Notes to Accounts of Jost's Engineering Company Ltd.

Mar 31, 2025

3.10 Provisions :

Provisions are recognized when the company has a present obligation (legal or
constructive) as a result of past event, it is probable that the company will be
required to settle the obligation, and a reliable estimate can be made of the
amount of the obligation.

The amount recognized as provision is the best estimate of the consideration
required to settle the present obligation at the end of the reporting period, taking
into account the risks and uncertainties surrounding the obligation. When a
provision is measured using the cash flows estimated to settle the present
obligation, its carrying amount is the present value of those cash flows (when the
effect of time value of money is material).

When some or all of the economic benefits required to settle a provision are
expected to be recovered from a third party, a receivable is recognized as an asset
if it is virtually certain that reimbursement will be received and the amount of the
receivable can be measured reliably. If the effect of the time value of money is
material, provisions are discounted using a current pre-tax rate that reflects, when
appropriate, the risks specific to the liability. When discounting is used, the
increase in the provision due to the passage of time is recognized as a finance
cost.

Product warranty

Provision for product warranty is recognized for the best estimates of the average
cost involved for replacement/repair etc. of the product sold before the balance
sheet date. These estimates are determined using historical information on the
nature, frequency and average cost of warranty claims and management
estimates regarding possible future incidences based on corrective actions on
product failures. The estimates for accounting of warranties are reviewed and
revisions are made as required.

3.11 Contingent liabilities and contingent assets :

Contingent liability is disclosed after careful evaluation of facts, uncertainties and
possibility of reimbursement, unless the possibility of an outflow of resources
embodying economic benefits is remote. Contingent liabilities are not recognised
but are disclosed in notes. Contingent assets are not accounted in the financial
statements unless an inflow of economic benefits is probable.

3.12 Financial instruments:

Financial assets and liabilities are recognised when the company becomes a party
to the contractual provisions of the instruments and are initially measured at fair
value. Transaction costs that are directly attributable to the acquisition or issue of
financial assets and liabilities (other than financial assets and financial liabilities at
fair value through profit or loss) are added to or deducted from the fair value of the
financial assets or liabilities on initial recognition. Transaction costs directly
attributable to the acquisition of financial assets or financial liabilities at fair value
through profit or loss are recognised immediately in the statement of profit and
loss.

Financial assets

Classification and subsequent measurement
Initial recognition and measurement

All financial assets are recognized initially at fair value, plus in the case of financial
assets not recorded at fair value through profit and loss (FVTPL), transaction costs
that are attributable to the acquisition of the financial assets. However, trade
receivables that do not contain a significant financing component are measured at
transaction price.

These include trade receivables, loans, investments, deposits, balances with
banks, and other financial assets with fixed or determinable payments.

The company measures its financial assets at fair value at each balance sheet
date. In this context, quoted investments are fair valued adopting the techniques
defined in level 1 of fair value hierarchy of Ind-AS 113 "Fair Value Measurement"
and unquoted investments, where the observable input is not readily available, are
fair valued adopting the techniques defined in level 3 of fair value hierarchy of Ind
AS 113 and securing the valuation report from the certified valuer. However, trade
receivables that do not contain a significant financing component are measured at
transaction price.

Classification

The company classifies a financial asset in accordance with the below criteria:

i. The Company''s business model for managing the financial asset and

ii. The contractual cash flow characteristics of the financial asset.

Based on the above criteria, the company classifies its financial assets into the
following categories:

i. Financial assets measured at amortized cost

ii. Financial assets measured at fair value through other comprehensive
income (FVTOCI)

iii. Financial assets measured at fair value through profit or loss (FVTPL)

A financial asset is measured at the amortized cost if both the following conditions
are met :

a. The company''s business model objective for managing the financial asset is
to hold financial assets in order to collect contractual cash flows, and

b. The contractual terms of the financial asset give rise on specified dates to
cash flows that are solely payments of principal and interest on the principal
amount outstanding.

A financial asset is measured at FVTOCI if both of the following conditions are met:

a. The company''s business model objective for managing the financial asset is
achieved both by collecting contractual cash flows and selling the financial
assets, and

b. The contractual terms of the financial asset give rise on specified dates to
cash flows that are solely payments of principal and interest on the principal
amount outstanding.

However, the company recognizes dividend income from such instruments in the
statement of profit and loss and fair value changes are recognized in other
comprehensive income (OCI).

A financial asset is measured at FVTPL unless it is measured at amortized cost or
at FVTOCI as explained above. This is a residual category applied to all other
investments of the company. Such financial assets are subsequently measured at
fair value at each reporting date. Fair value changes are recognized in the
statement of profit and loss.

Impairment

The Company applies the expected credit loss model for recognizing impairment
loss on financial assets measured at amortized cost, other contractual right to
receive cash or other financial assets not designated at fair value through profit or
loss. The loss allowance for a financial instrument is equal to the lifetime expected
credit losses if the credit risk on that financial instrument has increased
significantly since initial recognition. If the credit risk on a financial instrument has
not increased significantly since initial recognition, the Company measures the loss
allowance for that financial instrument at an amount equal to 12-month expected
credit losses. 12-month expected credit losses are portion of the lifetime expected
credit losses and represent the lifetime cash shortfalls that will result if the default
occurs within 12 months after the reporting date. For trade receivables or any
contractual right to receive cash or another financial assets that results from
transaction that are within the scope of Ind AS 115, the company always measures
the loss allowance at an amount equal to life time expected credit losses. The
Company has used a practical expedient permitted by Ind AS 109 and determines
the expected credit loss allowance based on a provision matrix which takes into
account historical credit loss experience and adjusted for forward looking
information.

De-recognition

The Company derecognizes financial asset when the contractual right to the cash
flows from the asset expires, or when it transfers the financial asset and
substantially all the risks and rewards of ownership of the asset to another party.
If the Company neither transfers nor retains substantially all the risks and rewards
of ownership and continues to control the transferred asset, the Company
recognizes its retained interest in the asset and an associated liability for the
amounts it may have to pay. If the Company retains substantially all the risks and
rewards of ownership of the transferred financial asset, the Company continues to
recognize the financial asset and also recognizes a collateralized borrowing for the
proceeds received.

On de-recognition of a financial asset, the difference between the asset''s carrying
amount and the sum of consideration received and receivable and the cumulative
gain or loss that had been recognized in other comprehensive income, if any, is
recognized in the Statement of Profit and Loss if such gain or loss would have
otherwise been recognized in the Statement of Profit and Loss on disposal of the
financial asset.

Financial liabilities

Classification

Financial liabilities and equity instruments issued by the Company are classified
according to the substance of the contractual arrangements entered into and the
definitions of a financial liability and an equity instrument.

Equity instruments

An equity instrument is any contract that evidences a residual interest in the
assets of an entity after deducting all of its liabilities. Equity instruments issued by
the Company are recognized at the proceeds received net of direct issue costs.

Subsequent measurement

Financial liabilities (that are not held for trading or not designated at fair value
through profit or loss) are measured at amortized cost at the end of subsequent
accounting periods. The carrying amounts of financial liabilities that are
subsequently measured at amortized cost are determined based on the effective
interest method.

Effective interest method is a method of calculating amortized cost of a financial
liability and of allocating interest expense over the relevant period. The effective
interest rate is the rate that exactly discounts estimated future cash payments
(including all fees, transaction costs and other premiums or discounts) through the
expected life of the financial liability, or (where appropriate) a shorter period, to
the net carrying amount on initial recognition.

Foreign exchange gains and losses

The fair value of financial liabilities denominated in a foreign currency is
determined in that foreign currency and translated at the spot rate at the end of
the reporting period. For financial liabilities that are measured at fair value through
profit or loss, the foreign exchange component forms part of the fair value gains
or losses and is recognized in the statement of profit and loss.

De-recognition

Financial liabilities are derecognized when, and only when, the obligations are
discharged, cancelled or have expired. An exchange with a lender of a debt
instruments with substantially different terms is accounted for as an
extinguishment of the original financial liability and recognition of a new financial
liability. Similarly, a substantial modification of the terms of an existing financial
liability is accounted for as an extinguishment of the original financial liability and
the recognition of a new financial liability. The difference between the carrying
amount of a financial liability derecognized and the consideration paid or payable
is recognized in the statement of profit and loss.

Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount is reported
in the balance sheet if there is a currently enforceable legal right to offset the
recognized amounts and there is an intention to settle on a net basis, to realize
the assets and settle the liabilities simultaneously.

Reclassification of financial assets / liabilities

After initial recognition, no reclassification is made for financial assets which are
equity instruments and financial liabilities. For financial assets which are debt
instruments, a reclassification is made only if there is a change in the business
model for managing those assets. Changes to the business model are expected to
be infrequent. The group''s senior management determines change in the business
model as a result of external or internal changes which are significant to the
group''s operations.

Impairment of non-financial assets

The company assesses at each balance sheet date whether there is any indication
that an asset may be impaired, if such assets are considered to be impaired, the
impairment to be recognized in the statement of profit and loss is measured by the
amount by which the carrying value of the assets exceeds the estimated
recoverable amount of the asset. Impairment losses are reversed in the statement
of profit and loss only to the extent that the asset''s carrying amount does not
exceed the carrying amount that would have been determined if no impairment
loss had previously been recognized.

Fair value measurement

The company measures financial instruments at fair value in accordance with
accounting policies at each reporting date. 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.

All assets and liabilities for which fair value is measured or disclosed in the
financial statements are categorized within the fair value hierarchy, described as
follows, based on the lowest level input that is significant to the fair value
measurement as a whole:

- 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 recognized in the balance sheet on a recurring
basis, the company determines whether transfers have occurred between levels in
the hierarchy by re-assessing categorization (based on the lowest level input that
is significant to the fair value measurement as a whole) at the end of each
reporting period.

3.13 Cash and cash equivalents :

Cash and cash equivalents comprise cash in hand and short-term deposits with
original maturities of three months or less that are readily convertible into known
amounts of cash and which are subject to insignificant risk of changes in value.

3.14 Earnings per share :

The Company reports basic and diluted earnings per share (EPS) in accordance
with Indian Accounting Standard 33 "Earnings per Share”. Basic EPS is computed
by dividing the net profit or loss attributable to ordinary equity holders by the
weighted average number of equity shares outstanding during the period. Diluted
EPS is computed by dividing the net profit or loss attributable to ordinary equity
holders by weighted average number of equity shares outstanding during the year
as adjusted for the effects of all dilutive potential equity shares (except where the
results are anti-dilutive).

3.15 Segment reporting :

The Company''s business activity falls within two segments viz. Material Handling
and Engineering Products. Segments are organized based on business which have
similar economic characteristics as well as exhibit similarities in nature of products
and services offered, the nature of production processes, the type and class of
customer and distribution methods.

