed above) are either Nil or Not Applicable.

11. Previous year figures are regrouped or rearranged wherever considered necessary.

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Mar 31, 2013

1. Contingent Liabilities:

There is no contingent liability.

2. Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. 15,564,000/- (net of advances paid) (P. Y. Rs. 15,589,000/-). There is no other commitment as at year end.

3. Related Party Disclosure

a. Entities having control

Castron Mining Limited - Holding Company (w.e.f. 6 October 2012)

B L A Industries Pvt. Ltd. - Holding Company (From 10th August 2012 to 5th October 2012)

- Ultimate holding Company (w.e.f. 6 October 2012)

b. Companies in which KMPhas significant influence/control: Anup Malleables Limited

Mechanical & Electrical Engineering Co. (P) Limited B LA International (P) Ltd.

c. Key Management Personnel (KMP)

Shri Devendra Kumar Agarwalla (Managing Director)

d. Relatives of KMP

Mrs Madhu Agarwalla (wife of Managing Director)

Shri Adarsh Agarwalla (Director - son of Managing Director)

4. The Company is in the process of appointing a company secretary as per the requirement of section 383A of the Companies Act, 1956.

5. During the year, the unsecured loan taken from director and Group Company aggregating to Rs. 49,800,000 is converted into equity share capital by allotment of 4,980,000 equity shares of Rs. 10/- each at par which is not considered as cash transaction for cash flow statement. Also there is no cash flow on account of capital reduction & shares forfeited.

6. Segment reporting:

There are no reportable segments under Accounting Standard 17 "Segment Reporting" as the primary operations comprise of only one segment i.e. manufacturing of coke. Further there are no secondary / geographical segments as the Company does its business only in India.

7. The additional information as required by Para 5 of General Instructions for preparation of Statement of Profit and Loss (other than already disclosed above) are either Nil or Not Appli- cable.

8. Previous year figures are regrouped or rearranged wherever considered necessary.

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Mar 31, 2012

1. SEGMENT REPORT

The company has given its plant on hire, so segment wise reporting on required by Accounting Standard - 17 issued by the Institute of Chartered Accountants of India has not been given

2. CONTINGENT LIABUITIES & COMMMITMENT

Claims against the Company not acknowledged as debts Rs.34,140,695/- (Previous year 34,140,695/-) towards interest payable to B.L.A. Industries Pvt. Ltd. In the opinion of Management this amount is not payable in terms of order passed by AAIFR.

Capital Contract remaining to be executed of Rs.1,61,00,000/- against which advance of Rs.5,11,000/- (previous year Nil ) has been given.

3. As there is no reasonable certainty that sufficient future taxable income will be available, against which deferred tax assets can be realized, deferred tax assets have been recognized only to the extent of liability.

4. Preliminary expenses

Preliminary expenses are written off over a period of five years

5.Expenses Rs.770/- as Bonus & Rs.150/- as Listing Fee related to earlier year has been paid during the year.

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Mar 31, 2011

(i) Contingent Liabilities

SRs,7oms!Tlthe f0"115^ "0t acknowledSed ™ debts Rs: 33,832,837/- (Previous year '

34,140695/-) towards interest payable to B.L.A. Industries Ltd. In the opinion of mLIZ ment th.s amount is not payable in terms of order passed by AAIFR §

(ii) Miscellaneous Expenses do not include any item exceeding Rs. 5,000/- or 1% of turnover whichever is higher.

(iii) The company has given its Hard Coke Plant for the part of the year on managing contract and income thereof has been shown as Plant Rent.

(iv) Employee Benefits:

Effective from financial year 2007-08, the company adopted Accounting Standard (AS) 15 (Revised 2005) dealing with Employee Benefits, issued by the Institute of Chartered Accoun- tants of India. The Company has defined benefit plans for gratuity to eligible employees. The company does not have policy of carry forward of the compensated absence to the employees. The details of these defined benefit plans recognized in the financial statement are as under :

Related party Discing

A) Name of the Related parties:

1) Key Management personnel of the Company ;

a) Mr. Devendra Kumar Agarwalia

b) Mr. Nandan Kumar Agarwalia

c) Mr. Brij Mohan Todi

d) Mr. Pramod Kumar Agarwalia

e) Mr. Santosh Kumar Kedia.

a. M/s Anup Malleables Ltd.

b. M/s BLA International (P)Ltd. c M/s BLA Minerals (P) Ltd.

d. M/s Mechanical & Electrical Engg. Co (P) Ltd.

e. M/s Waste Products Reclaimer (P) Ltd.

