Notes to Accounts of Maan Aluminium Ltd.

Mar 31, 2025

i) Provisions and contingent liabilities The Company creates
a provision when there is present obligation as a result of a
past event that probably requires an outflow of resources
and a reliable estimate can be made of the amount of the
obligation. A disclosure for a contingent liability is made
when there is a possible obligation or a present obligation
that may, but probably will not, require an outflow of
resources. When there is a possible obligation or a present
obligation in respect of which the likelihood of outflow of
resources is remote, no provision or disclosure is made.
Disputed liabilities and claims against the company
including claims raised by fiscal authorities (e.g. Sales Tax,
Income Tax, Excise etc.) pending in appeal / court for which
no reliable estimate

can be made and or involves uncertainty of the outcome of
the amount of the obligation or which are remotely poised
for crystallization are not provided for in accounts but
disclosed in notes to accounts

j) Foreign Currency Translation

i. The financial statements are presented in Indian rupee
(INR), which is Company’s functional and presentation
currency.

ii. On initial recognition, all foreign currency transactions
are recorded at foreign exchange rate on the date of
transaction. Gain / Loss arising on account of rise or fall
in foreign currencies vis-a-vis functional currency
between the date of transaction and that of payment is
charged to Statement of Profit & Loss.

iii. Monetary Assets in foreign currencies are translated into
functional currency at the exchange rate ruling at the
Reporting Date and the resultant gain or loss, is
accounted for in the Statement of Profit & Loss.

k) Dividend to equity holders of the Company The Company
recognises a liability to make cash distributions to equity
holders of the Company when the distribution is authorised
and the distribution is no longer at the discretion of the
Company. Final dividends on shares are recorded as a
liability on the date of approval by the shareholders and
interim dividends are recorded as a liability on the date of
declaration by the Company’s Board of Directors.

l) Revenue Recognition Revenue towards satisfaction of a
performance obligation is measured at the amount of
transaction price (net of variable consideration) allocated to
that performance obligation.

i. Sale of goods The company''s revenue from contract with
customer is mainly from sale of aluminium products. The
Company derives revenue from Sale of Goods and
revenue is recognized upon transfer of control of
promised goods to customers in an amount that reflects
the consideration the Company expects to receive in
exchange for those goods. To recognize revenues, the
Company applies the following five step approach: (1)
identify the contract with a customer, (2) identify the
performance obligations in the contract, (3) determine
the transaction price, (4) allocate the transaction price to
the performance obligations in the contract, and (5)
recognize revenues when a performance obligation is
satisfied. The Company recognises revenue at point in
time. Any change in scope or price is considered as a
contract modification. The Company accounts for
variable considerations like, volume discounts, rebates
and pricing incentives to customers as reduction of
revenue on a systematic and rational basis.

ii. Interest Income Interest income is accrued on a time
proportion basis, by reference to the principle
outstanding and the effective interest rate applicable.

iii. The materials returned/rejected are accounted for in the
year of return/rejection.

iv. Export incentives & other miscellaneous incomes are
recognised on accrual basis. Export benefits are
accounted for in the year of exports based on eligibility
and when there is no uncertainty in receiving the same.
All other income are recognised on accrual basis.

m) Employee benefits

i. Short-term employee benefits All employee benefits
payable wholly within twelve months of rendering the
service are classified as short term employee benefits.
Short term employee benifits such as salaries,
alloawances, performance incentives, etc., are
recognized as an expense at the undiscounted amount in
the Statement of Profit and Loss of the year in which the
employee renders the related service.

ii. Post Employment Benefits Defined contribution plans

Payments made to a defined contribution plan such as
Company’s contribution to provident fund, employee
state insurance and other funds are determined under the
statute and charged to the Statement of Profit and Loss in
the period of incurrence when the services are rendered
by the employees.

iii. Defined Benefits Plans The Company makes annual
contributions to gratuity funds administered by the L.I.C.
& SBI Life Insurance. The Gratuity plan provides for lump
sum payment to vested employees on retirement, death
or termination of employment of an amount based on the
respective employee’s last drawn salary and tenure of
employment. The Company accounts for the net present
value of its obligations for gratuity benefits, based on an
independent actuarial valuation, determined on the basis
of the projected unit credit method, carried out as at the
Balance Sheet date. The obligation determined as
aforesaid less the fair value of the plan assets is reported
as a liability or assets as of the reporting date. Actuarial
gains and losses are recognised immediately in the Other
Comprehensive Income and reflected in retained
earnings and will not be reclassified to the Statement of
Profit and Loss.

n) Borrowing Cost Borrowing cost that are directly
attributable to the acquisition, construction, or production
of a qualifying asset are capitalized as a part of the cost of
such asset till such time the asset is ready for its intended
use or sale. Borrowing cost consist of interest and other
costs that an entity incurs in connection with the borrowing
of funds. A qualifying asset is an asset that necessarily
requires a substantial period of time to get ready for its
intended use or sale. All other borrowing cost are
recognized as expense in the period in which they are
incurred.

o) Earning Per Share Basic earnings per share is calculated by
dividing the net profit or loss for the period attributable to
equity shareholders by the weighted average number of
equity shares outstanding during the period. Earnings
considered in ascertaining the Company’s earnings per
share is the net profit for the period. The weighted average
number of equity shares outstanding during the period and
all periods presented is adjusted for events, such as bonus
shares, other than the conversion of potential equity shares,
that have changed the number of equity shares outstanding,
without a corresponding change in resources. For the
purpose of calculating diluted earnings per share, the net
profit or loss for the period attributable to equity
shareholders and the weighted average number of share
outstanding during the period is adjusted for the effects of
all dilutive potential equity shares.

p) Segment reporting The activity of the company comprises
of only manufacturing and trading of aluminium products
hence there is no other reportable operating segment as
required by Ind AS -108.

q) Cash and cash equivalents Cash and cash equivalents are
short-term (three months or less from the date of
acquisition), highly liquid investments that are readily
convertible into cash and which are subject to an
insignificant risk of changes in value.

r) Government Grant Government Grants are recognised
where there is reasonable assurance that the grant will be
received and all the attached conditions will be complied
with. When the grant relates to revenue, it is recognised in
the statement of profit and loss on a systematic basis over
the periods to which they relate. When the grant is related to
assets, it is deducted from the carrying amount of respective
asset.

^(b) Rights, preferences and restrictions attached to shares

The Company has only one class of equity shares having a par value of Rs. 5 per sahare. Each holder of equity shares is entitled to one vote
per share. In event of liquidation of the Company, the holders of equity shares would be entitled to receive remaining assets of the Company,
after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

(c) In AGM of the company held on 19th July 2023, shareholders have passed resolution for alteration of capital clause of Memorandum of
Association (MOA) of the company & to alter the Authorised Share Capital of Company from Rs. 15,00,00,000/- (Rupees Fifteen Crore only),
divided into 1,50,00,000 (One Crore Fifty Lakh) Equity Shares of Rs. 10/- (Rupees Ten only) each to Rs. 30,00,00,000/- (Rupees Thirty
Crore only), divided into 3,00,00,000 (Three Crore) Equity Shares of Rs. 10/- (Rupees Ten) each.

Further, shareholders have passed resolution for sub-division/split of equity shares from 1 (one) equity share of face value of Rs. 10 each to 2
(two) equity shares of face value of Rs. 5 each and for further issue of bonus shares in the proportion of 1 (one) fully paid up Equity Share , for
every 1 (One) fully paid-up Equity Share held by member or allotted to such member, i.e. in the ratio of 1:1 (One bonus share for every One
equity share held).

Consequent to this, the authorized share capital comprises 6,00,00,000 (Six Crore) Equity Shares of Rs. 5/- (Rupees Five) each, aggregating
to Rs. 30,00,00,000/- (Rupees Thirty Crore only), and the paid up capital comprises 5,40,84,864 equity shares of Rs. 5 each, aggregating to
Rs. 27,04,24,320/-. The impact of this has been considered in financial statement.

Previously the Company has issued 67,60,608 bonus shares during the year 2021-22, other than this no other shares have been issued during
the last five financial years.

17.1 - Secured Tem Loan - Vehicle loan from HDFC Bank Ltd. Secured by hypothecation of respective vehicle which is payable in 39 Monthly
installments of Rs. 4.88/- lacs each commenced from August, 2022 for the principal and interest amount. This loan is carrying 7.30 % rate of
interest Per Annum.

17.2 - Secured Tem Loan - Vehicle loan from Yes Bank Ltd. Secured by hypothecation of respective vehicle which is payable in 60 Monthly
installments of Rs. 0.60/- lacs each commenced from September, 2021 for the principal and interest amount. This loan is carrying 7.50 %
rate of interest per annum.

17.3 - Secured Tem Loan - The Company has obtained a Secured Term Loan from Citibank, which is secured by way of exclusive charge of
movable fixed assets (funded out of citi bank term loan). The loan carries a tenure of 60 months and is repayable in equal monthly
installments, each comprising principal repayment of Rs. 25.00 lakhs. Interest on the loan is payable along with each installment and is
linked to the 3-month Treasury Bill rate plus a spread of 2%.

Notes :

20.1. Cash Credit, Packing Credit and Purchase Bill Discounting Facility from HDFC Bank

(a) . (a). Current Assets: First Pari Pasu charge of entire stocks of raw materials, work in process and finished goods, stores & spares,
packing material including goods at port/intransit/under shipment, Plant & Machineries, & eligible book debts up to 90 days age and all
other present and future current assets of the company. Security to be within multiple banking arrangement with CITI Bank

(b) Movable Fixed Assets: First Pari Pasu charge on entire current and future movable fixed assets.