Investments, tax related assets and other assets and liabilities that can not be
allocated to a segment on reasonable basis have been disclosed as "Unallocable"

3.16 Borrowing cost :

Borrowings costs that are attributable to the acquisition or construction of
qualifying assets up to the date when they are ready for their intended use and
other borrowing costs are charged to profit and loss account. All other borrowing
costs are expensed in the period in which they occur. Borrowing costs consist of
interest and other costs that an entity incurs in connection with the borrowing of
funds.

3.17 Investments in subsidiaries:

Investments in subsidiaries are carried at cost/deemed cost less accumulated
impairment losses, if any. Where an indication of impairment exists, the carrying
amount of investment is assessed and an impairment provision is recognised, if
required immediately to its recoverable amount. On disposal of such investments,
difference between the net disposal proceeds and carrying amount is recognised in
the statement of profit and loss.

3.18 Dividend to Equity Shareholders:

Dividend to equity shareholders is recognised as a liability and deducted from
shareholders'' Equity, in the period in which the dividends are approved by the
equity shareholders in the general meeting

3.19 Rounding of amounts:

All amounts disclosed in the financial statements and notes have been rounded off
to the nearest lakh as per the requirement of Schedule III, unless otherwise
stated.

3.20 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 within the financial statements. Otherwise, events after the
balance sheet date of material size or nature are only disclosed.

3.21 Cash flow statement:

Cash flows are reported using the indirect method, whereby profit / (loss) before
exceptional items and tax is adjusted for the effects of transactions of non-cash
nature and any deferrals or accruals of past or future cash receipts or payments.
The cash flows from operating, investing and financing activities of the company
are segregated.

b. Pursuant to the approval of the shareholders accorded on September 16, 2024 at their Annual General
Meeting through Video Conferencing/Other Audio-Visual Means conducted by the Company, each equity
share of face value of ?2/- per share was split into 2 equity shares of face value of ?l/- per share, with
effect from 15^th November, 2024.

During the previous financial year, pursuant to the approval of the shareholders accorded on March 23,
2023 at the Extra Ordinary General meeting through Video Conferencing/Other Audio-Visual Means con¬
ducted by the Company, each equity share of face value of ? 5/- per share was split into 2.5 equity shares
of face value of ? 2/- per share, with effect from 28^th April, 2023.

c. Conversion of Warrants:

The Board of Directors of the Company through resolution by circulation on 4^th December, 2024 have
considered and approved the allotment of 200,000 Equity shares of the face value of ?1/-each as fully
paid-up shares at a price of Rs. 253.25/- per equity share (including premium of ? 252.25/- equity share),
consequent upon the conversion of 100,000 Warrants issued earlier for ?506.50/-, after adjusting the
number of shares, paid-up capital per share and premium per share post sub-division of nominal value of
the Equity Share of the Company from 1 Equity Share of ?2/- each to 2 Equity Shares of ?1/- each, upon
receipt of an amount aggregating to ?3,79,87,500/- (Rupees Three Crore Seventy Nine Lakh Eighty Seven
Thousand Five Hundred only) at the rate of ?379.875 (Rupees Three Hundred Seventy Nine and Eight
Seventy Five Paisa Only) per warrant (being 75% of the issue price per warrant) from the allottees
pursuant to the exercise of their rights of conversion into equity shares in accordance with the provisions
of SEBI (ICDR) Regulations, 2018.

d. Board of Directors at their meeting held on 9^th November 2023 have approved issuance of 2,25,000
equity shares at ?506.50/- (including a premium of ?504.50/-) per equity share aggregating to
?11,39,62,500/-, for Cash, on preferential basis by way of private placement to non-promoter category.

Shareholders of the company, in Extra-ordinary general meeting held on 9^th December 2023, approved the
issuance of equity shares on preferrential basis. Subsequently, allotment of 2,25,000 fully paid up equity
share has been made on 24^th December 2023.

e. Rights, preferences and restrictions attached to equity shares:

The company has only one class of issued shares i.e Equity Shares having par value of ?1/- each.The
Equity Shares of the Company have voting rights and are subject to the restrictions as prescribed under
the Companies Act, 2013. Each holder of equity share is entitled to one vote per share and equal right for
dividend. The dividend proposed by the Board of directors is subject to approval of shareholders in the
ensuing Annual general meeting.

(h) There are no shares reserved for issue under options and contracts / commitments for the sale of
shares / disinvestments.

(i) There are no bonus shares issued or bought back during the period of five years immediately
preceding the reporting date.

(j) No calls are unpaid by any director or officer of the company at the end of the reporting period.

(k) As per records of the Company, no shares have been forfeited by the Company during the year.

(l) Shares Alloted as Fully Paid-Up Pursuant to Contracts Without Payment Being Received in Cash During
the Year of five Years Immediately Preceding the Date of The Balance Sheet is Nil

(i) General reserve

Under the erstwhile Indian Companies Act 1956, a general reserve was created through an annual transfer
of net income at a specified percentage in accordance with applicable regulations. The purpose of these
transfers was to ensure that if a dividend distribution in a given year is more than 10% of the paid-up
capital of the Company for that year, then the total dividend distribution is less than the total distributable
reserves for that year.

Consequent to introduction of Companies Act 2013, the requirement of mandatory transfer of a specified
pe rcenta g e of the n et profit to general reserve has been withdrawn and the Company can optionally
transfer any amount from the surplus of profit and loss to the General reserves. This reserve is utilised in
accordance with the specific provisions of the Companies Act 2013.

(ii) 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. Retained earnings is a free reserve available
to the Company.

(iii) Securities Premium

The amount received in excess of face value of the equity shares is recognised in securities premium. This
reserve is utilised in accordance with the specific provisions of the Companies Act 2013.

Performance Obligation

The performance obligation is satisfied upon delivery of the goods and payment is generally due within 0
to 90 days from delivery. There are no material unsatisfied performance obligation outstanding at the
year end.

The performance obligations of the Company are part of contracts that have an original expected duration
of less than one year and accordingly, the Company has applied the practical expedient and opted not to
disclose the information about it''s remaining performance obligations in accordance with paragraph 121
of IND AS 115

Contract balances

The following table provides information about receivables, contract assets and contract liabilities from
contracts with customers

The Company has disclosed business segments as the primary segments. The segments have been
identified taking into account the nature of the products, the differing risks & returns, the
organisational structure and internal reporting system. The Company''s operations predominantly
relate to manufacturing of material handling equipment. The other business segment reported is
engineered products.

Operating segments are reported in a manner consistent with the internal reporting provided to Chief
Operating Decision Maker (CODM).

There are no reportable geographical segments as the export turnover is not significant. Segments
results include the respective amounts identifiable to each of the segments as also amounts located
on a reasonable bases

39.Leases

The company''s leasing arrangements are in respect of operating leases for office premises. The rent
period range between 1 years to 5 years and usually renewable on mutually agreed terms.

1.a. Post employment defined benefit plans :

The company makes annual contributions to the employee''s group gratuity assurance scheme
administered by the Life Insurance Corporation of India (''LIC''), a funded defined benefit plan for
qualifying employees. The scheme provides for lump sum payment to vested employees at
retirement, death while in employment or on termination of employment of an amount equivalent to
fifteen days salary payable for each completed year of service or part thereof in excess of six months.
Vesting occurs on completion of five years of service.

The following tables set out the funded status of the gratuity plans and the amounts recognized in
the company''s financial statements as at March 31, 2025 and March 31, 2024.

Additional details :

Methodology adopted for valuation is projected unit credit method.

Sensitivity analysis is an analysis which will give the movement in liability if the assumptions were not
proved to be true on different count. This only signifies the change in the liability if the difference between
assumed and the actual is not following the parameters of the sensitivity analysis.

Since investment is with insurance company, assets are considered to be secured.

Assumptions regarding future mortality experience are set in accordance with the Indian Assured Lives
Mortality (2012-14) Urban.

Expected rate of return on plan assets is based on expectation of the average long term rate of return
expected to prevail over the estimated term of the obligation on the type of the investments assumed to
be held by LIC, since the fund is managed by LIC.

The estimates of future salary increases, considered in actuarial valuation, takes into account of inflation,
seniority, promotions and other relevant factors, such as supply and demand in the employment market.

Actuarial gains/losses are recognized in the period of occurrence under other comprehensive income
(OCI). All above reported figures of OCI are gross of taxation.

43. Capital management:

The Company''s objectives when managing capital are to safeguard their ability to continue as a going
concern, so that they can continue to provide returns for shareholders and benefits for other stakeholders
and maintain an optimal capital structure to reduce the cost of capital. The capital structure of the
Company consists of debt and total equity of the Company.

The Company determines the amount of capital required on the basis of annual operating plans and
long-term product and other strategic investment plans. The funding requirements are met through
equity, long-term borrowings (term loan) and short-term borrowings. The Company''s policy is aimed at
combination of short-term and long-term borrowings. The Company monitors the capital structure on the
basis of total debt to equity ratio and maturity profile of the overall debt portfolio of the Company.

The Company is not subject to any externally imposed capital requirements.

Total debt includes all long and short-term debts as disclosed in note 18 and 20 to the financial
statements.

The gearing ratio at the end of the reporting period was as follows:

44.Financial instruments

a. Financial instruments by category

The fair values of the financial assets and liabilities are included at the amount at which the instrument
could be exchanged in a current transaction between willing parties, other than in a forced or liquidation
sale.

The following methods and assumptions were used to estimate the fair values:

Fair value of cash and short-term deposits, trade and other short term receivables, trade payables, other
current liabilities, short term loans from banks and other financial institutions approximate their carrying
amounts largely due to the short-term maturities of these instruments.

For financial assets and liabilities that are measured at fair value, the carrying amounts are equal to the
fair values.

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

Level 1 : Quoted (unadjusted) prices in active markets for identical assets or liabilities

Level 2 : Other techniques for which all inputs which have a significant effect on the recorded fair value
are observable, either directly or indirectly.

Level 3 : Techniques which use inputs that have a significant effect on the recorded fair value that are not
based on observable market data.

The Company has not disclosed the fair values for financial instruments such as trade receivables, cash
and cash equivalents, other bank balances, loans, borrowings, trade payable, other financial assets and
financial liabilities, because their carrying amounts are a reasonable approximation of fair value.

45. Financial risk management framework :

The Company is exposed primarily to market risk, credit risk and liquidity risk which may adversely
impact the fair value of its financial instruments. The Company assesses the unpredictability of the
financial environment and seeks to mitigate potential adverse effects on the financial performance of the
Company.

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. Such changes in the values of financial instruments may result
from changes in the foreign currency exchange rates, interest rates and other market changes. The
Company''s exposure to market risk relates to foreign currency exchange rate risk.

Foreign currency risk management:

The Company undertakes transactions denominated in foreign currencies and consequently,
exposures to exchange rate fluctuations arise. Exposure to currency risk relates to the company''s
operating activities when transactions are denominated in a different currency from the Company''s
functional currency.

