Notes to Accounts of Nirav Commercials Ltd.

Mar 31, 2025

i) Provision, Contingent Liabilities and Contingent Assets

Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past
event and it is probable that an outflow of resources, that can be reliably estimated, will be required to settle such an
obligation.

If the effect of the time value of money is material, provisions are determined by discounting the expected future cash
flows to net present value using an appropriate pre-tax discount rate that reflects current market assessments of the
time value of money and, where appropriate, the risks specific to the liability. Unwinding of the discount is recognized
in the Statement of Profit and Loss as a finance cost. Provisions are reviewed at each reporting date and are adjusted
to reflect the current best estimate.

A present obligation that arises from past events where it is either not probable that an outflow of resources will be
required to settle or a reliable estimate of the amount cannot be made, is disclosed as a contingent liability. Contingent
liabilities are also disclosed when there is a possible obligation arising from past events, the existence of which will
be confirmed only by the occurrence or non -occurrence of one or more uncertain future events not wholly within the
control of the Company.

Claims against the Company where the possibility of any outflow of resources in settlement is remote, are not disclosed
as contingent liabilities.

Contingent assets are not recognized in financial statements since this may result in the recognition of income that may
never be realized.

However, when the realization of income is virtually certain, then the related asset is not a contingent asset and is
recognized.

j) Revenue Recognition

Revenue is measured based on the transaction price, which is the consideration, adjusted for turnover discounts to
customer as specified in the contract with the customers. When the level of discount varies with increase in levels of
revenue transactions, the Company recognises the liability based on its estimate of the customer’s future purchases.
If it is probable that the criteria for the discount will not be met, or if the amount thereof cannot be estimated reliably,
then discount is not recognised until the payment is probable and the amount can be estimated reliably. The Company
recognises changes in the estimated amount of obligations for discounts in the period in which the change occurs.
Revenue also excludes taxes collected from customers.

Revenue from sale of goods is recognized when the significant risks and rewards of ownership have been transferred
to the buyer, recovery of the consideration is probable, the associated cost can be estimated reliably, there is no
continuing effective control or managerial involvement with the goods, and the amount of revenue can be measured
reliably.

Revenue from rendering of services is recognized when the performance of agreed contractual task has been completed.

Revenue from sale of goods is measured at the fair value of the consideration received or receivable, taking into account
contractually defined terms of payment and excluding taxes or duties collected on behalf of the government.

Dividend income is recognized when the company''s right to receive dividend is established by the reporting date.

k) Leases

A right-of-use asset representing the right to use the underlying asset and a lease liability representing the obligation
to make lease payments is recognized for all leases over 1 year on initial recognition basis. Discounted committed &
expected future cash flows and depreciation on the asset portion on straight-line basis & interest on liability portion
(net of lease payments) on EIR basis is recognized over the expected lease term. No right-of-use asset is created for
short term leases (i.e. lease term less than 1 year) and leases of low value items (i.e. lease of less than Rs.1 lakh).

l) Retirement and other employee benefits
Short Term Employee Benefits

All employee benefits payable wholly within twelve months of rendering the service are classified as short- term
employee benefits. These benefits include short term compensated absences such as paid annual leave. The
undiscounted amount of short-term employee benefits expected to be paid in exchange for the services rendered by
employees is recognised as an expense during the period. Benefits such as salaries and the expected cost of the bonus/
ex-gratia are recognised in the period in which the employee renders the related service.

Post-employment employee benefits

i) Defined contribution schemes

All the eligible employees of the Company who have opted to receive benefits under the Provident Fund and
Employees State Insurance scheme, defined contribution plans in which both the employee and the Company
contribute monthly at a stipulated rate. The Company has no liability for future benefits other than its annual
contribution and recognises such contributions as an expense in the period in which employee renders the related
service. If the contribution payable to the scheme for service received before the Balance Sheet date exceeds
the contribution already paid, the deficit payable to the scheme is recognised as a liability after deducting the
contribution already paid. If the contribution already paid exceeds the contribution due for services received
before the Balance Sheet date, then excess is recognised as an asset to the extent that the pre-payment will lead
to, for example, a reduction in future payment or a cash refund.

ii) Defined Benefit schemes

The Company provides for the gratuity, a defined benefit retirement plan covering all employees. The plan provides
for lump sum payments to employees upon death while in employment or on separation from employment
after serving for the stipulated years mentioned under ‘The Payment of Gratuity Act, 1972''. The present value
of the obligation under such defined benefit plan is determined based on actuarial valuation, carried out by an
independent actuary at each Balance Sheet date, using the

Projected Unit Credit Method, which recognizes each period of service as giving rise to an additional
unit of employee benefit entitlement and measures each unit separately to build up the final obligation.
The obligation is measured at the present value of the estimated future cash flows. The discount rates used for
determining the present value of the obligation under defined benefit plan are based on the market yields on
Government Securities as at the Balance Sheet date.

