Notes to Accounts of Uni Abex Alloy Products Ltd.

Mar 31, 2025

p. Provisions, contingent liabilities and contingent assets

A provision is recognised when the Company has a present
obligation as a result of past events and it is probable
that an outflow of resources will be required to settle the
obligation, in respect of which a reliable estimate can
be made. Provisions are not discounted to their present
value and are determined based on management estimate
of the amount required to settle the obligation at the
date of the balance sheet. These are reviewed at each
balance sheet date and adjusted to reflect the current
management estimates.

Contingent liabilities are disclosed in respect of possible
obligations that arise from past events, whose existence
would be confirmed by the occurrence or non-occurrence
of one or more uncertain future events not wholly within
the control of the Company.

Contingent assets are not recognised in the financial
statements. However, it is disclosed only when an inflow of
economic benefits is probable.

q. Foreign currency transactions and translations
Functional and Presentation currency

Items included in the financial statements of the
Company are measured using the currency of the primary
economic environment in which the Company operates
(''the functional currency’). The financial statements are
presented in Indian Rupees (INR), which is the Company’s
functional and presentation currency.

Transactions and balances

Foreign currency transactions are translated into the
functional currency using the exchange rates at the dates
of the transactions. Foreign exchange gains and losses
resulting from the settlement of such transactions and
from the translation of monetary assets and liabilities
denominated in foreign currencies at year end exchange
rates are recognised in profit or loss. All foreign exchange
gains and losses are presented in the statement of profit
and loss on a net basis.

Non-monetary items that are measured at fair value in a
foreign currency are translated using the exchange rates at
the date when the fair value was determined. Translation
differences on assets and liabilities carried at fair value are
reported as part of the fair value gain or loss.

r. Earnings per share

Basic earnings per share are computed by dividing net
profit after tax (excluding other comprehensive income) by
the weighted average number of equity shares outstanding
during the year.

Diluted earnings per share adjusts the figures used in the
determination of basic earnings per share after considering
the income tax effect of all finance costs associated with
dilutive potential equity shares, and the weighted average
number of additional equity shares that would have
been outstanding assuming the conversion of all dilutive
potential equity shares.

Potential equity shares are deemed to be dilutive only if
their conversion to equity shares would decrease the net
profit per share.

s. Operating segments

An operating segment is a component of a Company
that engages in business activities from which it may
earn revenue and incur expenses, including revenue and
expenses that relates to transactions with any of the

Company’s other components, for which discrete financial
information is available, and such information is regularly
reviewed by the Company’s Chief Operating Decision
Maker (CODM) to make key decision on operations of the
segments and assess its performance.

t. Rounding off

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

u. Events after report date

Where events occurring after the balance sheet date
provide evidence of conditions that existed at the end of
the reporting period, the impact of such events is adjusted
within the financial statements. Where the events are
indicative of conditions that arose after the reporting
period, the amounts are not adjusted, but are disclosed if
those non-adjusting events are material.

3B. Recent accounting pronouncements:

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.
During the year ended 31 March 2025, MCA has notified
Ind AS 117 - Insurance Contracts and amendments to
Ind As 116 - Leases, relating to sale and lease back
transactions, applicable from 1 April 2024. The Company
has assessed that there is no significant impact on its
financial statements. On 9 May 2025, MCA notifies the
amendments to Ind AS 21 - Effects of Changes in Foreign
Exchange Rates. These amendments aim to provide
clearer guidance on assessing currency exchangeability
and estimating exchange rates when currencies are not
readily exchangeable. The amendments are effective for
annual periods beginning on or after 1 April 2025. The
Company is currently assessing the probable impact of
these amendments on its financial statements.

1. The above includes:

a) Cash credit from the Zoroastrian Co-operative Bank Limited amounting ? 1,004.64 lakhs (31 March 2024: ? 1,105.09 lakhs)
which is secured by hypothecation of entire current assets both present and future including stocks and book debts on pari-
passu basis with Axis Bank. The cash credit is also secured by collateral securities i.e. extension of equitable mortgage of
property situated at Industrial property plot no. 583, Belur Industrial area, Dharwad, Karnataka owned by Company on first
Pari Passu basis with Zoroastrian Bank. Rate of interest 8.95% p.a. as at year end (31 March 2024 - 8.50% p.a.).

b) The Company also has sanctioned cash credit limit with Axis Bank Limited. The payable towards such cash credit limit is ?
116.08 lakhs (31 March 2024 - ? 568.76 lakhs). Average rate of interest for the year ended 31 March 2025 is 9.25% p.a.(31
March 2024 is 9.25% p.a.). The primary and collateral security against cash credit limit and short term loan with Axis Bank
Limited is same, refer note 2 below.

Note 37 - Employee benefits

A. Defined contribution plan - Provident fund

The Company makes contribution towards provident fund to a defined contribution retirement benefit plan for qualifying
employees. The Company’s contribution to the Employees Provident Fund is deposited with the Regional Provident Fund
Commissioner. Under the Scheme, the Company is required to contribute a specified percentage of payroll cost to the retirement
benefit scheme to fund the benefits.

The Company recognised ? 57.25 lakhs (31 March 2024 - ? 42.81 lakhs) for provident fund contribution (including pension fund,
employees deposit linked insurance charges and admin charges) in the statement of profit and loss. The contribution payable
to the plan by the Company is at the rate specified in rules to the scheme.

Employer''s contribution towards employees'' state insurance is amounting to ? 0.16 lakhs (31 March 2024: ? 0.67 lakhs), the
contribution of the Company is limited to the amount contributed and it has no further contractual or constructive obligation.

B. Defined benefit plan for gratuity and compensated absences

The Company''s employees are covered under the group gratuity cum life insurance scheme with the Life Insurance Corporation
of India (LIC). Gratuity is a post employment benefit and is in the nature of a defined benefit plan. The assets recognised in
the balance sheet in respect of gratuity is the fair value of plan assets less present value of the defined benefit /obligation at
the balance sheet date, together with the adjustments for unrecognised actuarial gains or losses and past service costs. The
defined benefit / obligation are calculated at or near the balance sheet date by an independent actuary using the projected
unit credit method.

The Company has a defined benefit gratuity plan. Every employee who has completed continuous services of five years or more
gets a gratuity on death or resignation or retirement at 15 days salary (last drawn salary) for each completed year of service.

The following tables summarise the components of net benefit expense recognised in the statement of profit and loss and the
amount recognised in the balance sheet for the defined benefit plan.

The present value of the defined benefit obligation calculated with the same method (projected unit credit) as the
defined benefit obligation recognised in the balance sheet. The sensitivity analysis is based on a change in one
assumption while not changing any other assumptions. This analysis may not be representative of the actual change
in the defined benefit obligation as it is unlikely that the change in the assumptions would occur in isolation of one
another since some of the assumptions may be co-related.

These plans typically expose the Company to actuarial risks such as: Investment Risk, Interest Risk, Longevity Risk
and Salary Risk.

1. Investment risk: The present value of the defined benefit plan liability is calculated using a discount rate which
is determined by reference to market yields at the end of the reporting period on government bonds.

2. Interest risk: A decrease in the bond interest rate will increase the plan liability; however, this will be partially
offset by an increase in the return on the plan debt investments.

3. Longevity risk: The present value of the defined benefit plan liability is calculated by reference to the best
estimate of the mortality of plan participants both during and after their employment. An increase in the life
expectancy of the plan participants will increase the plan’s liability.

4. Salary risk:The present value of the defined plan liability is calculated by reference to the future salaries of plan
participants. As such, an increase in the salary of the plan participants will increase the plan’s liability.

(a) The carrying value of trade receivables, loans, cash and cash equivalents, other bank balances, other financial assets
and investments (except investment in equity shares) recorded at amortised cost, is considered to be a reasonable
approximation of fair value.

(b) The carrying value of borrowings, trade payables, lease liabilities and other financial liabilities recorded at amortised cost,
is considered to be a reasonable approximation of fair value.

(ii) Fair value hierarchy and methods of valuation

(a) Fair values hierarchy

Financial assets and financial liabilities measured at fair value in the balance sheet are grouped into three levels of a fair
value hierarchy. The three levels are defined based on the observability of significant inputs to the measurement, as follows:

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

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation
techniques which maximise the use of observable market data and rely as little as possible on entity specific estimates.

Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs).

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

Note 39 - Fair value measurements (Contd..)

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

1 Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such
as interest rates and individual credit worthiness of the counterparty. Based on this evaluation, allowances are taken
to account for expected losses of these receivables. Accordingly, fair value of such instruments is not materially
different from their carrying values.

2 Investments in unquoted equity shares are measured at fair value through profit or loss. Due to unavailability of
observable market data, fair value of such investments are considered to be its carrying values as at the reporting date.

The fair values for security deposits is calculated based on cash flows discounted using a current lending rate,
however the change in current rate does not have any significant impact on fair values as at the current year end.

Note 40 - Financial risk management

Risk management

The Company’s activities expose it to market risk, liquidity risk and credit risk. This note explains the sources of risk which the entity
is exposed to and how the entity manages the risk and the related impact in the financial statements:

The Company’s risk management is carried out under policies approved by the Board of Directors. The Board of Directors provide
written principles for overall risk management, as well as policies covering specific areas, such as foreign exchange risk, interest rate
risk, market risk, credit risk and investment of excess liquidity. There is no impact of the aforementioned risk on other comprehensive
income in current and previous year.

A) Credit risk

Credit risk is the risk that a customer or counterparty to a financial instrument will fail to perform or pay amounts due to the
Company causing financial loss. It arises from cash and cash equivalents, deposits with banks and financial institutions, security
deposits, loans given and principally from credit exposures to customers relating to outstanding receivables. The Company’s
maximum exposure to credit risk is limited to the carrying amount of financial assets recognised at the reporting date.

The Company continuously monitors defaults of customers and other counterparties, identified either individually or by the
Company, and incorporates this information into the credit risk controls. Where available at reasonable cost, external credit
ratings and/or reports on customers and other counterparties are obtained and used. The Company’s policy is to deal only with
creditworthy counterparties.

In respect of trade and other receivables, the Company is not exposed to any significant credit risk exposure to any single
counterparty or any company of counterparties having similar characteristics. Trade receivables consist of large number of
customers in various geographical areas. The Company has very limited history of customer default, and considers the credit
quality of trade receivables that are not past due or impaired to be good.

Note 40 - Financial risk management (Contd..)

B) Liquidity risk

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding
through an adequate amount of committed credit facilities to meet obligations when due. Due to the nature of the business, the
Company maintains flexibility in funding by maintaining availability under committed facilities.

Management monitors rolling forecasts of the Company’s liquidity position and cash and cash equivalents on the basis of
expected cash flows. The Company takes into account the liquidity of the market in which the entity operates. In addition, the
Company’s liquidity management policy involves projecting cash flows in major currencies and considering the level of liquid
assets necessary to meet these, monitoring balance sheet liquidity ratios against internal and external regulatory requirements
and maintaining debt financing plans.

D) Interest rate risk

Interest rate risk is the risk that the fair value of future cash flows of the financial instruments will fluctuate because of changes
in market interest rates. In order to optimise the Company’s position with regards to interest income and interest expenses and
to manage the interest rate risk, treasury performs a comprehensive corporate interest rate risk management by balancing the
proportion of fixed rate and floating rate financial instruments in its total portfolio.