(c industrial Property : First Pari Pasu Charge on below

(i) on Land & Building situated at Plot No. 67, 68-A & 75 Sector-I, Pithampur, Dhar (M.P.). Security to be within multiple banking
arrangement with CITI Bank

(ii) on property situated at Third floor Unit 01, Plot no 03, Sector 93-A, Noida, UP - 201301 owned by friends of director of the company,
Security to be within multiple banking arrangement with CITI Bank

(d) Alongwith above securities additional security for Letter of Credit and Bank Guarantee & Fixed Deposits - 15% margin in form of FDR''s
under Bank Lien.

(e ) Cash Credit carrying interest at the rate rainging from 8.00 -9.00 percent p.a.

20.2. Cash Credit with Citi Bank

(a) A first paripassu charge with other current Assets & current Assets (Stock and Book debts)

(b) A first paripassu charge on movable fixed assets (excluding those funded out of Term Loan).

(c) A first paripassu charge on Land & Bulding situated at Plot No. 67, 68-A & 75 Sector-I, Pithampur, Dhar (M.P.)

(d) A first paripassu charge on Land & Bulding situated at Third floor Unit 01, Plot no 03, Sector 93-A, Noida, UP - 201301

(e) Cash Credit carrying interest at the rate rainging from 8.00-9.00 percent p.a.

20.3 Loan Repayable on Demand

(i) Channel finance facility - from Axis Bank Limited is guaranteed by personal guarantee of three promoter directors of the Company.

(ii) Channel Finance facility carrying interest at the rate rainging from 9.00 - 9.50 percent p.a.

Sales Tax comprises demand of Rs. 3.11 lakhs and Rs. 2.83 lakhs under Central Sales Tax Act, 1956 pending with M.P. High Court pertaining to the
financial year 2001-02 and 2002-03 respectively, sales tax demand of Rs. 3.61 lakhs, Rs. 13.77 lakhs, Rs. 16.34 lakhs under Central Sales Tax Act,
1956 pending with Sales Tax Appellate Tribunal, Indore pertaining to financial year 2010-11, 2011 -12 & 2012-13 resp., GST demand of Rs. 1.43
lakhs pending with Commissioner (Appeals), Indore pertaining to financial year 2017-18 to 2021-22.

Note 36.2

The management of the company is of opinion that demands as mentioned in note 36.1 are likely to be either deleted or substantially reduced
and accordingly no provision is considered necessary.

37 As per Indian Accounting Standard 19 “Employee benefits", the disclosures as defined in the Accounting Standard are given below :
Employee benefit plans
Defined contribution plans

The Company makes Provident Fund and Employees State Insurance Scheme contributions to defined contribution plans for qualifying
employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The
Company recognised Rs. 68.52/- lakhs (Year ended 31 March, 2024 Rs. 65.63/- lakhs) for Provident Fund contributions and Rs. 4.26 lakhs (Year
ended 31 March, 2024 Rs. 4.60/- lakhs) for Employees State Insurance Scheme contributions in the Statement of Profit and Loss. The
contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

Defined benefit plans

The employees'' gratuity fund scheme managed by Maan Aluminium Limited Employees'' Trust through insurer (Life Insurance Corporation of
India and/or SBI Life Insurance Company) is a defined benefit plan. The present value of obligation is determined based on actuarial valuation
using the Projected Unit Credit Method, which recognises each period of service as giving rise to additional unit of employee benefit entitlement
and measures each unit separately to build up the final obligation. The obligation for leave encashment is recognised in the same manner as
gratuity.

Below is detail of actuarial valuation associated with the captioned Plans in terms of Indian Accounting Standard (Ind AS) 19

40 Financial risk management objectives and policies

The risk management policies of the Company are established to identify and analyse the risks faced by the Company, to set appropriate risk
limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect
changes in market conditions and the Company''s activities.The Management has overall responsibility for the establishment and oversight of the
Company''s risk management framework. In performing its operating, investing and financing activities, the Company is exposed to the Credit
risk, Liquidity risk and Market risk.

a) Credit risk

Credit risk is the risk of financial loss to the company if a customer or counter-party fails to meet its contractual obligations.

Trade Receivables

Credit risk refers to the risk of default on its obligations by a counterparty to the Company resulting in a financial loss to the Company. The
Company is exposed to credit risk from trade receivables. Credit risk from trade receivables is managed through the Company''s policies,
procedures and controls relating to customer credit risk management by establishing credit limits, credit approvals and monitoring
creditworthiness of the customers to which the Company extends credit in the normal course of business. Outstanding customer receivables are
regularly monitored. The Company has no concentration of credit risk as the customer base is widely distributed.

Other financial assets

The company''s maximum exposure to credit risk as at 31 March 2025 and 31 March 2024 is the carrying value of each class of financial assets.

b) Liquidity risk

''Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are
settled by delivering cash or another financial asset. The Company''s approach to managing liquidity is to ensure, as far as possible, that it will
have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable
losses or risking damage to the Company''s reputation.It maintains adequate sources of financing from related parties at an optimised cost.

The Company''s maximum exposure to liquidity risk for the components of the balance sheet at 31 March 2025 and 31 March 2024 is the carrying
amounts. The liquidity risk is managed on the basis of expected maturity dates of the financial liabilities. The average credit period taken to settle
trade payables is about 0 to 30 days. The carrying amounts are assumed to be a reasonable approximation of fair value. The following table
analyses financial liabilities by remaining contractual maturities:

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices.
Market risk comprises of three types of risks: interest rate risk, currency rate risk and price risk. Financial instruments affected by market risk
includes borrowings, trade receivables and other financial assets & liabilities. The Company is exposed to Interest rate risk,currency risk and
price risk.

i) Interest rate risk

The interest rate risk exposure is mainly from changes in floating interest rates. The Management is responsible for the monitoring of the
Company''s interest rate position. Various variables are considered by the Management in structuring the Company''s borrowings to achieve a
reasonable, competitive, cost of funding. The following table analyse the breakdown of the financial assets and liabilities by type of interest
rate:

currency risk is tne risk mat me rair value or future casn flows of a financial instrument will fluctuate because of cnanges in foreign excnange
rates. The Company has foreign currency trade payables and receivables and is therefore exposed to foreign exchange risk. The Company
mitigates the foreign exchange risk by setting appropriate exposure limits, periodic monitoring of the exposures and by natural hedging by
creating reverse position by way of import in case of having trade receivables in foreign currency and vice versa also company mitigate curency
risk by derivative financial instruments like foreign exchange forward contracts. The exchange rates have been volatile in the recent years and
may continue to be volatile in the future. Hence the operating results and financials of the Company may be impacted due to volatility of the
rupee against foreign currencies.

Exposure to currency risk (Exposure in different currencies converted to functional currency i.e. INR) The currency profile of financial assets and
financial liabilities as at March 31, 2025 and March 31, 2024 are as below:

The Company has deployed its funds into various financial instruments primarily in units of debt based mutual funds and treasury bills, etc. The
Company is exposed to price risk on such investments, which arises on account of movement in interest rates, liquidity, credit quality of
underlying securities, etc.

The value of investment in these mutual fund schemes is reflected through Net Asset Value (NAV) declared by the Asset Management Company
on daily basis. While w.r.t. T-bills, the price is determined by the banks and financial institutions. They place bids on the auction platform. Based
on bids placed on the platform, the RBI determines the price of the securities.The Company has not performed a sensitivity analysis on these
mutual funds/treasury bills, as in Management''s opinion, such analysis would not display a correct picture.

41 Capital management

Equity share capital and other equity are considered for the purpose of Company''s capital management.

The Company manages its capital so as to safeguard its ability to continue as a going concern and to optimise returns to shareholders. The
capital structure of the company is based on management''s judgement of its strategic and day-to-day needs with a focus on total equity so as
to maintain investor, creditors and market confidence.

The management and the board of directors monitors the return on capital . The Company may take appropriate steps in order to maintain, or if
necessary adjust, its capital structure.

42 Earning per share

The following reflects the income and share data used in the basic and diluted EPS computations:

^Diluted emiuiig pei ^suai^e (^. ) 2.87 6.0

In AGM of the company held on 19th July 2023, shareholders have passed resolution for sub-division/split of equity shares from 1 (one) equity
share of face value of Rs. 10 each to 2 (two) equity shares of face value of Rs. 5 each and for further issue of bonus shares in the proportion of
(one) fully paid up Equity Share , for every 1 (One) fully paid-up Equity Shares held by member or allotted to such member, i.e. in the ratio of 1:1
(One bonus share for every One equity share held) , This has been considered for calculating weighted average number of equity shares for all
comparative periods presented as per Ind AS 33. In line with the above, EPS (basic and diluted) have been adjusted for both the periods
presented.

⁴³ Dues to micro and small suppliers

Based on the available information with the management, the company has rolled mails to all the vendors for declaration of MSME, based on
the declaration received, the company owes Rs. 60.08/- lakhs and Rs. 64.68/- lakhs in March 31,2025 and March 31,2024 respectively to a
micro or small enterprise as defined in Micro, Small and Medium Enterprises Development Act, 2006. Details are mentioned below :

46 Lease Related Disclosures

The company has applied Ind AS 116 "Leases" for accounting of Leases. The Company has lease arrangements for land for factory & building for
offices. With the exception of short-term leases and leases of low-value underlying assets, each lease is reflected on the balance sheet as a
right-of-use asset and a lease liability. Variable lease payments which do not depend on an index or a rate are excluded from the initial
measurement of the lease liability and right of use assets.