Net interest recognized in profit or loss is calculated by applying the discount rate used to measure the defined
benefit obligation to the net defined benefit liability or asset. The actual return on the plan assets above or
below the discount rate is recognized as part of re-measurement of net defined liability or asset through other
comprehensive income. An actuarial valuation involves making various assumptions that may differ from actual
developments in the future. These include the determination of the discount rate, attrition rate, future salary
increases and mortality rates. Due to the complexities involved in the valuation and its long-term nature, these
liabilities are highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting
date.

Re-measurement, comprising of actuarial gains and losses and the return on plan assets (excluding amounts
included in net interest on the net defined benefit liability), are recognized immediately in the balance sheet
with a corresponding debit or credit to retained earnings through OCI in the period in which they occur. Re¬
measurements are not reclassified to profit and loss in subsequent periods.

m) Income Taxes

Income Tax expenses comprise current tax and deferred tax charge or credit.

Current Tax is measured on the basis of estimated taxable income for the current accounting period in accordance with
the applicable tax rates and the provisions of the Income-tax Act, 1961 and other applicable tax laws.

Deferred tax is provided, on all temporary differences at the reporting date between the tax bases of assets and
liabilities and their carrying amounts for financial reporting purposes. Deferred tax assets and liabilities are measured
at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that
have been enacted or substantively enacted at the reporting date. Tax relating to items recognized directly in equity
or OCI is recognized in equity or OCI and not in the Statement of Profit and Loss. MAT Credits are in the form of unused
tax credits that are carried forward by the Company for a specified period of time, hence it is grouped with Deferred Tax
Asset.

Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and
assets, and they relate to income taxes levied by the same tax authority, but they intend to settle current tax liabilities
and assets on a net basis or their tax assets and liabilities will be realized simultaneously.

A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against
which the temporary difference can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced
to the extent that it is no longer probable.

n) Earnings Per Share

The basic Earnings Per Share (“EPS”) is computed by dividing the net profit / (loss) after tax for the year attributable to
the equity shareholders by the weighted average number of equity shares outstanding during the year.

For the purpose of calculating diluted earnings per share, net profit/(loss) after tax for the year attributable to the
equity shareholders and the weighted average number of equity shares outstanding during the year are adjusted for
the effects of all dilutive potential equity shares.

o) Foreign Currency Transactions

In preparing the financial statements of the Company, transactions in currencies other than the Company’s functional
currency (i.e. foreign currencies) are recognized at the rates of exchange prevailing at the dates of the transactions. At the
end of each reporting period, monetary items denominated in foreign currencies are translated at the rates prevailing
at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the
rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of
historical cost in a foreign currency are translated using the exchange rate as at the date of initial transactions.

Exchange differences on monetary items are recognized in the Statement of Profit and Loss in the period in which they
arise except for:

• exchange differences on foreign currency borrowings relating to assets under construction for future productive
use, which are included in the cost of those assets when they are regarded as an adjustment to interest costs on
those foreign currency borrowings;

• exchange differences relating to qualifying effective cash flow hedges and qualifying net investment hedges in
foreign operations.

p) Investment in Subsidiaries, Associates

The Company’s investment in its Subsidiary & Associate Companies is carried at cost.

q) Financial Instruments

Financial assets and financial liabilities are recognized when a Company becomes a party to the contractual provisions
of the instruments.

Initial Recognition:

Financial assets and financial liabilities are initially measured at fair value, except for trade receivables which are
initially measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of
financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit
or loss and ancillary costs related to borrowings) are added to or deducted from the fair value of the financial assets
or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition
of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in Statement of
Profit and Loss.

Classification and Subsequent Measurement: Financial Assets

The Company classifies financial assets as subsequently measured at amortized cost, fair value through other
comprehensive income (“FVOCI”) or fair value through profit or loss (“FVTPL”) on the basis of following:

• the entity’s business model for managing the financial assets; and

• the contractual cash flow characteristics of the financial asset.

Amortized Cost:

A financial asset shall be classified and measured at amortized cost if both of the following conditions are met:

• the financial asset is held within a business model whose objective is to hold financial assets in order to collect
contractual cash flows; and

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

Fair Value through OCI:

A financial asset shall be classified and measured at fair value through OCI if both of the following conditions are met:

• the financial asset is held within a business model whose objective is achieved by both collecting contractual cash
flows and selling financial assets; and

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

Fair Value through Profit or Loss:

A financial asset shall be classified and measured at fair value through profit or loss unless it is measured at amortized
cost or at fair value through OCI.

All recognized financial assets are subsequently measured in their entirety at either amortized cost or fair value,
depending on the classification of the financial assets.

Classification and Subsequent Measurement: Financial liabilities:

Financial liabilities are classified as either financial liabilities at FVTPL or ‘other financial liabilities’.