The fluctuation in foreign currency exchange rates may have potential impact on the statement of
profit and loss and other comprehensive income and equity, where any transaction references more
than one currency or where assets/liabilities are denominated in a currency other than the functional
currency of the Company. The Company evaluates the impact of foreign exchange rate fluctuations
by assessing its exposure to exchange rate risks.

The following tables demonstrate the sensitivity to a reasonably possible change in USD, GBP and
Euro exchange rates, with all other variables held constant. The impact on the Company''s profit
before tax is due to changes in the fair value of monetary assets and liabilities. The Company''s
exposure to other foreign currencies is not material.

Credit risk

Credit risk is the risk of financial loss arising from counterparty failure to repay or service debt
according to the contractual terms or obligations. Credit risk encompasses of both, the direct risk of
default and the risk of deterioration of creditworthiness as well as concentration of risks. Credit risk
is controlled by analyzing credit limits and creditworthiness of customers on a continuous basis to
whom the credit has been granted after obtaining necessary approvals for credit. Outstanding
customer receivables are regularly monitored. The Company maintains its cash and cash equivalents
and deposits with banks having good reputation and high quality credit ratings.

Liquidity risk:

Liquidity risk refers to the risk that the Company cannot meet its financial obligations. The objective
of liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for
use as per requirements. The Company manages liquidity risk by maintaining adequate reserves,
banking facilities by continuously monitoring forecast and actual cash flows, and by matching the
maturity profiles of financial assets and liabilities.

Dues to micro and small enterprises have been determined to the extent such parties have been
identified on the basis of information collected by the management. This has been relied upon by the
auditors.

47. Corporate social responsibility

"As per Section 135 of the Companies Act 2013, a company, meeting the applicability threshold,
needs to spend at least 2% of its average net profit for the immediately preceding three financial
years on corporate social responsibility (CSR) activities.The CSR activities of the company are
generally carried out through charitable organisations, where funds are allocated by the Company.
These organisations carry out the CSR activities as specified in the schedule VII of the companies
Act, 2013 on behalf of the company."

b. Relation with struck off Companies

(i) Company does not have any transactions with companies struck off under section 248 of the
Companies Act, 2013 or section 560 of Companies Act, 1956.

c. Other information:

(i) Details of benami property held

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.

(ii) Wilful defaulter

The Company has not been declared wilful defaulter by any bank or financial institution or
government or any government authority.

(iii) Compliance with number of layers of companies

The Company does not have number of layers of companies.

(iv) Compliance with approved scheme(s) of arrangements

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

(v) Borrowing from banks and financial institutions for specific purpose

All the borrowings from banks and financial institutions have been used for the specific purposes for
which they have been obtained.

(vi) Undisclosed income

There is no income surrendered or disclosed as income during the current or previous year in the tax
assessments under the Income Tax Act, 1961, that has not been recorded in the books of account.

(vii) Details of crypto currency or virtual currency

The Company has not traded or invested in crypto currency or virtual currency during the current or
previous year.

(viii) Title deeds of immovable properties not held in name of the company

The company does not own any immovable properties other than leasehold properties.

(ix) Revaluation of Property, Plant & Equipment

The company has not revalued any of its Property , Plant & Equipments during the year.

(x) Registration of charges or satisfaction with Registrar of Companies (ROC)

All the charges or satisfaction of which is required to be registered with Registrar of Companies(ROC)
have been duly registered within the statutory time limit provided under the provisions of Companies
Act 2013 and rules made thereunder.

49. The Company has not advanced or loaned or invested (either from borrowed funds or share premium
or any other sources or kind of funds) to or in any other person or entity, including foreign entities ("
Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary
shall, whether, 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 provide any guarantee, security
or the like on behalf of the Ultimate Beneficiaries.

Further, the Company has not received any funds from any person or entity, including foreign entities
("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company
shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner
whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries.

50. A. Disclosure as per Regulation 53(f) of SEBI (Listing Obligation and Disclosure Requirements)
Regulations :

Loans and advances in the nature of loans given to subsidiaries, associates and others and
investments in shares of the company by such parties:

B. Disclosure as per Section 186 of the Companies Act, 20133

The details of loans, guarantees and investments under section 186 of the Companies Act, 2013 read
with the Companies (Meeting of Board and its Powers) Rules, 2014 are as follows:

i. Details of investments made are given in note 5.

ii. Details of corporate guarantees issued are given in note 35.

51. Exceptional items represent payments related to voluntary retirement scheme offered by the Company
to their permanent workers and after acceptance of the scheme the payment has been made to the work¬
ers on 23^rd September 2024.

52. The Ministry of Corporate Affairs (MCA) has issued a notification (Companies (Accounts) Amendment
Rules, 2021) which is effective from April 01, 2023, states that every company which uses accounting
software for maintaining its books of account shall use only the accounting software where there is a
feature of recording audit trail of each and every transaction, and further creating an edit log of each
change made to books of account along with the date when such changes were made and ensuring that
the audit trail cannot be disabled.

During the year the Company used SAP as a accounting software for maintaining books of account, which
has a feature of recording audit trail edit logs facility.

The audit trail features was enabled and operative throughout the financial year for the transactions
recorded in the software impacting books of account at application level. Additionally, the company has
preserved the audit trail as per the statutory requirements of records and retention."

53. The Code on Social Security, 2020 (''Code'') relating to employee benefits during employment and
post-employment benefits received presidential assent in September 2020. The said code is made
effective prospectively from May 3, 2023. The company is assessing the impact, if any, of the Code.

54. Balances of certain debtors/creditors, deposits received/paid and advances are subject to confirmation
and reconcillation. In the opinion of the management balances are stated at realisable value and no
adjustments will be required.

55. Previous year figures have been regrouped/reclassified wherever necessary to conform to current year
figures.

56. The Financial Statements were approved by the Audit Committee and Board of Directors on May 29,
2025.

For and on behalf of the Board of Directors

Sd/- Sd/-

Jai Prakash Agarwal Vishal Jain

Chairman Managing Director & CEO

DIN - 00242232 DIN - 00709250

Sd/- Sd/-

Rohit Jain Babita Kumari

Chief Financial Officer Company Secretary

_ Membership No. A40774

Place: Thane

Date: May 29^th, 2025

---

Mar 31, 2024

3.10 Provisions :

Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of past event, it is probable that the Company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognized as provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost.

Product warranty

Provision for product warranty is recognized for the best estimates of the average cost involved for replacement/repair etc. of the product sold before the balance sheet date. These estimates are determined using historical information on

the nature, frequency and average cost of warranty claims and management estimates regarding possible future incidences based on corrective actions on product failures. The estimates for accounting of warranties are reviewed and revisions are made as required.

3.11 Contingent liabilities and contingent assets :

Contingent liability is disclosed after careful evaluation of facts, uncertainties and possibility of reimbursement, unless the possibility of an outflow of resources embodying economic benefits is remote. Contingent liabilities are not recognised but are disclosed in notes. Contingent assets are not accounted in the financial statements unless an inflow of economic benefits is probable.

3.12 Financial instruments:

Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instruments and are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or liabilities on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in the statement of profit and loss.

Financial assets

Classification and subsequent measurement Initial recognition and measurement

All financial assets are recognized initially at fair value, plus in the case of financial assets not recorded at fair value through profit and loss (FVTPL), transaction costs that are attributable to the acquisition of the financial assets. However, trade receivables that do not contain a significant financing component are measured at transaction price.

These include trade receivables, loans, investments, deposits, balances with banks, and other financial assets with fixed or determinable payments.

The company measures its financial assets at fair value at each balance sheet date. In this context, quoted investments are fair valued adopting the techniques defined in level 1 of fair value hierarchy of Ind-AS 113 "Fair Value Measurement" and unquoted investments, where the observable input is not readily available, are fair valued adopting the techniques defined in level 3 of fair value hierarchy of Ind AS 113 and securing the valuation report from the certified valuer. However, trade receivables that do not contain a significant financing component are measured at transaction price.

Classification

The Company classifies a financial asset in accordance with the below criteria:

i. The Company''s business model for managing the financial asset and

ii. The contractual cash flow characteristics of the financial asset.

Based on the above criteria, the company classifies its financial assets into the following categories:

i. Financial assets measured at amortized cost

ii. Financial assets measured at fair value through other comprehensive income (FVTOCI)

iii. Financial assets measured at fair value through profit or loss (FVTPL)

A financial asset is measured at the amortized cost if both the following conditions are met :

a. The company''s business model objective for managing the financial asset is to hold financial assets in order to collect contractual cash flows, and

b. The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

A financial asset is measured at FVTOCI if both of the following conditions are met:

a. The company''s business model objective for managing the financial asset is achieved both by collecting contractual cash flows and selling the financial assets, and

b. The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

However, the company recognizes dividend income from such instruments in the statement of profit and loss and fair value changes are recognized in other comprehensive income (OCI).

A financial asset is measured at FVTPL unless it is measured at amortized cost or at FVTOCI as explained above. This is a residual category applied to all other investments of the company. Such financial assets are subsequently measured at fair value at each reporting date. Fair value changes are recognized in the statement of profit and loss.

Impairment

The Company applies the expected credit loss model for recognizing impairment loss on financial assets measured at amortized cost, other contractual right to receive cash or other financial assets not designated at fair value through profit or loss. The loss allowance for a financial instrument is equal to the lifetime expected credit losses if the credit risk on that financial instrument has increased significantly since initial recognition. If the credit risk on a financial instrument has not increased significantly since initial recognition, the Company measures the loss allowance for that financial instrument at an amount equal to 12-month expected credit losses. 12-month expected credit losses are portion

of the lifetime expected credit losses and represent the lifetime cash shortfalls that will result if the default occurs within 12 months after the reporting date. For trade receivables or any contractual right to receive cash or another financial assets that results from transaction that are within the scope of Ind AS 115, the company always measures the loss allowance at an amount equal to life time expected credit losses. The Company has used a practical expedient permitted by Ind AS 109 and determines the expected credit loss allowance based on a provision matrix which takes into account historical credit loss experience and adjusted for forward looking information.

De-recognition

The Company derecognizes financial asset when the contractual right to the cash flows from the asset expires, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party. If the Company neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Company recognizes its retained interest in the asset and an associated liability for the amounts it may have to pay. If the Company retains substantially all the risks and rewards of ownership of the transferred financial asset, the Company continues to recognize the financial asset and also recognizes a collateralized borrowing for the proceeds received.

On de-recognition of a financial asset, the difference between the asset''s carrying amount and the sum of consideration received and receivable and the cumulative gain or loss that had been recognized in other comprehensive income, if any, is recognized in the Statement of Profit and Loss if such gain or loss would have otherwise been recognized in the Statement of Profit and Loss on disposal of the financial asset.

Financial liabilities

Classification

Financial liabilities and equity instruments issued by the Company are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument.

Equity instruments

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Company are recognized at the proceeds received net of direct issue costs.

Subsequent measurement

Financial liabilities (that are not held for trading or not designated at fair value through profit or loss) are measured at amortized cost at the end of subsequent accounting periods. The carrying amounts of financial liabilities that are subsequently measured at amortized cost are determined based on the effective interest method.