_a) Total cash outflow for leases for the year ended 31 March 2025 was Rs. 21.40 lakhs (Interest portion Rs. 5.97 lakhs, principal portion Rs. 15.42
lakhs). Total cash outflow for leases for the year ended 31 March 2024 was Rs. 25.75 lakhs (Interest portion Rs. 7.23 lakhs, principal portion Rs.
18.52 lakhs).

b) Maturity of lease liabilities

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47 Additional Regulatory Information

(i) The Company has not revalued its Property, Plant and Equipment during the year.

(ii) During the year, the company has not granted Loans or Advances in the nature of loans or Guarantee to promoters, directors, KMPs and
related parties (as defined under Companies Act, 2013), either severally or jointly with any other person.

(iii) The Company has not been declared wilful defaulter by any bank or financial institution or other lender or government or any
government authority.

(iv) The company has no transactions or outstanding balance (payable or receivable) with companies struck off under section 248 of the
Companies Act, 2013 or section 560 of Companies Act, 1956.

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

(vi) The Company has complied with the requirement with respect to number of layers as prescribed under section 2(87) of the Companies
Act, 2013 read with the Companies (Restriction on number of layers) Rules, 2017.

(vii) Utilisation of borrowed funds and share premium.

I. The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities
(Intermediaries) with the understanding that the Intermediary shall:

a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company
(Ultimate Beneficiaries) or

b) Provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries

II. The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the
understanding (whether recorded in writing or otherwise) that the Company shall:

(a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding
Party (Ultimate Beneficiaries) or

(b) Provide any guarantee, security or the like on behalf of the ultimate beneficiaries.

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

(ix) The Company has not traded or invested in crypto currency or virtual currency during the year.

(x) The Company does not have any charges or satisfaction of charges which is yet to be registered with Registrar of Companies beyond the
statutory period.

48 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. A CSR committee has been formed by the
Company as per the Act.

For M A K & ASSOCIATES For and on behalf of the Board of Directors of

Chartered Accountants MAAN Aluminium Limited

Firm Registration No.: 003060C CIN - L30007DL2003PLC214485

CA Kunji Lal Kushwaha Ravinder Nath Jain Ashish Jain

Partner (Chiarman & MD) (Executive Director)

Membership No: 415037 DIN: 00801000 DIN: 06942547

Place: Indore

Date: May 27, 2025 Priti Jain Sandeep Agarwal

UDIN : 25415037BMOJHW8296 (Executive Director) (CS & Chief Financial Officer)

DIN: 01007557

Place: New Delhi
Date: May 27, 2025

---

Mar 31, 2024

^(b) Rights, preferences and restrictions attached to shares

The Company has only one class of equity shares having a par value of f. 5 per share. Each holder of equity shares is entitled to one vote per share. In event of liquidation of the Company, the holders of equity shares would be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

(c) In AGM of the company held on 19^th July 2023, shareholders have passed resolution for alteration of capital clause of Memorandum of Association (MOA) of the company & to alter the Authorised Share Capital of Company from f. 15,00,00,000/- (Rupees Fifteen Crore only), divided into 1,50,00,000 (One Crore Fifty Lakh) Equity Shares of f. 10/- (Rupees Ten only) each to f. 30,00,00,000/- (Rupees Thirty Crore only), divided into 3,00,00,000 (Three Crore) Equity Shares of f. 10/- (Rupees Ten) each.

Further, shareholders have passed resolution for sub-division/split of equity shares from 1 (one) equity share of face value of f. 10 each to 2 (two) equity shares of face value of f. 5 each and for further issue of bonus shares in the proportion of 1 (one) fully paid up Equity Share , for every 1 (One) fully paid-up Equity Share held by member or allotted to such member, i.e. in the ratio of 1:1 (One bonus share for every One equity share held).

Consequent to this, the authorized share capital comprises 6,00,00,000 (Six Crore) Equity Shares of f. 5/- (Rupees Five) each, aggregating to f. 30,00,00,000/- (Rupees Thirty Crore only), and the paid up capital comprises 5,40,84,864 equity shares of f. 5 each, aggregating to f. 27,04,24,320/-. The impact of this has been considered in financial statement.

Previously the Company has issued 67,60,608 bonus shares during the year 2021-22, other than this no other shares have been issued during the last five financial years.

17.1 - Secured Tem Loan - Vehicle loan from HDFC Bank Ltd. Secured by hypothecation of respective vehicle which is payable in 39 Monthly installments of f. 4.88/- lacs each commenced from August, 2022 for the principal and interest amount. This loan is carrying 7.30 % rate of interest Per Annum.

17.2 - Secured Tem Loan - Vehicle loan from HDFC Bank Ltd. Secured by hypothecation of respective vehicle which is payable in 36 Monthly installments of f. 0.57/- lacs each commenced from August, 2020 for the principal and interest amount. This loan is carrying 8.20 % rate of interest per annum.

17.3 - Secured Tem Loan - Vehicle loan from Yes Bank Ltd. Secured by hypothecation of respective vehicle which is payable in 60 Monthly installments of f. 0.60/- lacs each commenced from September, 2021 for the principal and interest amount. This loan is carrying 7.50 % rate of interest per annum.

20.1. Cash Credit, Packing Credit and Purchase Bill Discounting Facility from HDFC Bank

(a) . Primary Security: - Hypothecation of entire stocks of Raw Material, Finished Goods, Stock-in-Process, Stores & Spares, Packing Materials including goods at port / in transit / under shipment, eligible book debts, fixed deposits, all other current assets and Industrial and residentia Property as under-

(i) Equitable Mortgage on Land & Building situated at Plot No. 67, 68-A & 75 Sector-I, Pithampur, Dhar (M.P.)

(ii) Equitable Mortgage on property situated at Third floor Unit 01, Plot no 03, Sector 93-A, Noida, UP - 201301 owned by friends of director of the company.

(b) . Personal guarantee of managing director of the Company

20.2. Cash Credit with Citi Bank

(a) A first paripassu charge with other current Assets & current Assets (Stock and Book debts)

(b) A first paripassu charge on movable fixed assets

(c ) A first paripassu charge on Land & Bulding situated at Plot No. 67, 68-A & 75 Sector-I, Pithampur, Dhar (M.P.)

(d) A first paripassu charge on Land & Bulding situated at Third floor Unit 01, Plot no 03, Sector 93-A, Noida, UP - 201301

(e) Personal guarantee of managing director of the Company

20.3 Loan Repayable on Demand

(i) Channel finance facility - from Axis Bank Limited is guaranteed by personal guarantee of three promoter directors of the Company.

Reason for change above 25 %:

a. Decrease in short term borrowings incomparision to Trade receivable and inventories has resulted in increased current ratio.

b. Increase in networth and decreased borrowings has led to lower debt equity ratio.

c. Change is due to comparatively lower finance cost and principal amounts for current year.

d. Change is because of reduced profitability for current year.

e. Return on investments increased with increase in yields of the investment portfolio.

36 Contingent liability Contingent liabilities and commitments (to the extent not provided for) Particulars	As at 31 March, 2024	As at 31 March, 2023
Contingent liabilities
Claims against the Company not acknowledged as debt:
Sales tax & GST	175.94	72.12
Income tax	87.05	98.99
Guarantees issued by bank	1,163.70	1,211.04

Note 36.1

Sales Tax comprises demand of Rs. 3.11 lakhs and Rs. 2.83 lakhs under Central Sales Tax Act, 1956 pending with M.P. High Court pertaining to the financial year 2001-02 and 2002-03 respectively, sales tax demand of Rs. 3.61 lakhs, Rs. 13.77 lakhs, Rs. 16.34 lakhs under Central Sales Tax Act, 1956 pending with Sales Tax Appellate Tribunal, Indore pertaining to financial year 2010-11, 2011 -12 & 2012-13 resp., GST demand of Rs. 89.69 lakhs & 26.41 lakhs pending with Commissioner (Appeals), Indore pertaining to financial year 2018-19 & 2019-20 resp. , GST demand of Rs. 1.43 lakhs pending with Commissioner (Appeals), Indore pertaining to financial year 2017-18 to 2021-22, GST demand of Rs. 17.96 lakhs pending with Appeallate Authority, SGST, Jaipur-I, Jaipur, pertaining to financial year 2018-19, GST demand of Rs. 0.79 lakhs pending with Addl. Commissioner Gr.-2, Appeal-3, SGST Noida, pertaining to financial year 2017-18.

Note 36.2

Income tax comprises of demands under Income Tax Act, 1961 of Rs. 80.96 lakhs pending with M.P. High Court, pertaning to assessment year 2015-16, Rs. 5.15 lakhs pending with Income Tax Officer-Delhi, pertaining to the assessment year 2017-18 and Rs. 0.94 lakhs pending with CPC Bangalore for assessment year 2018-19.

Note 36.3

The management of the company is of opinion that demands as mentioned in note 36.1 to 36.2 are likely to be either deleted or substantially reduced and accordingly no provision is considered necessary.

37 As per Indian Accounting Standard 19 “Employee benefits", the disclosures as defined in the Accounting Standard are given below :

Employee benefit plans Defined contribution plans

The Company makes Provident Fund and Employees State Insurance Scheme contributions to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognised ?. 65.63/- lacs (Year ended 31 March, 2023 ?. 60.83/- lacs) for Provident Fund contributions and ?. 4.60 lacs (Year ended 31 March, 2023 ?. 8.43/- lacs) for Employees State Insurance Scheme contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

Defined benefit plans

The employees'' gratuity fund scheme managed by Maan Aluminium Limited Employees'' Trust through insurer (Life Insurance Corporation of India and/or SBI Life Insurance Company) is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation for leave encashment is recognised in the same manner as gratuity.