Financial Liabilities at FVTPL:

Financial liabilities are classified as at FVTPL when the financial liability is held for trading or are designated upon initial
recognition as FVTPL.

Gains or Losses on liabilities held for trading are recognized in the Statement of Profit and Loss.

Other Financial Liabilities:

Other financial liabilities (including borrowings and trade and other payables) are subsequently measured at amortized
cost using the effective interest method.

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

r) Cash and Cash Equivalents

Cash and cash equivalents in the Balance Sheet comprise cash at bank and in hand and short-term deposits with banks
that are readily convertible into cash which are subject to insignificant risk of changes in value and are held for the
purpose of meeting short-term cash commitments.

s) Financial liabilities and equity instruments

• Classification as debt or equity:

Debt and equity instruments issued by the Company are classified as either financial liabilities or as equity in
accordance with the substance of the contractual arrangements and the definitions of a financial liability and an
equity instrument.

• Equity instruments:

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

t) Derivative financial instruments

The Company enters into derivative financial instruments viz. foreign exchange forward contracts to manage its
exposure to foreign exchange rate risks. The Company does not hold derivative financial instruments for speculative
purposes.

Derivatives are initially recognized at fair value at the date the derivative contracts are entered into and are subsequently
remeasured to their fair value at the end of each reporting period. The resulting gain or loss is recognized in profit or
loss immediately excluding derivatives designated as cash flow hedge.

u) Hedge accounting

The Company designates certain hedging instruments in respect of foreign currency risk as cash flow hedges. At the
inception of the hedge relationship, the entity documents the relationship between the hedging instrument and the
hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions.
Furthermore, at the inception of the hedge and on an ongoing basis, the Company documents whether the hedging
instrument is highly effective in offsetting changes in fair values or cash flows of the hedged item attributable to the
hedged risk.

The effective portion of changes in the fair value of the designated portion of derivatives that qualify as cash flow
hedges is recognized in other comprehensive income and accumulated under equity. The gain or loss relating to the
ineffective portion is recognized immediately in profit or loss.

Amounts previously recognized in other comprehensive income and accumulated in equity relating to effective portion
as described above are reclassified to profit or loss in the periods when the hedged item affects profit or loss, in the
same line as the recognized hedged item. However, when the hedged forecast transaction results in the recognition of
a non-financial asset or a non-financial liability, such gains and losses are transferred from equity and included in the
initial measurement of the cost of the non-financial asset or non-financial liability.

Hedge accounting is discontinued prospectively when the hedging instrument expires or is sold, terminated, or
exercised, or when it no longer qualifies for hedge accounting. Any gain or loss recognized in other comprehensive
income and accumulated in equity at that time remains in equity and is recognized when the forecast transaction
is ultimately recognized in profit or loss. When a forecast transaction is no longer expected to occur, the gain or loss
accumulated in equity is recognized immediately in profit or loss.

v) Segment Reporting - Identification of Segments

An operating segment is a component of the Company that engages in business activities from which it may earn
revenues and incur expenses, whose operating results are regularly reviewed by the company’s chief operating decision
maker to make decisions for which discrete financial information is available. Based on the management approach as
defined in Ind AS 108, the chief operating decision maker evaluates the Company’s performance and allocates resources
based on an analysis of various performance indicators by business segments and geographic segments.

w) Fair Value Measurement

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date, regardless of whether that price is directly observable
or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Company
takes into account the characteristics of asset and liability if market participants would take those into consideration.

Fair value for measurement and / or disclosure purposes in these Financial Statements is determined on such basis.
Normally at initial recognition, the transaction price is the best evidence of fair value.

The fair value of an asset or a liability is measured using the assumptions that market participants would use when
pricing the asset or liability, assuming that market participants act in their economic best interest.

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

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

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

Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities.

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

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

J

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

x) Current versus Non-current classification

The Company presents assets and liabilities in the Balance Sheet based on current/non-current classification.

i) An asset is current when it is:

• Expected to be realized or intended to be sold or consumed in the normal operating cycle,

• Held primarily for the purpose of trading,

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

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

All other assets are classified as non-current.

ii) A liability is current when:

• It is expected to be settled in the normal operating cycle,

• It is held primarily for the purpose of trading,

• It is due to be settled within twelve months after the reporting period, or

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

All other liabilities are classified as non-current.

iii) Deferred tax assets and liabilities are classified as non-current assets and liabilities.

iv) The operating cycle is the time between the acquisition of assets for processing and their realization in cash and
cash equivalents.

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the Company’s financial statements requires management to make judgements, estimates and
assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying
disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could
result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future
periods.