Effective interest method is a method of calculating amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the net carrying amount on initial recognition.

Foreign exchange gains and losses

The fair value of financial liabilities denominated in a foreign currency is determined in that foreign currency and translated at the spot rate at the end of the reporting period. For financial liabilities that are measured at fair value through profit or loss, the foreign exchange component forms part of the fair value gains or losses and is recognized in the statement of profit and loss.

De-recognition

Financial liabilities are derecognized when, and only when, the obligations are discharged, cancelled or have expired. An exchange with a lender of a debt instruments with substantially different terms is accounted for as an extinguishment of the original financial liability and recognition of a new financial liability. Similarly, a substantial modification of the terms of an existing financial liability is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. The difference between the carrying amount of a financial liability derecognized and the consideration paid or payable is recognized in the statement of profit and loss.

Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously.

Reclassification of financial assets / liabilities

After initial recognition, no reclassification is made for financial assets which are equity instruments and financial liabilities. For financial assets which are debt instruments, a reclassification is made only if there is a change in the business model for managing those assets. Changes to the business model are expected to be infrequent. The Company''s senior management determines change in the business model as a result of external or internal changes which are significant to the Company''s operations.

Impairment of non-financial assets

The company assesses at each balance sheet date whether there is any indication that an asset may be impaired, if such assets are considered to be impaired, the impairment to be recognized in the statement of profit and loss is measured by the amount by which the carrying value of the assets exceeds the estimated recoverable amount of the asset. Impairment losses are reversed in the statement of profit and loss only to the extent that the asset''s carrying amount does not exceed the carrying amount that would have been determined if no impairment loss had previously been recognized.

Fair value measurement

The company measures financial instruments at fair value in accordance with accounting policies at each reporting date. 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.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

- 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 recognized in the balance sheet on a recurring basis, the company determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

3.13 Cash and cash equivalents :

Cash and cash equivalents comprise cash in hand and short-term deposits with original maturities of three months or less that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value.

3.14 Earnings per share :

The Company reports basic and diluted earnings per share (EPS) in accordance with Indian Accounting Standard 33 "Earnings per Share”. Basic EPS is computed by dividing the net profit or loss attributable to ordinary equity holders by the weighted average number of equity shares outstanding during the period. Diluted EPS is computed by dividing the net profit or loss attributable to ordinary equity holders by weighted average number of equity shares outstanding during the year as adjusted for the effects of all dilutive potential equity shares (except where the results are anti-dilutive).

3.15 Segment reporting :

The Company''s business activity falls within two segments viz. Material Handling and Engineering Products. Segments are organized based on business which have similar economic characteristics as well as exhibit similarities in nature of products and services offered, the nature of production processes, the type and class of customer and distribution methods.

Investments, tax related assets and other assets and liabilities that can not be allocated to a segment on reasonable basis have been disclosed as "Unallocable"

3.16 Borrowing cost :

Borrowings costs that are attributable to the acquisition or construction of qualifying assets up to the date when they are ready for their intended use and other borrowing costs are charged to profit and loss account. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.

3.17 Investments in subsidiaries:

Investments in subsidiaries are carried at cost/deemed cost less accumulated impairment losses, if any. Where an indication of impairment exists, the carrying amount of investment is assessed and an impairment provision is recognised, if required immediately to its recoverable amount. On disposal of such investments, difference between the net disposal proceeds and carrying amount is recognised in the statement of profit and loss.

3.18 Dividend to Equity Shareholders:

Dividend to equity shareholders is recognised as a liability and deducted from shareholders'' Equity, in the period in which the dividends are approved by the equity shareholders in the general meeting

3.19 Rounding of amounts:

All amounts disclosed in the financial statements and notes have been rounded off to the nearest lakh as per the requirement of Schedule III, unless otherwise stated.

3.20 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 within the financial statements. Otherwise, events after the balance sheet date of material size or nature are only disclosed.

3.21 Cash flow statement:

Cash flows are reported using the indirect method, whereby profit / (loss) before exceptional items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the company are segregated.

1.a. Post employment defined benefit plans :

The company makes annual contributions to the employee''s group gratuity assurance scheme administered by the Life Insurance Corporation of India (''LIC''), a funded defined benefit plan for qualifying employees. The scheme provides for lump sum payment to vested employees at retirement, death while in employment or on termination of employment of an amount equivalent to fifteen days salary payable for each completed year of service or part thereof in excess of six months. Vesting occurs on completion of five years of service.

The following tables set out the funded status of the gratuity plans and the amounts recognized in the company''s financial statements as at March 31, 2024 and March 31, 2023.

The Company''s objectives when managing capital are to safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and benefits for other stakeholders and maintain an optimal capital structure to reduce the cost of capital. The capital structure of the Company consists of debt and total equity of the Company.

The Company determines the amount of capital required on the basis of annual operating plans and long-term product and other strategic investment plans. The funding requirements are met through equity, long-term borrowings (term loan) and short-term borrowings. The Company''s policy is aimed at combination of short-term and long-term borrowings. The Company monitors the capital structure on the basis of total debt to equity ratio and maturity profile of the overall debt portfolio of the Company.

The Company is not subject to any externally imposed capital requirements.

Total debt includes all long and short-term debts as disclosed in note 18 and 20 to the financial statements.

The gearing ratio at the end of the reporting period was as follows:

44.Financial instruments a. Financial instruments by category

The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

The following methods and assumptions were used to estimate the fair values:

Fair value of cash and short-term deposits, trade and other short term receivables, trade payables, other current liabilities, short term loans from banks and other financial institutions approximate their carrying amounts largely due to the short-term maturities of these instruments.

For financial assets and liabilities that are measured at fair value, the carrying amounts are equal to the fair values.

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

Level 1 : Quoted (unadjusted) prices in active markets for identical assets or liabilities

Level 2 : Other techniques for which all inputs which have a significant effect on the recorded fair

value are observable, either directly or indirectly.

Level 3 : Techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data.

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. Such changes in the values of financial instruments may result from changes in the foreign currency exchange rates, interest rates and other market changes. The Company''s exposure to market risk relates to foreign currency exchange rate risk.

Foreign currency risk management:

The Company undertakes transactions denominated in foreign currencies and consequently, exposures to exchange rate fluctuations arise. Exposure to currency risk relates to the company''s operating activities when transactions are denominated in a different currency from the Company''s functional currency.

The fluctuation in foreign currency exchange rates may have potential impact on the statement of profit and loss and other comprehensive income and equity, where any transaction references more than one currency or where assets/liabilities are denominated in a currency other than the functional currency of the Company. The Company evaluates the impact of foreign exchange rate fluctuations by assessing its exposure to exchange rate risks.

The following tables demonstrate the sensitivity to a reasonably possible change in USD, GBP and Euro exchange rates, with all other variables held constant. The impact on the Company''s profit before tax is due to changes in the fair value of monetary assets and liabilities. The Company''s exposure to other foreign currencies is not material.

Credit risk

Credit risk is the risk of financial loss arising from counterparty failure to repay or service debt according to the contractual terms or obligations. Credit risk encompasses of both, the direct risk of default and the risk of deterioration of creditworthiness as well as concentration of risks. Credit risk is controlled by analyzing credit limits and creditworthiness of customers on a continuous basis to whom the credit has been granted after obtaining necessary approvals for credit. Outstanding customer receivables are regularly monitored. The Company maintains its cash and cash equivalents and deposits with banks having good reputation and high quality credit ratings.

Liquidity risk:

Liquidity risk refers to the risk that the Company cannot meet its financial obligations. The objective of liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for use as per requirements. The Company manages liquidity risk by maintaining adequate reserves, banking facilities by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

As per Section 135 of the Companies Act 2013, a company, meeting the applicability threshold, needs to spend at least 2% of its average net profit for the immediately preceding three financial years on corporate social responsibility (CSR) activities.

The CSR activities of the company are generally carried out through charitable organisations, where funds are allocated by the Company. These organisations carry out the CSR activities as specified in the schedule VII of the companies Act, 2013 on behalf of the company.

* due to increase in operating profit during the year.

** due to increase in net working capital.

*** due to increase in interest income on investment in 9% debentures in subsidiary and liquid funds during the year

b. Relation with struck off Companies

(i) Company does not have any transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.

c. Other information:

(i) Details of benami property held

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.

(ii) Wilful defaulter

The Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority.

(iii) Compliance with number of layers of companies

The Company does not have number of layers of companies.

(iv) Compliance with approved scheme(s) of arrangements

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

(v) Borrowing from banks and financial institutions for specific purpose

All the borrowings from banks and financial institutions have been used for the specific purposes for which they have been obtained.

(vi) Undisclosed income

There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under the Income Tax Act, 1961, that has not been recorded in the books of account.

(vii) Details of crypto currency or virtual currency

The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.

(viii) Title deeds of immovable properties not held in name of the company

The company does not own any immovable properties other than leasehold properties.

(ix) Revaluation of Property, Plant & Equipment

The company has not revalued any of its Property , Plant & Equipments during the year.

(x) Registration of charges or satisfaction with Registrar of Companies (ROC)

All the charges or satisfaction of which is required to be registered with Registrar of Compa-nies(ROC) have been duly registered within the statutory time limit provided under the provisions of Companies Act 2013 and rules made thereunder..

49. The Company has not advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) to or in any other person or entity, including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, 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 provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

Further, the Company has not received any funds from any person or entity, including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

B. Disclosure as per Section 186 of the Companies Act, 2013

The details of loans, guarantees and investments under section 186 of the Companies Act, 2013 read with the

Companies (Meeting of Board and its Powers) Rules, 2014 are as follows:

i. Details of investments made are given in note 5.

ii. Details of corporate guarantees issued are given in note 35.

51. The Ministry of Corporate Affairs (MCA) has issued a notification (Companies (Accounts) Amendment Rules, 2021) which is effective from April 01, 2023, states that every company which uses accounting software for maintaining its books of account shall use only the accounting software where there is a feature of recording audit trail of each and every transaction, and further creating an edit log of each change made to books of account along with the date when such changes were made and ensuring that the audit trail cannot be disabled.

During the year the Company used SAP as a accounting software for maintaining books of account, which has a feature of recording audit trail edit logs facility.

The audit trail features was enabled and operative throughout the financial year for the transactions recorded in the software impacting books of account at application level.

52. The Code on Social Security, 2020 (''Code'') relating to employee benefits during employment and post-employment benefits received presidential assent in September 2020. The said code is made effective prospectively from May 3, 2023. The company is assessing the impact, if any, of the Code.

53. Balances of certain debtors/creditors, deposits received/paid and advances are subject to confirmation and reconcillation. In the opinion of the management balances are stated at realisable value and no adjustments will be required.