According to the Company, interest rate risk exposure is only for floating rate borrowings. For floating rate liabilities, the analysis
is prepared assuming the amount of the liability outstanding at the end of the reporting period was outstanding for the whole
year. A 50 basis point increase or decrease is used when reporting interest rate risk internally to key management personnel and
represents management’s assessment of the reasonably possible change in interest rates.

Note 41 - Capital management

The Company’s capital management objectives are:

- to ensure the Company’s ability to continue as a going concern

- to provide an adequate return to shareholders

The Company monitors capital on the basis of the carrying amount of equity less cash and cash equivalents as presented on the face
of balance sheet.

The management assesses the Company’s capital requirements in order to maintain an overall efficient financing structure while
avoiding excessive leverage. This takes into account the subordination levels of the Company’s various classes of debt. The
Company manages the capital structure and makes adjustments to it in the light of changes in the economic conditions and the risk
characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may adjust the amount of
dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt.

e) Product warranty by the customers against the Company are likely to be immaterial, hence the impact has not been taken in the
financial statements.

f) The code on Social Security, 2020 ("the code”) relating to employee benefits during employment and post-employment benefits
received Presidential assent in September 2020. The code has been published in the Gazette of India. However, the date on
which the code will come into effect has not been notified. The Company will assess the impact of the Code when it comes into
effect and will record any related impact in the period the Code becomes effective.

Note 47 - Segment information

(a) Business segment

Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker
(CODM). The CODM regularly monitors and reviews the operating result of the whole Company as one segment of "Alloy and steel
castings". Thus, as defined in Ind AS 108 "Operating Segments”, the Company’s entire business falls under this one operational segment.

Note 47 - Segment information (Contd..)

(b) Entity wide disclosures

As per Ind AS 108 - "Operating Segments", the Company is required to disclose revenue from individual external customers when
it is 10 per cent or more of entity''s revenue. Revenue of ? 9,403.53 lakhs and ? 9,552.42 lakhs is derived from such external
customers during the year ended 31 March 2025 and 31 March 2024 respectively. Ind AS 108 also requires Company to disclose
total non-current assets located in the entity’s country of domicile and in all foreign countries. There are no such assets which
are located outside India which requires a separate disclosure. For disaggregation of revenue based on geographical markets,
refer note 26(a).

Reasoning for variance more than 25%

Debt-equity ratio: The decrease in the debt-equity ratio is due to the decrease in the borrowings by 34%.

Debt service coverage ratio: The increase in the debt service coverage ratio is due to decrease in the borrowings by 34%.

Return on equity ratio: The decrease in the return on equity ratio is due to increase in the total equity of the company by 25% due to
accumulation of profit.

Trade receivables turnover ratio: The decrease in the trade receivables turnover ratio is due to the increase in the average trade
receivables of the Company by 55%.

Note 49 - Disclosure of transactions with struck off Companies

The Company does not have any balance with companies struck off under Section 248 of the Companies Act, 2013 or Section 560 of
Companies Act, 1956 during the financial year.

Note 50 - Other disclosures

No transactions to report against the following disclosure requirements as notified by MCA pursuant to amended Schedule III:

(a) Crypto Currency or Virtual Currency

(b) Benami Property held under Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder

(c) Registration of charges or satisfaction with Registrar of Companies

Note 50 - Other disclosures (Contd..)

(d) Relating to borrowed funds:

(i) Wilful defaulter

(ii) Utilisation of borrowed funds and share premium

(iii) Discrepancy in utilisation of borrowings

(e) During the year the Company has not disclosed or surrendered, any income other than the income recognised in the books of
account in the tax assessments under Income Tax Act, 1961.

(f) The Company has not advanced or loaned or invested funds from any person or entity, including foreign entities (intermediaries)
with the understanding that the intermediary shall:

(i) 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

(ii) provide any guarantee, security or the like to or on behalf of the ultimate beneficiary.

(g) The Company has not received any fund from any person or entity including foreign entities (funding party) with the understanding
(whether recording in writing or otherwise) that the Company shall:

(i) 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

(ii) provide any guarantee, security or the like to or on behalf of the ultimate beneficiary.

(h) The Code on Social Security, 2020 ("the Code”) relating to employee benefits during employment and post-employment benefits
received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on
which the Code will come into effect has not been notified. The Company will assess the impact of the Code when it comes into
effect and will record any related impact in the period the Code becomes effective.

(i) The Ministry of Corporate Affairs (MCA) has prescribed a requirement for companies under the proviso to Rule 3(1) of the
Companies (Accounts) Rules, 2014 inserted by the Companies (Accounts) Amendment Rules, 2021 requiring companies, which
uses accounting software for maintaining its books of account, shall use only such accounting software which has a feature of
recording audit trail of each and every transaction, creating an edit log of each change made in the books of account along with
the date when such changes were made and ensuring that the audit trail cannot be disabled.

The Company has used an accounting software for maintenance of accounting records which has a feature of recording audit
trail (edit log) facility. The audit trail (edit log) is enabled at the application level, however the audit trail feature was not enabled
for inventory master, vendor master and customer master. Further, the audit trail feature was not enabled at the database level
for the said accounting software to log any direct data changes.

The feature of recording audit trail in accounting software used for maintenance of payroll records and property, plant and
equipment records is enabled and operated at the application level. The said software are maintained by third-party software
service providers and the access to database is restricted with the vendor. In the absence of an ''Independent Service Auditor’s
Assurance Report on the Description of Controls, their Design and Operating Effectiveness’ (''Type 2 report issued in accordance
with SAE 3402, Assurance Reports on Controls at a Service Organisation), we are unable to demonstrate on whether audit trail
feature at the database level of the said software was enabled and operated throughout the year.

Further, the audit trail has been preserved by the Company as per the statutory requirements for record retention from the date
the audit trail was enabled for the accounting software.

Note 51 - Previous year comparatives

The figures for previous year have been regrouped/recast/rearranged to render them comparable with the figures of the current year,
which are not considered material to these financial statements.

Note 52 - Event occurring after balance sheet date

The Board of Directors have recommended final equity dividend of 350% (? 35 per share) on the face value of ? 10 each (31 March
2024 - 250% (? 25 per share)) for the financial year 2024-25.

For Walker Chandiok and Co LLP For and on behalf of the Board of Directors of

Chartered Accountants Uni-Abex Alloy Products Limited

Firm Registration Number: 001076N/N500013

Murad D. Daruwalla F. D. Neterwala Kuldeep Bhan

Partner Chairman Director

Membership Number: 043334 DIN: 00008332 DIN: 01598686

J. D. Divekar Nisar Hassan Bhautesh Shah

Chief Financial Officer Manager and Chief Company Secretary

Operating Officer

Place: Mumbai Place: Mumbai

Date: 28 May 2025 Date: 28 May 2025

---

Mar 31, 2024

(b) Estimate of fair value

The fair value of investment properties have been determined by an independent registered valuer as defined under rule 2 of Companies (Registered Valuers and Valuation) Rules, 2017, who has professional experience as well as adequate expertise of the location and category of the investment properties. The Company has no restrictions on the realisability of its investment properties and no contractual obligations to either purchase, construct or develop investment properties or for repairs, maintenance and enhancements. The resultant fair value estimates for investment properties is included in level 2.

(i) The value is determined based on the market rate prescribed by government authorities for commercial property.

The Company has no restrictions on the realisability of its investment property and no contractual obligations to either purchase, construct or develop investment property or for repairs, maintenance and enhancements

(ii) The value is determined based on the ready reckoner rate notified by government authorities.

a) Terms and rights attached to equity shares

The Company has only one class of equity shares having a par value of H 10 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend, proposed by the Board of Directors is subject to the approval of the shareholders in the Annual General Meeting (refer note 42(b)).

In the event of liquidation of the Company, the holders of equity shares will 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.

b) Terms and rights attached to preference shares

The Company has one class of preference share. The preference shares have preferred right on payment of dividend and repayment of capital over equity shareholders.

1. The above includes:

a) Cash credit from the Zoroastrian Co-operative Bank Limited amounting H 1,105.09 lakhs (31 March 2023: H 693.76 lakhs) which is secured by hypothecation of entire current assets both present and future including stocks and book debts on pari-passu basis with Axis Bank. The cash credit is also secured by collateral securities i.e. extension of equitable mortgage of property situated at Industrial property plot no. 583, Belur Industrial area, Dharwad, Karnataka owned by Company on first Pari Passu basis with Zoroastrian Bank. Rate of interest 8.50% p.a. as at year end (31 March 2023 - 8.50% p.a.).

b) The Company also has sanctioned cash credit limit with Axis Bank Limited. The payable towards such cash credit limit is H 568.76 lakhs (31 March 2023 - H 339.53 lakhs). Average rate of interest for the year ended 31 March 2024 is 9.25% p.a.(31 March 2023 is 10.36% p.a.). The primary and collateral security against cash credit limit and short term loan with Axis Bank Limited is same, refer note 2 below.

2. Nature of security and terms of repayment of short term loan from bank -

Note 37 - Earnings per share

The earnings per equity share is computed by dividing the net profit attributable to the equity shareholders for the year by weighted average number of equity shares outstanding at the year end.

Note 38 - Employee benefits

A. Defined contribution plan - Provident fund

The Company makes contribution towards provident fund to a defined contribution retirement benefit plan for qualifying employees. The Company’s contribution to the Employees Provident Fund is deposited with the Regional Provident Fund Commissioner. Under the Scheme, the Company is required to contribute a specified percentage of payroll cost to the retirement benefit scheme to fund the benefits.

The Company recognised H 42.81 lakhs (31 March 2023 - H 37.11 lakhs) for provident fund contribution (including pension fund, employees deposit linked insurance charges and admin charges) in the statement of profit and loss. The contribution payable to the plan by the Company is at the rate specified in rules to the scheme.

Employer''s contribution towards employees'' state insurance is amounting to H 0.67 lakhs (31 March 2023: H 0.90 lakhs), the contribution of the Company is limited to the amount contributed and it has no further contractual or constructive obligation.

B. Defined benefit plan for gratuity and compensated absences

The Company''s employees are covered under the group gratuity cum life insurance scheme with the Life Insurance Corporation of India (LIC). Gratuity is a post employment benefit and is in the nature of a defined benefit plan. The assets recognised in the balance sheet in respect of gratuity is the fair value of plan assets less present value of the defined benefit /obligation at the balance sheet date, together with the adjustments for unrecognised actuarial gains or losses and past service costs. The defined benefit / obligation are calculated at or near the balance sheet date by an independent actuary using the projected unit credit method. The Company has a defined benefit gratuity plan. Every employee who has completed continuous services of five years or more gets a gratuity on death or resignation or retirement at 15 days salary (last drawn salary) for each completed year of service.

These assumptions were developed by the management with the assistance of independent actuarial appraisers. Discount factors are determined close to each year end by reference to government bonds of relevant economic markets and that have terms to maturity approximating to the terms of the related obligation. Other assumptions are based on management''s historical experience.