Key assumptions:

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that
have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the
next financial year, are described below. The Company based its assumptions and estimates on parameters available
when the financial statements were prepared. Existing circumstances and assumptions about future developments,
however, may change due to market changes or circumstances arising that are beyond the control of the Company.
Such changes are reflected in the assumptions when they occur.

i) Useful Lives of Property, Plant & Equipment

The Company uses its technical expertise along with historical and industry trends for determining the economic
life of an asset/component of an asset. The useful lives are reviewed by management periodically and revised, if
appropriate. In case of a revision, the unamortized depreciable amount is charged over the remaining useful life
of the assets.

ii) Fair value measurement of financial instruments

When the fair values of financial assets and financial liabilities recorded in the balance sheet cannot be measured
based on quoted prices in active markets, their fair value is measured using valuation techniques including the
Discounted Cash Flow model. The inputs to these models are taken from observable markets where possible,
but where this is not feasible, a degree of judgements is required in establishing fair values. Judgements include
considerations of inputs such as liquidity risk, credit risk and volatility.

iii) Defined benefit plans

The cost of the defined benefit gratuity plan and other post-employment medical benefits and the present value
of the gratuity obligation are determined using actuarial valuations. An actuarial valuation involves making
various assumptions that may differ from actual developments in the future. These include the determination of
the discount rate, future salary increases and mortality rates. Due to the complexities involved in the valuation
and its long-term nature.

iv) Recoverability of trade receivable

Judgements are required in assessing the recoverability of overdue trade receivables and determining whether a
provision against those receivables is required. Factors considered include the credit rating of the counterparty,
the amount and timing of anticipated future payments and any possible actions that can be taken to mitigate the
risk of non-payment.

v) Provisions

Provisions and liabilities are recognized in the period when it becomes probable that there will be a future outflow
of funds resulting from past operations or events and the amount of cash outflow can be reliably estimated. The
timing of recognition and quantification of the liability requires the application ofjudgements to existing facts and
circumstances, which can be subject to change. The carrying amounts of provisions and liabilities are reviewed
regularly and revised to take account of changing facts and circumstances.

vi) Impairment of non-financial assets

The Company assesses at each reporting date whether there is an indication that an asset may be impaired. If
any indication exists, the Company estimates the asset’s recoverable amount. An asset’s recoverable amount is
the higher of an asset’s or Cash Generating Units (CGU’s) fair value less costs of disposal and its value in use. It is
determined for an individual asset, unless the asset does not generate cash inflows that are largely independent
of those from other assets or a groups of assets. Where the carrying amount of an asset or CGU exceeds its
recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

In assessing value in use, the estimated future cash flows are discounted to their present value using pre-tax
discount rate that reflects current market assessments of the time value of money and the risks specific to the
asset. In determining fair value less costs of disposal, recent market transactions are taken into account, if no such
transactions can be identified, an appropriate valuation model is used.

vii) Impairment of financial assets

The impairment provisions for financial assets are based on assumptions about risk of default and expected
cash loss rates. The Company uses judgements in making these assumptions and selecting the inputs to the
impairment calculation, based on Company’s past history, existing market conditions as well as forward looking
estimates at the end of each reporting period.

Recent accounting pronouncements:

Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards under Companies
(Indian Accounting Standards) Rules as issued from time to time. For the year ended March 31, 2025, MCA has notified
Ind AS - 117 Insurance Contracts and amendments to Ind AS 116 - Leases, relating to sale and leaseback transactions,
applicable to the Company w.e.f. April 1, 2024. The Company has reviewed the new pronouncements and based on its
evaluation has determined that it does not have any significant impact in its financial statements.

Note :33 - Financial Risk Management

The Company’s principal financial liabilities comprise other payables. The main purpose of these financial liabilities is to finance the operations of the
Company. The principal financial assets include trade and other receivables, investments in securities and cash and term deposits.

The Company has assessed market risk, credit risk and liquidity risk to its financial liabilities.

i Market Risk:

Market Risk is the risk of loss of future earnings, fair values or cash flows that may result from a change in the price of a financial instrument, as
a result of interest rates, foreign exchange rates and other price risks. Financial instruments affected by market risks, primarily include loans,
investments and receivables and payables.

a Interest Rate Risks :

The Company is exposed to interest rate risk on its variable rate borrowings from HDFC Bank, which include:

• A term loan secured against a motor vehicle, and

• An overdraft facility, repayable on demand

Interest rate risk arises due to changes in market interest rates that may impact the cash flows or the fair value of financial instruments.
The Company monitors interest rate movements and may consider interest rate swaps or other hedging strategies, if deemed necessary,
to manage this exposure.

Exposure to Interest Rate Risk

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b Foreign Currency Risks :

Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in foreign
exchange rates. The Company is exposed to foreign exchange risk primarily on account of:

• Sales denominated in USD currency

• Receivables and payables from overseas customers and suppliers

The Company monitors exchange rate movements and may use forward contracts or natural hedges (like matching receivables and
payables in the same currency) to manage this risk.