54. Previous year figures have been regrouped/reclassified wherever necessary to conform to current year figures.

55. The Financial Statements were approved by the Audit Committee and Board of Directors on May 15^th, 2024.

For Shah Gupta & Co. For and on behalf of Board of Directors

Chartered Accountants

Firm Registration Number : 109574W

Sd/- Sd/- Sd/-

Vedula Prabhakar Sharma Jai Prakash Agarwal Vishal Jain

Partner Chairman Managing Director & CEO

Membership No. 123088 DIN - 00242232 DIN - 00709250

Place: Mumbai Date: May 15 2024

Sd/- Sd/-

Rohit Jain Babita Kumari

Chief Financial Officer Company Secretary

Membership No. A40774

Place: Thane Date: May 15 2024

---

Mar 31, 2023

3.10 Provisions :

Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of past event, it is probable that the Company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognized as provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost.

Product warranty

Provision for product warranty is recognized for the best estimates of the average cost involved for

replacement/repair etc. of the product sold before the balance sheet date. These estimates are determined using historical information on the nature, frequency and average cost of warranty claims and management estimates regarding possible future incidences based on corrective actions on product failures. The estimates for accounting of warranties are reviewed and revisions are made as required.

3.11 Contingent liabilities and contingent assets:

Contingent liability is disclosed after careful evaluation of facts, uncertainties and possibility of reimbursement, unless the possibility of an outflow of resources embodying economic benefits is remote. Contingent liabilities are not recognised but are disclosed in notes. Contingent assets are not accounted in the financial statements unless an inflow of economic benefits is probable.

3.12 Financial instruments :

Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instruments and are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or liabilities on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in the statement of profit and loss.

Financial assets

Classification and subsequent

measurement

Initial recognition and measurement

All financial assets are recognized initially at fair value, plus in the case of financial assets not recorded at fair value through profit and loss (FVTPL), transaction costs that are attributable to the acquisition of the financial assets. However, trade receivables that do not contain a significant financing component are measured at transaction price.

These include trade receivables, loans, investments, deposits, balances with banks, and other financial assets with fixed or determinable payments.

The company measures its financial assets at fair value at each balance sheet date.

In this context, quoted investments are fair valued adopting the techniques defined in level 1 of fair value hierarchy of Ind-AS 113 “Fair Value Measurement” and unquoted investments, where the observable input is not readily available, are fair valued adopting the techniques defined in level 3 of fair value hierarchy of Ind AS 113 and securing the valuation report from the certified valuer. However, trade receivables that do not contain a significant financing component are measured at transaction price.

Classification

The Company classifies a financial asset in accordance with the below criteria:

i. The Company⁵ s business model for managing the financial asset and

ii. The contractual cash flow characteristics of the financial asset.

Based on the above criteria, the company classifies its financial assets into the following categories:

i. Financial assets measured at amortized cost

ii. Financial assets measured at fair value through other comprehensive income (FVTOCI)

iii. Financial assets measured at fair value through profit or loss (FVTPL)

A financial asset is measured at the amortized cost if both the following conditions are met :

a. The company’s business model objective for managing the financial asset is to hold financial assets in order to collect contractual cash flows, and

b. The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

A financial asset is measured at FVTOCI if both of the following conditions are met:

a. The company⁵s business model objective for managing the financial asset is achieved both by collecting contractual cash flows and selling the financial assets, and

b. The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

However, the company recognizes dividend income from such instruments in the statement of profit and loss and fair value changes are recognized in other comprehensive income (OCI).

A financial asset is measured at FVTPL unless it is measured at amortized cost or at FVTOCI as explained above. This is a residual category applied to all other investments of the company. Such financial assets are subsequently measured at fair value at each reporting date. Fair value changes are recognized in the statement of profit and loss.

Impairment

The Company applies the expected credit loss model for recognizing impairment loss on financial assets measured at amortized cost, other contractual right to receive

cash or other financial assets not designated at fair value through profit or loss. The loss allowance for a financial instrument is equal to the lifetime expected credit losses if the credit risk on that financial instrument has increased significantly since initial recognition. If the credit risk on a financial instrument has not increased significantly since initial recognition, the Company measures the loss allowance for that financial instrument at an amount equal to 12-month expected credit losses are portion of the lifetime expected credit losses and represent the lifetime cash shortfalls that will result if the default occurs within 12 months after the reporting date. For trade receivables or any contractual right to receive cash or another financial assets that results from transaction that are within the scope of Ind AS 115, the company always measures the loss allowance at an amount equal to life time expected credit losses. The Company has used a practical expedient permitted by Ind AS 109 and determines the expected credit loss allowance based on a provision matrix which takes into account historical credit loss experience and adjusted for forward looking information.

De-recognition

The Company derecognizes financial asset when the contractual right to the cash flows from the asset expires, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party. If the Company neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the

transferred asset, the Company recognizes its retained interest in the asset and an associated liability for the amounts it may have to pay. If the Company retains substantially all the risks and rewards of ownership of the transferred financial asset, the Company continues to recognize the financial asset and also recognizes a collateralized borrowing for the proceeds received.

On de-recognition of a financial asset, the difference between the asset''s carrying amount and the sum of consideration received and receivable and the cumulative gain or loss that had been recognized in other comprehensive income, if any, is recognized in the Statement of Profit and Loss if such gain or loss would have otherwise been recognized in the Statement of Profit and Loss on disposal of the financial asset.

Financial liabilities

Classification

Financial liabilities and equity instruments issued by the Company are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument.

Equity instruments

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Company are recognized at the proceeds received net of direct issue costs.

Subsequent measurement

Financial liabilities (that are not held for trading or not designated at fair value through profit or loss) are measured at amortized cost at the end of subsequent accounting periods. The carrying amounts of financial liabilities that are subsequently measured at amortized cost are determined based on the effective interest method.

Effective interest method is a method of calculating amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the net carrying amount on initial recognition.

Foreign exchange gains and losses

The fair value of financial liabilities denominated in a foreign currency is determined in that foreign currency and translated at the spot rate at the end of the reporting period. For financial liabilities that are measured at fair value through profit or loss, the foreign exchange component forms part of the fair value gains or losses and is recognized in the statement of profit and loss.

De-recognition

Financial liabilities are derecognized when, and only when, the obligations are discharged, cancelled or have expired. An

exchange with a lender of a debt instruments with substantially different terms is accounted for as an extinguishment of the original financial liability and recognition of a new financial liability. Similarly, a substantial modification of the terms of an existing financial liability is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. The difference between the carrying amount of a financial liability derecognized and the consideration paid or payable is recognized in the statement of profit and loss.

Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously.

Reclassification of financial assets / liabilities

After initial recognition, no reclassification is made for financial assets which are equity instruments and financial liabilities. For financial assets which are debt instruments, a reclassification is made only if there is a change in the business model for managing those assets. Changes to the business model are expected to be infrequent. The Company⁵ s senior management determines change in the business model as a result of external or internal changes which are significant to the Company⁵ s operations.

Impairment of non-financial assets

The company assesses at each balance sheet date whether there is any indication that an asset may be impaired, if such assets are considered to be impaired, the impairment to be recognized in the statement of profit and loss is measured by the amount by which the carrying value of the assets exceeds the estimated recoverable amount of the asset. Impairment losses are reversed in the statement of profit and loss only to the extent that the asset5s carrying amount does not exceed the carrying amount that would have been determined if no impairment loss had previously been recognized.

Fair value measurement

The company measures financial instruments at fair value in accordance with accounting policies at each reporting date. 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.

All assets and liabilities for which fair value is measured or disclosed in the financial

statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

- 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 recognized in the balance sheet on a recurring basis, the company determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

3.13 Cash and cash equivalents :

Cash and cash equivalents comprise cash in hand and short-term deposits with original maturities of three months or less that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value.

3.14 Earnings per share :

The Company reports basic and diluted earnings per share (EPS) in accordance with Indian Accounting Standard 33 "Earnings per Share". Basic EPS is computed by dividing the net profit or loss

attributable to ordinary equity holders by the weighted average number of equity shares outstanding during the period.

Diluted EPS is computed by dividing the net profit or loss attributable to ordinary equity holders by weighted average number of equity shares outstanding during the year as adjusted for the effects of all dilutive potential equity shares (except where the results are anti-dilutive).

3.15 Segment reporting :

The Company''s business activity falls within two segments viz. Material Handling and Engineering Products. Segments are organized based on business which have similar economic characteristics as well as exhibit similarities in nature of products and services offered, the nature of production processes, the type and class of customer and distribution methods.

Investments, tax related assets and other assets and liabilities that can not be allocated to a segment on reasonable basis have been disclosed as “ Unallocable”

3.16 Borrowing cost :

Borrowings costs that are attributable to the acquisition or construction of qualifying assets up to the date when they are ready for their intended use and other borrowing costs are charged to profit and loss account. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.

3.17 Investments in subsidiaries :

Investments in subsidiaries are carried at cost/deemed cost less accumulated impairment losses, if any. Where an indication of impairment exists, the carrying amount of investment is assessed and an impairment provision is recognised, if required immediately to its recoverable amount. On disposal of such investments, difference between the net disposal proceeds and carrying amount is recognised in the statement of profit and loss.

3.18 Dividend to Equity Shareholders :

Dividend to equity shareholders is recognised as a liability and deducted from shareholders’ Equity, in the period in which the dividends are approved by the equity shareholders in the general meeting

3.19 Rounding of amounts :

All amounts disclosed in the financial statements and notes have been rounded off to the nearest lakh as per the requirement of Schedule III, unless otherwise stated.

3.20 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 within the financial statements. Otherwise, events after the balance sheet date of material size or nature are only disclosed.

3.21 Cash flow statement :

Cash flows are reported using the indirect method, whereby profit / (loss) before

exceptional items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the company are segregated.

Note:

The Company has disclosed business segments as the primary segments. The segments have been identified taking into account the nature of the products, the differing risks & returns, the organisational structure and internal reporting system. The Company''s operations predominantly relate to manufacturing of material handling equipment. The other business segment reported is engineered products.

Operating segments are reported in a manner consistent with the internal reporting provided to Chief Operating Decision Maker (CODM).

There are no reportable geographical segments as the export turnover is not significant. Segment results include the respective amounts identifiable to each of the segments as also amounts allocated on a reasonable basis.

39. Leases

The company''s leasing arrangements are in respect of operating leases for office premises. The rent period range between 1 years to 5 years and usually renewable on mutually agreed terms.

Methodology adopted for valuation is projected unit credit method.

Sensitivity analysis is an analysis which will give the movement in liability if the assumptions were not proved to be true on different count. This only signifies the change in the liability if the difference between assumed and the actual is not following the parameters of the sensitivity analysis. Since investment is with insurance company, assets are considered to be secured. Assumptions regarding future mortality experience are set in accordance with the Indian Assured Lives Mortality (2012-14) Urban.

Expected rate of return on plan assets is based on expectation of the average long term rate of return expected to prevail over the estimated term of the obligation on the type of the investments assumed to be held by LIC, since the fund is managed by LIC. The estimates of future salary increases, considered in actuarial valuation, takes into account of inflation, seniority, promotions and other relevant factors, such as supply and demand in the employment market.

