Notes to Accounts of Haldyn Glass Ltd.

Mar 31, 2025

2.12 Provisions and Contingencies

Provisions involving substantial degree of estimation in measurement are recognised when there is a present
obligation as a result of past events, it is probable that there will be an outflow of resources and a reliable estimate
can be made of the amount of the obligation. These are reviewed at each balance sheet date and adjusted to reflect
the current best estimate.

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 recognised as a finance cost in the Standalone Statement of Profit and Loss.

Contingent liabilities are not provided for and are disclosed by way of notes. Contingent assets are not recognised
but disclosed in the notes to the Standalone Financial Statements when economic inflow is probable. However,
when the realisation of income is virtually certain, then the related asset is no longer a contingent asset, but it is
recognised as an asset.

2.13 Revenue recognition

Revenue from contracts with customers are recognised when the performance obligation towards customer have
been made i.e. on transfer of control of promised goods or services to a customer at an amount that reflects the
consideration to which the Company is expected to be entitled to in exchange for those goods or services.

Revenue towards satisfaction of a performance obligation is measured at the amount of transaction price [net of
variable consideration and net of taxes] allocated to that performance obligation. Revenue is recognised net of
sales reductions such as discounts, sales incentives granted and any taxes or duties collected on behalf of the
Government such as Goods and Service Tax, etc. This variable consideration is estimated based on the expected
value of outflow.

Sale of goods

Revenue from the sale of products is recognised when the Company has transferred control of the goods to the
buyer and the buyer obtains the benefits from the goods, the potential cash flows and the amount of revenue [the
transaction price] can be measured reliably, and it is probable that the Company will collect the consideration to
which it is entitled to in exchange for the goods.

Rendering of services

Revenue from services is recognised over time by measuring progress towards satisfaction of performance
obligation for the services rendered.

Other operating income

Incentives on exports and other Government incentives related to operations are recognised in the Standalone
Statement of Profit and Loss after due consideration of certainty of utilization / receipt of such incentives.

Interest and dividend income

Interest income is recognised in the Standalone Statement of Profit and Loss using the effective interest method.
Dividend Income is recognised when the right to receive the payment is established.

2.14 Depreciation

Depreciation is calculated on cost of items of property, plant and equipment less their estimated residual values over

their estimated useful lives, using straight line method as per useful life prescribed in Schedule II to the Companies
Act, 2013 except in respect of the following categories of assets, in whose case the life of the assets has been
assessed and estimated by the management based on technical evaluation.

- Captive Power Plant where depreciation is provided on written down value method over a period of 15 years

Furnaces which are depreciated under straight line method over a period of 8 years and moulds which are
depreciated under straight line method over a period of 2-4 years.

Intangible Assets are amortised over its useful life of 3 years on a straight-line basis and is generally recognised in
the Standalone Statement of Profit and Loss. Freehold land is not depreciated.

Depreciation on the property, plant and equipment which are added/disposed of during the year, is provided on pro¬
rata basis with reference to date of addition/deletion.

2.15 Foreign currency reinstatement and translation:

Transactions in foreign currencies are initially recorded by the Company at rates prevailing at the date of the
transaction. Subsequently monetary items are translated at closing exchange rates as on balance sheet date and
the resulting exchange difference recognised in Standalone Statement of Profit and Loss. Differences arising on
settlement of monetary items are also recognised in Standalone Statement of Profit and Loss. Non-monetary items
that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the
dates of the transaction. Non-monetary items carried at fair value that are denominated in foreign currencies are
translated at the exchange rates prevailing at the date when the fair value was determined. The gain or loss arising
on translation of non-monetary items measured at fair value is treated in line with the recognition of the gain or
loss on the change in fair value of the item [i.e., translation differences on items whose fair value gain or loss is
recognised in OCI or profit or loss are also recognised in OCI or profit or loss, respectively]. Foreign exchange
differences regarded as an adjustment to borrowing costs are presented in the Standalone Statement of Profit and
Loss, within finance costs. All other finance gains / losses are presented in the Standalone Statement of Profit and
Loss on a net basis.

2.16 Borrowings and Borrowing Costs

Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently
measured at amortised cost. Any difference between the proceeds [net of transaction costs] and the redemption
amount is recognised in the profit or loss over the period of the borrowings using the effective interest method.

Borrowings are removed from the Standalone Balance Sheet when the obligation specified in the contract is
discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been
extinguished or transferred to another party and the consideration paid is recognised in the profit or loss as other
income/ [expenses].

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement
of the liability for at least 12 months after the reporting period. Where there is a breach of a material provision of a
long-term loan arrangement on or before the end of the reporting period with the effect that the liability becomes
payable on demand on the reporting date, the entity does not classify the liability as current, if the lender agreed,
after the reporting period and before the approval of the Standalone Financial Statements for issue, not to demand
payment as a consequence of the breach.

Borrowing costs are interest and other costs [including exchange differences relating to foreign currency borrowings
to the extent that they are regarded as an adjustment to interest costs] incurred in connection with the borrowing
of funds. Borrowing costs directly attributable to acquisition or construction of an asset which necessarily take a
substantial period of time to get ready for their intended use are capitalised as part of the cost of that asset. Other
borrowing costs are recognised as an expense in the period in which they are incurred.

2.17 Earnings per equity share

Basic earnings per equity share is computed by dividing the net profit or loss attributable to the equity holders of
the Company by the weighted average number of equity shares outstanding during the period. Diluted earnings per
equity share is computed by dividing the net profit or loss attributable to the equity holders of the Company by the
weighted average number of equity shares considered for deriving basic earnings per equity share and also the
weighted average number of equity shares that could have been issued upon conversion of all dilutive potential
equity shares. The dilutive potential equity shares are adjusted for the proceeds receivable had the equity shares
been actually issued at fair value [i.e. the average market value of the outstanding equity shares]. Dilutive potential
equity shares are deemed converted as of the beginning of the period, unless issued at a later date. Dilutive potential
equity shares are determined independently for each period present.

2.18 Cash Flow statement

Cash flows are reported using the indirect method, whereby profit for the period 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 flows from operating,
investing and financing activities of the Company are segregated.

2.19 Employee Benefits

Short Term Employment benefits

All employee benefits payable wholly within twelve months of rendering the service are classified as short-term
employee benefits. Benefits such as salaries, wages etc. and the expected cost of ex-gratia are recognised in the
period in which the employee renders the related service. A liability is recognised for the amount expected to be paid
if the Company has a present legal or constructive obligation to pay this amount as a result of past service provided
by the employee and the obligation can be estimated reliably.

Post-Employment Employee Benefits

Retirement benefits to employees comprise payments to government provident funds, gratuity fund and Employees
State Insurance.

Defined Contribution Plans

The Company’s contribution to defined contributions plans such as Provident Fund, Employee State Insurance are
recognised in the Standalone Statement of Profit and Loss in the year when the contributions to the respective
funds are due. There are no other obligations other than the contribution payable to the respective Funds.

Defined Benefit Plans:

Gratuity liability is defined benefit obligation. The Company’s net obligation in respect of the gratuity benefit scheme
is calculated by estimating the amount of future benefit that employees have earned in return for their service in the
current and prior periods; that benefit is discounted to determine its present value.

The present value of the obligation under such defined benefit plan is determined based on actuarial valuation by an
independent actuary, using the projected unit credit method, which recognises each period of service as giving rise
to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

The obligation is measured at the present value of the estimated future cash flows. The discount rates used for
determining the present value of the obligation under defined benefit plan, are based on the market yields on
Government securities as at the balance sheet date.

Remeasurement of the net defined benefit liability, which comprise actuarial gains and losses, the return on plan
assets [excluding interest] and the effect of the asset ceiling [if any, excluding interest], are recognised immediately
in Other Comprehensive Income. Net interest expense / [income] on the net defined liability / [assets] is computed
by applying the discount rate, used to measure the net defined liability / [asset], to the net defined liability/ [asset]
at the start of the financial year after taking into account any changes as a result of contribution and benefit

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in Standalone Statement of Profit and Loss.

When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that relates to
past service or the gain or loss on curtailment is recognised immediately in Standalone Statement of Profit and
Loss. The Company recognises gains and losses on the settlement of a defined benefit plan when the settlement
occurs.

Actuarial gains/losses are recognised in the other comprehensive income.

Other Long-term Benefits:

The Company has other long-term benefits in the form of leave benefits. The present value of the obligation is
determined based on actuarial valuation using the projected unit credit method carried out by independent actuary.
The rate used to discount defined benefit obligation is determined by reference to market yields at the balance sheet
date on Indian Government Bonds for the estimated term of obligations. Actuarial gains or losses arising on account
of experience adjustment and the effect of changes in actuarial assumptions are recognised immediately in the
Standalone Statement of Profit and Loss as income or expense. Gains or losses on the curtailment or settlement of
other long-term benefits are recognised when the curtailment or settlement occurs.

1.20 Income Taxes

Income tax expense comprises current and deferred income tax. Income tax expense is recognized in net profit in
the Statement of Profit and Loss except to the extent that it relates to items recognized directly in equity, in which
case it is recognized in equity or other comprehensive income.

Current Tax

Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any
adjustment to the tax payable or receivable in respect of previous years. The amount of current tax reflects the
best estimate of the tax amount expected to be paid or received after considering the uncertainty, if any, related to
income taxes. It is measured using tax rates [and tax laws] enacted or substantively enacted by the reporting date

Current tax assets and current tax liabilities are offset only if there is a legally enforceable right to set off the
recognised amounts, and it is intended to realise the asset and settle the liability on a net basis or simultaneously.

Significant judgments are involved in determining the provision for income taxes, including amount expected to be
paid / recovered for uncertain tax positions.

Deferred Tax

Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities
for financial reporting purposes and the corresponding amounts used for taxation purposes. Deferred tax is also
recognised in respect of carried forward tax losses and tax credits. Deferred income tax assets and liabilities are
measured using tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date
and are expected to apply to taxable income in the years in which those temporary differences are expected to be
recovered or settled. The effect of changes in tax rates on deferred income tax assets and liabilities is recognised
as income or expense in the period that includes the enactment or the substantive enactment date. A deferred
income tax asset is recognised to the extent that it is probable that future taxable profit will be available against
which the deductible temporary differences and tax losses can be utilized. The Company offsets deferred tax assets
and deferred tax liabilities, where it has a legally enforceable right to set off current tax assets against current tax
liabilities and the deferred tax assets and deferred tax liabilities relate to the income tax levied by the same taxation
authorities.

l. 21 Fair value measurement

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the 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

The principal or the most advantageous market must be accessible by the Company. The fair value of an asset or
a liability is measured using the assumptions that market participants would use when pricing the asset or liability,
assuming that market participants act in their economic best interest.

For cash and other liquid assets, the fair value is assumed to approximate to book value, given the short term nature
of these instruments. For those items with a stated maturity exceeding twelve months, fair value is calculated using
a discounted cash flow methodology.

A fair value measurement of a non-financial asset considers a market participant''s ability to generate economic
benefits by using the asset in its highest and best use or by selling it to another.

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

- Level 1 - Quoted [unadjusted] market prices in active markets for identical assets or liabilities

- Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement
is directly or indirectly observable

- Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement
is unobservable

For assets and liabilities that are recognised in the Standalone Financial Statements on a recurring basis, the Company
determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation [based
on the lowest level input that is significant to the fair value measurement as a whole] at the end of each reporting
period.

For the purpose of fair value disclosures, the Company has determined classes of assets and liabilities based on the
nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above.

2.22 Segment Reporting

Operating segments, if applicable are reported in a manner consistent with the internal reporting provided to the
chief operating decision maker, which is identified as Board of Directors. The Board of Directors assesses the
financial performance and position of the Company and makes strategic decisions. Refer Note 38.2 on segmental
information presented in the notes to accounts.