Foreign Currency Exposure (Monetary items)

(As at March 31, 2025)

ii) Credit Risk

Credit Risk is the risk that a counterparty will default on its contractual obligations resulting in a financial loss to the Group. It arises from credit
exposure to customers, financial instruments viz., Investments in Securities and Balances with Banks.

The Group holds cash and cash equivalents with banks which are having highest safety rankings and hence has a low credit risk.

The Group limits its exposure to credit risk by generally investing only with counterparties that have a good credit rating. The Group does not
expect any losses from non-performance by these counterparties, and does not have any significant concentration of exposures to specific
industry sectors or specific country risks.

The Group’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the customer,
including the default risk of the industry and country in which the customer operates, also has an influence on credit risk assessment. Credit
risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which
the Group grants credit terms in the normal course of business. The outstanding trade receivables due for a period exceeding 180 days as at the
year ended March 31, 2025 is 0.00% (March 31, 2024 : 28.28%) of the total trade receivables. The Group uses Expected Credit Loss (ECL) Model to
assess the impairment loss or gain.

iii) Liquidity Risk

The Group manages liquidity risk by maintaining adequate surplus, banking facilities and actual cash flows.

The Group has obtained fund and non-fund based working capital lines from banks. The Group monitors funding options available in the debt
and capital markets with a view to maintaining financial flexibility. All payments are made along due dates and requests for early payments are
entertained after due approval and availing early payment discounts.

The Group has a system of forecasting rolling one month cash inflow and outflow and all liquidity requirements are planned.

Note :34 - Leases

The Company does not have any lease arrangements that fall under the scope of Ind AS 116 - Leases. There are no lease assets recognized in the books
of account and no lease liabilities as at March 31, 2025. Accordingly, disclosures under Ind AS 116 are not applicable.

Note :35- Employee Benefits (Ind AS 19)

Defined Benefit Plans

Gratuity:

The gratuity payable to employees is based on the employee’s service and last drawn salary at the time of leaving the services of the Holding Company
and is in accordance with the rules of the Holding Company for payment of gratuity.

Inherent Risk:

The plan is defined benefit in nature which is sponsored by the Holding Company and hence it underwrites all the risks pertaining to the plan. In
particular, this exposes the Holding Company to actuarial risk such as adverse salary growth, change in demographic experience, inadequate return
on underlying plan assets. This may result in an increase in cost of providing these benefits to employees in future. Since the benefits are lump sum
in nature, the plan is not subject to any longevity risks.

x Sensitivity analysis is performed by varying a single parameter while keeping all the other parameters unchanged.

Sensitivity analysis fails to focus on the interrelationship between underlying parameters. Hence, the results may vary if two or
more variables are changed simultaneously.

The method used does not indicate anything about the likelihood of change in any parameter and the extent of the change if
any.

xi There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years.

xii Gratuity is payable as per company''s scheme as detailed in the report.

xiii Actuarial gains/losses are recognized in the period of occurrence under Other Comprehensive Income (OCI). All above reported
figures of OCI are gross of taxation.

xiv Salary escalation & attrition rate are considered as advised by the company; they appear to be in line with the industry practice
considering promotion and demand & supply of the employees.

xv Maturity Analysis of Benefit Payments is undiscounted cash flows considering future salary, attrition & death in respective year
for members as mentioned above.

xvi Average Expected Future Service represents Estimated Term of Post - Employment Benefit Obligation.

Note: 43 Additional Information as per schedule III:

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

2 The Company is not as wilful defaulter by any bank or financial institution or other lenders.

3 The are no transactions with the Struck off Companies under Section 248 or 560 of the Companies, Act 1956.

4 No proceedings initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act,
1988.

5 The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

6 The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries)

with the

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.

7 The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding
(whether recorded

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.

8 The Company have not any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income
during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income
Tax Act, 1961)

9 In the Opinion of the Board of Directors, the Current Assets, Loans & Advances are realisable in the ordinary course of business at least equal
to the amount at which they are stated in the Balance Sheet. The Provision for all known liabilities is adequate and not in excess of the
amount reasonably necessary.

10 The company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets or both during the current
or previous year.

Note : 44 - Previous year''s figures have been regrouped / rearranged wherever necessary to confirm to the current year grouping.

Signatures to Notes 1 to 44

As per our report attached For and on behalf of the Board of Directors

SURYAPRAKASH MAURYA & CO.

Chartered Accountants

LALIT KUMAR DAGA CA Raghav Daga

NON-EXECUTIVE CHAIRMAN & DIRECTOR MANAGING DIRECTOR

CA SURYAPRAKASH MAURYA DIN-00089905 DIN-00084553

Proprietor

M.No.178258 CS AMEY BORKAR GIRISH AGARWAL

Mumbai, 23^rd May 2025 COMPANY SECRETARY CHIEF FINANCIAL OFFICER

UDIN : 25178258BMKUST2479 Membership Number A34742

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Mar 31, 2024

20 Provisions, Contingent Liabilities and Contingent Assets :

Provisions:

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past events
and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and
a reliable estimates can be made of the amount of the obligation. The expense relating to a provision is presented in the
Statement of Profit and Loss.