The weighted average duration of the defined benefit obligation of the Company as at 31 March 2024 is 16.56 years (31 March 2023 - 17.40 years).

Sensitivity analysis

The financial statement are sensitive to the actuarial assumptions. The changes to the Defined Benefit Obligations for increase and decrease of 1% from assumed salary escalation, withdrawal and discount rates are given below. The following table summarises the effects of changes in these actuarial assumptions on the defined benefit liability as at 31 March 2024 and 31 March 2023.

The present value of the defined benefit obligation calculated with the same method (projected unit credit) as the defined benefit obligation recognised in the balance sheet. The sensitivity analysis is based on a change in one assumption while not changing any other assumptions. This analysis may not be representative of the actual change in the defined benefit obligation as it is unlikely that the change in the assumptions would occur in isolation of one another since some of the assumptions may be co-related.

These plans typically expose the Company to actuarial risks such as: Investment Risk, Interest Risk, Longevity Risk and Salary Risk.

1. Investment risk: The present value of the defined benefit plan liability is calculated using a discount rate which is determined by reference to market yields at the end of the reporting period on government bonds.

2. Interest risk: A decrease in the bond interest rate will increase the plan liability; however, this will be partially offset by an increase in the return on the plan debt investments.

3. Longevity risk: The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality of plan participants both during and after their employment. An increase in the life expectancy of the plan participants will increase the plan’s liability.

4. Salary risk:The present value of the defined plan liability is calculated by reference to the future salaries of plan participants. As such, an increase in the salary of the plan participants will increase the plan’s liability.

The amount of the provision is H 23.33 lakhs (31 March 2023: H 35.46 lakhs) which has been classified as ''current'' as per the guidance note on disclosure as per schedule III to the Companies Act, 2013 issued by Institute of Chartered Accountant of India (ICAI). However, based on past experience, the Company does not expect all employees to take the full amount of accrued leave or require payment within the next 12 months. The above amounts reflect leave that is not expected to be taken or paid within the next 12 months.

(a) The carrying value of trade receivables, loans, cash and cash equivalents, other bank balances, other financial assets and investments (except investment in equity shares) recorded at amortised cost, is considered to be a reasonable approximation of fair value.

(b) The carrying value of borrowings, trade payables, lease liabilities and other financial liabilities recorded at amortised cost, is considered to be a reasonable approximation of fair value.

(ii) Fair value hierarchy and methods of valuation (a) Fair values hierarchy

Financial assets and financial liabilities measured at fair value in the balance sheet are grouped into three levels of a fair value hierarchy. The three levels are defined based on the observability of significant inputs to the measurement, as follows:

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

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity specific estimates.

Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs).

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

There are no transfer amongst the levels of fair value hierarchy during the year.

Valuation process and technique used to determine fair value

Specific valuation techniques used to value financial instruments include:

(a) The use of quoted market prices for investments in equity shares.

(b) The fair values for instruments at amortised cost are based on discounted cash flows using a discount rate determined based on market interest rate for an equivalent instrument.

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

1 Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such as interest rates and individual credit worthiness of the counterparty. Based on this evaluation, allowances are taken to account for expected losses of these receivables. Accordingly, fair value of such instruments is not materially different from their carrying values.

2 Investments in unquoted equity shares are measured at fair value through profit or loss. Due to unavailability of observable market data, fair value of such investments are considered to be its carrying values as at the reporting date.

The fair values for security deposits is calculated based on cash flows discounted using a current lending rate, however

the change in current rate does not have any significant impact on fair values as at the current year end.

The Company’s activities expose it to market risk, liquidity risk and credit risk. This note explains the sources of risk which the entity is exposed to and how the entity manages the risk and the related impact in the financial statements:

The Company’s risk management is carried out under policies approved by the Board of Directors. The Board of Directors provide written principles for overall risk management, as well as policies covering specific areas, such as foreign exchange risk, interest rate risk, market risk, credit risk and investment of excess liquidity. There is no impact of the aforementioned risk on other comprehensive income in current and previous year.

A) Credit risk

Credit risk is the risk that a customer or counterparty to a financial instrument will fail to perform or pay amounts due to the Company causing financial loss. It arises from cash and cash equivalents, deposits with banks and financial institutions, security deposits, loans given and principally from credit exposures to customers relating to outstanding receivables. The Company’s maximum exposure to credit risk is limited to the carrying amount of financial assets recognised at the reporting date.

The Company continuously monitors defaults of customers and other counterparties, identified either individually or by the Company, and incorporates this information into the credit risk controls. Where available at reasonable cost, external credit ratings and/or reports on customers and other counterparties are obtained and used. The Company’s policy is to deal only with creditworthy counterparties.

In respect of trade and other receivables, the Company is not exposed to any significant credit risk exposure to any single counterparty or any company of counterparties having similar characteristics. Trade receivables consist of large number of customers in various geographical areas. The Company has very limited history of customer default, and considers the credit quality of trade receivables that are not past due or impaired to be good.

The credit risk for cash and cash equivalents, bank deposits, investments and loans is considered negligible, since the counterparties are reputable organisations with high quality external credit ratings.

Credit risk exposure

i) Expected credit loss for trade receivables under simplified approach i.e. provision matrix approach using historical trends (refer note 14)

B) Liquidity risk

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due. Due to the nature of the business, the Company maintains flexibility in funding by maintaining availability under committed facilities.

Management monitors rolling forecasts of the Company’s liquidity position and cash and cash equivalents on the basis of expected cash flows. The Company takes into account the liquidity of the market in which the entity operates. In addition, the Company’s liquidity management policy involves projecting cash flows in major currencies and considering the level of liquid assets necessary to meet these, monitoring balance sheet liquidity ratios against internal and external regulatory requirements and maintaining debt financing plans.

Contractual maturities of financial liabilities

The tables below analyse the Company’s financial liabilities into relevant maturity groupings based on their contractual maturities for all non-derivative financial liabilities. The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying amounts as the impact of discounting is not significant.

D) Interest rate risk

Interest rate risk is the risk that the fair value of future cash flows of the financial instruments will fluctuate because of changes in market interest rates. In order to optimise the Company’s position with regards to interest income and interest expenses and to manage the interest rate risk, treasury performs a comprehensive corporate interest rate risk management by balancing the proportion of fixed rate and floating rate financial instruments in its total portfolio.

According to the Company, interest rate risk exposure is only for floating rate borrowings. For floating rate liabilities, the analysis is prepared assuming the amount of the liability outstanding at the end of the reporting period was outstanding for the whole year. A 50 basis point increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management’s assessment of the reasonably possible change in interest rates.

E) Price risk Exposure:

The Company’s exposure to price risk arises from investments in equity shares and mutual funds held by the Company and classified in the balance sheet as fair value through profit or loss. To manage its price risk arising from investments, the Company diversifies its portfolio. Diversification of the portfolio is done in accordance with the limits set by the Company.

Sensitivity:

The table below summarises the impact of increase/decrease of the index on the Company’s profit after tax for the period. The analysis is based on the assumption that the price of the instrument has increased by 2% or decreased by 2% with all other variables held constant.

- to ensure the Company’s ability to continue as a going concern

- to provide an adequate return to shareholders

The Company monitors capital on the basis of the carrying amount of equity less cash and cash equivalents as presented on the face of balance sheet.

The Management assesses the Company’s capital requirements in order to maintain an overall efficient financing structure while avoiding excessive leverage. This takes into account the subordination levels of the Company’s various classes of debt. The Company manages the capital structure and makes adjustments to it in the light of changes in the economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt.

Note 43 - Leases

Company as lessee

The Company''s leased asset comprise of office premise situated at Vikhroli, Mumbai. The lease term agreed between lessor and lessee is five years with effect from 1 February 2023. The Company has only one lease arrangement as at 31 March 2024 for which disclosure in accordance with requirements of Ind AS 116 is presented below.

Further, the Company also had an leasehold buildings. The lease term of which were supposed to be ended on 31 March 2024 but the Company had terminated this lease in previous year. Keeping this termination in view, the Company had reversed the Right of Use (ROU) assets and lease liabilities to that extent in previous year.

Hence the entire ROU asset and the lease liability in the current year relates to the new lease of Vikhroli, Mumbai only.

The weighted average incremental borrowing rate applied to lease liabilities is 11%.

Information about leases for which the company is a lessee are presented below:

Disclosure of payables to vendors as defined under the "Micro, Small and Medium Enterprise Development Act, 2006” is based on the information available with the Company regarding the status of registration of such vendors under the said Act, as per the intimation received from them on request made by the Company. Accordingly, the disclosure has been made in the financial statements and has been relied upon by the statutory auditors.

Note 45 - Contingent liabilities and commitments		(H in Lakhs)
Particulars	As at	As at
	31 March 2024 1	31 March 2023
(i) Contingent liabilities not provided for
(a) Claims against the Company not acknowledged as debts (refer note (d) below)
Show cause notices received from excise authorities under dispute	73.52	84.00
Sales tax demands under dispute	576.35	599.27
Goods and service tax under dispute	91.39	-
(b) Other money for which Company is contingently liable
Guarantees excluding financial guarantees	622.54	418.69
Open letter of credit	397.02	1,020.98
(ii) Commitments
Estimated amount of contracts on capital account and not provided for (net of advances)	161.13	91.06
(iii) The Hon’ble Supreme Court has, in a recent decision dated 28 February 2019,	Amount not ascertainable
ruled that special allowance would form part of basic wages for computing the Provident Fund (PF) contribution. While the Company is evaluating the implications of the order, no reliable estimate can be made as the amount is not determinable. The management would consider obtaining legal opinion to ascertain the impact and believes that it will not have any material impact on the financial position and results of operation.

Notes

a) The above disclosure has been made on the basis of information available with the Company.

b) It is not practicable for the Company to estimate the timings of cash outflows, if any, in respect of the above pending resolution of the respective proceedings.

c) The amounts disclosed above represent the best possible estimates arrived at on the basis of the available information and do not include any penalty payable.

d) (H in Lakhs)
Name of the statute Nature of dues Forum where dispute is pending	As at 31 March 2024	As at 31 March 2023
Central Sales Tax, 1956 Sales tax Commissioner of Sales Tax (Appeals)	109.19	115.78
Central Sales Tax, 1956 Sales tax Deputy Commissioner of Sales Tax	467.16	483.49
Central Excise Act, 1944 CENVAT credit allowances Deputy Commissioner of Central Excise	0.64	1.09
Central Excise Act, 1944 CENVAT credit allowances Commissioner of Central Excise (Appeals)	50.86	54.77
Central Excise Act, 1944 CENVAT credit allowances Customs Excise and Service Tax Appellate Tribunal	22.02	28.14
Goods and service tax act, 2017 Goods and service tax Deputy Commissioner of GST	26.81	-
Goods and service tax act, 2017 Goods and service tax Commissioner of GST	64.58	-
Total	741.26	683.27

Notes

(a) Rate of interest for inter corporate deposits to Vincent Commercial Company Limited, Transwarranty Finance Limited and Ratnaafin Capital Private Limited are 9.75% (31 March 2023 : 9.50%), 10.00% (31 March 2023 : Nil %) and 9.50% (31 March 2023 : Nil %) respectively.