Below is detail of actuarial valuation associated with the captioned Plans in terms of Indian Accounting Standard (Ind AS) 19

37.11 : Sensitivity Analysis: Significant actuarial assumptions for the detemination of the defined benefit obligation are discount rate, expected salary increase and mortality. The sensitivity analysis below have been determined based on reasonably possible changes of the assumptions occurring at the end of the reporting period, while holding all other assumptions constant. Please note that the sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated. The results of sensitivity analysis are given below:

³⁹ Fair Value hierarchy

The fair value of financial instruments have been classified into three categories depending on the inputs used in the valuation technique. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and lowest priority to unobservable inputs (Level 3 measurements).

The categories used are as follows:

Level 1: Quoted prices for identical instruments in an active market;

Level 2: Directly or indirectly observable market inputs, other than Level 1 inputs; and Level 3: Inputs which are not based on observable market data.

The following tables provides the fair value measurement hierarchy of the Company''s financial assets & financial Liabilities

40 Financial risk management objectives and policies

The risk management policies of the Company are established to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Company''s activities.The Management has overall responsibility for the establishment and oversight of the Company''s risk management framework. In performing its operating, investing and financing activities, the Company is exposed to the Credit risk, Liquidity risk and Market risk.

a) Credit risk

Credit risk is the risk of financial loss to the company if a customer or counter-party fails to meet its contractual obligations.

Trade Receivables

Credit risk refers to the risk of default on its obligations by a counterparty to the Company resulting in a financial loss to the Company. The Company is exposed to credit risk from trade receivables. Credit risk from trade receivables is managed through the Company''s policies, procedures and controls relating to customer credit risk management by establishing credit limits, credit approvals and monitoring creditworthiness of the customers to which the Company extends credit in the normal course of business. Outstanding customer receivables are regularly monitored. The Company has no concentration of credit risk as the customer base is widely distributed.

Other financial assets

The company''s maximum exposure to credit risk as at 31 March 2024 and 31 March 2023 is the carrying value of each class of financial assets.

b) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company''s approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company''s reputation.It maintains adequate sources of financing from related parties at an optimised cost.

The Company''s maximum exposure to liquidity risk for the components of the balance sheet at 31 March 2024 and 31 March 2023 is the carrying amounts. The liquidity risk is managed on the basis of expected maturity dates of the financial liabilities. The average credit period taken to settle trade payables is about 0 to 30 days. The carrying amounts are assumed to be a reasonable approximation of fair value. The following table analyses financial liabilities by remaining contractual maturities:

c) Market risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises of three types of risks: interest rate risk, currency rate risk and price risk. Financial instruments affected by market risk includes borrowings, trade receivables and other financial assets & liabilities. The Company is exposed to Interest rate risk,currency risk and price risk.

i) Interest rate risk

The interest rate risk exposure is mainly from changes in floating interest rates. The Management is responsible for the monitoring of the Company''s interest rate position. Various variables are considered by the Management in structuring the Company''s borrowings to achieve a reasonable, competitive, cost of funding. The following table analyse the breakdown of the financial assets and liabilities by type of interest rate:

ii) Currency risk

Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Company has foreign currency trade payables and receivables and is therefore exposed to foreign exchange risk. The Company mitigates the foreign exchange risk by setting appropriate exposure limits, periodic monitoring of the exposures and by natural hedging by creating reverse position by way of import in case of having trade receivables in foreign currency and vice versa also company mitigate curency risk by derivative financial instruments like foreign exchange forward contracts. The exchange rates have been volatile in the recent years and may continue to be volatile in the future. Hence the operating results and financials of the Company may be impacted due to volatility of the rupee against foreign currencies.

Exposure to currency risk (Exposure in different currencies converted to functional currency i.e. INR) The currency profile of financial assets and financial liabilities as at March 31, 2024 and March 31, 2023 are as below:

Sensitivity analysis

A reasonably possible 5% strengthening (weakening) of the Indian Rupee against USD at 31 March 2024 and 31 March 2023 would have affected the measurement of financial instruments denominated in USD and affected profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of forecast sales and purchases.

iii) Price risk

The Company has deployed its funds into various financial instruments primarily in units of debt based mutual funds and treasury bills, etc. The Company is exposed to price risk on such investments, which arises on account of movement in interest rates, liquidity, credit quality of underlying securities, etc.

The value of investment in these mutual fund schemes is reflected through Net Asset Value (NAV) declared by the Asset Management Company on daily basis. While w.r.t. T-bills, the price is determined by the banks and financial institutions. They place bids on the auction platform. Based on bids placed on the platform, the RBI determines the price of the securities.The Company has not performed a sensitivity analysis on these mutual funds/treasury bills, as in Management''s opinion, such analysis would not display a correct picture.

41 Capital management

Equity share capital and other equity are considered for the purpose of Company''s capital management.

The Company manages its capital so as to safeguard its ability to continue as a going concern and to optimise returns to shareholders. The capital structure of the company is based on management''s judgement of its strategic and day-to-day needs with a focus on total equity so as to maintain investor, creditors and market confidence.

The management and the board of directors monitors the return on capital . The Company may take appropriate steps in order to maintain, or if necessary adjust, its capital structure.

In AGM of the company held on 19th July 2023, shareholders have passed resolution for sub-division/split of equity shares from 1 (one) equity share of face value of f. 10 each to 2 (two) equity shares of face value of f. 5 each and for further issue of bonus shares in the proportion of 1 (one) fully paid up Equity Share , for every 1 (One) fully paid-up Equity Shares held by member or allotted to such member, i.e. in the ratio of 1:1 (One bonus share for every One equity share held) , This has been considered for calculating weighted average number of equity shares for all comparative periods presented as per Ind AS 33. In line with the above, EPS (basic and diluted) have been adjusted for both the periods presented.

⁴³ Dues to micro and small suppliers

Based on the available information with the management, the company has rolled mails to all the vendors for declaration of MSME, based on the declaration received, the company owes f. 64.68/- lacs and f. 81.12/- lacs in March 31,2024 and March 31,2023 respectively to a micro, small or medium enterprise as defined in Micro, Small and Medium Enterprises Development Act, 2006. Details are mentioned below :

46 Lease Related Disclosures

The company has applied Ind AS 116 "Leases" for accounting of Leases. The Company has lease arrangements for land for factory & building for offices. With the exception of short-term leases and leases of low-value underlying assets, each lease is reflected on the balance sheet as a right-of-use asset and a lease liability. Variable lease payments which do not depend on an index or a rate are excluded from the initial measurement of the lease liability and right of use assets.

a) Total cash outflow for leases for the year ended 31 March 2024 was ?. 25.75 lacs (Interest portion ?. 7.23 lacs, principal portion ?. 18.52 lacs). Total cash outflow for leases for the year ended 31 March 2023 was ?. 25.94 lacs (Interest portion ?. 4.18 lacs, principal portion ?. 21.77 lacs).

47 Additional Regulatory Information

(i) The Company has not revalued its Property, Plant and Equipment during the year.

(ii) During the year, the company has not granted Loans or Advances in the nature of loans to promoters, directors, KMPs and related parties (as defined under Companies Act, 2013), either severally or jointly with any other person.

(iii) The Company has not been declared wilful defaulter by any bank or financial institution or other lender or government or any government authority.

(iv) The company has no transactions or outstanding balance (payable or receivable) with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.

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

(vi) The Company has complied with the requirement with respect to number of layers as prescribed under section 2(87) of the Companies Act, 2013 read with the Companies (Restriction on number of layers) Rules, 2017.

(vii) Utilisation of borrowed funds and share premium.

I. The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:

a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries) or

b) Provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries

II. The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or

(b) Provide any guarantee, security or the like on behalf of the ultimate beneficiaries.

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

(ix) The Company has not traded or invested in crypto currency or virtual currency during the year.

(x) The Company does not have any charges or satisfaction of charges which is yet to be registered with Registrar of Companies beyond the statutory period.

48 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. A CSR committee has been formed by the Company as per the Act

49 Balances in Trade Receivables, Trade Payables and Short Term Loans & Advances are subject to confirmation.

50 Previous years figures have been re-grouped / re-classified wherever necessary to correspond with the current year''s classification / disclosure.

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Mar 31, 2023

i) Provisions and contingent liabilities

The Company creates a provision when there is present obligation as a result of a past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources. When there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision or disclosure is made.

Disputed liabilities and claims against the company including claims raised by fiscal authorities (e.g. Sales Tax, Income Tax, Excise etc.) pending in appeal / court for which no reliable estimate can be made and or involves uncertainty of the outcome of the amount of the obligation or which are remotely poised for crystallization are not provided for in accounts but disclosed in notes to accounts

j) Foreign Currency Translation

i) The financial statements are presented in Indian rupee (INR), which is Company''s functional and presentation currency.

ii) On initial recognition, all foreign currency transactions are recorded at foreign exchange rate on the date of transaction. Gain / Loss arising on account of rise or fall in foreign currencies vis-a-vis functional currency between the date of transaction and that of payment is charged to Statement of Profit & Loss.

iii) Monetary Assets in foreign currencies are translated into functional currency at the exchange rate ruling at the Reporting Date and the resultant gain or loss, is accounted for in the Statement of Profit & Loss.

k) Dividend to equity holders of the Company

The Company recognises a liability to make cash distributions to equity holders of the Company when the distribution is authorised and the distribution is no longer at the discretion of the Company. Final dividends on shares are recorded as a liability on the date of approval by the shareholders and interim dividends are recorded as a liability on the date of declaration by the Company''s Board of Directors.

l) Revenue Recognition

The company''s revenue from contract with customer is mainly from sale pof aluminium products. Revenue is recognised upon transfer of control of goods to customers which is usually on delivery of goods, in an amount that reflects the consideration the Company expects to receive in exchange for those goods. The Company determins the performance obligations associated with the contract with customers at contract inception and also determine whether they satisfy the performance obligation over time or at a point in time. the company satify the performance obligation at point of time accordingly recognise revenue at point of time since any of following criteria are not meet:

a) The customer simultaneously receives and consumes the benefits provided by the Company''s performance as the Company performs; or

b) The Company''s performance creates or enhances an asset that the customer controls as the asset is created or enhanced; or

c) The Company''s performance does not create an asset with an alternative use to the Company and the entity has an enforceable right to payment for performance completed to date.