Actuarial gains/losses are recognized in the period of occurrence under other comprehensive income (OCI). All above reported figures of OCI are gross of taxation.

44.Financial instruments

a. Financial instruments by category

The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

The following methods and assumptions were used to estimate the fair values:

Fair value of cash and short-term deposits, trade and other short term receivables, trade payables, other current liabilities, short term loans from banks and other financial institutions approximate their carrying amounts largely due to the short-term maturities of these instruments. For financial assets and liabilities that are measured at fair value, the carrying amounts are equal to the fair values.

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

Level 1 : Quoted (unadjusted) prices in active markets for identical assets or liabilities

Level 2 : Other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.

Level 3 : Techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data.

45. Financial risk management framework :

The Company is exposed primarily to market risk, credit risk and liquidity risk which may adversely impact the fair value of its financial instruments. The Company assesses the unpredictability of the financial environment and seeks to mitigate potential adverse effects on the financial performance of the Company.

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. Such changes in the values of financial instruments may result from changes in the foreign currency exchange rates, interest rates and other market changes. The Company’s exposure to market risk relates to foreign currency exchange rate risk.

Foreign currency risk management:

The Company undertakes transactions denominated in foreign currencies and consequently, exposures to exchange rate fluctuations arise. Exposure to currency risk relates to the company''s operating activities when transactions are denominated in a different currency from the Company''s functional currency.

The fluctuation in foreign currency exchange rates may have potential impact on the statement of profit and loss and other comprehensive income and equity, where any transaction references more than one currency or where assets/liabilities are denominated in a currency other than the functional currency of the Company. The Company evaluates the impact of foreign exchange rate fluctuations by assessing its exposure to exchange rate risks.

The following tables demonstrate the sensitivity to a reasonably possible change in USD and Euro exchange rates, with all other variables held constant. The impact on the Company’s profit before tax is due to changes in the fair value of monetary assets and liabilities. The Company’s exposure to other foreign currencies is not material.

A change of 10% in foreign currency would have following impact on profit before tax

Credit risk

Credit risk is the risk of financial loss arising from counterparty failure to repay or service debt according to the contractual terms or obligations. Credit risk encompasses of both, the direct risk of default and the risk of deterioration of creditworthiness as well as concentration of risks. Credit risk is controlled by analyzing credit limits and creditworthiness of customers on a continuous basis to whom the credit has been granted after obtaining necessary approvals for credit. Outstanding customer receivables are regularly monitored. The Company maintains its cash and cash equivalents and deposits with banks having good reputation and high quality credit ratings.

Liquidity risk:

Liquidity risk refers to the risk that the Company cannot meet its financial obligations. The objective of liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for use as per requirements. The Company manages liquidity risk by maintaining adequate reserves, banking facilities by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

b. Relation with struck off Companies

(i) Company does not have any transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.

c. Other information:

(i) Details of benami property held

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.

(ii) Wilful defaulter

The Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority.

(iii) Compliance with number of layers of companies

The Company has complied with number of layers prescribed under clause (87) of section 2 of the Act read with the Companies (Restriction of number of layers) Rules, 2017.

(iv) Compliance with approved scheme(s) of arrangements

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

(v) Borrowing from banks and financial institutions for specific purpose

All the borrowings from banks and financial institutions have been used for the specific purposes for which they have been obtained.

(vi) Undisclosed income

There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under the Income Tax Act, 1961, that has not been recorded in the books of account.

(vii) Details of crypto currency or virtual currency

The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.

(viii) Title deeds of immovable properties not held in name of the company

The company does not own any immovable properties other than leasehold properties.

(ix) Revaluation of Property, Plant & Equipment

The company has not revalued any of its Property , Plant & Equipments during the year.

(x) Loans / Advances in the nature of loans to Promoters,Directors,KMP''s and Related Parties

The Company has advanced Loans to its subsidiary for which terms and conditions have been stipulated and the same are not repayable on demand.

(xi) Registration of charges or satisfaction with Registrar of Companies (ROC)

All the charges or satisfaction of which is required to be registered with Registrar of Companies(ROC) have been duly registered within the statutory time limit provided under the provisions of Companies Act 2013 and rules made thereunder.

49. The Company has not advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) to or in any other person or entity, including foreign entities (“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, 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 provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

Further, the Company has not received any funds from any person or entity, including foreign entities (“Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

B. Disclosure as per Section 186 of the Companies Act, 2013

The details of loans, guarantees and investments under section 186 of the Companies Act, 2013 read with the Companies (Meeting of Board and its Powers) Rules, 2014 are as follows:

i. Details of investments made are given in note 5.

ii. Details of corporate guarantees issued are given in note 35.

51. Events occuring after balance sheet date

(i) The Board in its meeting held on 18th May 2023 has recommended a dividend of ? 1.5/- per share on equity share of face value ? 2/- each, i.e. 75% to the members of the Company. This amount is to be paid after approval from the members in the ensuing annual general meeting.

(ii) The equity shares having face value of ? 5/- each fully paid up has been sub-divided into equity shares having face value of ? 2 each fully paid up w.e.f. 28th April 2023.

52. The Code on Social Security, 2020 (''Code'') relating to employee benefits during employment and post-employment benefits received presidential assent in september 2020. The said code is made effective prospectively from May 3, 2023. The company is assessing the impact, if any, of the Code.

53. Balances of certain debtors/creditors, deposits received/paid and advances are subject to confirmation and reconciliation. In the opinion of the management balances are stated at realisable value and no adjustments will be required.

54. Previous year figures have been regrouped/reclassified wherever necessary to conform to current year figures.

55. The Financial Statements were approved by the Audit Committee and Board of Directors on May 18, 2023.

For and on behalf of Board of Directors Jai Prakash Agarwal Vishal Jain

Chairman Vice Chairman & Managing Director

DIN - 00242232 DIN - 00709250

Rohit Jain Babita Kumari

Chief Financial officer Company Secretary

Membership No. A40774

Place: Thane Date: 18th May, 2023

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Mar 31, 2018

Notes to the Financial Statements for the year ended 31st March 2018

a. Effect of Ind AS Adoption on balance sheet as at March 31, 2017 and April 1, 2016:

BALANCE SHEET As at 1st April, 2016

			(Rs. in Lakhs)
	Effect of transition
Particulars	IGAAP	to IND AS	As per Ind AS
ASSETS
Non-current assets
(a) Property, Plant and Equipment	249.23	(0.27)	248.96
(b) Capital work-in-progress	-	-	-
(c) Other Intangible assets	6.29	-	6.29
(d) Investment In subsidiary	-	-	-
(e) Financial Assets
(i) Investments	1.00	-	1.00
(ii) Other Financial Assets	36.46	0.45	36.91
(f) Deferred tax assets (net)	-	-	-
Total Non Current Assets	292.98	0.18	293.16
Current assets
(a) Inventories	1086.76	-	1086.76
(b) Financial Assets
(i) Investments	10.45	-	10.45
(ii) Trade receivables	2,767.61	0.02	2,767.63
(iii) Cash and cash equivalents	82.52	-	82.52
(iv) Other bank balances other than above (iii)	122.24	-	122.24
(v) Loans	10.85	-	10.85
(vi) Other Financial Assets	45.21	-	45.21
(c) Current Tax Assets	9.69	-	9.69
(d) Other current assets	516.06	0.01	516.07
Total Current Assets	4,651.39	0.03	4,651.42
Total Assets	4,944.37	0.21	4,944.58
EQUITY AND LIABILITIES
Equity
Equity Share capital	76.46	-	76.46
Other Equity	1,238.09	0.21	1,238.30
Total Equity	1,314.55	0.21	1,314.76
LIABILITIES
Non-current liabilities
(a) Financial Liabilities
(i) Borrowings	-	-	-
(b) Provisions	362.39	-	362.39
(c) Other Non current liabilites	21.96	-	21.96
Total Non Current Liabilities	384.35	-	384.35
Current liabilities
(a) Financial Liabilities
(i) Borrowings	716.26	-	716.26
(ii) Trade payables	1,914.69	-	1,914.69
(iii) Other financial liabilities	348.98	-	348.98
(b) Other current liabilities	195.25	-	195.25
(c) Provisions	70.29		70.29
Total Current Liabilities	3,245.47	-	3,245.47
Total Liabilites	3,629.82	-	3,629.82
Total Equity and Liabilities	4,944.37	0.21	4,944.58

Note: Previous GAAP figures have been reclassified to conform to Ind AS presentation requirements for the purpose of this note.

b. Reconciliation of total equity as at March 31, 2017 and April 1, 2016:

(Rs. in Lakhs)
Description	As at 31st March 2017	As at 1st April, 2016
Other Equity as per previous GAAP( Indian GAAP)	1,038.67	1238.08
Impact on other income due to fair valuation of mutual funds	0.01	0.04
Expected Credit Loss (ECL) Provision & Other adjustments	(22.75)	-
Lease rent	0.01	0.44
Impact of land	0.07	(0.26)
Other Equity as per Ind AS	1,016.01	1,238.30

c. Effect of Ind AS adoption on the statement of profit and loss for the year ended March 31, 2017:

STATEMENT OF PROFIT AND LOSS For the year ended 31st March 2017

				(Rs. in Lakhs)
Sr no.	Particulars	IGAAP	Effect of transition to IND AS	As per Ind AS
I Revenue From Operations		8,324.33	764.38	9,088.71
II	Other Income	11.42	0.01	11.43
III	Total Income (l ll)	8,335.75	764.39	9,100.14
IV	EXPENSES
Cost of materials consumed		3,990.19	-	3,990.19
Purchases of Stock-in-Trade		1,081.80	-	1,081.80
Changes in inventories of finished goods, Stock-in -Trade and work-in-progress		53.23		53.23
Excise Duty		-	764.38	764.38
Employee benefit expense		1,607.87	-	1,607.87
Finance costs		123.32	-	123.32
Depreciation and amortization expense		85.08	-	85.08
Other expenses		1,376.96	22.89	1,399.85
Total	expenses (IV)	8,318.45	787.27	9,105.72
V	Profit/(loss) before exceptional items and tax (III- IV)	17.30		(5.58)
VI VII	Exceptional Items	216.72	-	216.72
	Profit/(loss) before tax (V-VI)	(199.43)	-	(222.30)

d. Effect of Ind AS adoption on the total Comprehensive income for the year ended March 31, 2017.