2.23 Employee Stock Appreciation Right [ESAR]

a. Employees of the Company receive remuneration in the form of ESAR, whereby employees render services as
consideration for equity instruments [equity-settled transactions].

b. The cost of equity-settled transactions is determined by the fair value at the date when the grant is made
using an appropriate valuation model.

c. That cost is recognised, together with a corresponding increase in ESAR in equity, over the period in which
the performance and/or service conditions are fulfilled. The cumulative expense recognised for equity-settled
transactions at each reporting date until the vesting date reflects the extent to which the vesting period has
expired and the Company’s best estimate of the number of equity instruments that will ultimately vest.

d. When the terms of an equity-settled award are modified, the minimum expense recognised is the expense had
the terms had not been modified, if the original terms of the award are met. An additional expense is recognised
for any modification that increases the total fair value of the share-based payment transaction or is otherwise
beneficial to the employee as measured at the date of modification. Where an award is cancelled by the entity
or by the counterparty, any remaining element of the fair value of the award is expensed immediately through
the Statement of Profit or Loss.

e. The dilutive effect of outstanding options is reflected as additional share dilution in the computation of diluted
earnings per share.

2.24 Events after reporting date

Where events occurring after the balance sheet date provide evidence of conditions that existed at the end of the
reporting period, the impact of such events is adjusted with the standalone financial statements. Otherwise, events
after the balance sheet date of material size or nature are only disclosed.

2.25 Government Grants

Grant from the government [EPCG - Custom duty waiver] are recognised at their fair value where there is a
reasonable assurance that the grant will be received and the Company will comply with all the attached conditions.

Government grants in relation to duty saved on import of Capital goods [under the EPCG scheme] are capitalised
to Capital goods with corresponding impact in Deferred Income. These grants are provided by the government
based on commitment by the Company for achieving required export obligations over a period of 6 years from date
of EPCG License. Subsequently such grants [deferred income] are released to Standalone Statement of Profit and
Loss based on fulfilment of related export obligations.

2.26 Current and non-current classification

The Company presents assets and liabilities in statement of financial position based on current/non-current
classification. The Company has presented non-current assets and current assets before equity, non-current
liabilities and current liabilities in accordance with Schedule III, Division II of Companies Act, 2013 notified by MCA.

An asset is classified as current when it is:

a] Expected to be realised or intended to be sold or consumed in normal operating cycle,

b] Held primarily for trading,

c] Expected to be realised within twelve months after the reporting period, or

d] Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve
months after the reporting period.

All other assets are classified as non-current.

A liability is classified as current when it is:

a] Expected to be settled in normal operating cycle,

b] Held primarily for trading,

c] Due to be settled within twelve months after the reporting period, or

d] There is no unconditional right to defer the settlement of the liability for at least twelve months after the
reporting period.

All other liabilities are classified as non-current.

The operating cycle is the time between the acquisition of assets for processing and their realisation in cash or cash
equivalents. Deferred tax assets and liabilities are classified as non-current assets and liabilities. The Company has
identified twelve months as its normal operating cycle.

2.27 Material Accounting Policy Information

The Company adopted disclosure of Accounting policies [Amendments to Ind AS 1] from April 01,2023. Although
the amendments did not result in any changes in the accounting policies themselves, they impacted accounting
policy information disclosed in the financial statements.

The amendments require the disclosure of ''material'' rather than ''significant'' accounting policies. The amendments
also provide the guidance on the application of materiality to disclosure of accounting policies, assisting entities to
provide useful, entity specific accounting policy information that users need to understand other information in the
financial statements.

[d] Terms and Rights attached to equity shares

[i] The Company has only one class of Equity Shares having a par value of '' 1 per share. Each holder of Equity Shares is
entitled to one vote per share.

[ii] The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual
General Meeting.

[iii] In the event of liquidation the equity shareholders are entitled to receive the remaining assets of the Company after
distribution of all preferential amount, in proportion to their shareholding.

[e] Dividends paid during the year ended March 31,2025 include an amount of '' 0.70 per equity share towards final dividend for
the year ended March 31,2024.

Dividends paid during the year ended March 31,2024 include an amount of '' 0.70 per equity share towards final dividend for
the year ended March 31,2023.

On May 29, 2025, the Board of Directors of the Company have proposed a final dividend of '' 0.70 per share in respect of the
year ended March 31, 2025 subject to the approval of shareholders at the Annual General Meeting, and if approved, would
result in a cash outflow of approximately '' 376.26 lakhs.

[f] As per the records of the Company, including its register of shareholders / members & other declarations received from
shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares.

[g] The Company during the preceding 5 years:

i. has not allotted shares pursuant to contracts without payment received in cash.

ii. has not issued bonus shares .

iii. has not bought back any shares.

NOTE 14.2: OTHER EQUITY [CONTD.]

[b] Nature and purpose of reserves

[i] Capital Redemption Reserve

The Company has recognised Capital Redemption Reserve on buyback of equity shares from its retained earnings. The
amount in Capital Redemption Reserve is equal to nominal amount of the equity shares bought back.

[ii] Securities Premium

Securities premium account comprises of premium on issue of equity shares. The reserve is utilised in accordance with
the specific provision of the Companies Act, 2013.

[iii] General Reserve

The General reserve is used from time to time to transfer profits from retained earnings for appropriation purposes.
As the General reserve is created by a transfer from one component of equity to another and is not an item of other
comprehensive income, items included in the General Reserve will not be reclassified subsequently to the Standalone
statement of profit and loss. Mandatory transfer to general reserve is not required under the Companies Act, 2013.

[iv] Retained Earnings

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

[v] Other Comprehensive Income [OCI]

Other comprehensive income represents remeasurements of the defined benefit gratuity plan; comprising of actuarial
gains and losses on its net liabilities and fair valuation of equity instruments.

[vi] ESAR Reserve - Refer Note 44

Employee stock options reserve is used to record the share-based payments, expense under the ESAR scheme. The
reserve is used for the settlement of ESAR.

15.1 Nature of security and terms of payment for loans

i) Term loans of '' 9,091.45 [PY : '' 7,433.77 Lakhs] are primarily secured by hypothecation & mortgage of Property, plant and
equipment of Company on first charge basis and collaterally secured by hypothecation of stock & book debts on first charges
basis.

ii) Term loan of '' 42.50 [PY : '' Nil] is secured by hypothecation & mortgage of vehicle car.

iii) Term loans carry interest rate in range of 9.30% to 9.35% p.a. as at March 31,2025. [PY : 9.00% p.a. to 9.30% p.a.]

Notes:

1. Excluding penalty and other levies the quantum of which is presently not determinable.

2. The Company had in earlier year filed complaint against its ex-employees for purported misappropriation within the Company. These employees
have levied counter charges/complaint against the management of the Company with various authorities. The Company has suitably replied to
those clarifications sought for. The management of the Company does not perceive that any financial/other adjustment is required to be made
in the books of accounts of the Company arising out of the said matter.

3. Estimated amount for cases under labour court.

4. Out of the EPCG License issued to the Company as at March 31, 2025 of '' 2,955.35 lakhs [P.Y. '' 2,512.13 lakhs] [custom duty saved], the
Company has utilised licenses to the tune of '' 874.12 lakhs [P.Y. '' 734.13 Lakhs] on cumulative basis and licenses amounting to '' 2,081.23 lakhs
[P.Y. '' 1,778.00 lakhs] are yet to be utilised for which are shown under current liabilities. To the extent of pending utilisation, the Company has an

export obligation of 6 times amounting to '' 12,487.37 lakhs [P.Y. '' 10,668.00 Lakhs].

5. The Company''s TRACES site shows an amount of '' 27.94 lakhs for income tax for various financial years i.e. from 2007-08 to 2024-25. Out
of that, an amount of '' 13.07 lakhs has been provided by the Company. For the balance amount of '' 14.87 lakhs, the Company has submitted
rectification letter and in the opinion of the management, after the necessary rectifications on the TRACES site there will be no amount payable.
Considering the matter involved and rectification letter submitted by the Company, the management believes that the probability of matters
being decided against the Company are remote in nature and hence not disclosed as contingent liability.

6. The Company has two parcels of land amounting to '' 159.94 lakhs [out of which '' 144.75 Lakhs is addition in the current year] which is
agricultural land. These are to be converted into non-agricultural land by the Company. The conversion charges and stamp duty [as applicable]
is payable at the time of conversion into non-agricultural land.

Note: Future cash outflows, if any, in respect of matters stated above is dependent upon the outcome of judgments / decisions etc or non-fulfilment
of export obligation.

The estimate of rate of escalation in Salary considered in actuarial valuation takes into account inflation, seniority,
promotion and other retirement factors including supply & demand in the employment market. The above information is
certified by the actuary.

viii] General descriptions of defined plans:

The Company operates gratuity plan wherein every employee is entitled to the benefit equivalent to fifteen days salary
last drawn for each completed year of service. The same is payable on termination of service or retirement whichever is
earlier. The benefit vests after five years of continuous service.

The Company provides for gratuity, a defined benefit retirement plan ["the Gratuity Plan"] covering eligible Indian
employees. The Gratuity Plan provides a lump-sum payment to vested employees at retirement, death, incapacitation or
termination of employment, of an amount based on the respective employee''s salary and the tenure of employment with
the Company.

[x] Weighted average remaining duration of defined benefit obligation - 7.59 years [PY : 6.91 years]

[xi] Other long-term employee benefits:

Compensated absences are payable to employees at the rate of daily salary for each day of accumulated leave on death
or on resignation or upon retirement. The amount of compensated absences outstanding as at March 31, 2025, based
on actuarial valuation using the projected accrued benefit method is '' 301.85 Lakhs [PY: '' 315.90 Lakhs].

NOTE 39: CAPITAL MANAGEMENT

For the purpose of Company’s capital management, capital includes issued capital, all other equity reserves and debts. The primary
objective of the Company’s capital management is to maximise shareholders value. The Company manages its capital structure
and makes adjustments in the light of changes in economic environment and the requirements of the financial covenants. The
Company monitors capital using gearing ratio, which is net debt divided by total capital [equity plus net debt]. Net debt are non¬
current and current debts as reduced by cash and cash equivalents, other bank balances and current investments. Equity comprises
all components including other comprehensive income. One of the furnaces at the plant of the Company was shut down from June
08, 2023 to September 09, 2023 for relining / expansion / modernisation. For the said purpose, the Company has availed term loan
from banks resulting in substantial increase in gearing ratio.

NOTE 40:

In the earlier years, the Company had filed a complaint against its ex-employees for purported misappropriation of funds. By virtue
of the Order of Hon''ble Additional Chief Magistrate received during the F.Y. 2016-17, the Company had received interim custody of
certain valuables and amounts [invested in fixed deposits] which were accounted for in the books of account. Further, as per the
Order, the Company was allowed to let-out the immovable property involved in the matter on leave and license basis. The valuables
and Fixed Deposits have been shown under Other Current Assets. Further, the Company has recorded the corresponding liability
and necessary provisions have already been made against the other receivables on a conservative basis. Final adjustments, if any,
in respect of amounts recorded in the books and other amounts will be made on the settlement of the litigation. Refer note no. 11.2,
12, 13 and 23.

41.2 Fair Valuation techniques used to determine fair value:

The Company maintains procedures to value financial assets or financial liabilities using the best and most relevant data

available. 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 methods and assumptions were used to estimate the fair values:

i] Fair value of cash and cash equivalents, trade payables, borrowings and other financial assets and liabilities are approximate
at their carrying amounts largely due to the short-term maturities of these instruments.

ii] The fair values of trade receivables and non-current loans are calculated based on expected credit loss method and
discounted cash flow using a current lending rate respectively. They are classified as level 3 fair values in the fair value
hierarchy due to the inclusion of unobservable inputs including credit risk [refer note 41.3 below]. The fair values of non¬
current loan are approximate at their carrying amount due to interest bearing features of these instruments.

iii] The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are
available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable
inputs.

iv] Fair values of quoted financial instruments are derived from quoted market prices in active markets.

v] Equity Investments in jointly venture entity and subsidiary are stated at cost.

41.3 Fair value hierarchy

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation

techniques:

Level 1: Quoted prices / published NAV [unadjusted] in active markets for identical assets or liabilities. It includes fair value of
financial instruments traded in active markets and are based on quoted market prices at the balance sheet date and
financial instruments like mutual funds for which net assets value [NAV] is published by mutual fund operators at the
balance sheet date.