Amounts disclosed as revenue are net of GST, discounts, rebates and incentives. The materials returned/ rejected are accounted for in the year of return/rejection.

Export incentives & other miscellaneous incomes are recognised on accruel basis. Export benefits are accounted for in the year of exports based on eligibility and when there is no uncertainty in receiving the same.

All other other income including interest income are recognised on accrual basis.

m) Employee benefits

i) Short-term employee benefits

All employee benefits payable wholly within twelve months of rendering the service are classified as short term employee benefits. Short term employee benifits such as salaries, alloawances, performance incentives, etc., are recognized as an expense at the undiscounted amount in the Statement of Profit and Loss of the year in which the employee renders the related service.

ii) Post Employment Benefits Defined contribution plans

Payments made to a defined contribution plan such as Company''s contribution to provident fund, employee state insurance and other funds are determined under the statute and charged to the Statement of Profit and Loss in the period of incurrence when the services are rendered by the employees.

iii) Defined Benefits Plans

The Company makes annual contributions to gratuity funds administered by the L.I.C.. The Gratuity plan provides for lump sum payment to vested employees on retirement, death or termination of employment of an amount based on the respective employee''s last drawn salary and tenure of employment. The Company accounts for the net present value of its obligations for gratuity benefits, based on an independent actuarial valuation, determined on the basis of the projected unit credit method, carried out as at the Balance Sheet date. The obligation determined as aforesaid less the fair value of the plan assets is reported as a liability or assets as of the reporting date. Actuarial gains and losses are recognised immediately in the Other Comprehensive Income and reflected in retained earnings and will not be reclassified to the Statement of Profit and Loss.

n) Borrowing Cost

Borrowing cost that are directly attributable to the acquisition, construction, or production of a qualifying asset are capitalized as a part of the cost of such asset till such time the asset is ready for its intended use or sale

Borrowing cost consist of interest and other costs that an entity incurs in connection with the borrowing of funds. A qualifying asset is an asset that necessarily requires a substantial period of time to get ready for its intended use or sale. All other borrowing cost are recognized as expense in the period in which they are incurred

o) Earning Per Share

Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period. Earnings considered in ascertaining the Company''s earnings per share is the net profit for the period. The weighted average number of equity shares outstanding during the period and all periods presented is adjusted for events, such as bonus shares, other than the conversion of potential equity shares, that have changed the number of equity shares outstanding, without a corresponding change in resources. For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of share outstanding during the period is adjusted for the effects of all dilutive potential equity shares.

p) Segment reporting

The activity of the company comprises of only manufacturing and trading of aluminium products hence there is no other reportable operating segment as required by Ind AS -108.

q) Cash and cash equivalents

Cash and cash equivalents are short-term (three months or less from the date of acquisition), highly liquid investments that are readily convertible into cash and which are subject to an insignificant risk of changes in value.

r) Government Grant

Government Grants are recognised where there is reasonable assurance that the grant will be received and all the attached conditions will be complied with. When the grant relates to revenue, it is recognised in the statement of profit and loss on a systematic basis over the periods to which they relate. when the grant is related to assets, it is deducted from the carrying amount of respective asset.

40 Financial risk management objectives and policies

The risk management policies of the Company are established to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Company''s activities. The Management has overall responsibility for the establishment and oversight of the Company''s risk management framework. In performing its operating, investing and financing activities, the Company is exposed to the Credit risk, Liquidity risk and Market risk.

a) Credit risk

Credit risk is the risk of financial loss to the company if a customer or counter-party fails to meet its contractual obligations.

Trade Receivables

Credit risk refers to the risk of default on its obligations by a counterparty to the Company resulting in a financial loss to the Company. The Company is exposed to credit risk from trade receivables. Credit risk from trade receivables is managed through the Company''s policies, procedures and controls relating to customer credit risk management by establishing credit limits, credit approvals and monitoring creditworthiness of the customers to which the Company extends credit in the normal course of business. Outstanding customer receivables are regularly monitored. The Company''s export sales are backed by letters of credit. The Company has no concentration of credit risk as the customer base is widely distributed.

47 Additional Regulatory Information

(i) The Company has not revalued its Property, Plant and Equipment during the year.

(ii) During the year, the company has not granted Loans or Advances in the nature of loans to promoters, directors, KMPs and related parties (as defined under Companies Act, 2013), either severally or jointly with any other person.

(iii) The Company has not been declared wilful defaulter by any bank or financial institution or other lender or government or any government authority.

(iv) The company has no transactions or outstanding balance (payable or receivable) with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.

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

(vi) The Company has complied with the requirement with respect to number of layers as prescribed under section 2(87) of the Companies Act, 2013 read with the Companies (Restriction on number of layers) Rules, 2017.

(vii) Utilisation of borrowed funds and share premium

I. The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:

a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries) or

b) Provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries

II. The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like on behalf of the ultimate beneficiaries

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

(ix) The Company has not traded or invested in crypto currency or virtual currency during the year.

(x) The Company does not have any charges or satisfaction of charges which is yet to be registered with Registrar of Companies beyond the statutory period.

48 Balances in Trade Receivables, Trade Payables and Short Term Loans & Advances are subject to confirmation

49 Previous years figures have been re-grouped / re-classified wherever necessary to correspond with the current year''s classification / disclosure.

For M A K & ASSOCIATES For and on behalf of the Board of Directors of

Chartered Accountants MAAN Aluminium Limited

Firm Registration No.: 003060C CIN - L30007DL2003PLC214485

CA Kunji Lal Kushwaha Ravindra Nath Jain Ashish Jain

Partner (Chiarman & MD) (Executive Director)

Membership No: 415037 DIN: 00801000 DIN: 06942547

Place: Indore Date: May 30, 2023

UDIN : 23415037BGYBTQ8776 Viksit Chadha Sandeep Agarwal

(CEO & Director) (CS & chief Financial Officer)

DIN:08236797

Place: New Delhi Date: May 30, 2023

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Mar 31, 2018

Note: 1 CORPORATE INFORMATION

Maan Aluminium Limited (the ‘Company’) is a public limited Company domiciled in India with its registered office located at Building No. 4/5, 1st Floor, Asaf Ali Road, New Delhi-110002. The Company is listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The Company is engaged in the business of manufacturing & trading of aluminium profiles and other related activities.

Note: 2 BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES

2.1 BASIS OF PREPARATION AND PRESENTATION

i) Compliance with Indian Accounting Standards (Ind AS):

These financial statements have been prepared in accordance with the Indian Accounting Standards (hereinafter referred to as the ‘Ind AS’) as notified by Ministry of Corporate Affairs pursuant to section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016.

ii) First-time adoption:

In accordance with Ind AS 101 on First time adoption of Ind AS, the Company has prepared its first Ind AS financial statements which include:

Three Balance sheets namely, the opening Balance sheet as at April 1, 2016 (the transition date) by recognising all assets and liabilities whose recognition is required by Ind AS, not recognising assets or liabilities which are not permitted by Ind AS, by reclassifying assets and liabilities from previous GAAP as required by Ind AS, and applying Ind AS in measurement of recognised assets and liabilities; and Balance sheets as at March 31, 2018 and 2017; and Two statements each of profit and loss; cash flows and changes in equity for the years ended March 31, 2018 and 2017 together with related notes.

iii) Basis of measurement

These financial statements are prepared under the historical cost convention except for the following assets and liabilities which have been measured at fair value:

- Certain financial assets and liabilities (including derivative instruments) measured at fair value (refer accounting policy regarding financial instruments),

- Defined benefit plans - plan assets measured at fair value

iv) Measurement of fair values

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. Normally at initial recognition, the transaction price is the best evidence of fair value.

However, when the company determines that transaction price does not represent the fair value, it uses inter-alia valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.

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

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date;

Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and

Level 3 inputs are unobservable inputs for the asset or liability

Financial assets and financial liabilities that are recognised at fair value on a recurring basis, the company determines whether transfers have occurred between levels in the hierarchy by re- assessing categorisation at the end of each reporting period.

v) Classification of Assets and Liabilities into Current/Non-Current:

The Company has ascertained its operating cycle as twelve months for the purpose of Current/ Non-Current classification of its Assets and Liabilities.

For the purpose of Balance Sheet, an asset is classified as current if:

(i) It is expected to be realised, or is intended to be sold or consumed, in the normal operating cycle; or

(ii) It is held primarily for the purpose of trading; or

(iii) It is expected to realise the asset within twelve months after the reporting period; or

(iv) The asset is a cash or cash equivalent unless it is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.

All other assets are classified as non-current.

Similarly, a liability is classified as current if:

(i) It is expected to be settled in the normal operating cycle; or

(ii) It is held primarily for the purpose of trading; or

(iii) It is due to be settled within twelve months after the reporting period; or

(iv) The Company does not have an unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. Terms of a liability that could result in its settlement by the issue of equity instruments at the option of the counterparty does not affect this classification.