	(Rs. in Lakhs)
Description	As at 31st March 2017
Net Profit /(Loss) after Tax as per previous GAAP( Indian GAAP)	(199.41)
Impact on other income due to fair valuation of mutual funds	0.01
Expected Credit Loss (ECL) Provision & Other adjustments	(22.97)
Impact of land	0.07
Net Profit/(loss) after Tax before OCI as per IND As	(222.89)
Other Comprehensive Income	-
Total Comprehensive Income after tax as per IND AS	(222.30)
e. Effect of Ind AS adoption on the statement of cash flows for the year ended March 31, 2017

			(Rs. in Lakhs)
Particulars	Previous GAAP	Effect of Transition to Ind AS	Ind AS
Net cash flow from operating activities	(370.98)	(14.12)	(385.10)
Net cash (used in) investing activities	(138.06)	2.90	(135.16)
Net cash flow (used in) financing activities	509.59	(436.84)	72.75
Cash and cash equivalents at the beginning of the year	211.98	(567.68)	(355.70)
Cash and cash equivalents at the end of the year	212.53	(1,015.74)	(803.21)

Notes:

1. Reclassification of lease

Under Indian GAAP, there is no specific guidance for contracts that involve leases of Land. Under Ind AS, leases of land is recognized as operating or finance lease as per definition and classification criteria. Where the land lease is for several decades, generally it qualifies as a finance lease even though the right of ownership of the land may not transfer at the end of the lease term. Land lease for relatively shorter periods are treated as operating leases. In such cases lease rentals paid in advance are recorded as prepaid lease rentals as part of other Current / Non-Current assets. Prepaid lease classified under Non-Current Assets and Current assets as at 31st March, 2017 is Rs. 0.44 and Rs. 0.01 (in lakhs) respectively.

2. Trade receivables:

Under Indian GAAP, provision for doubtful debts was recognized based on the estimates of the outcome and of the financial effect of contingencies determined by the management of the Company. This judgement was based on consideration of information available up to the date on which the financial statements were approved and included a review of events occurring after the balance sheet date.

Refer table (d) as disclosed above for impact of Expected Credit Loss (ECL) for the year ended 31st March, 2017.

3. Proposed dividend and tax on dividend

As per Ind AS, provision of dividend needs to be accounted in the year when the dividend is approved by the shareholders and paid. Under previous GAAP, proposed dividend was provided for in the year to which it related. As per requirement of Ind AS, the dividend (including tax) of Financial Year 2015-16 has been adjusted from Other Equity.

4. Re-measurements of defined benefit obligations:

Under the previous GAAP, actuarial gains and losses were recognised in the statement of profit or loss. Under Ind AS, the actuarial gains and losses form a part of re-measurement of the net defined benefit liability / assets which is recognised in other comprehensive income. As the impact of above re-measurement for the Financial Year 2016-17 is negligible, the same is not recognized in Other Comprehensive Income.

5. Sales of goods:

Under the previous GAAP, revenue from operations was presented net of excise duty. Under Ind AS, revenue from operations is shown inclusive of excise duty. The excise duty paid is presented on the face of the statement of profit and loss as part of expense. Excise Duty for the Financial Year 2016-17 and 2017-18 is Rs.764.38 lakhs and Rs. 120.75 lakhs respectively.

6. Deferred Tax

Previous GAAP requires deferred tax accounting using the income statement approach, which focuses on differences between taxable profits and accounting profits for the period. Ind AS 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 approach has resulted in recognition of deferred tax on new temporary differences which was not required under Previous GAAP.

In addition, the various transitional adjustments lead to temporary differences. According to the accounting policies, the Company has to account for such differences. Deferred tax adjustments are recognised in correlation to the underlying transaction either in retained earnings or a separate component of equity.

7. Overdraft repayable on demand

Under Ind AS, bank overdrafts which are repayable on demand and form an integral part of an entity''s cash management system are included in Cash and Cash Equivalents for the purpose of presentation of statement of cash flows. Whereas under previous GAAP there was no similar guidance and hence, bank overdrafts were considered similar to other borrowings and the movements therein were reflected in cash flows from Financing activities. The effect of this is that bank overdrafts of Rs. 998.20 lakhs as at 31st March 2017 and Rs. 560.45 Lakhs as at 1st April 2016 have been considered as part of Cash and Cash equivalents.

8. Investments in equity instruments and mutual funds

Under previous GAAP, investments in mutual funds were classified as long-term investments or current investments based on the intended holding period and realisability. Long-term investments were carried at cost less provision for other than temporary decline in the value of such investments. Current investments were carried at lower of cost and fair value. Under Ind AS, these investments are required to be measured at fair value. The resulting fair value changes of these investments (other than equity instruments designated as at FVTOCI) have been recognized in retained earnings as at date of transition and subsequently in the Statement of Profit and Loss for the year ended 31st March 2017. This increased the retained earnings by Rs. 0.01 lakhs as at 31st March 2017. (1st April 2016 - Rs. 0.02 lakhs)

48 MOVEMENT IN DEFERRED TAX ASSETS AND LIABILITIES.

				(Rs. in Lakhs)
Particulars	As at 31st March, 2017	Recognised in profit and Loss	Recognised in OCI	As at 31st March, 2018
Tax effect of items constituting deferred tax liabilities
On depreciable assets	(16.94)	-	-	-
Tax effect of items constituting deferred tax assets
On depreciable assets	-	0.34	-	0.34
Provision for doubtful debts	48.69	47.85	-	47.85
Disallowances U/s 43B	137.52	-	-	-
Remeasurement of defined benefit plan (OCI)	-	-	14.49	14.49
Net Tax Asset (Liabilities)	-	48.19	14.49	62.68

48 MOVEMENT IN DEFERRED TAX ASSETS AND LIABILITIES.

				(Rs. in Lakhs)
Particulars	As at 31st March, 2016	Recognised in profit and Loss	Recognised in OCI	As at 31st March, 2017
Tax effect of items constituting deferred tax liabilities
On depreciable assets	(15.40)	(16.94)	-	(16.94)
Tax effect of items constituting deferred tax assets
On depreciable assets	-	-	-	-
Provision for doubtful debts	42.80	48.69	-	48.69
Disallowances U/s 43 B	144.27	137.52	-	137.52
Remeasurement of defined benefit plan (OCI)	-	-	-	-
Net Tax Asset (Liabilities)	-	-	-	-

49 Previous year figures have been regrouped/re-arranged wherever necessary.

As per our report of even date attached	For and on behalf of Board of Directors
For Singhi & Co.	Vishal Jain
Chartered Accountants	Vice Chairman & Managing Director
Firm Registration No. 302049E	F.K. Banatwalla
Sukhendra Lodha	Director
Partner	Kshitiz Bilala
Membership No.071272	Chief Financial Officer
Place: Mumbai	Place: Mumbai
Date: 26th May 2018	Date: 26th May 2018

---

Mar 31, 2017

b. The Equity Shares of the Company have voting rights and are subject to the restrictions as prescribed under the Companies Act, 2013.

c. The Company has no holding Company or subsidiaries or associates of holding Company.

e. During the last 5 years, the Company has neither issued any bonus shares nor alloted any shares pursuant to a contract without payment being received in Cash.

No shares have been bought back during the last 5 years.

f. Unpaid calls

As per records of the Company, no calls remain unpaid by the directors and officers of the Company as on 31st March, 2017.

g. As per records of the Company, no shares have been forfeited by the Company during the year.

Note:

The Central Government in consultation with National Advisory Committee of Accounting Standards vide notification dated March 30, 2016 and Circular No. 04/2016 dated April 27, 2016 had amended Companies (Accounting Standards) Rules, 2006 (''principal rules''). According to Companies (Accounting Standards) Amendment Rules, 2016, the Company has not appropriated proposed dividend of Rs.7.65 lakhs and Tax thereon of Rs.1.60 lakhs from the Statement of Profit and Loss for the year ended March 31, 2017 (Refer Para 8.5 of AS - 4 Contingencies and Events occurring after Balance Sheet date). Accordingly, the proposed dividend and tax thereon are not recognized as liability at the year end. Due to such change, Current Liabilities is lower by Rs. 9.25 lakhs and Reserves and Surplus is higher to that extent. However, the same will be recognized as liability on approval of shareholders at the ensuing Annual General Meeting.

a The Company has not received any intimation from outstanding suppliers regarding their status under the Micro, Small and Medium Enterprise Development (MSMED) Act, 2006 and hence disclosures as required under Section 22 of The Micro, Small and Medium Enterprise Development (MSMED) Act, 2006 regarding:

(a) Principal amount and the interest due thereon remaining unpaid to any suppliers as at the end of accounting year;

(b) Interest paid during the year;

(c) Amount of payment made to the supplier beyond the appointed day during accounting year;

(d) Interest due and payable for the period of delay in making payment;

(e) Interest accrued and unpaid at the end of the accounting year; and

(f) Further interest remaining due and payable even in the succeeding years, until such date when the interest dues above are actually paid to the small enterprise, have not been given.

The Company is making efforts to get the confirmations from the suppliers as regard to their status under the said Act.

1. Capital and other Commitments:

Estimated amount of contracts to be executed on capital account and not provided for as at 31st March 2017 - Rs. 8.66 Lakhs (As at 31.03.2016 Rs. Nil).

Note:

The Company has disclosed Business Segments as the Primary Segments. The segments have been identified taking into account the nature of the products, the differing risks & returns, the organizational structure and internal reporting system. The Company''s operations predominantly relate to manufacturing of Material Handling Equipment.

The other Business Segment reported is Engineered Products.

There are no reportable geographical segments as the export turnover is not significant. Segment results include the respective amounts identifiable to each of the segments as also amounts allocated on a reasonable basis.

2. During the Year the Company has provided Rs.31.67 Lakhs (Previous Year Rs.47.39 Lakhs) on account of Gratuity and Rs. 11.62 Lakhs (Previous Year Rs. 11.82 Lakhs) on account of Superannuation Payable to its employees. The amounts due as on 31st March 2017 to the Gratuity Fund and Superannuation Fund are Rs. 216.68 Lakhs (Previous Year Rs. 260.24 Lakhs) and Rs.40.31 Lakhs (Previous Year Rs. 32.36 Lakhs) respectively.

3. Employee Benefits:

Consequent to the adoption of Accounting Standard on Employee Benefits (AS15) (Revised 2005) issued by the Institute of Chartered Accountants of India, the following disclosures have been made as required by the Standard:

DEFINED BENEFIT PLANS A. CONTRIBUTION TO GRATUITY FUND

The details of the Company''s Gratuity Fund for its employees are given below which have been certified by Life Insurance Corporation of India as on 31st March, 2017 and relied upon by the auditors.

B. LEAVE ENCASHMENT

Payments to and Provisions for Employees includes Rs.15.72 Lakhs (Previous Year net of Rs. 6.53 Lakhs) towards provision made as per Actuarial Valuation in respect of accumulated Leave Encashment.

DEFINED CONTRIBUTION PLANS

The company has recognized the following amounts in the Statement of Profit and Loss for Defined Contribution Plans:

4. Certain balances for the receivables and payables of the Company are subject to reconciliation, confirmation and consequential adjustments/provisions, the amounts whereof have not been determined.

5. Exceptional items includes payment of arrears in dispute - Central Sales Tax amount of Rs. 194.98 Lakhs & Interest amount of Rs.21.74 Lakhs in respect of earlier assessment year pursuant to Government of Maharashtra Amnesty Scheme, 2016.