Level 2: Inputs, other than quoted prices included within level 1, that are observable for the asset or liability, either directly [that
is, as prices] or indirectly [that is, derived from prices]. It includes fair value of the financial instruments that are not
traded in an active market [for example, over-the-counter derivatives] is determined by using valuation techniques.
These valuation techniques maximise the use of observable market data where it is available and rely as little as
possible on the Company specific estimates. If all significant inputs required to fair value an instrument are observable
then instrument is included in level 2.

Level 3: Inputs for the asset or liability that are not based on observable market data [that is, unobservable inputs]. If one or
more of the significant inputs is not based on observable market data, the instrument is included in level 3.

41.4 Description of the valuation processes used by the Company for fair value measurement categorised within level 3.

At each reporting date, the Company analysis the movements in the values of financial assets and liabilities which are required
to be remeasured or re-assessed as per the accounting policies. For this analysis, the Company verifies the major inputs applied
in the latest valuation by agreeing the information in the valuation computation to contracts and other relevant documents.
The Company also compares the change in the fair value of each financial asset and liability with relevant external sources to
determine whether the change is reasonable. The Company also discusses of the major assumptions used in the valuations.
For the purpose of fair value disclosures, the Company has determined classes of financial 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.

NOTE 42: FINANCIAL RISK MANAGEMENT - OBJECTIVES AND POLICIES

The Company is exposed to market risk, credit risk and liquidity risk. Risk management is carried out by the Company under policies
approved by the Board of Directors. This Risk management plan defines how risks associated with the Company will be identified,
analysed, and managed. It outlines how risk management activities will be performed, recorded, and monitored by the Company.
The basic objective of risk management plan is to implement an integrated risk management approach to ensure all significant
areas of risks are identified, understood and effectively managed, to promote a shared vision of risk management and encourage
discussion on risks at all levels of the organization to provide a clear understanding of risk/benefit trade-offs, to deploy appropriate
risk management methodologies and tools for use in identifying, assessing, managing and reporting on risks, and to determine the
appropriate balance between cost and control of risk and deploy appropriate resources to manage/optimize key risks. Activities are
developed to provide feedback to management and other interested parties [e.g. Audit committee, Board etc.]. The results of these
activities ensure that risk management plan is effective in the long term.

42.1 Market risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market prices comprise of three types of risk: foreign currency rate risk, interest rate risk and other price risks,
such as equity price risk and commodity risk. Financial instruments affected by market risk include loans and borrowings,
deposits and investments. The sensitivity analysis is given relating to the position as at March 31,2025 and March 31,2024.
The sensitivity analysis excludes the impact of movements in market variables on the carrying value of post-employment
benefit obligations, provisions and on the non-financial assets and liabilities. The sensitivity of the relevant statement of profit
and loss item is the effect of the assumed changes in the respective market risks. The Company’s activities expose it to a
variety of financial risks, including the effects of changes in foreign currency exchange rates and interest rates. This is based
on the financial assets and financial liabilities held as at March 31,2025 and March 31,2024.

[a] Foreign exchange risk and sensitivity

Foreign currency risk is 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’s exposure to the risk of changes in foreign exchange rates relates
primarily to the Company’s operating activities. The Company transacts business primarily in USD and Euro. The
Company has foreign currency trade payables and receivables and is therefore, exposed to foreign exchange risk. The
Company regularly reviews and evaluates exchange rate exposure arising from foreign currency transactions and the
Company has entered into forward contract to mitigate this risk.

[d] Equity price risk:

The Company has decided to fair value its equity instruments through Other Comprehensive Income and carry investment
in jointly controlled entities at Cost. Therefore neither profit or loss nor equity will be affected by the equity price risk of
those instruments. Accordingly, no sensitivity analysis is required.

42.2 Credit risk

Credit risk is the risk that a counter party will not meet its obligations under a financial instrument or customer contract, leading
to a financial loss. The Company is exposed to credit risk from its operating activities [primarily trade receivables] and from its
financing activities, including deposits with banks, foreign exchange transactions and other financial instruments.

[a] Trade Receivables:

The Company extends credit to customers in normal course of business. The Company considers factors such as credit
track record in the market and past dealings with the Company for extension of credit to customers. The Company
monitors the payment track record of the customers. Outstanding customer receivables are regularly monitored. The
Company evaluates the concentration of risk with respect to trade receivables as low, as its customers are located in
several jurisdictions and industries and operate in largely independent markets. The Company has also taken security
deposits in certain cases from its customers, which mitigate the credit risk to some extent. The Company has adopted
an Expected Credit Loss Model as per Ind AS 109 "Financial Instruments", wherein the provision is made for expected
losses for non-recovery of receivables and also for loss in value of money due to delayed receipt of money. However, the
Company does not expect any material risk on account of non-performance by Company’s counterparties.

[b] Financial instruments and cash deposits:

The Company considers factors such as track record, size of the institution, market reputation and service standards to
select the banks with which balances are maintained. Credit risk from balances with bank is managed by the Company’s
finance department. Investment of surplus funds are also managed by finance department. The Company does not
maintain significant cash in hand. Excess balance of cash other than those required for its day to day operations is
deposited into the bank.

For other financial instruments, the finance department assesses and manage credit risk based on internal assessment.
Internal assessment is performed for each class of financial instrument with different characteristics.

42.3 Liquidity risk

Liquidity risk is the risk that the Company may not be able to meet its present and future cash and collateral obligations without
incurring unacceptable losses. The Company’s objective is to, at all times, maintain optimum levels of liquidity to meet its cash
and collateral requirements. The Company relies on operating cash flows and short term borrowings in the form of Working
Capital Loan to meet its needs for funds. Company has not breached any covenants [where applicable] on any of its borrowing
facilities. The Company has access to a sufficient variety of sources of funding as per requirement.

The table below provides undiscounted cash flows towards financial liabilities into relevant maturity based on the remaining
period at the balance sheet to the contractual maturity date.

Pursuant to ESAR scheme/plan approved by the shareholders of the Company on May 27,2021, the Nomination and Remuneration
Committee of the Board of Directors on May 24, 2022 approved for issue of 11,11,000 ESAR’s to the employee of the Company. The
Members approved ESARs to the employee of the Company, which upon conversion into equity shall not exceed 10 Lakh equity
shares from time to time.

As per the Scheme/Plan of the total ESAR’s granted shall vest not earlier than minimum of 1 year and not later than a maximum
of 5 years from the date of grant of ESARs as may be determined by the Committee and is subject to continued employment of
the employee with the Company and upon achievement of prescribed performance conditions as prescribed in the Scheme. The
employee pays the exercise price upon exercise of ESAR’s.

NOTE 45: OTHER DISCLOSURES

[a] The Company does not have any benami property held in its name. No proceedings have been initiated on or are pending
against the Company for holding benami property under the Benami Transactions [Prohibition] Act, 1988 [45 of 1988] and Rules
made thereunder.

[b] The Company has not traded or invested in crypto currency or virtual currency during the financial year.

[c] There are no loans or advances in the nature of loans granted to Promoters, Directors, KMPs and their related parties [as defined
under Companies Act, 2013], either severally or jointly with any other person, that are: [a] repayable on demand; or [b] without
specifying any terms or period of repayment.

[d] The Company has complied with the requirements of the number of layers prescribed under clause [87] of section 2 of the
Companies Act, 2013 read with Companies [Restriction on number of Layers] Rules, 2017.

[e] The Company has not been declared wilful defaulter by any bank or financial institution or other lender or government or any
government authority.

[f] Utilisation of borrowed funds and share premium:

[i] 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

[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

[g] There is no income surrendered or disclosed as income during the year in tax assessments under the Income Tax Act, 1961
[such as search or survey], that has not been recorded in the books of account.

[h] The Company does not have any charge which is yet to be registered or satisfied with Registrar of Companies[ROC] beyond the
statutory period.

[i] The Code on Social Security, 2020 [''Code''] relating to employee benefits during employment and post- employment benefits
received Indian Parliament''s approval and Presidential assent in September 2020. The Code has been published in the Gazette
of India and subsequently, on November 13, 2020, draft rules were published and stakeholders'' suggestions were invited.
However, the date on which the Code will come into effect has not been notified. The Company will assess the impact of the
Code when it comes into effect and will record any related impact in the period the Code becomes effective.

[l] The Company does not have transactions with the companies struck off under section 248 of Companies Act, 2013 or Section
560 of Companies Act, 1956 for the year ended March 31,2025 and March 31,2024.

[m] The Company has used the borrowings from banks for the purpose for which it was taken.

[n] The Company has not entered into any scheme of arrangement which has an accounting impact on current or previous financial
year.

There were no significant events that occurred subsequent to the reporting period which need any adjustment or disclosure in these
financial statements.

As per our Report of even date attached For and on behalf of the Board of Directors of Haldyn Glass Limited

For KNAV & CO. LLP Narendra Shetty Tarun Shetty

Chartered Accountants Executive Chairman Managing Director

Firm Registration No. 120458W/W10079 DIN: 00025868 DIN: 00587108

Samir Parmar Place : Mumbai Place : Mumbai

Partner Date: May 29, 2025 Date: May 29, 2025

Membership No. 113505

Niraj Tipre Ganesh Chaturvedi Dhruv Mehta

Place : Mumbai Chief Executive Officer Chief Financial Officer Company Secretary

Date : May 29, 2025 FCA-27636 ACS No. 46874

Place: Mumbai Place: Mumbai Place: Mumbai

Date: May 29, 2025 Date: May 29, 2025 Date: May 29, 2025

---

Mar 31, 2024

2.11 Provisions and Contingencies

Provisions involving substantial degree of estimation in measurement are recognised when there is a present obligation as a result of past events, it is probable that there will be an outflow of resources and a reliable estimate can be made of the amount of the obligation. These are reviewed at each balance sheet date and adjusted to reflect the current best estimate.

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 recognised as a finance cost in the Standalone Statement of Profit and Loss.

Contingent liabilities are not provided for and are disclosed by way of notes. Contingent assets are not recognised but disclosed in the notes to the Standalone Financial Statements when economic inflow is probable. However, when the realisation of income is virtually certain, then the related asset is no longer a contingent asset, but it is recognised as an asset.

2.12 Revenue recognition

Revenue from contracts with customers are recognised when the performance obligation towards customer have been made i.e. on transfer of control of promised goods or services to a customer at an amount that reflects the consideration to which the Company is expected to be entitled to in exchange for those goods or services.

Revenue towards satisfaction of a performance obligation is measured at the amount of transaction price [net of variable consideration and net of taxes] allocated to that performance obligation. Revenue is recognised net of sales reductions such as discounts, sales incentives granted and any taxes or duties collected on behalf of the Government such as Goods and Service Tax, etc. This variable consideration is estimated based on the expected value of outflow.

Sale of goods

Revenue from the sale of products is recognised when the Company has transferred control of the goods to the buyer and the buyer obtains the benefits from the goods, the potential cash flows and the amount of revenue [the transaction price] can be measured reliably, and it is probable that the Company will collect the consideration to which it is entitled to in exchange for the goods.

Rendering of services

Revenue from services is recognised over time by measuring progress towards satisfaction of performance obligation for the services rendered.

Other operating income

Incentives on exports and other Government incentives related to operations are recognised in the Standalone Statement of Profit and Loss after due consideration of certainty of utilization / receipt of such incentives.

Interest and dividend income

Interest income is recognised in the Standalone Statement of Profit and Loss using the effective interest method. Dividend Income is recognised when the right to receive the payment is established.

2.13 Depreciation

Depreciation is calculated on cost of items of property, plant and equipment less their estimated residual values over their estimated useful lives, using straight line method as per useful life prescribed in Schedule II to the Companies Act, 2013 except in respect of the following categories of assets, in whose case the life of the assets has been assessed and estimated by the management based on technical evaluation.

Captive Power Plant where depreciation is provided on written down value method over a period of 15 years.

Furnaces which are depreciated under straight line method over a period of 8 years and moulds which are depreciated under straight line method over a period of 2-4 years.

Intangible Assets are amortised over its useful life of 3 years on a straight-line basis and is generally recognised in the Standalone Statement of Profit and Loss. Freehold land is not depreciated.

Depreciation on the property, plant and equipment which are added/disposed of during the year, is provided on pro-rata basis with reference to date of addition/deletion.