(b) inter corporate deposits are unsecured and have been given to earn interest income.

Note 48 - Segment information

(a) Business segment

Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker (CODM). The CODM regularly monitors and reviews the operating result of the whole Company as one segment of "Alloy and steel castings". Thus, as defined in Ind AS 108 "Operating Segments”, the Company’s entire business falls under this one operational segment.

(b) Entity wide disclosures

As per Ind AS 108 - "Operating Segments", the Company is required to disclose revenue from individual external customers when it is 10 per cent or more of entity''s revenue. Revenue of H 9,552.42 lakhs and H 8,474.38 lakhs is derived from such external customers during the year ended 31 March 2024 and 31 March 2023 respectively. Ind AS 108 also requires Company to disclose total non-current assets located in the entity’s country of domicile and in all foreign countries. There are no such assets which are located outside India which requires a separate disclosure. For disaggregation of revenue based on geographical markets, refer note 26(a).

Reasoning for variance more than 25%

Return on equity ratio: The variances is on account of increase net profit by 91% in the current financial year.

Trade payable turnover ratio: The variance is on account of increase in purchase of raw material due to corresponding increase in sale. Net profit ratio: The variance is on account of increase in net profit by 91% in the current financial year.

Return on capital employed: The variance is on account of increase in earnings before interest and taxes by 85% in the current financial year.

Return on investment: Increase in return on investment is due to better return on investment made during the current year.

Note 50 - Disclosure of transactions with struck off Companies

The Company does not have any balance with companies struck off under Section 248 of the Companies Act, 2013 or Section 560 of Companies Act, 1956 during the financial year.

Note 51 - Other disclosures

No transactions to report against the following disclosure requirements as notified by MCA pursuant to amended Schedule III:

(a) Crypto Currency or Virtual Currency

(b) Benami Property held under Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder

(c) Registration of charges or satisfaction with Registrar of Companies

(d) Relating to borrowed funds:

(i) Wilful defaulter

(ii) Utilisation of borrowed funds and share premium

(iii) Discrepancy in utilisation of borrowings

(e) During the year the Company has not disclosed or surrendered, any income other than the income recognised in the books of account in the tax assessments under Income Tax Act, 1961.

(f) The Company has not advanced or loaned or invested funds from any person or entity, including foreign entities (intermediaries) with the understanding that the intermediary shall:

(i) 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

(ii) provide any guarantee, security or the like to or on behalf of the ultimate beneficiary.

(g) The Company has not received any fund from any person or entity including foreign entities (funding party) with the understanding (whether recording in writing or otherwise) that the Company shall:

(i) 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

(ii) provide any guarantee, security or the like to or on behalf of the ultimate beneficiary.

(h) The Code on Social Security, 2020 ("the Code”) relating to employee benefits during employment and post-employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified. The Company will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.

(i) The Ministry of Corporate Affairs (MCA) has prescribed a new requirement for companies under the proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 inserted by the Companies (Accounts) Amendment Rules, 2021 requiring companies, which uses accounting software for maintaining its books of account, shall use only such accounting software which has a feature of recording audit trail of each and every transaction, creating an edit log of each change made in the books of account along with the date when such changes were made and ensuring that the audit trail cannot be disabled.

The Company has used an accounting software JD Edwards for maintaining its books of account which has a feature of recording audit trail (edit log) facility. The audit trail (edit log) is enabled at the application level, however the audit trail feature was not enabled for inventory master, vendor master and customer master. The database of the accounting software is operated by a third-party service provider and the availability of audit trail (edit logs) are not covered in the ''Independent Service Auditor’s Assurance Report on the design and operation of controls’’ (''Type 2 report’ issued in accordance with ISAE 3402, Assurance Reports on Controls at a Service Organisation) at database level.

Note 52 - Previous year comparatives

The figures for previous year have been regrouped/recast/rearranged to render them comparable with the figures of the current year, which are not considered material to these financial statements.

Note 53 - Event occurring after balance sheet date

The Board of Directors have recommended final equity dividend of 250% (H 25 per share) of the face value of H 10 each (31 March 2023 - 200% (H 20 per share)) for the financial year 2023-24.

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Mar 31, 2023

p. Provisions, contingent liabilities and contingent assets

A provision is recognised when the Company has a present obligation as a result of past events and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are not discounted to their present value and are determined based

on management estimate or the amount required to settle the obligation at the date of the balance sheet. These are reviewed at each balance sheet date and adjusted to reflect the current management estimates.

Contingent liabilities are disclosed in respect of possible obligations that arise from past events, whose existence would be confirmed by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company.

Contingent assets are not recognised in the financial statements. However, it is disclosed only when an inflow of economic benefits is probable.

q. Foreign currency transactions and translations

Functional and Presentation currency

Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the Company operates ( the functional currency''). The financial statements are presented in Indian Rupees (INR), which is the Company''s functional and presentation currency.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are recognised in profit or loss. All foreign exchange gains and losses are presented in the statement of profit and loss on a net basis.

Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss.

r. Earnings per share

Basic earnings per share are computed by dividing net profit after tax (excluding other comprehensive income) by the weighted average number of equity shares outstanding during the year.

Diluted earnings per share adjusts the figures used in the determination of basic earnings per share after considering the income tax effect of all finance costs associated with dilutive potential equity shares, and the weighted average number of additional equity shares that would have been outstanding assuming the conversion of all dilutive potential equity shares.

Potential equity shares are deemed to be dilutive only if their conversion to equity shares would decrease the net profit per share.

s. Operating segments

An operating segment is a component of a Company that engages in business activities from which it may earn revenue and incur expenses, including revenue and expenses that relates to transactions with any of the Company''s other components, for which discrete financial information is available, and such information is regularly reviewed by the Company''s Chief Operating Decision Maker (CODM) to make key decision on operations of the segments and assess its performance.

t. Rounding off

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

u. Events after report date

Where events occurring after the balance sheet date provide evidence of conditions that existed at the end of the reporting period, the impact of such events is adjusted within the financial statements. Where the events are indicative of conditions that arose after the reporting period, the amounts are not adjusted, but are disclosed if those non-adjusting events are material.

4. Recent accounting pronouncements:

Ministry of Corporate Affairs ("MCA”) notifies new standard or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time. On March 31, 2023, MCA amended the Companies (Indian Accounting Standards) Rules, 2015 by issuing the Companies (Indian Accounting Standards) Amendment Rules, 2023, applicable from April 1, 2023, as below:

i. Ind AS 1 - Presentation of Financial Statements:

The amendments require companies to disclose their material accounting policies rather than their significant accounting policies. Accounting policy information, together with other information, is material when it can reasonably be expected to influence decisions of primary users of general purpose financial statements. The Company does not expect this amendment to have any significant impact in its financial statements.

ii. Ind AS 12 - Income Taxes:

The amendments clarify how companies account for deferred tax on transactions such as leases and decommissioning obligations. The amendments narrowed the scope of the recognition exemption in paragraphs 15 and 24 of Ind AS 12 (recognition exemption) so that it no longer applies to transactions that, on initial recognition, give rise to

equal taxable and deductible temporary differences. The Company is evaluating the impact, if any, in its financial statements.

iii. Ind AS 8 - Accounting Policies, Changes in Accounting Estimates and Errors:

The amendments will help entities to distinguish between accounting policies and accounting estimates. The definition of a change in accounting estimates has been replaced with a definition of accounting estimates. Under the new definition, accounting estimates are "monetary amounts in financial statements that are subject to measurement uncertainty”. Entities develop accounting estimates if accounting policies require items in financial statements to be measured in a way that involves measurement uncertainty. The Company does not expect this amendment to have any significant impact in its financial statements.

A. Defined contribution plan - Provident fund

The Company makes contribution towards provident fund to a defined contribution retirement benefit plan for qualifying employees. The Company''s contribution to the Employees Provident Fund is deposited with the Regional Provident Fund Commissioner. Under the Scheme, the Company is required to contribute a specified percentage of payroll cost to the retirement benefit scheme to fund the benefits.

The Company recognised H 21.64 lakhs (31 March 2022 - H 18.76 lakhs) for provident fund contribution in the statement of profit and loss. The contribution payable to the plan by the Company is at the rate specified in rules to the scheme.”

B. Defined benefit plan for gratuity and compensated absences

The Company''s employees are covered under the group gratuity cum life insurance scheme with the Life Insurance Corporation of India (LIC). Gratuity is a post employment benefit and is in the nature of a defined benefit plan. The assets recognised in the balance sheet in respect of gratuity is the fair value of plan assets less present value of the defined benefit /obligation at the balance sheet date, together with the adjustments for unrecognised actuarial gains or losses and past service costs. The defined benefit / obligation are calculated at or near the balance sheet date by an independent actuary using the projected unit credit method.

The Company has a defined benefit gratuity plan. Every employee who has completed continuous services of five years or more gets a gratuity on death or resignation or retirement at 15 days salary (last drawn salary) for each

No transactions to report against the following disclosure requirements as notified by MCA pursuant to amended Schedule III:

(a) Crypto Currency or Virtual Currency

(b) Benami Property held under Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder

(c) Registration of charges or satisfaction with Registrar of Companies

(d) Relating to borrowed funds:

(i) Wilful defaulter

(ii) Utilisation of borrowed funds and share premium

(iii) Discrepancy in utilisation of borrowings

(e) During the year the Company has not disclosed or surrendered, any income other than the income recognised in the books of account in the tax assessments under Income Tax Act, 1961.

(f) The Company has not advanced or loaned or invested funds from any person or entity, including foreign entities (intermediaries) with the understanding that the intermediary shall:

(i) 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

(ii) provide any guarantee, security or the like to or on behalf of the ultimate beneficiary.”

(g) The Company has not received any fund from any person or entity including foreign entities (funding party) with the understanding (whether recording in writing or otherwise) that the Company shall:

(i) 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

(ii) provide any guarantee, security or the like to or on behalf of the ultimate beneficiary.

(h) The Code on Social Security, 2020 ("the Code”) relating to employee benefits during employment and postemployment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified. The Company will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.

Note 53 - Previous year comparatives

The figures for previous year have been regrouped/recast/rearranged to render them comparable with the figures of the current year. Which are not considered material to these financial statements.

Note 54 - Event occurring after balance sheet date

The Board of Directors have recommended final equity dividend of H 20 per share (31 March 2022 - H 12.5 per share) for the financial year 2022-23.

For Walker Chandiok and Co LLP For and on behalf of the Board of Directors of

Chartered Accountants Uni-Abex Alloy Products Limited

FR Number: 001076N/N500013

F.D. Neterwala F.K. Banatwalla

Khushroo B. Panthaky Chairman Director

Partner DIN: 00008332 DIN: 02670802

Membership Number: 042423

^ J. D. Divekar Achintya Chandra Bhautesh Shah

Chief Financial Officer Chief Operating Officer Company Secretary and Manager

Place: Mumbai Place: Mumbai

Date: 22 May 2023 Date: 22 May 2023

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Mar 31, 2018

36 Related party transactions:

in accordance with the requirement of Indian Accounting Standard (ind AS) 24 "Related party Disclosures", names of the related parties, related party relationships, transactions and outstanding balances including commitments where control exists and with whom transactions have taken place during the reported period are as follows:

(a) List of related parties

Relationship Name of the related party

Associates Uni Deritend Limited

chemicals & Ferro Alloys private Limited Neterson Technologies private Limited Anosh Finance & Investment private Limited Neterwala consulting & corporate Services Limited Uni Klinger Limited

Key management personnel (KMp) F. D. Neterwala - chairman

K. K. Tamhaney - Chief Executive Officer J. D. Divekar - Chief Financial Officer M. S. Ashar - company Secretary

The company’s risk management is carried out by a central treasury department of the company under policies approved by the Board of Directors. The Board of Directors provide written principles for overall risk management, as well as policies covering specific areas, such as foreign exchange risk, interest rate risk, market risk, credit risk and investment of excess liquidity.