6. The Company has taken various residential and office premises under operating lease or leave and license agreements. These are generally cancellable having a term between 11 months to 3 years and have no specific obligation for renewal. Payments are recognized in the statement of Profit & Loss under ''Rent'' in Note 24.

7. The figures for the previous year have been regrouped/restated wherever necessary to conform to the classification of the current year.

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Mar 31, 2015

1. Capital and other Commitments:

Estimated amount of contracts to be executed on capital account and not provided for as at 31st March 2015 - Rs. NIL (31.03.14 Rs. Nil)

As At As At 31.03.2015 31.03.2014 Rs. Lakhs Rs. Lakhs

26. Contingent Liabilities not provided for:

i) Disputed Sales Tax matters 548.94 669.67

ii) Disputed Service Tax matters 12.11 12.11

iii) Bank Guarantees for performance contracts 420.31 479.22

iv) Disputed Income Tax Matters 54.70 54.70

v) Central excise matters 1413.83 1287.50

vi) Other disputed matters 8.50 8.50

2. Transactions with related parties as identified by the Company and relied upon by the Auditors:

(a) Names of related parties and nature of relationship:

Bullows India Private Limited Bullows Paint Equipment Private Limited

Associate Companies

Phiroze Sethna Private Limited Gramos Chemicals (India) Private Limited

B. H. Reporter, Chairman F K. Banatwalla S. Sheth

M. Wadia Board of Directors, being Key

Pradeep Bhargava (upto 26.02.2015) Management Personnel

Parviz Batliwala J P Agarwal (w.e.f. 21.01.2015)

Vishal Jain (w.e.f. 21.01.2015)

3. Micro and Small Enterprises Dues

The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures regarding:

(a) Amount due and outstanding to suppliers as at the end of the accounting year.

(b) Interest paid during the year.

(c) Interest payable at the end of the accounting year.

(d) Interest accrued and unpaid at the end of the accounting year have not been given.

The Company is making efforts to get the confirmations from the suppliers as regards their status under the Act.

Note:

The Company has disclosed Business Segments as the Primary Segments. The segments have been identified taking into account the nature of the products, the differing risks & returns, the organisational structure and internal reporting system. The Company's operations predominantly relate to manufacturing of Material Handling Equipment.

The other Business Segment reported is Engineered Products.

There are no reportable geographical segments as the export turnover is not significant. Segment results include the respective amounts identifiable to each of the segments as also amounts allocated on a reasonable basis.

4. During the Year the Company has provided Rs. 41.01 Lakhs (Previous Year Rs. 44.79 Lakhs) on account of Gratuity and Rs. Nil (Previous Year Rs. 13.47 Lakhs) on account of Superannuation payable to its employees. The amounts due as on 31st March, 2015 to the Gratuity Fund and Superannuation Fund are Rs. 258.84 Lakhs (Previous Year Rs. 241.83 Lakhs) and Rs. 34.89 Lakhs (Previous Year Rs. 50.77 Lakhs) respectively.

5. Employee Benefits:

Consequent to the adoption of Accounting Standard on Employee Benefits (AS15) (Revised 2005) issued by the Institute of Chartered Accountants of India, the following disclosures have been made as required by the Standard:

DEFINED BENEFIT PLANS A. CONTRIBUTION TO GRATUITY FUND

The details of the Company's Gratuity Fund for its employees are given below which have been certified by Life Insurance Corporation of India as on 31st March, 2015 and relied upon by the auditors.

B. LEAVE ENCASHMENT

Payments to and Provisions for Employees includes Rs. 23.85 Lakhs (Previous Year net of Rs. 3.68 Lakhs) towards provision made as per Actuarial Valuation in respect of accumulated Leave Encashment.

DEFINED CONTRIBUTION PLANS

The company has recognised the following amounts in the Statement of Profit and Loss for Defined Contribution Plans:

6. During the year ended 31st March, 2015, the company has provided depreciation on Fixed Assets considering the remaining useful lives specified in schedule II of the Companies Act 2013, or as reassessed by the company. Consequently the depreciation for the year ended 31st March, 2015 is higher by Rs. 6.48 Lakhs.

Further an amount of Rs. 12.73 Lakhs representing the carrying amount of assets with revised useful life as Nil as on 1st April, 2014 has been charged to the Opening Reserves as on 1st April, 2014.

7. Change in Promoter and Promoter Group

On 21st January, 2015, the erstwhile Promoter and Promoter Group, namely, Mr. B. H. Reporter, Mrs. A. B. Reporter, Mrs. Parviz Batliwala, Mr. Farrokh J. Batliwala, Ms. Shireen J. Batliwala, Bullows India Private Limited and Phiroze Sethna Private Limited sold their entire shareholding i.e. 3,69,910 Equity Shares (48.38%) to the new Promoter and Promoter Group, namely Mr. Jai Prakash Agarwal, Mr. Vishal Jain, Mrs. Krishna Agarwal, Mr. Abhishek Agarwal, J. P Agarwal & Sons (HUF), Mr. Rajendra Kumar Agarwal, Mrs.Anita Agarwal and Mrs. Shikha Jain, pursuant to the Share Purchase Agreement entered into between them on 30th August, 2014.

8. Certain balances for the receivables and payables of the Company are subject to reconciliation, confirmation and consequential adjustments/provisions, the amounts whereof have not been determined.

9. The figures for the previous year have been regrouped/restated wherever necessary to conform to the classification of the current year.

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Mar 31, 2012

A. The Equity Shares of the Company have voting rights and are subject to the restrictions as prescribed under the Companies Act, 1956.

b. The Company has no holding Company or subsidiaries or associates.

c. During the last 5 years, the Company has neither issued any bonus shares nor alloted any shares pursuant to a contract without payment being received in Cash.

No shares have been bought back during the last 5 years

d. Unpaid calls

As per records of the Company, no calls remain unpaid by the directors and officers of the Company as on 31st March, 2012.

e. As per records of the Company, no shares have been forfeited by the Company during the year.

1. Capital Commitments:

Estimated amount of contracts to be executed on capital account and not provided for as at 31st March 2012 - Rs. Nil. (31.03.11 Rs. Nil). As At As At 31.03.2012 31.03.2011 Rs. Lakhs Rs. Lakhs

2. Contingent Liabilities not provided for:

i) Disputed Sales Tax matters 647.24 647.24

ii) Disputed Service Tax matters 5.52 5.52

iii) Bank Guarantees for performance contracts 387.28 264.84

iv) Other disputed matters 8.50 8.50

v) Central excise matters 345.28 170.98

Consumption in quantity and value has been ascertained on the basis of opening stock plus purchases less closing stock and includes adjustments on account of excesses and shortages as ascertained on physical count.

3. Micro & Small Enterprises Dues

The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures regarding:

(a) Amount due and outstanding to suppliers as at the end of the accounting year; .

(b) Interest paid during the year;

(c) Interest payable at the end of the accounting year;

(d) Interest accrued and unpaid at the end of the accounting year; have not been given.

The Company is making efforts to get the confirmations from the suppliers as regards their status under the Act.

Note:

The Company has disclosed Business Segments as the Primary Segments. The segments have been identified taking into account the nature of the products, the differing risks and returns, the organisational structure and internal reporting system. The Company's operations predominantly relate to manufacturing of Material Handling Equipment. The other Business Segment reported is Engineered Products.

There are no reportable geographical segments as the export turnover is not significant. Segment results include the respective amounts identifiable to each of the segments as also amounts allocated on a reasonable basis.

A. LEAVE ENCASHMENT

Payments to and Provisions for Employees includes Rs. 12.18 Lakhs (Previous Year Rs. 13.73 Lakhs) towards provision made as per Actuarial Valuation in respect of accumulated Leave Encashment.

4. Certain balances for the receivables and payables of the Company are subject to reconciliation, confirmation and consequential adjustments/provisions, the amounts whereof have not been determined.

5. The figures for the previous year have been regrouped/restated wherever necessary to conform to the classification of the current year.

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Mar 31, 2010

1. Estimated amount of contracts to be executed on capital account and not provided for as at 31st March 2010 - Rs. Nil. (31.03.09 Rs. Nil)

As At As At 31.03.2010 31.03.2009 Rs. Lakhs Rs. Lakhs

2. Contingent Liabilities not provided for:

i) Disputed Sales Tax matters 140.84 146.93

ii) Disputed Service Tax matters 5.52 5.52

iii) Bank Guarantees for performance contracts 357.91 206.71

iv) Other disputed matters 8.50 8.50

v) Central excise matters 170.98 6.67

3. Transactions with related parties as identified by the Company and relied upon by the Auditors:

(a) Names of related parties and nature of relationship: Bullows India Private Limited

Bullows Paint Equipment Private Limited i Associate Companies Phiroze Sethna Pvt. Ltd.

B. H. Reporter, Chairman

F. A. A. Jasdanwalla (resigned w.e.f. 22nd October 2009)

H. N. Sethna (resigned w.e.f. 20th March 2010) Board Qf ^^ bejng Rey

S Sheth

Management Personnel

M. Wadia

F. K. Banatwalla

P. Bhargava (appointed w.e.f. 30th October 2009) |

4. Micro & Small Enterprises Dues

The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures regarding:

(a) Amount due and outstanding to suppliers as at the end of the accounting year.

(b) Interest paid during the year.

(c) Interest payable at the end of the accounting year.

(d) Interest accrued and unpaid at the end of the accounting year have not been given.

The company is making efforts to get the confirmations from the suppliers as regards their status under the Act.

5. Impairment

As per Accounting Standard 28 - Impairment of Assets, issued by the Institute of Chartered Accountants of India, no provision for impairment of assets is required.

6. During the Year the Company has provided Rs.25.42 Lacs (Previous Year Rs. 17.97 Lacs) on account of Gratuity and Rs.20.52 Lacs (Previous Year Rs. 20.41 Lacs) on account of Superannuation Payable to its employees. The amounts due as on 31st March 2010 to the Gratuity Fund and Superannuation Fund are Rs. 162.91 Lacs (Previous Year Rs. 157.76 Lacs) and Rs. 76.45 Lacs (Previous Year Rs. 73.99 Lacs) respectively.

7. Employee Benefits:

Consequent to the adoption of Accounting Standard on Employee Benefits (AS15) (Revised 2005) issued by the Institute of Chartered Accountants of India, the following disclosures have been made as required by the Standard:

DEFINED BENEFIT PLANS

A. CONTRIBUTION TO GRATUITY FUND

The details of the Companys Gratuity Fund for its employees are given below which have been certified by Life Insurance Corporation of India as on 31st March, 2010 and relied upon by the auditors.

8. Certain balances for the receivables and payables of the Company are subject to reconciliation, confirmation and consequential adjustments/provisions, the amounts whereof have not been determined.

9. The figures for the previous year have been regrouped wherever necessary.