2.14 Foreign currency reinstatement and translation:

Transactions in foreign currencies are initially recorded by the Company at rates prevailing at the date of the transaction. Subsequently monetary items are translated at closing exchange rates as on balance sheet date and the resulting exchange difference recognised in Standalone Statement of Profit and Loss. Differences arising on settlement of monetary items are also recognised in Standalone Statement of Profit and Loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the transaction. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the exchange rates prevailing at the date when the fair value was determined. The gain or loss arising on translation of non-monetary items measured at fair value is treated in line with the recognition of the gain or loss on the change in fair value of the item [i.e., translation differences on items whose fair value gain or loss is recognised in OCI or profit or loss are also recognised in OCI or profit or loss, respectively]. Foreign exchange differences regarded as an adjustment to borrowing costs are presented in the Standalone Statement of Profit and Loss, within finance costs. All other finance gains / losses are presented in the Standalone Statement of Profit and Loss on a net basis.

2.15 Borrowings and Borrowing Costs

Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any difference between the proceeds [net of transaction costs] and the redemption amount is recognised in the profit or loss over the period of the borrowings using the effective interest method.

Borrowings are removed from the Standalone Balance Sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid is recognised in the profit or loss as other income/ [expenses].

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. Where there is a breach of a material provision of a long-term loan arrangement on or before the end of the reporting period with the effect that the liability becomes payable on demand on the reporting date, the entity does not classify the liability as current, if the lender agreed, after the reporting period and before the approval of the Standalone Financial Statements for issue, not to demand payment as a consequence of the breach.

Borrowing costs are interest and other costs [including exchange differences relating to foreign currency borrowings to the extent that they are regarded as an adjustment to interest costs] incurred in connection with the borrowing of funds. Borrowing costs directly attributable to acquisition or construction of an asset which necessarily take a substantial period of time to get ready for their intended use are capitalised as part of the cost of that asset. Other borrowing costs are recognised as an expense in the period in which they are incurred.

2.16 Earnings per equity share

Basic earnings per equity share is computed by dividing the net profit or loss attributable to the equity holders of the Company by the weighted average number of equity shares outstanding during the period. Diluted earnings per equity share is computed by dividing the net profit or loss attributable to the equity holders of the Company by the weighted average number of equity shares considered for deriving basic earnings per equity share and also the weighted average number of equity shares that could have been issued upon conversion of all dilutive potential equity shares. The dilutive potential equity shares are adjusted for the proceeds receivable had the equity shares been actually issued at fair value [i.e. the average market value of the outstanding equity shares]. Dilutive potential equity shares are deemed converted as of the beginning of the period, unless issued at a later date. Dilutive potential equity shares are determined independently for each period present.

2.17 Cash Flow statement

Cash flows are reported using the indirect method, whereby profit for the period 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 flows from operating, investing and financing activities of the Company are segregated.

2.18 Employee Benefits

Short Term Employment benefits

All employee benefits payable wholly within twelve months of rendering the service are classified as short-term employee benefits. Benefits such as salaries, wages etc. and the expected cost of ex-gratia are recognised in the period in which the employee renders the related service. A liability is recognised for the amount expected to be paid if the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.

Post-Employment Employee Benefits

Retirement benefits to employees comprise payments to government provident funds, gratuity fund and Employees State Insurance.

Defined Contribution Plans

The Company’s contribution to defined contributions plans such as Provident Fund, Employee State Insurance are recognised in the Standalone Statement of Profit and Loss in the year when the contributions to the respective funds are due. There are no other obligations other than the contribution payable to the respective Funds.

Defined Benefit Plans:

Gratuity liability is defined benefit obligation. The Company’s net obligation in respect of the gratuity benefit scheme is calculated by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value.

The present value of the obligation under such defined benefit plan is determined based on actuarial valuation by an independent actuary, using the projected unit credit method, which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

The obligation is measured at the present value of the estimated future cash flows. The discount rates used for determining the present value of the obligation under defined benefit plan, are based on the market yields on Government securities as at the balance sheet date.

Remeasurement of the net defined benefit liability, which comprise actuarial gains and losses, the return on plan assets [excluding interest] and the effect of the asset ceiling [if any, excluding interest], are recognised immediately in Other Comprehensive Income. Net interest expense / [income] on the net defined liability / [assets] is computed by applying the discount rate, used to measure the net defined liability / [asset], to the net defined liability/ [asset] at the start of the financial year after taking into account any changes as a result of contribution and benefit payments during the year. Net interest expense and other expenses related to defined benefit plans are recognised in Standalone Statement of Profit and Loss.

When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that relates to past service or the gain or loss on curtailment is recognised immediately in Standalone Statement of Profit and Loss. The Company recognises gains and losses on the settlement of a defined benefit plan when the settlement occurs.

Actuarial gains/losses are recognised in the other comprehensive income.

Other Long-term Benefits:

The Company has other long-term benefits in the form of leave benefits. The present value of the obligation is determined

based on actuarial valuation using the projected unit credit method carried out by independent actuary. The rate used to discount defined benefit obligation is determined by reference to market yields at the balance sheet date on Indian Government Bonds for the estimated term of obligations. Actuarial gains or losses arising on account of experience adjustment and the effect of changes in actuarial assumptions are recognised immediately in the Standalone Statement of Profit and Loss as income or expense. Gains or losses on the curtailment or settlement of other long-term benefits are recognised when the curtailment or settlement occurs.

2.19 Income Taxes

Current Tax

Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or receivable in respect of previous years. The amount of current tax reflects the best estimate of the tax amount expected to be paid or received after considering the uncertainty, if any, related to income taxes. It is measured using tax rates [and tax laws] enacted or substantively enacted by the reporting date

Current tax assets and current tax liabilities are offset only if there is a legally enforceable right to set off the recognised amounts, and it is intended to realise the asset and settle the liability on a net basis or simultaneously.

Deferred Tax

Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the corresponding amounts used for taxation purposes. Deferred tax is also recognised in respect of carried forward tax losses and tax credits. Deferred income tax assets and liabilities are measured using tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date and are expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of changes in tax rates on deferred income tax assets and liabilities is recognised as income or expense in the period that includes the enactment or the substantive enactment date. A deferred income tax asset is recognised to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences and tax losses can be utilized. The Company offsets deferred tax assets and deferred tax liabilities, where it has a legally enforceable right to set off current tax assets against current tax liabilities and the deferred tax assets and deferred tax liabilities relate to the income tax levied by the same taxation authorities.

2.20 Fair value measurement

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the 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

The principal or the most advantageous market must be accessible by the Company. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.

For cash and other liquid assets, the fair value is assumed to approximate to book value, given the short term nature of these instruments. For those items with a stated maturity exceeding twelve months, fair value is calculated using a discounted cash flow methodology.

A fair value measurement of a non-financial asset considers a market participant''s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another.

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

- Level 1 - Quoted [unadjusted] market prices in active markets for identical assets or liabilities

- Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable

- Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable

For assets and liabilities that are recognised in the Standalone Financial Statements on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation [based on the lowest level input that is significant to the fair value measurement as a whole] at the end of each reporting period.

For the purpose of fair value disclosures, the Company has determined classes of assets and liabilities based on the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above.

2.21 Segment Reporting

Operating segments, if applicable are reported in a manner consistent with the internal reporting provided to the chief operating decision maker, which is identified as Board of Directors. The Board of Directors assesses the financial performance and position of the Company and makes strategic decisions. Refer Note 38.2 on segmental information presented in the notes to accounts.

2.22 Employee Stock Appreciation Right [ESAR]

a. Employees of the Company receive remuneration in the form of ESAR, whereby employees render services as consideration for equity instruments [equity-settled transactions].

b. The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model.

c. That cost is recognised, together with a corresponding increase in ESAR in equity, over the period in which the performance and/or service conditions are fulfilled. The cumulative expense recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Company’s best estimate of the number of equity instruments that will ultimately vest.

d. When the terms of an equity-settled award are modified, the minimum expense recognised is the expense had the terms had not been modified, if the original terms of the award are met. An additional expense is recognised for any modification that increases the total fair value of the share-based payment transaction or is otherwise beneficial to the employee as measured at the date of modification. Where an award is cancelled by the entity or by the counterparty, any remaining element of the fair value of the award is expensed immediately through the Statement of Profit or Loss.

e. The dilutive effect of outstanding options is reflected as additional share dilution in the computation of diluted earnings per share.

2.23 Events after reporting date

Where events occurring after the balance sheet date provide evidence of conditions that existed at the end of the reporting period, the impact of such events is adjusted with the standalone financial statements. Otherwise, events after the balance sheet date of material size or nature are only disclosed.

2.24 Government Grants

Government from the government [EPCG - Custom duty waiver] are recognised at their fair value where there is a reasonable assurance that the grant will be received and the Company will comply with all the attached conditions.

Government grants in relation to duty saved on import of Capital goods [under the EPCG scheme] are capitalised to Capital goods with corresponding impact in Deferred Income. These grants are provided by the government based on commitment by the Company for achieving required export obligations over a period of 6 years from date of EPCG License. Subsequently such grants [deferred income] are released to Standalone Statement of Profit and Loss based on fulfilment of related export obligations.

2.25 Current and non-current classification

The Company presents assets and liabilities in statement of financial position based on current/non-current classification. The Company has presented non-current assets and current assets before equity, non-current liabilities and current liabilities in accordance with Schedule III, Division II of Companies Act, 2013 notified by MCA.

An asset is classified as current when it is:

a] Expected to be realised or intended to be sold or consumed in normal operating cycle,

b] Held primarily for trading,

c] Expected to be realised within twelve months after the reporting period, or

d] Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.

All other assets are classified as non-current.

A liability is classified as current when it is:

a] Expected to be settled in normal operating cycle,

b] Held primarily for trading,

c] Due to be settled within twelve months after the reporting period, or

d] There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.

All other liabilities are classified as non-current.

The operating cycle is the time between the acquisition of assets for processing and their realisation in cash or cash equivalents. Deferred tax assets and liabilities are classified as non-current assets and liabilities. The Company has identified twelve months as its normal operating cycle.

2.26 Material Accounting Policy Information

The Company adopted disclosure of Accounting policies [Amendments to Ind AS 1] from April 01, 2023. Although the amendments did not result in any changes in the accounting policies themselves, they impacted accounting policy information disclosed in the financial statements.

The amendments require the disclosure of ''material'' rather than ''significant'' accounting policies. The amendments also provide the guidance on the application of materiality to disclosure of accounting policies, assisting entities to provide useful, entity specific accounting policy information that users need to understand other information in the financial statements.

2.27 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 has not notified any new standards or amendments to the existing standards applicable to the Company.

[d] Terms and Rights attached to equity shares

[i] The Company has only one class of Equity Shares having a par value of '' 1 per share. Each holder of Equity Shares is entitled to one vote per share.

[ii] The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

[iii] In the event of liquidation the equity shareholders are entitled to receive the remaining assets of the Company after distribution of all preferential amount, in proportion to their shareholding.

[e] Dividends paid during the year ended March 31, 2024 include an amount of '' 0.70 per equity share towards final dividend for the year ended March 31,2023.

Dividends paid during the year ended March 31,2023 include an amount of '' 0.60 per equity share towards final dividend for the year ended March 31,2022.

On May 24, 2024, the Board of Directors of the Company have proposed a final dividend of '' 0.70 per share in respect of the year ended March 31, 2024 subject to the approval of shareholders at the Annual General Meeting, and if approved, would result in a cash outflow of approximately '' 376.26 lakhs.

NOTE 14.2: OTHER EQUITY [CONTD.]

[b] Nature and purpose of reserves

[i] Capital Redemption Reserve

The Company has recognised Capital Redemption Reserve on buyback of equity shares from its retained earnings. The amount in Capital Redemption Reserve is equal to nominal amount of the equity shares bought back.

[ii] Securities Premium

Securities premium account comprises of premium on issue of equity shares. The reserve is utilised in accordance with the specific provision of the Companies Act, 2013.

[iii] General Reserve

The General reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the General reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income, items included in the General Reserve will not be reclassified subsequently to the Standalone statement of profit and loss. Mandatory transfer to general reserve is not required under the Companies Act, 2013.

[iv] Retained Earnings

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

[v] Other Comprehensive Income [OCI]

Other comprehensive income represents the exchange differences arising on remeasurements of the defined benefit gratuity plan; comprising of actuarial gains and losses on its net liabilities and fair valuation of equity instruments.