A Credit risk

Credit risk is the risk that a customer or counter party to a financial instrument will fail to perform or pay amounts due to the Company causing financial loss. It arises from cash and cash equivalents, deposits with banks and financial institutions, security deposits, loans given and principally from credit exposures to customers relating to outstanding receivables. The company''s maximum exposure to credit risk is limited to the carrying amount of financial assets recognized at reporting date.

The Company continuously monitors defaults of customers and other counter parties, identified either individually or by the company, and incorporates this information into its credit risk controls. Where available at reasonable cost, external credit ratings and/or reports on customers and other counter parties are obtained and used. The company’s policy is to deal only with creditworthy counter parties.

In respect of trade and other receivables, the Company is not exposed to any significant credit risk exposure to any single counter party or any company of counter parties having similar characteristics. Trade receivables consist of a large number of customers in various geographical areas. The company has very limited history of customer default, and considers the credit quality of trade receivables that are not past due or impaired to be good.

The credit risk for cash and cash equivalents, mutual funds, bank deposits and loans is considered negligible, since the counter parties are reputable organizations with high quality external credit ratings.

B Liquidity risk

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due. Due to the nature of the business, the Company maintains flexibility in funding by maintaining availability under committed facilities.

Management monitors rolling forecasts of the company’s liquidity position and cash and cash equivalents on the basis of expected cash flows. The Company takes into account the liquidity of the market in which the entity operates. In addition, the Company’s liquidity management policy involves projecting cash flows in major currencies and considering the level of liquid assets necessary to meet these, monitoring balance sheet liquidity ratios against internal and external
regulatory requirements and maintaining debt financing plans.

E Price risk

Exposure from investments in mutual funds:

The company’s exposure to price risk arises from investments in equity shares and mutual funds held by the Company and classified in the balance sheet as fair value through profit or loss. To manage its price risk arising from investments, the Company diversifies its portfolio. Diversification of the portfolio is done in accordance with the limits set by the company.

Sensitivity:

The table below summarizes the impact of increases/decreases of the index on the Company’s profit after tax for the period. The analysis is based on the assumption that the price of the instrument has increased by 2% or decreased by 2% with all other variables held constant.

39 Capital management

The company’ s capital management objectives are:

- to ensure the company’s ability to continue as a going concern

- to provide an adequate return to shareholders

The company monitors capital on the basis of the carrying amount of equity less cash and cash equivalents as presented on the face of balance sheet.

The Management assesses the Company’s capital requirements in order to maintain an efficient overall financing structure while avoiding excessive leverage. This takes into account the subordination levels of the company’s various classes of debt. The company manages the capital structure and makes adjustments to it in the light of changes in the economic conditions and the risk characteristics of the underlying assets. in order to maintain or adjust the capital structure, the company may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt.

40 First time adoption of Ind AS

These financial statements for the year ended 31 March 2018, are the first financial statements prepared by the company in accordance with ind AS. For periods up to and including the year ended 31 March 2017, the Company prepared its financial statements in accordance with accounting standards notified under section 133 of the companies Act 2013, read together with paragraph 7 of the companies (Accounts) Rules, 2014 (''Indian GAAp'' or ''previous GAAp'').

In preparing these financial statements, the Company’s opening Ind AS balance sheet was prepared as at 1 April 2016, the company’s date of transition to ind AS. This note explains the principal adjustments made by the Company in restating its Previous GAAP financial statements, including the balance sheet as at 1 April 2016 and the standalone financial statements as at and for the year ended 31 March 2017.

The Company has applied Ind AS 101 in preparing these first financial statements. The effect of transition to Ind AS on equity, total comprehensive income and reported cash flows are presented in this section and are further explained in the notes accompanying the tables.

A. Exemptions and exceptions availed

Set out below are the applicable ind AS 101 optional exemptions and mandatory exceptions applied in the transition from previous GAAp to ind AS.

A.1 Ind AS optional exemptions:

A1.1 Deemed cost for property, plant and equipment, intangible assets and investment properties.

Ind AS 101 permits a first-time adopter to elect to continue with the carrying value for all of its property, plant and equipment as recognized in the financial statements as at the date of transition to Ind AS, measured as per the previous GAAp and use that as its deemed cost as at the date of transition. The same exemption is also available on intangible assets and investment properties. Accordingly, the company has elected to measure all of its property, plant and equipment, intangible assets and investment properties at their previous GAAp carrying value.

A.2 Ind AS mandatory exceptions:

A2.1 Estimates

An entity’s estimates in accordance with ind AS at the date of transition to ind AS shall be consistent with estimates made for the same date in accordance with Previous GAAP (after adjustments to reflect any difference in accounting policies), unless there is objective evidence that those estimates were in error. ind AS estimates as at 1 April 2016 are consistent with the estimates as at the same date made in conformity with previous GAAp.

A2.2 Classification and measurement of financial assets

The classification and measurement of financial assets will be made considering whether the conditions as per ind AS 109 are met based on facts and circumstances existing at the date of transition.

Financial assets can be measured using effective interest method by assessing its contractual cash flow characteristics only on the basis of facts and circumstances existing at the date of transition and if it is impracticable to assess elements of modified time value of money, i.e., the use of effective interest method, fair value of financial asset at the date of transition shall be the new carrying amount of that asset. The measurement exemption applies for financial liabilities as well.

Applying a requirement is impracticable when the entity cannot apply it after making every reasonable effort to do so. it is impracticable to apply the changes retrospectively if:

a) The effects of the retrospective application are not determinable;

b) The retrospective application requires assumptions about what management’s intent would have been in that period;

c) The retrospective application requires significant estimates of amounts and it is impossible to distinguish objectively information about those estimates that existed at that time.

A2.3 De-recognition of financial assets and liabilities

Ind AS 101 requires a first-time adopter to apply the de-recognition provisions of Ind AS 109 prospectively for transactions occurring on or after the date of transition to Ind AS. However, Ind AS 101 allows a first-time adopter to apply the de-recognition requirements in ind AS 109 retrospectively from a date of the entity’s choice, provided that the information needed to apply Ind AS 109 to financial assets and financial liabilities derecognized as a result of past transactions was obtained at the time of initially accounting for those transactions.

The company has elected to apply the de-recognition provisions of ind AS 109 prospectively from the date of transition to ind AS.

B.6 There is no impact of Ind AS adoption on the statements of cash flows for the year ended 31 March 2017. Note-1 Proposed dividend

Under previous GAAp, proposed dividend is recognized as liability in the period to which they are proposed irrespective of the approval of shareholders.

Under ind AS, proposed dividend is recognized as liability in the period in which it is approved by the shareholders. Note - 2 Change in timing of revenue recognition

Under previous GAAp, revenue from sale of goods is recognized on dispatch from the factory premises.

Under Ind AS, revenue should be recognized when the entity has transferred to the buyer, the significant risks and rewards of ownership of goods, and significant managerial control.

Note - 3 Finance lease accounting on land leases

Under previous GAAp, leases of land were scoped out of the guidance on leases.

Under Ind AS, in respect of certain long-term land leases, classification between finance lease and operating lease is required. In case of finance leases, where the Company is lessee, the underlying assets and corresponding finance lease obligation determined at the inception of respective arrangements have been recognized on the date of transition with the adjustment of difference, if any, in the opening retained earnings.

Note - 4 Measurement of financial assets at fair value

Under previous GAAp, current investments were stated at lower of cost and fair value.

Under Ind AS, these financial assets have been classified as fair value through profit and loss on the date of transition to ind AS and fair value changes after the date of transition have been recognized in the statement of profit and loss.

Note - 5 Measurement of financial assets and liabilties at amortized cost

Under Previous GAAP, financial assets and financial liabilities were typically carried at the contractual amount receivable or payable.

Under Ind AS, financial instruments carried at amortized cost are initially recognized at fair value, and subsequently measured at amortized cost, at effective interest rate. For certain financial assets and financial liabilities, the fair value thereof at the date of transition to Ind AS has been considered as the new amortized cost of that financial asset and financial liability at the date of transition to Ind AS._

Summary of significant accounting policies and other explanatory information to the financial statements as at and for the year ended 31 March 2018 Note - 6 Prior Period item

Under Previous GAAP, prior period items are included in determination of net profit or loss of the period in which the error pertaining to a prior period is discovered and are separately disclosed in the Statement of profit and loss. Under ind AS, prior period items are adjusted retrospectively by restating the comparative amount for prior period presented in which the error occured or if the error occured before the earliest period presented, by restating the opening reserves.

Note - 7 Remeasurements of post-employment benefit obligations

Under the Previous GAAP, these measurements were forming part of the profit or loss for the year.

Under ind AS, remeasurements i.e. actuarial gains and losses, excluding amounts included in the net interest expense on the net defined benefit liability are recognized in other comprehensive income instead of the statement of profit and loss.

Note - 8 Reclassification of moulds to property, plant and equipment

Under the Previous GAAP, mould development costs are expensed out and revenue is recognized in profit and loss account, when accrued.

Under ind AS, development cost incurred meets the recognition criteria of property plant and equipment. Hence the same is capitalized and subsequently depreciated on the basis of useful life of the asset. Further, revenue is recognized over the useful life of mould.

Note - 9 Deferred tax

Under previous GAAp, deferred tax was accounted as per the income statement approach which required creation of deferred tax asset/ liability on timing differences between taxable income and accounting income.

Under ind AS, deferred tax is accounted as per the balance sheet approach which requires creation of deferred tax asset/ liability on temporary differences between the carrying amount of an asset/ liability in the Balance Sheet and its corresponding tax base. The adjustments in equity and net profit, as discussed above, resulted in additional temporary differences on which deferred taxes are calculated.

Note - 10 Investment Property

Under previous GAAp, investment properties were presented as part of property, plant and equipment.

Under ind AS, investment properties are required to be separately presented on the face of the balance sheet. There is no impact on the total equity or profit as a result of this adjustment.

Note - 11 Excise Duty

Under previous GAAp - Revenue from sale of goods was presented net of excise duty.

Under ind AS, Revenue from sale of goods was presented inclusive of excise duty. The excise duty is presented on the face of the statement of profit and loss as a part of expenses.

Note - 12: Retained Earnings

Retained earnings as at 1st April 2016 has been adjusted consequent to the above ind AS transition adjustments.

13 Micro, Small and Medium Enterprises

Based on the information available with the company, there are no dues in respect of micro and small enterprises at the balance sheet date. Further no interest during the years has been paid or is payable in respect thereof. This disclosure has been determined to the extent such parties have been identified on the basis of the information available with the company.