All other liabilities are classified as non-current.

(b) Rights, preferences and restrictions attached to shares

The Company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. In event of liquidation of the Company, the holders of equity shares would be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

(c) The Company has issued 33,80,304 bonus equity shares during the financial year 2017-18 and no other shares has been issued during the last five financial years.

Notes:

1) Secured Tem Loan - Vehicle loan from Daimler Financial Service India Pvt. Ltd. Secured by hypothecation of respective vehicle which is payable in 36 Monthly installments of Rs. 64,297/- each commenced from October, 2016 for the principal and interest amount. This loan carrying 9.75 % rate of interest p.a.

2) Unsecured Loan represent loan from Director of the company carrying rate of interest 9 % p.a. payable on monthly basis.

Notes :

1. Cash Credit, Buyers Credit facilities and Purchase Bill Discounting Facility

(a). Primary Security: - Hypothecation of entire stocks of Raw Material, Finished Goods, Stock-in-Process, Stores & Spares, Packing Materials including goods at port / in transit / under shipment and eligible book debts and all other current assets.

(b). Collateral Security-]

(ii) Equitable Mortgage on Land & Building situated at Aluminium Complex, Plot No. 67 & 75 Sector-I, Pithampur, Dhar (M.P.)

(i) Hypothecation on company’s Fixed Assets excluding Land and Building.

(iii) FDR of Rs. 55 lakhs in the name of M/s Maan Aluminium Limited

(iv) Equitable Mortgage on plot situated at 21, Block K-4 Near PCR Lines Model Town, New Delhi as a collateral security which is in the name of a relative of promoter directors.

(c). Personal guarantee of three promoter directors of the Company

2. Channel finance facility

Channel finance facility from Axis Bank Limited in current financial year is guaranteed by personal guarantee of three promoter directors of the Company.

Note 3.1

Sales Tax comprises demand of Rs. 310803/- and Rs. 283040/- under Central Sales Tax Act, 1956 pending with M.P. High Court pertaining to the assessment years 2001-02 and 2002-03 respectively, sales tax demand of Rs. 185019 under Central Sales Tax Act 1956 pending with Sales Tax Appellate Tribunal, Indore pertaining to the assessment years 2010-11, sales tax comprises demand of Rs. 1137545, Rs. 1130647 under Central Sales Tax Act, 1956 pending with Sales Tax Appellate Tribunal, Indore pertaining to asessment year 2011 -12 & 2012-13, Rs. 21,24,800, 9,98,886 and 13,96,096 under Central Sales Tax Act, 1956 pending with Additional Commissioner of commercial tax (A), Indore pertaining to assessment year 2013-14, 2014-15 and 2015-16 respectively,

Note 3.2

Excise Duty comprises of demand of Rs. 89,34,657/- under Central Excise Act, 1944 pending with appelate tribunal delhi pertaintaing to year 2009-10,10-11,11-12 and 12-13 and Rs. 8451/- pending with CESAT, New Delhi pertaining to year 2002-03.

Note 3.3

Income tax comprises of demands under Income Tax Act, 1961 of Rs. 5213815 pending with Commissioner of income tax (Appeal) -13, Ahemdabad pertaing to assessment year 2015-16 and Rs. 704110 pending with Commissioner of income tax (Appeal) VI, New Delhi pertaining to the assessment year 2012-13.

Note 3.4

The management of the company is of opinion that demands as mentioned in note 32.1 to 32.3 are likely to be either deleted or substantially reduced and accordingly no provision is considered necessary.

Note 4 As per Indian Accounting Standard 19 “Employee benefits”, the disclosures as defined in the Accounting Standard are given below :

Employee benefit plans

Defined contribution plans

The Company makes Provident Fund and Employees State Insurance Scheme contributions to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognised Rs. 34,76,764/- (Year ended 31 March, 2017 Rs. 31,59,137/-) for Provident Fund contributions and Rs. 14,07,163/- (Year ended 31 March, 2017 Rs. 10,75,012/-) for Employees State Insurance Scheme contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

Defined benefit plans

The employees’ gratuity fund scheme managed by a Trust (Life Insurance Corporation of India) is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation for leave encashment is recognised in the same manner as gratuity. Below is details of actuarial valuation associated with the captioned Plans in terms of Indian Accounting Standard (Ind AS) 19

Note 4.1 : Sensitivity Analysis: Significant actuarial assumptions for the determination of the defined benefit obligation are discount rate and expected salary increase rate. Effect of change in mortality rate is negligible. Please note that the sensitivity analysis presented below may not be representative of the actual change in the defined benefit obligation as it is unlikely that the change in assumption would occur in isolation of one another as some of the assumptions may be correlated. The results of sensitivity analysis are given below

Note 5 Financial risk management objectives and policies

The risk management policies of the Company are established to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Company’s activities.The Management has overall responsibility for the establishment and oversight of the Company’s risk management framework. In performing its operating, investing and financing activities, the Company is exposed to the Credit risk, Liquidity risk and Market risk.

a) Credit risk

Credit risk is the risk of financial loss to the company if a customer or counter-party fails to meet its contractual obligations.

Trade Receivables

Credit risk refers to the risk of default on its obligations by a counterparty to the Company resulting in a financial loss to the Company. The Company is exposed to credit risk from trade receivables. Credit risk from trade receivables is managed through the Company’s policies, procedures and controls relating to customer credit risk management by establishing credit limits, credit approvals and monitoring creditworthiness of the customers to which the Company extends credit in the normal course of business. Outstanding customer receivables are regularly monitored. The Company’s export sales are backed by letters of credit. The Company has no concentration of credit risk as the customer base is widely distributed.

Other financial assets

The company maintains exposure to cash equivalents. The company has set counter-parties limits based on multiple factors including financial positions, credit ratings, etc.

The company’s maximum exposure to credit risk as at 31 March 2018, 31 March 2017 and at 01 April 2016 is the carrying value of each class of financial assets.

b) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company’s reputation. It maintains adequate sources of financing from related parties at an optimised cost.

The Company maximum exposure to liquidity risk for the components of the balance sheet at 31 March 2018, 31 March 2017 and 01 April 2016 is the carrying amounts. The liquidity risk is managed on the basis of expected maturity dates of the financial liabilities. The average credit period taken to settle trade payables is about 0 to 30 days. The carrying amounts are assumed to be a reasonable approximation of fair value. The following table analysis financial liabilities by remaining contractual maturities:

c) Market risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises of three types of risks: interest rate risk, currency rate risk and price risk. Financial instruments affected by market risk includes borrowings, loans and trade receivables. The Company is exposed to Interest rate risks and Currency risks.

i) Interest rate risk

The interest rate risk exposure is mainly from changes in floating interest rates. The Management is responsible for the monitoring of the Company’s interest rate position. Various variables are considered by the Management in structuring the Company’s borrowings to achieve a reasonable, competitive, cost of funding. The following table analyse the breakdown of the financial assets and liabilities by type of interest rate:

ii) Currency risk

Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Company has foreign currency trade payables and receivables and is therefore exposed to foreign exchange risk. The Company mitigates the foreign exchange risk by setting appropriate exposure limits, periodic monitoring of the exposures and by natural hedging by creating reverse position by way of import in case of having trade receivables in foreign currency and vice versa also company mitigate currency risk by derivative financial instruments like foreign exchange forward contracts. The exchange rates have been volatile in the recent years and may continue to be volatile in the future. Hence the operating results and financials of the Company may be impacted due to volatility of the rupee against foreign currencies.

Exposure to currency risk (Exposure in different currencies converted to functional currency i.e. INR) The currency profile of financial assets and financial liabilities as at March 31, 2018, March 31, 2017 and April 1, 2016 are as below:

Sensitivity analysis

A reasonably possible 5% strengthening (weakening) of the Indian Rupee against USD at 31 March 2018, 31 March 2017 and 01 April 2016 would have affected the measurement of financial instruments denominated in USD and affected profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of forecast sales and purchases.

Note 6 Capital management

Equity share capital and other equity are considered for the purpose of Company’s capital management

The Company manages its capital so as to safeguard its ability to continue as a going concern and to optimise returns to shareholders. The capital structure of the company is based on management’s judgement of its strategic and day-to-day needs with a focus on total equity so as to maintain investor, creditors and market confidence

The management and the board of directors monitors the return on capital . The Company may take appropriate steps in order to maintain, or if necessary adjust, its capital structure.

Note 7 Dues to micro and small suppliers

Based on the available information with the management, the company does not owe any sum to a micro, small or medium enterprise as defined in Micro, Small and Medium Enterprises Development Act, 2006.

Note 8 Balances in Trade Receivables, Trade Payables and Short Term Loans & Advances are subject to confirmation

Note 9 Previous years figures have been re-grouped / re-classified wherever necessary to correspond with the current year’s classification / disclosure.

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Mar 31, 2017

Note 1. Terms/ rights attached to equity shares

The Company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. In event of liquidation of the Company, the holders of equity shares would be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Note: 2. Vehicle loan from Daimler Financial Service India Pvt. Ltd. Secured by hypothecation of respective vehicle which is payable in 36 Monthly installments of Rs.64297/- each commenced from October, 2016 for the principal and interest amount.

Note 3. Details of security for the secured short-term borrowings:

4. Cash Credit and Buyers Credit facilities from Andhra Bank

(a) Primary Security: - Hypothecation of entire stocks of Raw Material, Finished Goods, Stock-in-Process, Stores & Spares, Packing Materials including goods at port / in transit / under shipment and eligible book debts, receivables and other current assets etc.

(b) Collateral Security-

(i) Hypothecation on company’s Fixed Assets excluding Land and Building.