[vi] ESAR Reserve - Refer Note 45

Employee stock options reserve is used to record the share-based payments, expense under the ESAR scheme. The reserve is used for the settlement of ESAR.

For the purpose of Company’s capital management, capital includes issued capital, all other equity reserves and debts. The primary objective of the Company’s capital management is to maximise shareholders value. The Company manages its capital structure and makes adjustments in the light of changes in economic environment and the requirements of the financial covenants. The Company monitors capital using gearing ratio, which is net debt divided by total capital [equity plus net debt]. Net debt are noncurrent and current debts as reduced by cash and cash equivalents, other bank balances and current investments. Equity comprises all components including other comprehensive income. One of the furnaces at the plant of the Company was shut down from June 08, 2023 to September 09, 2023 for relining / expansion / modernisation. For the said purpose, the Company has availed term loan from banks resulting in substantial increase in gearing ratio.

In the earlier years, the Company had filed a complaint against its ex-employees for purported misappropriation of funds. By virtue of the Order of Hon''ble Additional Chief Magistrate received during the F.Y. 2016-17, the Company had received interim custody of certain valuables and amounts [invested in fixed deposits] which were accounted for in the books of account. Further, as per the Order, the Company was allowed to let-out the immovable property involved in the matter on leave and license basis. The valuables and Fixed Deposits have been shown under Other Current Assets. Further, the Company has recorded the corresponding liability and necessary provisions have already been made against the other receivables on a conservative basis. Final adjustments, if any, in respect of amounts recorded in the books and other amounts will be made on the settlement of the litigation. Refer note no. 11.2, 12, 13 and 23.

42.2 Fair Valuation techniques used to determine fair value:

The Company maintains procedures to value financial assets or financial liabilities using the best and most relevant data available. 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 methods and assumptions were used to estimate the fair values:

i] Fair value of cash and cash equivalents, trade payables, borrowings and other financial assets and liabilities are approximate at their carrying amounts largely due to the short-term maturities of these instruments.

ii] The fair values of trade receivables and non-current loans are calculated based on expected credit loss method and

discounted cash flow using a current lending rate respectively. They are classified as level 3 fair values in the fair value hierarchy due to the inclusion of unobservable inputs including credit risk [refer note 42.3 below]. The fair values of noncurrent loan are approximate at their carrying amount due to interest bearing features of these instruments.

iii] The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.

iv] Fair values of quoted financial instruments are derived from quoted market prices in active markets.

v] Equity Investments in jointly venture entity and subsidiary are stated at cost.

42.3 Fair value hierarchy

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation techniques:

i] Level 1 : Quoted prices / published NAV [unadjusted] in active markets for identical assets or liabilities. It includes fair value of financial instruments traded in active markets and are based on quoted market prices at the balance sheet date and financial instruments like mutual funds for which net assets value [NAV] is published by mutual fund operators at the balance sheet date.

ii] Level 2 : Inputs, other than quoted prices included within level 1, that are observable for the asset or liability, either directly [that is, as prices] or indirectly [that is, derived from prices]. It includes fair value of the financial instruments that are not traded in an active market [for example, over-the-counter derivatives] is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on the Company specific estimates. If all significant inputs required to fair value an instrument are observable then instrument is included in level 2.

iii] Level 3 : Inputs for the asset or liability that are not based on observable market data [that is, unobservable inputs]. If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

Investment in Jointly Controlled Entity, Cash and Cash Equivalents, Other Financial Assets, Long Term and Short Term Borrowings, Trade Payables and Other financial liabilities are measured at amortised cost. The following table provides hierarchy of the fair value measurement of Company’s asset and liabilities, grouped into Level 1 [Quoted prices in active markets], Level 2 [Significant observable inputs] and Level 3 [Significant unobservable inputs] as described below:

42.4 Description of the valuation processes used by the Company for fair value measurement categorised within level 3.

At each reporting date, the Company analysis the movements in the values of financial assets and liabilities which are required to be remeasured or re-assessed as per the accounting policies. For this analysis, the Company verifies the major inputs applied in the latest valuation by agreeing the information in the valuation computation to contracts and other relevant documents. The Company also compares the change in the fair value of each financial asset and liability with relevant external sources to determine whether the change is reasonable. The Company also discusses of the major assumptions used in the valuations. For the purpose of fair value disclosures, the Company has determined classes of financial 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.

NOTE 43: FINANCIAL RISK MANAGEMENT - OBJECTIVES AND POLICIES

The Company is exposed to market risk, credit risk and liquidity risk. Risk management is carried out by the Company under policies approved by the Board of Directors. This Risk management plan defines how risks associated with the Company will be identified, analysed, and managed. It outlines how risk management activities will be performed, recorded, and monitored by the Company. The basic objective of risk management plan is to implement an integrated risk management approach to ensure all significant areas of risks are identified, understood and effectively managed, to promote a shared vision of risk management and encourage discussion on risks at all levels of the organization to provide a clear understanding of risk/benefit trade-offs, to deploy appropriate risk management methodologies and tools for use in identifying, assessing, managing and reporting on risks, and to determine the appropriate balance between cost and control of risk and deploy appropriate resources to manage/optimize key risks. Activities are developed to provide feedback to management and other interested parties [e.g. Audit committee, Board etc.]. The results of these activities ensure that risk management plan is effective in the long term.

43.1 Market risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market prices comprise of three types of risk: foreign currency rate risk, interest rate risk and other price risks, such as equity price risk and commodity risk. Financial instruments affected by market risk include loans and borrowings, deposits and investments. The sensitivity analysis is given relating to the position as at March 31,2024 and March 31,2023. The sensitivity analysis excludes the impact of movements in market variables on the carrying value of post-employment benefit obligations, provisions and on the non-financial assets and liabilities. The sensitivity of the relevant statement of profit and loss item is the effect of the assumed changes in the respective market risks. The Company’s activities expose it to a variety of financial risks, including the effects of changes in foreign currency exchange rates and interest rates. This is based on the financial assets and financial liabilities held as at March 31,2024 and March 31,2023.

[a] Foreign exchange risk and sensitivity

Foreign currency risk is 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’s exposure to the risk of changes in foreign exchange rates relates primarily to the Company’s operating activities. The Company transacts business primarily in USD and Euro. The Company has foreign currency trade payables and receivables and is therefore, exposed to foreign exchange risk. The Company regularly reviews and evaluates exchange rate exposure arising from foreign currency transactions.

43.2 Credit risk

Credit risk is the risk that a counter party will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities [primarily trade receivables] and from its financing activities, including deposits with banks, foreign exchange transactions and other financial instruments.

[a] Trade Receivables:

The Company extends credit to customers in normal course of business. The Company considers factors such as credit track record in the market and past dealings with the Company for extension of credit to customers. The Company monitors the payment track record of the customers. Outstanding customer receivables are regularly monitored. The Company evaluates the concentration of risk with respect to trade receivables as low, as its customers are located in several jurisdictions and industries and operate in largely independent markets. The Company has also taken security deposits in certain cases from its customers, which mitigate the credit risk to some extent. The Company has adopted an Expected Credit Loss Model as per Ind AS 109 "Financial Instruments", wherein the provision is made for expected losses for non-recovery of receivables and also for loss in value of money due to delayed receipt of money. However, the Company does not expect any material risk on account of non-performance by Company’s counterparties.

[b] Financial instruments and cash deposits:

The Company considers factors such as track record, size of the institution, market reputation and service standards to select the banks with which balances are maintained. Credit risk from balances with bank is managed by the Company’s finance department. Investment of surplus funds are also managed by finance department. The Company does not maintain significant cash in hand. Excess balance of cash other than those required for its day to day operations is deposited into the bank.

For other financial instruments, the finance department assesses and manage credit risk based on internal assessment. Internal assessment is performed for each class of financial instrument with different characteristics.

43.3 Liquidity risk

Liquidity risk is the risk that the Company may not be able to meet its present and future cash and collateral obligations without incurring unacceptable losses. The Company’s objective is to, at all times, maintain optimum levels of liquidity to meet its cash and collateral requirements. The Company relies on operating cash flows and short term borrowings in the form of Working Capital Loan to meet its needs for funds. Company has not breached any covenants [where applicable] on any of its borrowing facilities. The Company has access to a sufficient variety of sources of funding as per requirement.

The table below provides undiscounted cash flows towards financial liabilities into relevant maturity based on the remaining period at the balance sheet to the contractual maturity date.

NOTE 42 : EMPLOYEE STOCK APPRECIATION RIGHTS [ESAR'']

Pursuant to ESAR scheme/plan approved by the shareholders of the Company on May 27,2021, the Nomination and Remuneration Committee of the Board of Directors on May 24, 2022 approved for issue of 11,11,000 ESAR’s to the employee of the Company. The Members approved ESARs to the employee of the Company, which upon conversion into equity shall not exceed 10 Lakh equity shares from time to time.

As per the Scheme/Plan of the total ESAR’s granted shall vest not earlier than minimum of 1 year and not later than a maximum of 5 years from the date of grant of ESARs as may be determined by the Committee and is subject to continued employment of the employee with the Company and upon achievement of prescribed performance conditions as prescribed in the Scheme. The employee pays the exercise price upon exercise of ESAR’s.

[a] The Company does not have any benami property held in its name. No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami Transactions [Prohibition] Act, 1988 [45 of 1988] and Rules made thereunder.

[b] The Company has not traded or invested in crypto currency or virtual currency during the financial year.

[c] There are no loans or advances in the nature of loans granted to Promoters, Directors, KMPs and their related parties [as defined under Companies Act, 2013], either severally or jointly with any other person, that are: [a] repayable on demand; or [b] without specifying any terms or period of repayment.

[d] The Company has complied with the requirements of the number of layers prescribed under clause [87] of section 2 of the Companies Act, 2013 read with Companies [Restriction on number of Layers] Rules, 2017.

[e] The Company has not been declared wilful defaulter by any bank or financial institution or other lender or government or any government authority.

[f] Utilisation of borrowed funds and share premium :

[i] 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

[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

[g] There is no income surrendered or disclosed as income during the year in tax assessments under the Income Tax Act, 1961 [such as search or survey], that has not been recorded in the books of account.

[h] The Company does not have any charge which is yet to be registered or satisfied with Registrar of Companies[ROC] beyond the statutory period.

There were no significant events that occurred subsequent to the reporting period which need any adjustment or disclosure in these financial statements.

NOTE 48

The figures for previous year have been regrouped to conform to those for current year.

As per our Report of even date attached For and on behalf of the Board of Directors of Haldyn Glass Limited

For KNAV & CO. LLP N. D. Shetty T. N. Shetty

Chartered Accountants Executive Chairman Managing Director

Firm Registration No. 120458W/W10079 DIN: 00025868 DIN: 00587108

Samir Parmar Place : Mumbai Place : Mumbai

Partner Date: May 24, 2024 Date: May 24, 2024

Membership No. 1 13505

Niraj Tipre G. P Chaturvedi Dhruv Mehta

Place : Mumbai Chief Executive Officer Chief Financial Officer Company Secretary

Date : May 24, 2024 FCA-27636 ACS No. 46874

Place: Mumbai Place: Mumbai Place: Mumbai

Date: May 24, 2024 Date: May 24, 2024 Date: May 24, 2024

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Mar 31, 2018

1. company overview

1.1 Company Overview

Haldyn Glass Limited (Formerly known as Haldyn Glass Gujarat Limited) (the "company”) is domiciled and incorporated in India with its registered office at Vadodara, Gujarat, India. The Company''s equity shares are listed on Bombay Stock Exchange (BSE).

The company is presently engaged in the business of manufacturing of exclusive quality glass containers for Food, Pharmaceutical, Beverages, Spirit Industries.

@ Depreciation on Plant and Machineries amounting to Rs. 4.71 lakhs (P.Y. Rs. 4.71 lakhs) have been added to the Cost of Moulds.

@ Arising out of physical verification of the Moulds during the previous year, the company has adjusted from the Property Plant And Equipment schedule, Assets having Gross blockRs. 51.48 lakhs (As at April 1, 2016Rs. 366.41 lakhs), Accumulated depreciation Rs. 35.91 lakhs and (Rs. 253.67 lakhs as at April 1, 2016) and written down value of Rs. 15.57 lakhs (Rs. 112.74 lakhs as at April 1, 2016) The written down value of the said moulds have been written off to statement of Profit and loss and disclosed under Note no 32 of financial statements under loss on Sale / Discard of Fixed Assets.