Contingent Liabilities:

Contingent liability is disclosed for (i) Possible obligations which will be confirmed only by the future events not wholly
within the control of the company or (ii) Present obligations arising from past events where it is not probable that an outflow
of resourses will be required to settle the obligation or a reliable estimate of the amount of the obligation cannot be made.

I J

Contingent Assets:

Contingent assets are neither recognised nor disclosed in the financial statements.

21 Statement of Cash Flows

Statement of Cash Flows is prepared segregating the cash flows into operating, investing and financing activities. Cash flow
from operating activities is reported using indirect method, adjusting the net profit for the effects of:

i) changes during the period in inventories and operating receivables and payables transactions of a non-cash nature;

ii) non-cash items such as depreciation, provisions, deferred taxes, unrealised foreign currency gains and losses, and
undistributed profits of associates; and

iii) all other items for which the cash effects are investing or financing cash flows.

22 Earnings per Share

Basic Earnings per share is calculated by dividing the net profit for the period attributable to the equity shareholders by the
weighted average number of equity shares outstanding during the period. For the purpose of calculating diluted earnings
per share, the net profit for the period attributable to the equity shareholders and the weighted average number of equity
shares outstanding during the period is adjusted for the effects of all dilutive potential equity shares.

23 The Ministry of Corporate Affairs ("MCA") has notified the amendements to Ind AS 116 "Leases" effective for annual
periods beginning on or after April 1, 2019.

Ind AS 116 ‘Leases’ eliminates the classification of leases as either finance leases or operating leases. All leases are required
to be reported on an entity’s balance sheet as assets and liabilities. Leases are capitalised by recognising the present value
of the lease payments and showing them either as right of use of the leased assets or together with property, plant and
equipment. If lease payments are made over a period of time financial liability representing the future obligation would be
recognised.

As per Ind AS 116, the lessee needs to recognise depreciation on rights of use of assets and finance costs on lease liabilities
in the statement of profit and loss. The lease payments made by the lessee under the lease arrangement will be adjusted
against the lease liabilities. The Company has not adopted Ind AS 116 ''''Lease" and is still in the process of evaluating the
impact of adoption of the same on its financial statements.

Financial risk Management:

The Company''s financial liabilities comprise , trade payables and other payables. The main purpose of managing financial liabilities is to manage
finances for the Company''s operations. The Company has loan and other receivables, that arise directly from its operations.

The Company is exposed to , credit risk and liquidity risk. The Company’s senior management oversees the management of these risks. The Company’s
senior management has establised a risk management policy to identify an analyse the risks, to set appropriate risk limits and controls, and to
monitor risks and adherence to limits. Risk managemnet policy is reviewed periodically to reflect changes in market conditions and the Company''s
activities. The Company’s senior management reviews and agrees policies for managing each of these risks, which are summarised below.

• Market risk:

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market
prices comprise three types of risk: currency rate risk, interest rate risk and other price risks, such as equity price risk and commodity risk.
Financial instruments affected by market risk include loans and borrowings and investments in securities.

• Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest
rates. The Company is not exposed to interest rate risk as the Company does not have borrowings as at the respective reporting dates.

• Credit Risk

Credit risk is the risk of financial loss to the Company that a customer or counter party to a financial instrument fails to meet its obligations. The
Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits
with banks, mutual funds and financial institutions and other financial instruments.

Cash and cash equivalents

The Company is exposed to counter party risk relating to medium term deposits.The Company considers factors such as track record, size of
the institution, market reputation and service standards to select the banks with which balances and deposits are maintained. Generally, the
balances are maintained with the institutions with which the Company has also availed borrowings. The Company does not maintain significant
cash and deposit balances other than those required for its day to day operations. i

Note : 37 - Lease Payments

The Company is receving / paying the rent as per the agreement for lease executed with the lessee / lessor. The rent is fixed from the date of execution
of lease agreements. The Company has not adopted Ind AS 116 ''''Lease" during the year 2019-20 and is still in the process of evaluating the impact of
adoption of the same on its financial statements.

Note : 38 Fixed Deposit with State Bank of India in Daman Division is matured. However the same were submitted to the Daman Sales Tax Department
and hence not available for our verification. The Fixed Deposit receipts were not obtained from the Daman Sales Tax Department after the Maturity.
Certificate from the Bank also not available for verification as to the Interest accrued on the Fixed deposits. Therefore the Interest income to this
extent is not reflected in accounts.

Note : 40 Balances in respect of Unsecured Loans, Sundry Debtors, Sundry Creditors, Loans & Advances and inter group companies are subject to
confirmation by respective parties.