(ii) Equitable Mortgage on Land & Bulding situated at Aluminium Complex, Plot No. 67 & 75 Sector-I, Pithampur, Dhar (M.P.)

(c) Personal guarantee of two promoter directors of the Company

5. Purchase Bill Discounting Facility from Andhra Bank

(a)The Company has offered a property situated at Plot No. 21, Block K-4 Near PCR Lines Model Town II, New Delhi as a collateral security which is in the name of a relative of promoter directors.

(b) The Company has offered Personal guarantee of two promoter directors of the Company

(c) Documents for creation of charge are yet to be created

6. Channel finance facility

Two promoter directors of the Company have given their personal guarantee for Channel finance facility from Aditya Birla Finance Limited.

Note 7 : Sales Tax comprises demand of Rs.310803/- and Rs.283040/- under Central Sales Tax Act, 1956 pending with M.P. High Court pertaining to the assessment years 2001-02 and 2002-03 respectively, sales tax demand of Rs.185019 under Central Sales Tax Act 1956 pending with Sales Tax Appellate Tribunal, Indore pertaining to the assessment years 2010-11, sales tax comprises demand of Rs.1137545, Rs.1130647 under Central Sales Tax Act, 1956 pending with Sales Tax Appellate Tribunal, Indore pertaining to assessment year 2011 -12 & 2012-13 and Rs. 21,24,800 under Central Sales Tax Act, 1956 pending with Additional Commissioner of commercial tax (A), Indore pertaining to assessment year 2013-14, and Rs.9,98,886 under Central Sales Tax Act, 1956 pending with Additional Commissioner of commercial tax (A), Indore pertaining to assessment year 2014-15

Note 8 : Excise Duty comprises of demand of Rs.89,34,657/- under Central Excise Act, 1944 pending with appelate tribunal delhi pertaining to year 2009-10,10-11,11-12 and 12-13 and Rs.8451/- pending with CESAT, New Delhi pertaining to year 2002-03.

Note 9 : Income tax comprises of demands under Income Tax Act, 1961 of Rs.5213815 pending with Commissioner of income tax (Appeal)-13, Ahemdabad pertaining to assessment year 2015-16 and Rs.704110 pending with Commissioner of income tax (Appeal) VI, New Delhi pertaining to the assessment year 2012-13.

Note 10 : The management of the company is of opinion that demands as mentioned in note 26.1.1 to 26.1.3 are likely to be either deleted or substantially reduced and accordingly no provision is considered necessary.

Note 11 : As per Accounting Standard 15 “Employee benefits", the disclosures as defined in the Accounting Standard are given below :

Employee benefit plans

Defined contribution plans

The Company makes Provident Fund and Employees State Insurance Scheme contributions to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognized Rs.31,59,137/- (Year ended 31 March, 2016 Rs.26,14,888/-) for Provident Fund contributions and Rs.10,75,012/- (Year ended 31 March, 2016 Rs.10,08,270) for Employees State Insurance Scheme contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

Defined benefit plans

The employees’ gratuity fund scheme managed by a Trust (Life Insurance Corporation of India) is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation for leave encashment is recognized in the same manner as gratuity.

The following table sets out the funded status of the defined benefit schemes and the amount recognized in the financial statements:

Note 12. The discount rate is based on the prevailing market yields of Government of India securities as at the Balance Sheet date for the estimated term of the obligations.

Note 13. The estimate of future salary increases considered, takes into account the inflation, seniority, promotion, increments and other relevant factors.

Note 14.

Based on the available information with the management, the company does not owe any sum to a micro, small or medium enterprise as defined in Micro, Small and Medium Enterprises Development Act, 2006.

Note 15.

The current assets, loans and advances are stated at the value, which in the opinion of the board, are realizable in the ordinary course of the business, current liabilities and provisions are stated at the value payable in the ordinary course of the business.

Note 16.

Balances of trade receivables, loans and advances and trade payables are subject to confirmation/reconciliation and subsequent adjustment, if any.

Note 17.

Previous year’s figures have been regrouped/reclassified wherever necessary to correspond with the current year’s classification/disclosure.

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Mar 31, 2015

Note 1. Terms/ rights attached to equity shares

The Company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. In event of liquidation of the Company, the holders of equity shares would be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Note 2: During the year, the Company has adopted estimated useful life of fixed assets as stipulated by Schedule II to the Companies Act, 2013. Accordingly, depreciation of Rs. 97.27 lacs (net of deferred tax of Rs. 43.49 lacs) on account of assets whose useful life is already exhausted on April 01, 2014 has been adjusted against General Reserve.

Note 3 : Sales Tax comprises demand of Rs. 310803/- and Rs. 283040/- under Central Sales Tax Act, 1956 pending with M.P. High Court pertaining to the assessment years 2001-02 and 2002-03 respectively, sales tax demand of Rs. 185019 under Central Sales Tax Act 1956 pending with Sales Tax Appellate Tribunal, Indore pertaining to the assessment years 2010-11, sales tax comprises demand of Rs. 726030, Rs. 2393361, and Rs. 5026574 under Central Sales Tax Act, 1956 pending with Additional Commissioner of commercial tax (A), Indore pertaining to assessment year 2004-05, 2011-12 and 2012-13 respectively and Rs. 9794 under Madhya Pradesh VAT Act, 2002 pending with Additional Commissioner of commercial tax (A), Indore pertaining to assessment year 2011-12.

Note 4 : Entry tax comprises of demand of Rs. 1064061/- and Rs. 220433/- under Entry Tax Act, 1976 pending with Additional Commissioner of commercial tax (A), Indore pertaining to assessment year 2011-12 and 2012-13 respectively .

Note 5: Excise Duty comprises of demand of Rs. 6513128/- under Central Excise Act, 1944 pending with Madhya Pradesh, High Court pertaining to the year 2003-04 and Rs. 525123/- and Rs. 8451/- pending with CESAT, New Delhi pertaining to years 1999-2000 and 2002-03 respectively.

Note 6 : Income tax comprises of demand of Rs. 704110/- under Income Tax Act, 1961 pending with Commissionor of Income Tax (Appeals), VI New Delhi pertaining to the assessment year 2012-13.

Note 7 : The management of the company is of opinion that demands as mentioned in note 25.1.1 to 25.1.4 are likely to be either deleted or substantially reduced and accordingly no provision is considered necessary.

Note 8: As per Accounting Standard 15 "Employee benefits", the disclosures as defined in the Accounting Standard are given below :

Employee benefit plans Defined contribution plans

The Company makes Provident Fund and Employees State Insurance Scheme contributions to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognised Rs. 21,56,884/- (Year ended 31 March, 2014 Rs. 20,15,044/-) for Provident Fund contributions and Rs. 9,96,582 (Year ended 31 March, 2014 Rs. 9,21,535) for Employees State Insurance Scheme contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

Defined benefit plans

The employees' gratuity fund scheme managed by a Trust (Life Insurance Corporation of India) is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation for leave encashment is recognised in the same manner as gratuity.

Note 9 : The discount rate is based on the prevailing market yields of Government of India securities as at the Balance Sheet date for the estimated term of the obligations.

Note 10: The estimate of future salary increases considered, takes into account the inflation, seniority, promotion, increments and other relevant factors.

Note 11 : Based on the available information with the management, the company does not owe any sum to a micro, small or medium enterprise as defined in Micro, Small and Medium Enterprises Development Act, 2006.

Note 12: The current assets, loans and advances are stated at the value, which in the opinion of the board, are realisable in the ordinary course of the business, current liabilities and provisions are stated at the value payable in the ordinary course of the business.

Note 13 : Balances of trade receivables, loans and advances and trade payables are subject to confirmation/reconciliation and subsequent adjustment, if any.

Note 14: Previous year's figures have been regrouped/reclassified whereever necessary to correspond with the current year's classification/disclosure.

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Mar 31, 2014

CORPORATE INFORMATION

Maan Aluminium Limited (''the Company'') is engaged in the business of manufacturing of aluminium profiles and other related activities.

Note 1.1

Some of the directors have given personal guarantee and M/s J P Engineers has give corporate guarantee for the aforesaid cash credit, SLC and buyers credit facilities from State Bank of India.

Note 1.1.1

Sales Tax comprises demand of Rs. 310803/- and Rs. 283040 under Central Sales Tax Act 1956 pending with M.P. High Court pertaining to the assessment years 2001-02 and 2002-03 respectively and Sales Tax comprises demand of Rs. 726030 and Rs. 704013 under Central Sales Tax Act 1956 pending with Asst. Commissioner and additional Commissioner pertaining to the assessment years 2004-05 and 2010-11 respectively.

Note 1.1.2

Excise Duty comprises of demand of Rs. 6513128/- under Central Excise Act, 1944 pending with Madhya Pradesh, High Court pertaining to the year 2003-04 and Rs. 525123/- and Rs. 8451/- pending with CESAT, New Delhi pertaining to years 1999-2000 and 2002-03 respectively.

Note 2: As per Accounting Standard 15 "Employee benefits", the disclosures as defined in the Accounting Standard are given below :

Employee benefit plans Defined contribution plans

The Company makes Provident Fund and Employees State Insurance Scheme contributions to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognised Rs.2015044/- (Year ended 31 March, 2013 Rs.17,41,416/-) for Provident Fund contributions and Rs.9,21,535 (Year ended 31 March, 2013 Rs.9,42,809) for Employees State Insurance Scheme contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes. Defined benefit plans

The employees'' gratuity fund scheme managed by a Trust (Life Insurance Corporation of India) is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation for leave encashment is recognised in the same manner as gratuity.