# Land was revalued by an approved valuer as on March 20, 2000 and a sum of Rs. 235.08 lakhs being an increase in the value of land due to revaluation was credited to Revaluation Reserve. This includes a plot of Land for 12,248 sq. meters having Gross Block and Net Block of Rs. 17 Lakhs which is in the process of being registered in the name of the Company.

The carrying value (gross block less accumulated depreciation and amortisation) as on April 1, 2016 of the property Plant and equipment (including the Land, which is shown at the revalued amount) is considered as deemed cost on the date of transition For fixed asset pledged as security refer to Note No 1 5 and Note No 19

c. Terms and Rights attached to equity shares

(i) The Company has only one class of Equity Shares having a par value of '' 1 per share. Each holder of Equity Shares is entitled to one vote per share.

(ii) They are entitled to dividend if proposed by the Board of Directors and approved by the shareholders in the ensuing Annual General Meeting.

(iii) I n the event of liquidation the equity shareholders are entitled to receive the remaining assets of the Company after distribution of all preferential amount, in proportion to their share holding.

* The company has provided Rs. 50.12 lakhs (P.Y. Rs. 50.12 lakhs) on account of leave encashment and Rs. 10 lakhs (PY. Rs. 10 lakhs) on account of gratuity over and above the liabilities derived from actuarial valuation as shown in Note 38.

Nature of Security and terms of Loan

$ Working Capital facilities from bank are secured by hypothecation of entire current assets of the company present & future, on pari passu basis along with a second charge on the entire fixed assets of the company.

$ Working capital carry a interest rate ranging from 0.8 % to 1.75% above bank base rate payable on monthly rest.

# As at April 1, 2016, Short term loan carry a interest rate of 9.80% and was repayable on June 18, 2016.

* As at April 1, 2016, Buyers line of credit from bank carry''s interest rate of Euribor plus 90 basis points and was repayable on July 22, 2016 and August 12, 2016.

@ There are no amounts payable to the Investors Education and Protection Fund at the year end.

# Other payable represent liability towards outstanding expenses, employees payable and creditors for Other outstanding liabilities.

* Other payable includes Rs. 248.37 lakhs (as at March 31, 2017: Rs. 218.47 lakhs and as at April 1, 2016 : Rs. 156.50 lakhs) on account of amount received by virtue of order of Hon''ble Additional Chief Magistrate. (Refer Note 45.2).

The estimate of rate of escalation in Salary considered in actuarial valuation takes into account inflation, seniority, promotion and other retirement factors including supply & demand in the employment market. The above information is certified by the actuary.

h) General descriptions of defined plans:

i) Gratuity Plan:

The Company operates gratuity plan wherein every employee is entitled to the benefit equivalent to fifteen days salary last drawn for each completed year of service. The same is payable on termination of service or retirement whichever is earlier. The benefit vests after five years of continuous service.

ii) The Company expects to fund '' 22,72,179/- towards its gratuity plan in the year 2018-19.

i) Sensitivity analysis:

Sensitivity analysis indicates the influence of a reasonable change in certain significant assumptions on the outcome of the Present value of obligation (PVO). Sensitivity analysis is done by varying (increasing/ decreasing) one parameter by 100 basis points (1%).

NOTE 2

Fair Values

2.1 Fair value of financial assets and liabilities:

Set out below is a comparison by class of the carrying amounts and fair value of the Company''s financial assets and liabilities that are recognised in the financial statements.

2.2 Fair Valuation techniques used to determine fair value:

The Company maintains procedures to value financial assets or financial liabilities using the best and most relevant data available. 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 methods and assumptions were used to estimate the fair values:

i) Fair value of cash and cash equivalents, trade payables, borrowings and other financial assets and liabilities are approximate at their carrying amounts largely due to the short-term maturities of these instruments.

ii) The fair values of trade receivables and non-current loans are calculated based on expected credit loss method and discounted cash flow using a current lending rate respectively. They are classified as level 3 fair values in the fair value hierarchy due to the inclusion of unobservable inputs including credit risk. The fair values of non-current loan are approximate at their carrying amount due to interest bearing features of these instruments.

iii) The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.

iv) Fair values of quoted financial instruments are derived from quoted market prices in active markets.

v) The fair value of investments in unlisted equity shares is determined using a combination of direct sales comparison and income approach.

vi) The fair value of the remaining financial instruments is determined using discounted cash flow analysis and/or direct sales comparison approach.

vii) Equity Investments in jointly controlled entities is stated at cost.

2.3 Fair value hierarchy

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation techniques:-

i) Level 1: Quoted prices / published NAV (unadjusted) in active markets for identical assets or liabilities. It includes fair value of financial instruments traded in active markets and are based on quoted market prices at the balance sheet date and financial instruments like mutual funds for which net assets value (NAV) is published by mutual fund operators at the balance sheet date.

ii) Level 2 : Inputs, other than quoted prices included within level 1, that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). It includes fair value of the financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on the Company specific estimates. If all significant inputs required to fair value an instrument are observable then instrument is included in level 2.

iii) Level 3 : Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

Investment in Jointly controlled entities, Cash and Cash equivalents and other financial assets are shown at amortised cost.

The following table provides hierarchy of the fair value measurement of Company''s asset and liabilities, grouped into Level 1 (Quoted prices in active markets), Level 2 (Significant observable inputs) and Level 3 (Significant unobservable inputs) as described below:

2.4 Description of the inputs used in the fair value measurement:

Following table describes the valuation techniques used and key inputs to valuation for level 3 of the fair value hierarchy as at March 31, 2018, March 31, 2017 and April 1, 2016 respectively:

2.5 Description of the valuation processes used by the Company for fair value measurement categorised within level 3.

At each reporting date, the Company analysis the movements in the values of financial assets and liabilities which are required to be remeasured or re-assessed as per the accounting policies. For this analysis, the Company verifies the major inputs applied in the latest valuation by agreeing the information in the valuation computation to contracts and other relevant documents.

The Company also compares the change in the fair value of each financial asset and liability with relevant external sources to determine whether the change is reasonable. The Company also discusses of the major assumptions used in the valuations.

For the purpose of fair value disclosures, the Company has determined classes of financial 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.

NOTE 3

Financial Risk Management - Objectives and Policies

The Company is exposed to market risk, credit risk and liquidity risk. Risk management is carried out by the company under policies approved by the board of directors. This Risk management plan defines how risks associated with the Company will be identified, analysed, and managed. It outlines how risk management activities will be performed, recorded, and monitored by the Company. The basic objective of risk management plan is to implement an integrated risk management approach to ensure all significant areas of risks are identified, understood and effectively managed, to promote a shared vision of risk management and encourage discussion on risks at all levels of the organization to provide a clear understanding of risk/benefit trade-offs, to deploy appropriate risk management methodologies and tools for use in identifying, assessing, managing and reporting on risks, and to determine the appropriate balance between cost and control of risk and deploy appropriate resources to manage/optimize key risks. Activities are developed to provide feedback to management and other interested parties (e.g. Audit committee, Board etc.). The results of these activities ensure that risk management plan is effective in the long term.

3.1 Market risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market prices comprise of three types of risk: foreign currency rate risk, interest rate risk and other price risks, such as equity price risk and commodity risk. Financial instruments affected by market risk include loans and borrowings, deposits and investments. The sensitivity analysis is given relating to the position as at March 31, 2018 and March 31, 2017. The sensitivity analysis excludes the impact of movements in market variables on the carrying value of post-employment benefit obligations, provisions and on the non-financial assets and liabilities. The sensitivity of the relevant statement of profit and loss item is the effect of the assumed changes in the respective market risks. The Company''s activities expose it to a variety of financial risks, including the effects of changes in foreign currency exchange rates and interest rates. This is based on the financial assets and financial liabilities held as at March 31, 2018 and March 31, 2017.

(a) Foreign exchange risk and sensitivity

Foreign currency risk is 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''s exposure to the risk of changes in foreign exchange rates relates primarily to the Company''s operating activities. The Company transacts business primarily in USD and Euro. The Company has foreign currency trade payables and receivables and is therefore, exposed to foreign exchange risk. The Company regularly reviews and evaluates exchange rate exposure arising from foreign currency transactions.

The carrying amount of foreign currency denominated financial assets and liabilities including derivative contracts, are as follows:

b) Interest rate risk and sensitivity :

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. During the year, the company is having long term borrowings in the form of Vehicle Loans and short term borrowings in the form of Working Capital Loan & Export Packing Credit. There is a fixed rate of interest in case of export packing credit & vehicle loans and is payable at the time of repayment and hence, there is no interest rate risk associated with these borrowings.

At the reporting date the interest rate profile of the Company''s interest bearing financial instruments are follows :

The table below illustrates the impact of a 2% increase in interest rates on interest on financial liabilities assuming that the changes occur at the reporting date and has been calculated based on risk exposure outstanding as of date. The year end balances are not necessarily representative of the average debt outstanding during the year. This analysis also assumes that all other variables, in particular foreign currency rates, remain constant.

The assumed movement in basis points for interest rate sensitivity analysis is based on the currently observable market environment.

c) Commodity price risk :

The Company is exposed to the movement in price of key traded materials in domestic and international markets. The Company has entered into contracts for procurement of material. However the Company is not exposed to significant risk.

d) Equity price risk:

The Company has decided to fair value its equity instruments through Other Comprehensive Income and carry investment in jointly controlled entities at Cost. Therefore neither profit or loss nor equity will be affected by the equity price risk of those instruments. Accordingly, no sensitivity analysis is required.”

3.2 Credit risk

Credit risk is the risk that a counter party will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks, foreign exchange transactions and other financial instruments.

a) Trade Receivables:

The Company extends credit to customers in normal course of business. The Company considers factors such as credit track record in the market and past dealings with the Company for extension of credit to customers. The Company monitors the payment track record of the customers. Outstanding customer receivables are regularly monitored. The Company evaluates the concentration of risk with respect to trade receivables as low, as its customers are located in several jurisdictions and industries and operate in largely independent markets. The Company has also taken security deposits in certain cases from its customers, which mitigate the credit risk to some extent. The Company has adopted an Expected Credit Loss Model as per Ind AS 109 ''"''Financial Instruments''"'', wherein the provision is made for expected losses for non-recovery of receivables and also for loss in value of money due to delayed receipt of money. However, the Company does not expect any material risk on account of non-performance by Company''s counterparties.

b) Financial instruments and cash deposits:

The Company considers factors such as track record, size of the institution, market reputation and service standards to select the banks with which balances are maintained. Credit risk from balances with bank is managed by the Company''s finance department. Investment of surplus funds are also managed by finance department. The Company does not maintain significant cash in hand. Excess balance of cash other than those required for its day to day operations is deposited into the bank. For other financial instruments, the finance department assesses and manage credit risk based on internal assessment. Internal assessment is performed for each class of financial instrument with different characteristics.

3.3 Liquidity risk

Liquidity risk is the risk that the Company may not be able to meet its present and future cash and collateral obligations without incurring unacceptable losses. The Company''s objective is to, at all times, maintain optimum levels of liquidity to meet its cash and collateral requirements. The Company relies on operating cash flows and short term borrowings in the form of Working Capital Loan & Export Packing Credit to meet its needs for funds. Company does not breach any covenants (where applicable) on any of its borrowing facilities. The Company has access to a sufficient variety of sources of funding as per requirement.

The table below provides undiscounted cash flows towards financial liabilities into relevant maturity based on the remaining period at the balance sheet to the contractual maturity date.

3.4 Competition and price risk

The Company faces competition from local and foreign competitors. Nevertheless, it believes that it has competitive advantage in terms of high quality products and by continuously upgrading its expertise and range of products to meet the needs of its customers.

NOTE 4

Capital Management

For the purpose of Company''s capital management, capital includes issued capital, all other equity reserves and debts. The primary objective of the Company''s capital management is to maximise shareholders value. The Company manages its capital structure and makes adjustments in the light of changes in economic environment and the requirements of the financial covenants.