14 Segment information

(a) Business segment

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating Decision Maker (coDM). The coDM regularly monitors and reviews the operating result of the whole Company as one segment of "Alloy and steel castings". Thus, as defined in Ind AS 108 “Operating Segments”, the company’s entire business falls under this one operational segment.

(b) Entity wide disclosures

As per ind AS 108 - Operating Segments, the company is required to disclose revenue from individual external customers when it is 10 per cent or more of entity''s revenue. Revenue of Rs,1,655.62 Lakhs and Rs,2,167.86 Lakhs is derived from external customers during the year ended 31 March 2018 and 31 March 2017 respectively.

15 Authorization of financial statements

The standalone financial statements for the year ended 31 March 2018 (including comparatives) were approved by the Board of Directors on 23 May 2018.

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Mar 31, 2017

a) 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. The equity shareholders are entitled to dividend proposed by the Board of Directors and approved by the shareholders in the Annual General Meeting.

In the event of liquidation of the Company, the holders of equity shares will 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.

1. Long-term Borrowing

(Secured)

Term loans from Axis Bank Ltd.

The above term loans are secured by first exclusive charge over entire movable and immovable fixed assets of the Company at Dharwad project including equitable mortgage of factory land and building.

Additionally the loans are also secured by collateral securities of:

1) First hypothecation charge on entire movable fixed assets of the Company other than vehicles.

2) First charge by way of equitable mortgage on factory land and building at Thane plant.

3) Second charge by way of entire current assets of the company.

The above term loans includes:

a) Foreign currency term loan amounting to Rs.701.17 Lakhs (previous year Rs.756.23 Lakhs) which is repayable in equal monthly installments of € 76,480.67 from August, 2015 to March, 2018.

b) Indian currency term loan amounting to Rs.292.19 Lakhs (previous year Rs.243.83 Lakhs) which is repayable in equal quarterly installments of Rs.26.56 Lakhs from March, 2016 to December, 2019.

c) The amount repayable within one year Rs.809.36 Lakhs (previous year Rs.806.87 Lakhs) in respect of the above loans is reflected as current maturities of long term debt under current liabilities.

2. Short-term Borrowings

(secured)

cash credit and overdraft from banks

The above includes:

a) cash credit from Axis Bank Ltd. amounting to Rs.814.53 Lakhs (previous year Rs.583.75 Lakhs) which is secured by first charge by way of hypothecation of current assets of the company on pari-passu basis with The Zoroastrian co-operative Bank Ltd.

The cash credit is also secured by collateral securities of:

1) First hypothecation charge on entire movable fixed assets of the company.

2) First charge by way of equitable mortgage on factory land and building at Thane and Dharwad.

b) cash credit from The Zoroastrian co-operative Bank Ltd. amounting to Rs.1,193.29 Lakhs (previous year Rs.1,194.41 Lakhs) which is secured by hypothecation of current assets of the company on pari-passu basis with Axis Bank under multiple banking arrangement.

The cash credit is also secured by collateral securities of: second charge on

1) Factory land and building at Thane

2) Other Fixed Assets including plant and Machinery.

c) Overdraft from The Zoroastrian co-operative Bank Ltd. amounting to Nil (previous year ''517.69 Lakhs) which is secured against term deposits.

a) The Company jointly owns 50% of a motor car with Uni Deritend Ltd. in which Company’s share is of gross value of Rs.29.08 Lakhs, accumulated depreciation Rs.24.86 Lakhs and wdv Rs.4.23 Lakhs as on 31^st March, 2017.

b) Leasehold land represents lease hold interest in land at Dharwad conveyed by Karnataka Industrial Area Development Board for a period of 10 years, to be transferred to the lessee (the Company) at the end of such period (or extension thereof) on fulfillment of all lease terms and conditions. Consequently, the leasehold land is not amortized.

3. Capital Commitments:

Estimated amount of contracts on capital account not provided for (net of advances) Rs.12.37 Lakhs (previous year Rs.22.18 Lakhs).

4. Contingent Liabilities not provided for:

i) product Warranties - Amount not ascertainable.

ii) Show cause notices received from Excise Authorities under dispute - Rs.282.30 Lakhs (previous year Rs.259.17 Lakhs).

iii) Sales Tax demands under dispute - Rs.2286.16 Lakhs (previous year Rs.2286.16 Lakhs).

iv) income Tax contingent Rs.0.63 Lakhs (previous year Rs.0.63 Lakhs)

v) Guarantees given on behalf of the company by Bank - Rs.177.15 Lakhs (previous year Rs.93.28 Lakhs).

vi) open Letter of credit Rs.807.97 Lakhs (previous year Rs.616.71 Lakhs).

5. information relating to opening and closing stocks of each class of goods produced and sales in respect of each class of finished goods:

Figures for the previous year are shown in brackets.

6. The net sales for the year 2016-17, as per statement of Profit and Loss, includes sale of scrap of Rs.71.26 Lakhs. (previous year - Rs.183.40 Lakhs).

7. The excise duty and sales tax recovered from customers is shown as a deduction from the gross turnover in the Statement of Profit and Loss. Increase / decrease in the excise duty provision between opening and closing stock of finished goods is shown under other expenses / other income in the Statement of Profit and Loss. The excise duty recovered during the year and deducted from gross turnover amounted to Rs.575.59 Lakhs (previous year Rs.539.35 Lakhs).

8. Related Party Disclosures:

I) List of related parties with whom transactions have taken place during the year or where balances are outstanding and their relationship:

a. Associates:

i. Uni Deritend Ltd.

ii. chemicals & Ferro Alloys pvt. Ltd.

iii. Neterson Technologies pvt. Ltd.

iv. Anosh Finance & investment pvt. Ltd.

v. Neterwala consulting & corporate services Ltd.

vi. Uni Klinger Ltd.

b. Key Managerial personnel: shri F.D. Neterwala - chairman Shri.K.K.Tamhaney - Chief Executive Officer Shri.J.D.Divekar - Chief Financial Officer shri.M.s. Ashar - company secretary

9. The dominant source and nature of risk and return associated with the products manufactured by the company not being significantly different, both product wise and geographically, the Company has a single business segment. Consequently segmental information as required under Accounting Standard No. 17 on ‘Segment Reporting’ has not been given.

10. The Company has not received the required information from suppliers regarding their status Micro, Small and Medium Enterprises Development Act, 2006.

11. The company has paid under Voluntary Retirement Scheme (VRS) an amount of ''Nil (previous year Rs.36.35 Lakhs) to the unionized category of employees.

The company has also paid Rs.Nil (previous year Rs.14.86 Lakhs) to other employees not covered under this scheme on account of their full and final settlement.

Both these payments have been shown as an exceptional item in the statement of profit and loss account.

12. Deferred tax assets / liabilities (net) shown in the balance sheet arises on account of reversible timing differences in respect of :

Deferred tax asset on unabsorbed depreciation as per income Tax provisions has been recognized as the Company is very confident of recouping the same against the future taxable profits as contemplated in Accounting Standard 22 - ‘Accounting for taxes on income’. Deferred tax asset on other carried forward business loss as per income Tax provisions has not been recognized as there is no virtual certainty of recouping the same against future taxable profits of the eligible future years.

13. Pursuant to notification issued by the Ministry of Corporate Affairs on 29^th December, 2011, foreign exchange fluctuation gain of Rs.80.22 Lakhs (previous year - loss of Rs.170.61 Lakhs) arising due to exchange fluctuation on long term foreign currency loan availed for acquisition of depreciable capital assets, has been capitalized.

14. Previous year figures have been regrouped / reclassified wherever necessary to confirm to the current year’s presentation.

---

Mar 31, 2016

1. Capital Commitments:

Estimated amount of contracts on capital account not provided for (net of advances) Rs.2 2.18 lacs (Previous year Rs. 8.55 lacs).

2. Contingent Liabilities not provided for:

3. Product Warranties - Amount not ascertainable.

4. Show cause notices received from Excise Authorities under dispute - Rs. 259.17 lacs (Previous year Rs. 363.66 lacs).

5. Sales Tax demands under dispute - Rs.2286.16 lacs (Previous year Rs. 2,287.55 lacs).

6. Income Tax Contingent Rs. 0.63 lacs ( Previous year nil)

7. Guarantees given on behalf of the Company by Bank - Rs. 93.28 lacs (Previous year Rs. 94.21 lacs).

8. Open Letter of Credit Rs. 616.71 lacs (Previous year Rs. 324.67 lacs).

9. The net sales for the year 2015-16, as per statement of Profit and Loss, includes sale of scrap of Rs.183.40 lacs. (Previous year - Rs. 520.46 lacs).

10. The excise duty and sales tax recovered from customers is shown as a deduction from the gross turnover in the Statement of Profit and Loss. Increase / decrease in the excise duty provision between opening and closing stock of finished goods is shown under other expenses / other income in the Statement of Profit and Loss. The excise duty recovered during the year and deducted from gross turnover amounted to Rs. 539.35 lacs (previous year Rs. 449.29 lacs).

11. Related Party Disclosures:

12. List of related parties with whom transactions have taken place during the year or where balances are outstanding and their relationship:

13.. Associates:

14. Uni Deritend Ltd.

15. Universal Ferro & Allied Chemicals Ltd.

16. Netel (India) Ltd.

17. Neterson Technologies Pvt. Ltd.

18. Anosh Finance & Investment Pvt. Ltd.

19. Neterwala Consulting & Corporate Services Ltd.

20. Uni Klinger Ltd.

21. Key Managerial Personnel:

Shri F. D. Neterwala - Chairman

Shri. K. K.Tamhaney - Chief Executive Officer Shri. J. D. Divekar - Chief Financial Officer Shri. M. S. Ashar - Company Secretary

22. The dominant source and nature of risk and return associated with the products manufactured by the Company not being significantly different, both product wise and geographically, the Company has a single business segment. Consequently segmental information as required under Accounting Standard No. 17 on ‘Segment Reporting’ has not been given.

23. The Company has not received the required information from suppliers regarding their status Micro, Small and Medium Enterprises Development Act, 2006.

24. During the year, the Company has paid Voluntary Retirement Scheme (VRS) to the Unionized category of the employees opted for the VRS and a total amount of Rs. 36.35 lacs (Previous year Rs. 594.46 lacs) has been paid to these employees.

The Company has also paid during the year Rs. 14.86 lacs (Previous year Rs. 59.34 lacs) to other employees not covered under this scheme on account of their full and final settlement.

Both these payments have been shown as an exceptional items in the financial statements.

25. Deferred tax assets / liabilities (net) shown in the balance sheet arises on account of reversible timing differences in respect of:

26. Pursuant to notification issued by the Ministry of Corporate Affairs on 29^th December, 2011, Foreign exchange fluctuation Loss of Rs. 170.61 lacs (Previous year Gain of Rs. 365.64 lacs) arising due to restatement of long term foreign currency loan at the exchange rate prevailing at the close of the year has been capitalized. The said loan was availed for acquisition of depreciable capital assets.

27. Remuneration to Executive Director included in employee benefits expenses in earlier year was in excess of limits prescribed under Section 197 read with Section 198 and Schedule V of the Companies Act, 2013 by Rs. 27.70 lacs for which necessary application was made to the Central Government for approval during the year. The application is still pending for approval.