Note 2.1 The discount rate is based on the prevailing market yields of Government of India securities as at the Balance Sheet date for the estimated term of the obligations.

Note 2.2 The estimate of future salary increases considered, takes into account the inflation, seniority, promotion, increments and other relevant factors.

Note 3

Based on the available information with the management, the company does not owe any sum to a micro, small or medium enterprise as defined in Micro, Small and Medium Enterprises Development Act , 2006. Note 31

The current assets, loans and advances are stated at the value, which in the opinion of the board, are realisable in the ordinary course of the business, current liabilities and provisions are stated at the value payable in the ordinary course of the business.

Note 4

Balances of trade receivables, loans and advances and trade payables are subject to confirmation/ reconciliation and subsequent adjustment, if any.

Note 5

Company has capitalised borrowing costs Rs. Nil (for 2012-13 - Rs. 4,572,221) during the year as part of cost of capital work in progress.

Note 6

Previous year''s figures have been regrouped/reclassified whereever necessary to correspond with the current year''s classification/ disclosure.

Signatures to the statements of Notes to the Financial Statements.

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Mar 31, 2013

NOTE 1.1

*''Insurance claims are accounted for on the basis of claims admitted / expected to be admitted. This includes two incidences occured during the financial year 2011-2012 when the trucks transporting the raw material i.e. Aluminium Ingots from supplier to the company were hijacked in the state of Orissa. These incidents occured on 31-08-2011 and on 11-01-2012 and raw material lost was of Rs. 2175356/- and Rs. 2084808/-, company has followed the prescribed procedure and lodged the insurance claims for these losses. Although claims have still not been settled by the insurance company, management is confident of settlement of the same in near future and therefore no loss on this account has been booked in the books of the company.

Note 2.1.1

Sales Tax comprises demand of Rs. 310803/-, Rs. 283040/-, Rs. 726030 under Central Sales Tax Act 1956 pending with Asst. Commissioner of Appeal pertaining to the assessment years 2001-02, 2002-03, 2004-05 respectively.

Note 2.1.2

Excise Duty comprises of demand of Rs. 6513128/- under Central Excise Act, 1944 pending with Madhya Pradesh, High Court pertaining to the year 2003-04 and Rs. 525123/-, Rs. 8451/- pending with CESAT, New Delhi pertaining to years 1999-2000 and 2002-03 resoectively.

Note 3: As per Accounting Standard 15 “Employee benefits“, the disclosures as defined in the Accounting Standard are given below :

Employee benefit plans

Defined contribution plans

The Company makes Provident Fund and Employees State Insurance Scheme contributions to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognised Rs. 1741416/- (Year ended 31 March, 2012 Rs. 1665704/-) for Provident Fund contributions and Rs. 942809 (Year ended 31 March, 2012 Rs. 777350) for Employees State Insurance Scheme contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

Defined benefit plans

The employees'' gratuity fund scheme managed by a Trust (Life Insurance Corporation of India) is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation for leave encashment is recognised in the same manner as gratuity.

Note 4.1 The discount rate is based on the prevailing market yields of Government of India securities as at the Balance Sheet date for the estimated term of the obligations.

Note 4.2 The estimate of future salary increases considered, takes into account the inflation, seniority, promotion, increments and other relevant factors.

Note 5

Based on the available information with the management, the company does not owe any sum to a micro, small or medium enterprise as defined in Micro, Small and Medium Enterprises Development Act, 2006.

Note 6

The current assets, loans and advances are stated at the value, which in the opinion of the board, are realisable in the ordinary course of the business, current liabilities and provisions are stated at the value payable in the ordinary course of the business.

Note 7

Balances of sundry debtors, advances and creditors are subject to confirmation/reconciliation and subsequent adjustment, if any.

Note 8

Company has capitalised borrowing costs Rs. 4,572,221 (for 2011-12 - Rs. 1,472,200) during the year as part of cost of capital work in progress.

Note 9

Previous year''s figures have been regrouped/reclassified whereever necessary to correspond with the current year''s classification/disclosure.

Signatures to the statements of Notes to the Financial Statements.

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Mar 31, 2012

NOTE 1.1:

Raw Material Inventory includes Rs. 20186809 (as on 31-03-2011 Rs. 6226451) goods in transit.

NOTE 1.2:-

*'Insurance claims are accounted for on the basis of claims admitted / expected to be admitted. This includes two incidences occured during the year when the trucks transporting the raw material i.e. Aluminium Ingots from supplier to the company were hijacked in the state of Orissa. These incidents occured on 31-08-2011 and on 11-01-2012 and raw material lost was of Rs. 2175356/- and Rs. 2084808/-, company has followed the prescribed procedure and lodged the insurance claims for these losses. Although claims have still not been settled by the insurance company, management is confident of settlement of the same in near future and therefore no loss on this account has been booked in the books of the company.

NOTE 2.1 : Contingent liabilities and commitments (to the extent not provided for)

(Amount in Rs.)

Particulars As at As at 31 March, 2012 31 March, 2011

Contingent liabilities

Claims against the Company not acknowledged as debt

Sales tax 1,731,979 1,759,318

Excise duty 7,046,702 7,118,423

Labour Act 391,490 391,490

NOTE 2.1.1

Sales Tax comprises demand of Rs. 310803/-, Rs. 283040/-, Rs. 726030 and Rs. 412106/- under Central Sales Tax Act 1956 pending with Asst. Commissionor of Appeal pertaining to the assessment years 2001-02, 2002-03, 2004-05 and 2005-06 respectively.

NOTE 2.1.2

Excise Duty comprises of demand of Rs. 6513128/- under Central Excise Act, 1944 pending with Madhya Pradesh, High Court pertaining to the year 2003-04 and Rs. 525123/-, Rs. 8451/- pending with CESAT, New Delhi pertaining to years 1999-2000 and 2002-03 resoectively.

NOTE 2.1.3

The Company has availed a Non funded bank guarantee limit from State Bank of India. Total Bank Guarantee limit outstanding as on 31-03-2012 was Rs. 17285310/-

NOTE 2.2

Details on derivatives instruments and unhedged foreign currency exposures

I. The year-end foreign currency exposures that have not been hedged by a derivative instrument or otherwise are given below:

NOTE 3 :

As per Accounting Standard 15 "Employee benefits", the disclosures as defined in the Accounting Standard are given below :

EMPLOYEE BENEFIT PLANS Defined contribution plans

The Company makes Provident Fund and Employees State Insurance Scheme contributions to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognised Rs. 1665704/- (Year ended 31 March, 2011 Rs. 1168651) for Provident Fund contributions and Rs. 777350 (Year ended 31 March, 2011 Rs. 604257) for Employees State Insurance Scheme contributions in the Statement of Profit and Loss. The contributions payable to these plans by the Company are at rates specified in the rules of the schemes.

Defined benefit plans

The employees' gratuity fund scheme managed by a Trust (Life Insurance Corporation of India) is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation. The obligation for leave encashment is recognised in the same manner as gratuity.

NOTE 3.1

The discount rate is based on the prevailing market yields of Government of India securities as at the Balance Sheet date for the estimated term of the obligations.

NOTE 3.2

The estimate of future salary increases considered, takes into account the inflation, seniority, promotion, increments and other relevant factors.

NOTE 3.3

The company has accounted for net asset of Rs. 973651/- (i.e. excess of fair value of planned assets with LIC over present value of the obligations) on 01-04-2011 in respect of group gratuity scheme. This has been calculated by actuary as per the stipulations of Accouting Standard 15 (Revised) and has been added in the opening balance of general reserves.

NOTE 4

Based on the available information with the management, the company does not owe any sum to a micro, small or medium enterprise as defined in Micro, Small and Medium Enterprises Development Act, 2006.

NOTE 5

The current assets, loans and advances are stated at the value, which in the opinion of the board, are realisable in the ordinary course of the business, current liabilities and provisions are stated at the value payable in the ordinary course of the business.

NOTE 6

Balances of sundry debtors, advances and creditors are subject to confirmation/reconciliation and subsequent adjustment, if any.

NOTE 7

Company has capitalised borrowing costs Rs. 1472200 (as on 31.03.2011 - Rs. 144424) during the year as part of cost of capital work in progress.

NOTE 8

Till the year end 31 March 2011, the Company was using pre-revised schedule VI to the Companies Act, 1956, for preparation and presentation of its financial statements. During the year ended 31 March 2012, the revised schedule VI, notified under the Companies Act, 1956, has become applicable to the Company. The Company has accordingly reclassified previous year figures to confirm to this year classification.

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Mar 31, 2010

1 Disclosure of Contingent Liabilities not provided for: (In Lakhs)

Claim against the Company not acknowledged as debts

Current Year Previous Year

i) Sales tax 11.35 1.72

ii) Excise Duty 95.11 85.85

iii) Guarantee / Letter of Credit Outstanding 556.52 19.66

2 Figures have been rounded of to nearest Rupees

3 The Company has debited a sum of Rs. 3,96,514/- to prior period on account of preliminary expenses written of.

4 Balances of sundry creditors and debtors are subject to confrmations, reconciliation and consequent adjustments, if any.

5 Previous year fgures have been regrouped/rearranged wherever necessary to make them comparable with those of current year.

6 The amount of borrowing cost capitalized during the year Rs.18,306 /- (Previous year Rs. NIL)

7 Dues to micro, small and medium enterprises under the Micro, Small and Medium Enterprises Development Act, 2006

None of the suppliers has responded to the communication made by the Company, in view of which it is not feasible to give information in respect of the amount due to supplier under the Micro, Small and Medium Enterprises Development Act, 2006.