The Company monitors capital using gearing ratio, which is net debt divided by total capital (equity plus net debt). Net debt are noncurrent and current debts as reduced by cash and cash equivalents, other bank balances and current investments. Equity comprises all components including other comprehensive income.

NOTE 5

Reconciliation between the opening and closing balances in the balance sheet for liabilities arising from financing activities as required under Ind AS 7, ''Statement of cash flows'' as per amendments in Companies (Indian Accounting Standards) (Amendments) Rules, 2017

NOTE 6

First time adoption of ind AS

6.1 Basis of preparation

For all period up to the year ended March 31, 2017, the Company has prepared its financial statements in accordance with generally accepted accounting principles in India (Indian GAAP). These financial statements for the year ended March 31, 2018 are the Company''s first annual Ind AS financial statements and have been prepared in accordance with Ind AS. Accordingly, the Company has prepared financial statements, which comply with Ind AS, applicable for periods beginning on or after April 1, 2016 as described in the accounting policies. In preparing these financial statements, the Company''s opening Balance Sheet was prepared as at April 1, 2016, the Company''s date of transition to Ind AS. This note explains the principal adjustments made by the Company in restating its Indian GAAP Balance Sheet as at April 1, 2016 and its previously published Indian GAAP financial statements for the year ended March 31, 2017.

6.2 Exemptions Applied

Ind AS 101 "First-time Adoption of Indian Accounting Standards” allows first-time adopters certain exemptions from the retrospective application of certain requirements under Ind AS. The Company has applied the following exemptions:

1) Property, plant and equipment, intangible assets and investment properties: The Company has elected to apply Indian GAAP carrying amount as deemed cost on the date of transition to Ind AS for its property, plant and equipment, intangible assets and investment properties.

2) Equity Investments in Jointly controlled entities : The Company has elected to apply Indian GAAP carrying amount as deemed cost on the date of transition to Ind AS for its equity investments in jointly controlled entities.

3) Designation of previously recognised financial instruments: Ind AS 101 allows to designate investments in equity instruments at fair value through OCI on the basis of facts and circumstances at the date of transition to Ind AS. The Company has elected to apply this exemption for its investments in Equity Shares of companies & investment in Mutual Fund.”

6.3 Mandatory exceptions applied

The following mandatory exceptions have been applied in accordance with Ind AS 101 in preparing the financial statements.

1) Estimates: The Company''s estimates in accordance with Ind AS at the date of transition to Ind AS shall be consistent with estimates made for the same date in accordance with Indian GAAP (after adjustments to reflect any difference in accounting policies), unless there is objective evidence that those estimates were in error. Ind AS estimates as at April 1, 2016 are consistent with the estimates as at the same date made in conformity with Indian GAAP except where Ind AS required a different basis for estimates as compared to the Indian GAAP.

2) Classification and measurement of financial assets: The Company has classified the financial assets in accordance with Ind AS 109 "Financial Instruments” on the basis of facts and circumstances that exist at the date of transition to Ind AS.

Note 7

Disclosure as required by ind AS 101 First Time Adoption of indian Accounting Standard (ind AS)

7.1 Reconciliation of Balance Sheet as previously reported under Indian GAAP to IND AS

Balance Sheet as at April 1, 2016 (date of transition to Ind AS) and as at March 31, 2017

7.2 Reconciliation of Statement of Cash Flow

There were no material differences between the Statement of Cash Flows presented under Ind AS and under IGAAP.

7.3 Footnotes to the reconciliation of equity as at April 1, 2016 and March 31, 2017 and statement of profit and loss for the year ended March 31, 2017.

1) Financial assets:

Under Indian GAAP Current investments are carried at lower of cost and market value/NAV, computed individually. Long term investments are carried at cost. Provision for diminution in the value of long term investments is made only if such decline is other than temporary in the opinion of the management. As per Ind AS 109, the company has designated all investments at fair value through profit or loss (FVTPL) or at fair value through other comprehensive income (FVTOCI) except equity investment in jointly controlled entities company. Ind AS requires FVTPL and FVTOCI investments to be measured at fair value. At the date of transition to Ind AS, difference between the fair value of the investments and Indian GAAP carrying amount has been recognised in retained earnings or retained earnings through OCI. The Company has opted to account for its equity investment in jointly controlled entities at cost in pursuance of Ind AS 27.

Under Indian GAAP receivables and payables are measured at transaction cost less allowances for impairment, if any. Under Ind AS, these financial assets are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less allowance for impairment, if any. The resulting finance charge or income is included in finance expense or finance income in the Statement of Profit and Loss for financial liabilities and financial assets respectively.

2) Dividend and dividend distribution tax:

Under Indian GAAP proposed dividends were recognised as an adjusting event occurring after the balance sheet date however under the Ind AS proposed dividend are non adjusting events after the balance sheet date and hence recognised as and when approved by the Shareholders. In the case of the Company, the declaration of dividend occurs after period end. Therefore, the liability for dividend of Rs. 323.47 lakhs (including dividend distribution tax) for the year ended on March 31, 2016 has been derecognised with corresponding impact in the retained earnings on April 1, 2016.

3) Defined benefit liabilities:

Both under Indian GAAP and Ind AS, the company recognised costs related to its post-employment defined benefit plan on an actuarial basis. Under Indian GAAP, the entire cost, including actuarial gains and losses, are charged to statement of profit or loss. Under Ind AS, remeasurements comprising of actuarial gains and losses are recognised immediately in the balance sheet with a corresponding debit or credit to retained earnings through OCI.

4) Deferred Tax:

Indian GAAP requires deferred tax accounting using the income statement approach, which focuses on differences between taxable profits and accounting profits for the year. Ind AS 12 "Income Taxes” requires entities to account for deferred taxes using the balance sheet approach, which focuses on temporary differences between the carrying amount of an asset or liability in the balance sheet and its tax base. The application of Ind AS 12 approach has resulted in recognition of deferred tax on new temporary differences which was not required under Indian GAAP. The impact of transitional adjustments for computation of deferred taxes has resulted in charge to Retained earning, on the date of transition, with consequential impact to the statement of Profit and Loss and OCI for the subsequent periods.

5) Other comprehensive income :

Under Indian GAAP the Company has not presented other comprehensive income (OCI) separately. Hence, Indian GAAP statement of profit or loss is reconciled with statement of profit or loss as per Ind AS.

6) The Ind AS adjustments are either non cash adjustments or are regrouping among the cash flow from operating, investing and financing activities. Consequently, Ind AS adoption has no impact on the net cash flow for the year ended March 31, 2017 as compared with the previous GAAP.

NOTE 8

Other Disclosures :

8.1 During the year ended March 31, 2018, the Company has paid/provided Managerial Remuneration to Managing Director and Executive Chairman of Rs. 254.42 Lakhs (P.Y. Rs. 246.93 lakhs) in accordance with terms & conditions of managerial remuneration approved by Shareholders vide resolution on 28th September 2012. Due to inadequacy of profits, the remuneration for the current financial year is in excess of limits specified under Section 197 read with Schedule V of Companies Act, 2013 by Rs. 60.71 Lakhs (P.Y. Rs. 30.81 lakhs), for which Central Government approval is sought by the Company.

The Company has during the previous financial year 2016-17 applied to the Central Government for the financial year 2016-17 w.r.t remuneration which was paid is in excess of limits specified under Section 197 read with Schedule V of Companies Act, 2013. During the financial year 2017-18, the company has secured an approval for the payment of remuneration upto August 15, 2017 and for remaining period the said approval is awaited.

8.2 During the previous financial year 2016-17, by virtue of order of Hon''ble Additional Chief Magistrate, the Company has received valuables and amounts as interim custody, Valuables amounting to Rs. 61.97 Lakhs has been shown under Other Current Assets in note 12. The amounts received by the Company which were earlier invested in Fixed Deposit with Banks amounting to Rs. 156.50 lakhs (including Rs. 42 Lakhs received in earlier years) which were shown in Note 10 has been withdrawn during the year and the maturity amount (including interest of Rs. 29.9 lakhs) has been reinvested in Mutual Funds, which has been reflected at fair value under Note 4 "Investments”. The corresponding liability was shown in Note 21 "Other Financial Liabilities”.

8.3 In the opinion of the management, Current Assets, Loans and Advances are of the value stated, if realised in the ordinary course of business.

8.4 The figures for previous year''s have been regrouped, reclassified and rearranged wherever necessary to make them comparable with that of current year''s figures.

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Mar 31, 2016

1. Terms and Rights attached to equity shares

(i) The Company has only one class of Equity Shares having a par value of Re 1 per share. Each holder of Equity Shares is entitled to one vote per share.

(ii) They are entitled to dividend if proposed by the Board of Directors and approved by the shareholders in the ensuing Annual General Meeting.

(iii) In the event of liquidation the equity shareholders are entitled to receive the remaining assets of the Company after distribution of all preferential amount, in proportion to their share holding.

Nature of Security and terms of Loan

Working capital facilities/Short Term Loan/Buyers Line of Credit from Banks are secured by hypothecation of entire current assets of Company, present and future, on Pari Passu basis along with a second charge on the entire fixed assets of the Company.

Working capital loans carry interest rate ranging from 0.8% to 2% above Bank''s base rate, payable on monthly rests. Short Term Loan from Bank carry''s interest rate of 9.80% and is repayable on 18th June 2016.

Buyer''s Line of Credit from Bank carry''s interest rate of Euribor plus 90 basis points and is repayable on 22nd July 2016 and 12th August 2016.

NOTE 2

OTHER DISCLOSURES:

(a) During the year ended 31st March 2016, the Company has paid/provided Managerial Remuneration to Managing Director and Executive Chairman aggregating to Rs..246.84 lakhs in accordance with terms & conditions of managerial remuneration approved by Shareholders vide resolution on 28th September 2012. Due to inadequacy of profits, the remuneration for the current financial year 2015-16 is in excess of limits specified under Section 197 read with Schedule V of Companies Act, 2013 by Rs.. 113.90 lakhs, for which Central Government approval has been applied for by the Company.

(b) The Company has charged depreciation for the current year based on the remaining useful life of the assets as per the requirements of Schedule II of Companies Act, 2013 effective from 1st April 2014. Further, based on transitional provision provided in note 7(b) of Schedule II of Companies Act, 2013, an amount of Rs.. Nil (P.Y. Rs.. 820.44 Lakhs) has been adjusted in accumulated depreciation as shown in Note 12 and Rs.. Nil (P.Y. Rs.. 541. 58 lakhs [net of Deferred Tax]) has been adjusted in Retained Earnings as shown in Note 3.

(c) The Company had to spent an amount of Rs.. 56.09 lakhs (P.Y. Rs.. 60.81 Lakhs ) towards Corporate Social Responsibility (CSR) activities for the year ended 31st March 2016 in accordance with provisions of Section 135 of Companies Act, 2013. However the Company could spend only Rs.. Nil (P.Y. Rs.. 35.74 lakhs) towards CSR activities in the current financial year and the balance amount of Rs.. 56.09 lakhs (P.Y. Rs.. 25.07 lakhs) would be spent by the Company in subsequent years.

(d) The Company has during the current year entered into a joint venture agreement for the manufacturing of perfume and cosmetic glass bottles by making an investment of Rs.. 2,000 lakh in a jointly controlled entity. The Company’s share of each of the assets, liabilities, income, expenses, etc related to its interest in joint venture, based on the audited financial statements are:

(e) The Company operates in one reportable business segment i.e. Glass Bottles / Containers. Exports made during the years are not significant. Hence, information in accordance with Accounting Standard 17 issued by the Institute of Chartered Accountants of India on ‘Segment Reporting’ is not given.

(f) In the opinion of the management, Current Assets, Loans and Advances are of the value stated, if realized in the ordinary course of business.

(g) One of the furnaces in the plant was shut down for 135 days during the current year for relining / expansion / modernization and the normal operations of the said Furnace commenced in the middle of November 2015. Consequently the operating profit for the current year is not comparable to the corresponding previous year. The figures for previous year’s have been regrouped, reclassified and rearranged wherever necessary to make them comparable with that of current year’s figures.