28. Previous year figures have been regrouped / reclassified wherever necessary to confirm to the current year’s presentation.

---

Mar 31, 2015

1. Corporate information

The Company produces static, centrifugal castings and assemblies in heat and corrosion resistant alloys and is a leader in alloy steel castings for decanters and reformer tubes. Manufacturing quality alloy products is its prime focus. The Company has its registered office at Liberty Building , Sir Vithaldas Thakersey Marg, Mumbai and its plant at Thane and also set up Greenfield project at Dharwad which is operesional from November, 2013 .

a) 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. the euqity shareholders are entitled to dividend proposed by the Board of Directors and approved by the shareholders in the ensuing Annual General Meeting. in the event of liquidation of the company, the holders of equity shares will 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.

The above term loan is secured by first exclusive charge over entire movable and immovable fixed assets of the Company at Dharwad project including equitable mortgage of factory land and building (Created out of this term loan)

The loan is also secured by collateral securites of:

(1) First hypothication charge on entire movable fixed assets other than vehicles of the company.

(2) Extension of equitable mortgage on factory land and building at thane plant.

(3) second charge by way of entire current assets of the company. the term loan is repayable in equal 48 monthly installments of Rs. 62.50 lacs from April, 2014. the above loans included foreign currency term loan amounting to Rs. 1680.12 lacs (previous year Rs. 2047.83 lacs)

2. Capital Commitments:

Estimated amount of contracts on capital account not provided for (net of advances) Rs. 8.55 lacs (Previous year Rs. 36.79 lacs).

3. Contingent Liabilities not provided for:

i) Product Warranties - Amount not ascertainable.

ii) Show cause notices received from Excise Authorities under dispute - Rs. 363.66 lacs (Previous year Rs. 260.64 lacs).

iii) Sales Tax demands under dispute - Rs. 2287.55 lacs (Previous year Rs. 516.79 lacs).

iv) Guarantees given on behalf of the Company by Bank - Rs. 94.21 lacs (Previous year Rs. 78.35 lacs).

v) Open Letter of Credit Rs. 324.67 lacs (Previous year Rs. 273.34 lacs).

4. information relating to opening and closing stocks of each class of goods produced and sales in respect of each class of finished goods:

5. The net sales for the year 2014-15, as per Statement of Profit and Loss, includes sale of scrap of Rs. 520.46 lacs. (previous year - Rs. 525.19 lacs)

6. The excise duty and sales tax recovered from customers is shown as a deduction from the gross turnover in the Statement of Profit and Loss. Increase / decrease in the excise duty provision between opening and closing stock of finished goods is shown under other expenses / other income in the Statement of Profit and Loss. The excise duty recovered during the year and deducted from gross turnover amounted to Rs. 449.29 lacs (previous year Rs. 431.02 lacs).

7. Related Party Disclosures:

i) List of related parties with whom transactions have taken place during the year or where balances are outstanding and their relationship:

a. Associates:

i. uni Deritend ltd.

ii. universal Ferro & allied chemicals ltd.

iii. Netel (india) ltd.

iv. Neterson Technologies pvt. ltd.

v. anosh Finance & investment pvt. ltd.

vi. Neterwala consulting & corporate services ltd.

vii. uni Klinger ltd.

b. Key Managerial personnel:

shri F.D. Neterwala - chairman

shri M. K. Fondekar - Executive Director (up to 31/12/2014)

Shri K.K.Tamhaney - Chief Executive Officer (From 01/01/2015)

Shri J.D.Divekar - Chief Financial Officer

Shri M. s. ashar - company secretary

8. The dominant source and nature of risk and return associated with the products manufactured by the Company not being significantly different, both product wise and geographically, the Company has a single business segment. Consequently segmental information as required under Accounting Standard No. 17 on 'Segment Reporting' has not been given.

9. The Company has not received the required information from suppliers regarding their status Micro, Small and Medium Enterprises Development Act, 2006.

10. During the year, the Company has paid Voluntary Retirement Scheme (VRS) to the Unionised category of the employees. out of eighty seven employees covered under the scheme, eighty employees opted for the vrs and a total amount of Rs. 594.46 lacs has been paid to these employees.

The company has also paid compensation of Rs. 59.34 lacs to other employees not covered under this scheme on account of their full and final settlement.

Both these payments have been shown as an exceptional items in the financial statements of profit and loss.

11. Deferred tax assets / liabilities (net) shown in the balance sheet arises on account of reversible timing differences in respect of :

*Deferred tax asset on unabsorbed depreciation as per Income Tax provisions has been recognized during the year, as the Company is very confident of recouping the same against the future taxable profits as contemplated in Accounting standard 22-'Accounting for taxes on income'.

12. interest expense shown in note 25 - 'Finance Cost' is net off Rs. Nil (previous year Rs. 156.23 lacs) being interest costs capitalised in respect of Dharwad project.

13. Pursuant to notification issued by the Ministry of Corporate Affairs on 29th December, 2011, Foreign exchange fluctuation Profit of Rs. 365.64 lacs arising due to restatement of long term foreign currency loan at the exchange rate prevailing at the close of the year has been capitalised. The said loan was availed for acquisition of depreciable capital assets.

14. Pursuant to the implementation of Schedule ii to the Companies Act, 2013, the Company has revised the useful life of its fixed assets. As envisaged under the Schedule, the Company is now charging the depreciation on its existing tangible assets on written down value over the balance of the assets keeping residual value of five percent. The depreciation charge during the year pertaining to the assets whose revise useful life has expired prior to commencement of the financial year has been adjusted against retained earning as per the requirements of schedule ii.

An amount of Rs. 6.52 lacs has been adjusted against the opening surplus which is net of deferred tax of Rs. 2.92 lacs.

Due to the change in the useful life of the asset, the depreciation charged during the year (including adjusted against opening surplus) is higher by Rs. 135.23 lacs.

15. Remuneration to Executive Director included in employee benefit expenses is in excess of the limits prescribed under section 197 read with section 198 and schedule v of the companies act, 2013 by Rs. 27.70 Lacs the Excess remuneration is subject to the approval of central Government for which the company is in the process of making an application.

16. Previous year figures have been regrouped / reclassified wherever necessary to confirm to the current year's presentation.

---

Mar 31, 2014

1. Corporate Information

The company produces static, centrifugal castings and assemblies in heat and corrosion resistant alloys and is a leader in alloy steel castings for decanters and reformer tubes. Manufacturing quality alloy products is its prime focus. The company has its registered office at Liberty Building, sir vithaldas Thakersey Marg, Mumbai and its plant at Thane and also set up Greenfield project at Dharwad which is operesional from November, 2013 .

a)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. The euqity shareholders are entitled to dividend proposed by the Board of Directors and approved by the shareholders in the ensuing Annual General Meeting.

in the event of liquidation of the company, the holders of equity shares will 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.

2. Capital Commitments:

Estimated amount of contracts on capital account not provided for (net of advances) Rs. 36.79 lacs (Previous year Rs. 1128.47 lacs).

3. Contingent Liabilities not provided for:

i) Product Warranties - Amount not ascertainable.

ii) Show cause notices received from Excise Authorities under dispute - Rs. 260.64 lacs (Previous year Rs. 85.35 lacs).

iii) Sales Tax demands under dispute - Rs. 516.79lacs (Previous year Rs. 454.14 lacs).

iv) Guarantees given on behalf of the Company by Bank - Rs. 78.35 lacs (Previous year Rs. 72.75 lacs).

v) Open Letter of Credit Rs. 273.34 lacs (Previous year Rs. 102.48 lacs).

3. The net sales for the year 2013-14, as per statement of Profit and Loss, includes sale of scrap of Rs. 525.19 lacs. (previous year - Rs. 528.85 lacs)

4. The excise duty and sales tax recovered from customers is shown as a deduction from the gross turnover in the Statement of Profit and Loss. increase / decrease in the excise duty provision between opening and closing stock of finished goods is shown under other expenses / other income in the Statement of Profit and Loss. The excise duty recovered during the year and deducted from gross turnover amounted to Rs. 431.02 lacs (previous year Rs. 499.64 lacs).

5. The dominant source and nature of risk and return associated with the products manufactured by the Company not being significantly different, both product wise and geographically, the Company has a single business segment. consequently segmental information as required under Accounting standard No. 17 on ''segment Reporting'' has not been given.

6. in the absence of necessary information with the Company relating to the registration status of suppliers under Micro, Small and Medium Enterprises Development Act, 2006, the information required under the said Act could not be compiled and disclosed.

a. Leave entitlement benefits of employees has been treated as Long Term Employee Benefits as per provisions of Accounting Standard 15 (Revised) and the reduction in provision for the year Rs. 1.27 lacs is credited to the statement of profit and loss.(previous Year Rs. 15.10 lacs debited )

7. Subsequent to the Balance Sheet date, the Company offered Voluntary Retirement Scheme to the Unionised category of the employees. Eighty employees opted for the vrs and Rs. 594.47 lacs was paid towards vrs compensation.

8. interest expense shown in note 24 - ''Finance Cost'' is net of Rs. 156.23 lacs (previous year Rs. 121.13) being interest costs capitalised in respect of Dharwad project.

9. Pursuant to notification issued by the Ministry of Corporate Affairs on 29th December, 2011, Foreign exchange fluctuation loss of Rs. 45.77 lacs arising due to restatement of long term foreign currency loan at the exchange rate prevailing at the close of the year has been capitalised. The said loan was availed for acquisition of depreciable capital assets.

10. Remuneration to Executive Director included in employee benefit expenses is in excess of the limits prescribed under section 309 read together with section 198 and 349 of the companies Act, 1956 by Rs. 8.25 lacs. The excess remuneration is subject to the approval of central Government for which the company is in the process of making an application.

11. previous year figures have been regrouped / reclassified wherever necessary to confirm to the current year''s presentation.

---

Mar 31, 2013

1. Corporate Information

The Company produces static, centrifugal castings and assemblies in heat and corrosion resistant alloys and is a leader in alloy steel castings for decanters and reformer tubes. Manufacturing quality alloy products is its prime focus. The Company has its registered office at Liberty Building, Sir Vithaldas Thakersey Marg, Mumbai and its plant at Thane.

2. Capital Commitments:

Estimated amount of contracts on capital account not provided for (net of advances) Rs. 1128.47 lacs (Previous year Rs. 1436.98 lacs).

3. Contingent Liabilities not provided for:

i) Product Warranties - Amount not ascertainable.

ii) Show cause notices received from Excise Authorities under dispute Rs. 85.35 lacs (Previous year Rs. 48.99 lacs).

iii) Sales Tax demands under dispute Rs. 454.14 lacs (Previous year Rs. 334.62 lacs).

iv) Guarantees given on behalf of the Company by Bank Rs. 72.75 lacs (Previous year Rs. 13.54 lacs).

v) Open Letter of Credit Rs. 102.48 lacs (Previous year Rs. 65.83 lacs).

vi) Income Tax demands under dispute - Rs. Nil (Previous year Rs.16.13 lacs)

4. The net sales for the year 2012-13, as per statement of Profit and Loss, includes sale of scrap of Rs. 528.85 lacs. (previous year Rs. 368.50 lacs)

5. The excise duty and sales tax recovered from customers is shown as a deduction from the gross turnover in the Statement of Profit and Loss. Increase / decrease in the excise duty provision between opening and closing stock of finished goods is shown under other expenses / other income in the Statement of Profit and Loss. The excise duty recovered during the year and deducted from gross turnover amounted to Rs. 499.64 lacs (previous year Rs. 427.37 lacs).