Note : 41 Corporate Social Responsibility:

The Company is not required to spend any amount in terms of provisions of section 135 of the Companies Act, 2013 on Corporate Social Responsibility
for the current financial year.

Some of the suppliers have sent their intimations of them being the Micro, Small and Medium Enterprises under the Micro, Small and Medium
Enterprises Development Act, 2006. However, there were no amounts unpaid as at the year end together with interest paid / payable beyond a
stipulated period as required under the said Act.

In respect of other suppliers, the Company has not received any intimation regarding their status under the Micro, Small and Medium Enterprises
Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid / payable as required
under the said Act have not been given to that extent.

Note: 42 Additional Information as per schedule III:

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

2 The Company is not as wilful defaulter by any bank or financial institution or other lenders.

3 The are no transactions with the Struck off Companies under Section 248 or 560 of the Companies, Act 2013.

4 No proceedings initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act,
1988.

5 The Company do not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

6 The Company have not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries)
with the

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.
understanding that the Intermediary shall:

7 The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding
(whether recorded

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.

8 The Company have not any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income
during the year in the tax

assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961)

9 In the Opinion of the Board of Directors, the Current Assets, Loans & Advances are realisable in the ordinary course of business at least equal to
the amount at which they are stated in the Balance Sheet. The Provision for all known liabilities is adequate and not in excess of the amount
reasonably necessary.

10 The company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets or both during the current
or previous year.

Note : 43 Previous year''s figures have been regrouped / rearranged wherever necessary to confirm to the current year grouping.

Signatures to Notes 1 to 43

As per our report attached For and on behalf of the Board of Directors

SURYAPRAKASH MAURYA & CO.

Chartered Accountants

GIRISH AGARWAL LALIT KUMAR DAGA

CHIEF FINANCIAL OFFICER NON-EXECUTIVE CHAIRMAN & DIRECTOR

CA SURYAPRAKASH MAURYA (DIN-00089905)

Proprietor AMEY BORKAR

M.No.178258 COMPANY SECRETARY

Mumbai, 28^th May, 2024
UDIN : 24178258BKC0GZ8753

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Mar 31, 2015

1. The equity share holders of the Company are entitled to receive interim and/ or final dividend, if declared and approved by the Board of Directors and/or the share holders of the Company. The dividend so declared will be in proportion to the number of equity shares held by the share holders.

2. In the event of the liquidation of the Company, equity share holders will be entitled to receive remaining assets of the company after distribution of all preference share holders. However, no such Preference share capital exist during the period. The distribution will in proportion to the number of equity shares held by the share holders.

3. There was no amount due to small scale under taking exceeding Rs. 1 Lac each outstanding for more than 30 days at the close of the year. This disclosure is based on the document / information available from the company regarding their status of the small scale undertaking.

4. The above information has been compiled in respect of parties to the extent to which they could be identified as Micro, Small and Medium Enterprises on the basis of information available with and explanations given by the V Company.

5. Related Party Transactions :

Name of the Related Party and Nature of the Related Party Relationship :

6. Associates:

1 Associated Aluminium Industries Pvt. Ltd.

2 Associated Non-Ferrous Metals Pvt. Ltd.

3 Daga Capital Management Pvt. Ltd.

4 Dynavent Air-Systems Pvt. Ltd.

5 Hind Aluminium Industries Ltd.

7. Directors and their relatives :

Shri. Lalit Kumar Daga Chairman Shri. Shailesh Daga Director S/o Shri Lalit Kumar Daga

8. Certain balances in respect of Unsecured Loans, Sundry Debtors, Sundry Creditors and Loans & Advances are subject to confirmation by respective parties.

9. Previous year's figures have been regrouped / rearranged wherever necessary to confirm to the current year grouping.

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Mar 31, 2014

Note: 1 - Deferred Tax:

A. The Net Deferred Tax Liability of ? 1,64,705/- [ Previous Year :61,569/-] for the year has been provided in the Profit and Loss Account.

Note : 2 - Related Party Transactions :

Name of the Related Party and Nature of the Related Party Relationship :

a Associates :

Associated Aluminium Industries Pvt. Ltd. Associated Non-Ferrous Metals Pvt. Ltd. Daga Capital Management Pvt. Ltd. Dynavent Air-Systems Pvt. Ltd.

Hind Aluminium Industries Ltd. Hind Power Products Pvt. Ltd. Shree Nursingh Holdings Pvt. Ltd. Satyam Prima Capital Pvt. Ltd. Shubhmangal Portfolio Pvt. Ltd.

Note : 3 Certain balances in respect of Unsecured Loans, Sundry Debtors, Sundry Creditors and Loans & Advances are subject to confirmation by respective parties.

Note : 4 Previous year''s figures have been regrouped / rearranged wherever necessary to confirm to the current year grouping.