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Mar 31, 2015

NOTE 1

LIST OF RELATED PARTIES & RELATIONSHIPS

Information in accordance with Accounting Standard 18 on 'Related Parties Disclosures'

NOTE 2

OTHER DISCLOSURES:

[a] During the year, the Company has paid donation to Bharatiya Janata Party Rs. Nil [Previous year Rs. 10 Lacs]

[b] The Company has charged depreciation for the current year based on the remaining useful life of the assets as per the requirements of Schedule II of Companies Act, 2013 effective from April 01, 2014. Further, based on transitional provision provided in note 7[b] of Schedule II of Companies Act, 2013, an amount of Rs. 820.44 Lakhs has been adjusted in accumulated depreciation as shown in Note 11 and Rs. 541. 58 lakhs [net of Deferred Tax] has been adjusted in Retained Earnings as shown in Note 3.

[c] The Company had to spent an amount of Rs. 60.81 Lakhs towards Corporate Social Responsibility [CSR] activities for the year ended March 31, 2015 in accordance with provisions of Section 135 of Companies Act, 2013. However the Company could spend only Rs. 35.74 lakhs towards CSR activities in the current financial year and the balance amount of Rs. 25.07 lakhs would be spent by the Company in subsequent years.

[d] The Company operates in one reportable business segment i.e. Glass Bottles / Containers. Exports made during the years are not significant. Hence, information in accordance with Accounting Standard 17 issued by the Institute of Chartered Accountants of India on 'Segment Reporting' is not given.

[e] In the opinion of the management, Current Assets, Loans and Advances are of the value stated, if realised in the ordinary course of business.

[f] The previous year's figures have been regrouped, reclassified and rearranged wherever necessary to make them comparable with that of current year's figures.

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Mar 31, 2014

NOTE 1

Contingent Liabilities (as certified by management and to the extent available from the records)

[Rs. Lakhs]

Particulars Year Ended March 31,2014 Year Ended March 31,2013

Estimated amount of Contracts remaining to be Executed on Capital Account 74.17 --

Letter of Credit Outstanding 461.50 163.63

Sales Tax Demand # 446.86 437.95

Commitment under Export Promotion Capital Goods (EPCG) Scheme 262.65 377.25

Demand for Income Tax appealed by the Company # 295.33 469.85

Claims against company not acknowledged as debts * -- --

Labour Law Cases/ Other Court Cases $ -- --

# Excluding penalty and other levies the quantum of which is presently not determinable.

* The Company had in earlier year filed complaint against its ex-employees for purported misappropriation within the Company. These employees have leveled counter charges/complaint against the management of the Company with various authorities. The Company has suitably replied to those clarifications sought for. The management of the Company does not perceive that any financial/other adjustment is required to be made in the books of accounts of the Company arising out of the said matter.

$ Amount not quantifiable/determinable

Note: Future cash out flows, if any, in respect of matter stated above is dependent upon the outcome of judgement / decisions etc.

NOTE 2

OTHER DISCLOSURES:

[a] During the year, Company has paid donation to political party i.e. Bhartiya Janta Party of Rs. 10 Lacs [Previous year Rs. Nil]

[b] The Company operates in one reportable business segment i.e. Glass Bottles / Containers. Exports made during the years are not significant. Hence, information in accordance with Accounting Standard 17 on ''Segment Reporting'' is not given.

[c] In the opinion of the management, Current Assets, Loans and Advances are of the value stated, if realised in the ordinary course of business.

[d] The previous year''s figures have been regrouped, reclassified and rearranged wherever necessary to make them comparable with that of current year''s figures.

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Mar 31, 2013

NOTE 1

lISt of relateD PartIeS

Information in accordance with Accounting Standard 18 on ''Related Parties Disclosures''.

Enterprise owned or signifcantly infuenced by key managerial

personnel or their Relatives Haldyn Corporation Limited

Key Management Personnel and their Relatives:

– Mr. N. D. Shetty Executive Chairman

– Mr. Tarun N. Shetty Managing Director

– Mrs. Vinita R. Ajila Director

– Mr. Rohan Y. Ajila Director

– Mrs. S. N. Shetty Relative

NOTE 2

other DIScloSUreS:

[a] During the year, Company has not paid donation to any political party [donation paid to Bhartiya Janta Party in previous year is Rs. 3 Lakhs]

[b] The Company operates in one reportable business segment i.e. Glass Bottles / Containers. Exports made during the years are very insignifcant. Hence, information in accordance with Accounting Standard 17 on ''Segment Reporting'' is not given.

[c] In the opinion of the management, Current Assets, Loans and Advances are of the value stated, if realised in the ordinary course of business.

[d] The previous year''s fgures have been regrouped, reclassifed and rearranged wherever necessary to make them comparable with that of current year''s fgures.

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Mar 31, 2012

1. Terms and rights attached to equity shares

[i] The Company has only one class of Equity Shares having a par value of Rs. 1 per share. Each holder of Equity Shares is entitled to one vote per share.

[ii] They are also entitled to dividend if proposed by the Board of Directors and approved by the shareholders in the ensuing Annual General Meeting except in case of interim dividend.

[iii] In the event of liquidation the equity shareholders are entitled to receive the remaining assets of the Company after distribution of all preferential amount, in proportion to their share holding.

Nature of Security and terms of repayment for loans

– Secured loan from banks consist of Deferred Payment Liabilities for Vehicles which are secured by hypothecation of specific moveable assets. The loans are repayable in 59 equated monthly installment of Rs. 0.07 Lakhs together with interest commencing from May 5, 2008 and carries interest rate of 11.32%.

– Secured loan from others consist of loan from TATA Capital for acquisition of Vehicles which are secured by hypothecation of moveable assets. The loans are repayable in 36 equated monthly installment of Rs. 0.19 Lakhs together with interest commencing from December 25, 2010 and carries interest rate of 9.27%.

Unsecured Loan from related party carries interest rate of 10% and 12% for Rs. 100 Lakhs and Rs. 300 Lakhs respectively and is repayable after two years.

Nature of Security and terms of loan

- Working capital facilities from Banks are secured by hypothecation of entire current assets of Company, present and future, on pari passu basis along with a second charge on the entire fixed assets of the Company.

- Working capital loans carry interest rate ranging from 3.5% to 4.5% above Bank's base rate, payable on monthly rests.

Out of the said amount, Rs. 52.68 lakhs [March 31, 2011: Rs. Nil] pertain to micro, small and medium enterprises as defined under Micro, Small, and Medium Enterprises Development Act, 2006 based on the information available with the Company. There is no interest payable to such parties as at March 31, 2012 [March 31, 2011: Rs. Nil].

LIST OF RELATED PARTIES & RELATIONSHIPS

Information in accordance with Accounting Standard 18 issued by the Institute of Chartered Accountants of India on 'Related Parties Disclosures'

Enterprise over which key managerial personnel and their relatives are having significant influence or control [Other related party]

Haldyn Corporation Limited

Key Management Personnel and their Relatives:

– Mr. N. D. Shetty Executive Chairman

– Mr. Tarun N. Shetty Managing Director

– Mrs. Vinita R. Ajila Director

– Mr. Rohan Y. Ajila Director

– Mrs. S. N. Shetty Relative

OTHERS

[a] During the year, Company has given donation to Bhartiya Janta Party of Rs. 3 Lakhs.

[b] The Company operates in one reportable business segment i.e. Glass Bottles / Containers. Exports made during the years are not significant. Hence, information in accordance with Accounting Standard 17 issued by the Institute of Chartered Accountants of India on 'Segment Reporting' is not given.

[c] Instances of purported misappropriation of the Company's funds / property by some senior employees were noticed during the year. Accordingly, the Company lodged a complaint with the police against the alleged offenders. Pursuant to the ongoing investigation by EOW, the Company expects to recover the misappropriated funds / property in due course.

[d] The Company was adopting pre-revised Schedule VI to the Companies Act 1956, for preparation and presentation of its financial statements upto financial year 2010-11. During the year the financial statements are prepared and presented as per revised Schedule VI notified under the Companies Act 1956.

The previous year's figures have been regrouped, reclassified and rearranged wherever necessary to make them comparable with that of current year's figures.

[e] In the opinion of the management, Current Assets, Loans and Advances are of the value stated, if realised in the ordinary course of business.

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Mar 31, 2011

1. The figures for the previous year ended March 31, 2010 have been regrouped / reclassified / rearranged wherever necessary.

2. Disclosure under Micro, Small and Medium Enterprises Development [MSMED] Act, 2006

Dues in respect of Micro, Small and Medium Enterprises, who have registered under the relevant Act and have submitted proof thereof, are being regularly met as per agreed terms. There is no outstanding principal amount at the year end [2009-2010 : NIL] and according to information and explanation given by the Management there is no liability towards interest [2009 -2010: NIL].

3. The Company operates in one reportable business segment i.e. Glass Bottles / Containers. Exports made during the year are not significant. Hence, information in accordance with Accounting Standard 17 issued by the Institute of Chartered Accountants of India on ‘Segment Reporting' is not given.

4. In accordance with the Accounting Standard [AS-28] on "Impairment of Assets" issued by the Institute of Chartered Accountants of India; the Company, during the year, carried out an exercise of identifying the assets that may have been impaired. After having assessed the carrying cost of assets and recoverable value over useful life, necessary provision has been made.

5. During the year, higher depreciation of Rs. 170.24 lakhs has been provided based on the estimated useful life of certain Plant and Machinery.

Additional information pursuant to Para 4 of Part-II of Schedule-VI of the Companies Act, 1956

6. Contingent Liabilities Rs. Lakhs

Particulars 2010 - 11 2009 - 10

Guarantees issued by Banks on behalf of the Company [Net of Margin Money] 9.11 9.11

Estimated amount of Contracts remaining to be executed on Capital Account [Net of Advances] 44.68 17.44

Letters of Credit outstanding [Net of Margin Money] 295.47 129.92

Sales Tax demands [Net of appeals / deposit] 437.95 437.95

Demand for Income Tax appealed by the company 320.59 134.53 [Based on the opinion received and various Legal judgments, no provision has been considered necessary in respect of sales Tax or Income tax.]

7. Information in accordance with Accounting Standard 18 issued by the Institute of Chartered Accountants of India on ‘Related Parties Disclosures'

List of Related Parties & Relationships

Enterprise owned or significantly influenced by key management personnel Haldyn Glass Limited

Key Management Personnel and their Relatives

Mr. N. D. Shetty Chairman & Managing Director

Mr. Tarun N. Shetty Executive Director

Mrs. Vinita R. Ajila Director

Mr. Rohan Y. Ajila Director

Mrs. S. N. Shetty Relative

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Mar 31, 2010

1. The figures for the previous year ended March 31, 2010 have been regrouped, wherever necessary.

2. The Company operates in one reportable business segment i.e. Glass Bottles / Containers. Exports made during the years are not significant. Hence, information in accordance with Accounting Standard 17 issued by the Institute of Chartered Accountants of India on Segment Reporting is not given.

3. In accordance with the Accounting Standard [AS-28] on " Impairment of Assets" issued by the Institute of Chartered Accountants of India, the company during the year carried out an exercise of identifying the assets that may have been impaired. After having assessed the carrying cost of assets and recoverable value over useful life, necessary provision has been made.

4. Contingent Liabilities

Rs. In Lacs

Particulars 2009 - 10 2008 - 09

Guarantees issued by Banks on behalf of the

Company

[Net of Margin Money] 9.11 9.11

Estimated amount of Contracts remaining to be

Executed on Capital Account [Net of Advances] 17.44 17.96

Letters of Credit Outstanding [Net of

Margin Money] 129.92 33.60

Sales Tax demands [Net of appeals / deposit] 437.95 425.02

Demand for Income Tax appealed by the company

[Based on the opinion received and various

judgements, no provision has been considered

necessary in this regard.] 134.53 -

5. Information in accordance with Accounting Standard 18 issued by the Institute of Chartered Accounts of India on Related Parties Disclosures

List of Related Parties & Relationships

Enterprise owned or significantly influenced

by key Haldyn Glass Limited

management personnel

Key Management Personnel and their Relatives

Mr. N. D. Shetty Chairman & Managing

Director

Mr. Tarun N. Shetty Executive Director

Mrs. Vinita R. Ajila Director

Mr. R. Y. Ajila Director

Mrs. S. N. Shetty Relative