Segment reporting :

The company has given its plant on hire, so segment wise reporting on required by Accounting Standard - 17 issued by the Institute of Chartered Accountants of India has not been given.

(v) Preliminary expenses

Preliminary expenses are written off over a period of five years (xiii) Expenses Rs 1,375/- related to earlier year for Bonus has been paid during the year

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Mar 31, 2010

(i) Previous years figures have been re-grouped / re-arranged wherever necessary and fig- ures for previous year and current year have been rounded off to the nearest rupee.

(ii) Sundry Creditors

Disclosure under Micro and Small Enterprises Development Act, 2006.

The company has not received the required information from Creditors regarding their status under the Micro, Small and Medium Enterprises Development Act. 2006. Hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid/ payable as required under the said Act have not been made.

(iii) In the opinion of the Board of Directors, all current assets, loans & advances are expected to realize in the ordinary course of business at least an amount equal to the amount at which they are stated in the Balance Sheet.

(iv) Contingent Liabilities :

a) Contingent Liabilities not provided in respect of Sales tax demand under appeal Rs. 7,230,746/- (Previous year Rs. 7,194,312/-).

b) Claims against the Company not acknowledged as debts Rs. 34,140,695/- (Previous year 55,854,882/-) towards interest payable to B.L.A. Industries Ltd. In the opinion of Management this amount is not payable in terms of order passed by AAIFR.

(v) Miscellaneous Expenses do not include any item exceeding Rs. 5,000/- or 1 % of turnover whichever is higher.

(vii) The company has given its Hard Coke Plant on managing contract and income thereof has been shown as Plant Rent.

(viii) Employee Benefits:

Effective from financial year 2007-08, the company adopted Accounting Standard (AS) 15 (Revised 2005) dealing with Employee Benefits, issued by the Institute of Chartered Ac- countants of India. The Company has defined benefit plans for gratuity to eligible employ- ees. The company does not have policy of carry forward of the compensated absence to the employees. The details of these defined benefit plans recognized in the financial state- ment are as under :

Defined Benefit Plan

Defined Contribution Plan :

Employees Provident Fund & other contribution plan are not applicable to the company.

(ix) As there is no reasonable certainty that sufficient future taxable income will be available, against which deferred tax assets can be realized, deferred tax assets have been recog- nized only to the extent of liability.

(x) Related party transactions

Information in accordance with the requirements of accounting standard -18 on Related party disclosures issued by the institute of chartered Accountants of India.

A) Name of the Related parties with whom transaction have take place during the year :

1) Key Management personnel of the Company :

a) Mr. Devendra Kumar Agarwalla

b) Mr. Nandan Kumar Agarwalla

c) Mr. Brij Mohan Todi

d) Mr. Pramod Kumar Agarwalla

e) Mr. Santosh Kumar Kedia

B) Enterprises over which key Management Personnel and Relatives of such Personnel are able to exercise significant Influence.

a) M/sAnupMalleablesLtd.

b) M/s BLA International (P)Ltd.

c) M/s BLA Minerals (P) Ltd.

d) M/s Mechanical & Electrical Engg. Co (P) Ltd.

e) M/s Waste Products Reclaimer (P) Ltd.

(xi) Segment reporting

The company has given its plant on hire, so segment wise reporting as required by Ac- counting Standard - 17 issued by the Institute of Chartered Accountants of India has not been given.

(xii) Preliminary expenses

Preliminary expenses are written off over a period of five years

(xiii) Expenses Rs 7500/- related to earlier year for Professional Tax has been paid during the year.

(xiv) Unsecured loan Rs. 2,17,14,187/- payable to B.L.A Industries Ltd. was written back by the company unilaterally in the year 2004-05 as in the opinion of management it was not payable. But during the year M/s. B.L.A. Industries Ltd. have claimed the amount and it is payable by the company. Hence the amount has been credited to the account of B.L.A. Industries Ltd. and debited to "Prior period adjustment a/c."

(xvi) Additional information pursuant to the provisions of paragraphs 3,4 (C) and 4 (D) of Part II of the schedule VI of the Companies Act, 1956.

(i)Expenditure in foreign currency Rs Nil (Previous Year Rs. Nil)

(ii)Earning in foreign currency Rs. Nil (Previous Year Rs. Nil)

(iii)Managerial Remuneration. Rs. 480,000/- (Previous Year Rs. 480,000/-)