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Mar 31, 2013

Note : 1 - Related Party Transactions :

Name of the Related Party and Nature of the Related Party Relationship :

a Associates :

Associated Aluminium Industries Pvt. Ltd. Hind Aluminium Industries Ltd.

Associated Non-Ferrous Metals Pvt. Ltd. Hind Power Products Pvt. Ltd.

Daga Capital Management Pvt. Ltd. Shree Nursingh Holdings Pvt. Ltd.

Dynavent Air-Systems Pvt. Ltd. Satyam Prima Capital Pvt. Ltd.

Shubhmangal Portfolio Pvt. Ltd. b Directors and their relatives :

Shri. Lalit Kumar Daga Director

Shri. Shailesh Daga Director

Note : 2 Certain balances in respect of Unsecured Loans, Sundry Debtors, Sundry Creditors and Loans & Advances are subject to confirmation by respective parties.

Note : 3 Previous year''s figures have been regrouped / rearranged wherever necessary to confirm to the current year grouping.

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Mar 31, 2012

A The equity share holders of the Company are entitled to receive interim and/ or final dividend as declared and approved by the Board of Directors and/or the share holders of the Company. The dividend so declared will be in proportion to the number of equity shares held by the share holders.

B In the event of the liquidation of the Company, equity share holders will be entitled to receive remaining assets of the company after distribution of all preference share holders. However, no such Preference share capital exist during the period. The distribution will in proportion to the number of equity shares held by the share holders.

C Details of shareholders holding more than 5% shares

A Securities for Term Loans :

[a] HDFC Bank Ltd. - Secured by hypothecation of Motor Car B Terms of repayment:

[a] HDFC Bank Ltd. - through Equated Monthly Installment of Rs. 72,425/- including interest.

C There are no continuous defaults in repayment of loan and interest thereon as on March 31, 2012 for all the loans under this head.

A There was no amount due to small scale undertaking exceeding Rs. 1 Lac each outstanding for more than 30 days at the close of the year. This disclosure is based on the documents / information available to the company regarding their status of the small scale undertaking.

a. The aggregate amount of quoted investments is Rs. 311.92 Lacs [at the end of previous period Rs. 311.92 Lacs] and the market value thereof is Rs. 367.55 Lacs [at the end of previous year Rs. 369.19 Lacs]

b. The aggregate amount of unquoted investments is Rs. 104.63 Lacs [at the end of previous year Rs. 104.63 Lacs]

B. Company keeps Fixed deposit with the Nationalized I Private banks, these deposits can be withdrawn by the Company as per its own discretion / requirement of funds.

C. Company maintains Current Accounts mainly with Nationalized / Private Banks.

1 Interest on Auto Loan, from HDFC Bank Ltd., paid offRs. 6,42,182/- (Previous yearRs. 3,50,255/-) is included in Interest Income above. .

Rent Expenses:

The Company has taken various office premises under operating lease or leave and license agreement. The lease terms in respect of such premises are on the basis of individual agreement entered into with the owner. The lease payments are recognized in the Profit and Loss account under " Rent " in schedule 21.

Note : 1 - Deferred Tax :

A. The Net Deferred Tax Liability of Rs. 1,13,735/- [ Previous Year :Rs. 1,38,025/-] for the year has been provided in the Profit and Loss Account.

Note:2 Certain balances in respect of Unsecured Loans, Sundry Debtors, Sundry Creditors and Loans & Advances are subject to confirmation by respective parties.

Note:3 The revised Schedule VI as notified under the Companies Act, 1956, has become applicable to the Company for presentation of its financial statements for the year ended March 31, 2012. The adoption of the revised Schedule VI requirements has significantly modified the presentation and disclosers which have been complied with in these financial statements.

Previous year's figures have been reclassified in accordance with current year requirements.

Note:4 Previous year's figures have been regrouped / rearranged wherever necessary to confirm to the current year grouping.

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Mar 31, 2011

1. Certain balances in respect of unsecured loans, sundry debtors, sundry creditors and loans & advances are subject to confirmation by the respective parties.

2. Previous year's figure have been regrouped/rearranged where considered necessary.

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Mar 31, 2010

1. Certain balances in respect of unsecured loans, sundry debtors, sundry creditors and loans & advances are subject to confirmation by the respective parties.

2. Previous years figure have been regrouped/rearranged where considered necessary.

3 Related Party Disclosures

A) Associates

Associated Aluminium Industries Pvt. Ltd.

Associated Non-Ferrous Metals Pvt. Ltd.

Daga Capital Management Pvt. Ltd.

Dynavent Air-Systems Pvt. Ltd.

Hind Aluminium Industries Ltd.

Shree Nursingh Holding Pvt. Ltd.

Shubhmangal Portfolio Pvt. Ltd.

Satyam Prima Capital (P) Ltd.



B) Key Managerial personnel

CA. Sudhir Goel Whole-Time Director