6. Related Party Disclosures:

I) List of related parties with whom transactions have taken place during the year or where balances are outstanding and their relationship:

a) Associates:

i. Uni Deritend Ltd.

ii. Universal Ferro & Allied Chemicals Ltd.

iii. Netel (India) Ltd.

iv. Neterson Technologies Pvt. Ltd.

v. Anosh Finance & Investment Pvt. Ltd.

vi. Neterwala Consulting & Corporate Services Ltd.

vii. S D N Company

viii. Uni Klinger Ltd.

7. The dominant source and nature of risk and return associated with the products manufactured by the Company not being significantly different, both product wise and geographically, the Company has a single business segment. Consequently segmental information as required under Accounting Standard No. 17 on [Segment ReportingHhas not been given.

8. In the absence of necessary information with the Company relating to the registration status of suppliers under Micro, Small and Medium Enterprises Development Act, 2006, the information required under the said Act could not be compiled and disclosed.

9. Interest expense shown in note 23 - ''Finance Cost'' is net of Rs. 121.13 lacs (previous year Rs. Nil) being interest costs capitalised in respect of Dharwad project lying in capital work in progress.

10. Previous year figures have been regrouped / reclassified wherever necessary to confirm to the current year''s presentation.

---

Mar 31, 2012

1. Corporate Information

The Company produces static, centrifugal castings and assemblies in heat and corrosion resistant alloys and is a leader in alloy steel castings for decanters and reformer tubes. Manufacturing quality alloy products is its prime focus. The Company has its registered office at Liberty Building, Sir Vithaldas Thakersey Marg, Mumbai and its plant at Thane.

a) Terms I rights attached to equity shares

The company has only one class of equity shares having a par value of Rs10 per share. Each holder of equity shares is entitled to one vote per share. The equity shareholders are entitled to dividend proposed by the Board of Directors and approved by the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the company, the holders of equity shares will 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.

2. Capital Commitments:

Estimated amount of contracts on capital account not provided for (net of advances) Rs 1436.98 Lacs. (Previous year Rs 5.42 Lacs).

3. Contingent Liabilities not provided for:

i) Product Warranties - Amount not ascertainable.

ii) Show cause notices received from Excise Authorities under dispute - Rs 48.99 Lacs (Previous year Rs 39.60 Lacs).

iii) Sales tax demands under dispute - Rs 334.62 Lacs (Previous year Rs 282.23 Lacs).

iv) Guarantees given on behalf of the Company by Bank - Rs 13.54 Lacs (Previous year Rs 210.80 Lacs).

v) Open Letter of Credit Rs. 65.83 Lacs (Previous year Rs NIL).

vi) Income Tax demand under dispute - Rs 16.13 Lacs (Previous year Rs 16.13 Lacs)

Figures for the previous year are shown in brackets.

Note:

The net sales for the year 2011-12, as per statement of Profit and Loss, includes sale of scrap of Rs 368.50 Lacs. (Previous year 1 152.77 Lacs)

4. As per the Lease Agreement entered into with KIADB for acquisition of 30 acres of land at Dharwad in the financial year 2009-10, the initial amounts paid as allotment consideration is to be adjusted against the final price of land, which as per the terms of the agreement is to be transferred in the Company's name at the end of the initial lease period of 10 year subject to the fulfillment of certain conditions. Accordingly, Rs 44.25 lacs erroneously amortised in the previous years, treating the initial amounts paid as non refundable lease premium, was written back and shown under - Prior Period adjustment in the financial year 2010-11.

5. The excise duty and sales tax recovered from customers is shown as a deduction from the gross turnover in the Statement of Profit and Loss. Increase / decrease in the excise duty provision between opening and closing stock of finished goods is shown under other expenses / other income in the Statement of Profit and Loss. The excise duty recovered during the year and deducted from gross turnover amounted to Rs 427.37 lacs (previous year Rs 372.51 lacs).

6. Related Party Disclosures:

I) List of related parties with whom transactions have taken place during the year or balances are outstanding:

a) Associates:

i Uni Deritend Ltd.

ii Universal Ferro & Allied Chemicals Ltd.

iii Netel (India) Ltd.

iv Neterson Technologies Pvt. Ltd.

v Anosh Finance & Investment Pvt. Ltd.

vi Neterwala Consulting & Corporate Services Ltd.

vii S D N Company

b) Key Managerial Personnel: Shri F.D. Neterwala - Chairman

Shri M.K. Fondekar - Executive Director

7. The dominant source and nature of risk and return associated with the products manufactured by the Company not being significantly different, both product wise and geographically, the Company has a single business segment. Consequently segmental information as required under Accounting Standard No. 17 on 'Segment Reporting' has not been given.

8. In the absence of necessary information with the Company relating to the registration status of suppliers under Micro, Small and Medium Enterprises Development Act, 2006, the information required under the said Act could not be compiled and disclosed.

a. Leave entitlement benefits of employees has been treated as Long Term Employee Benefits as per provisions of Accounting Standard 15 (Revised) and the reduction in provision for the yearRs 16.30 lacs is credited to the statement of Profit and Loss. (Previous Year Rs 4.31 lacs debited )

9. Till the year ended 31st 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 31st 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 conform to this year's classification.

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Mar 31, 2011

1. CAPITAL COMMITMENT:

Estimated amount of contracts on capital account not provided for (net of advances) Rs. 5.42 lacs (previous year Rs. 85.75 lacs).

2. CONTINGENT LIABILITIES NOT PROVIDED FOR:

i) Product warranties - amount not ascertainable.

ii) Show cause notices received from excise authorities under dispute – Rs. 39.60 lacs (previous year Rs. 118.07 lacs).

iii) Sales tax demands under dispute – Rs. 282.23 lacs (previous year Rs. 104.12 lacs).

iv) Guarantees given on behalf of the company by Bank – Rs. 210.80 lacs (previous year Rs. 202.45 lacs).

v) Open letter of credit Rs.. Nil (previous year Rs. 31.20 lacs).

vi) Income tax demand under dispute - Rs. 14.44 lacs (previous year Nil)

3. Pursuant to a share purchase agreement dated 24th september 2010 entered into between Uni bex Alloy products ltd., (the company) along with Neterwala Group of companies, Manior petro india ltd. a joint venture company and Manior industries, 9,67,800 equity shares of Manior petro India ltd., were transferred/ sold to Manior industries.

Upon such sale of shares to Manoir industries, the transfer of commercial rights agreement, the Non compete agreement and Joint venture agreement entered into between the company and Manior petro india ltd., stood terminated and the rights and obligations of the respective parties have reverted to status ante i.e. as they were in prior to the execution of said agreements and the commercial rights were earlier transferred to Manoir petro india have regained and reverted back to uni Abex. consequently, 125,000 euros (equi. to Rs. 83.48 lacs) receivable from Manior industries ltd., [as contemplated under transfer of commercial rights agreement] has been considered as compensation paid towards reacquisition of commercial rights by the company and the same (Rs. 83.48 lacs) is treated under intangible asset to be amortised over a period of five years.

4. As per the lease agreement entered into with KiaDB for acquisition of 30 acres of land at Dharwad in earlier year, the initial amounts paid as allotment consideration is to be adjusted against the final price of land, which as per the terms of the agreement is to be transferred in the company’s name at the end of the initial lease period of 10 years subject to the fulfillment of certain conditions. accordingly ` 44.25 lacs erroneously amortised in the previous years, treating the initial amounts paid as non refundable lease premium, has been written back and shown under – prior period adjustment.

Notes:

(i) In terms of endorsement made on 26th september, 1979, the company is permitted to manufacture 50 tones of non-ferrous alloy casting and as per approval granted on 10th april, 1985, the company permitted to Manufacture the centrifugally cast alloy iron casting within the overall licensed capacity.

(ii) Installed capacity has been certified by the chief operating officer of the company and not verified by the auditors, this being a technical matter.

(iii) Production figures have been arrived at on the basis of the sales plus closing stock, less opening stock and accordingly excludes in case of high alloy steel castings, castings produced in excess of ordered quantity/sales reversals expected to be re-melted and classified in the books as work-in-process.

(iv) The Net sales for the year 2010-11, as per profit and loss account, includes sale of scrap of Rs. 152.77 lacs. (p.y – Rs. 469.85 lacs)

5. The excise duty recovered from customers amounting to Rs. 372.51 lacs (previous year Rs. 356.19 lacs) is shown as a deduction from the gross turnover in the profit and loss account. the excise duty on the difference between the opening and closing stock of finished goods has been shown under material cost in the profit and loss account.

6 Auditor's remuneration (exclusive of service tax) - included in Miscellaneous Expenses -

a) Statutory audit fees - Rs. 1.60 Lacs (Previous year ` 1.35 Lacs)

b) Other Services - ` 0.45 Lacs (Previous year ` 0.45 Lacs)

c) Out of pocket expenses - ` 0.17 Lacs (Previous year ` 0.11 Lacs)

7. Related Party Disclosures:

List of related parties with whom transactions have taken place during the year or balances are outstanding: i) associates:

a. Uni Deritend ltd.

b. universal Ferro & allied chemicals ltd.

c. Netel india ltd.

d. Neterson technologies pvt. ltd.

e. anosh Finance & investment ltd.

f. Neterwala consulting & corporate services ltd.

g. Manoir petro india ltd. h. s D N company

ii) Key Managerial personnel: shri F.D. Neterwala - chairman

shri M.K. Fondekar – executive Director

8. The dominant source and nature of risk and return associated with the products manufactured by the company not being significantly different, both product wise and geographically, the company has a single business segment. consequently segmental information as required under accounting standard No. 17 on ‘segment reporting’ has not been given.

9. In the absence of necessary information with the company, relating to registration status of supplier under Micro, small and Medium enterprises Development act, 2006, the information required under the said act could not be compiled and disclosed.

10. Disclosure Pursuant to Accounting Standard – 15 "Employee Benefits"

b. Leave entitlement benefits of employees has been treated as long term employee Benefits as per provisions of accounting standard 15 (revised) and the amount for the year of Rs.. 4.31 lacs (previous year Rs.. 24.24 lacs) is debited to profit and loss account.

11. The Balance sheet abstract and the company‘s general business profile as required by part iv of schedule vi to the companies act, are given in annexure.

12. Prior year figures have been regrouped / reclassified wherever necessary to conform to the current year’s presentation.

Signatures to Schedule "A" to "O", which forms an integral part of the accounts.

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Mar 31, 2010

1. CAPITAL COMMITMENT:

Estimated amount of contracts on capital account not provided for (net of advances) Rs.85.75 Lacs (Previous year Rs. 118.30 Lacs).

2. CONTINGENT LIABILITIES NOT PROVIDED FOR:

i) Product Warranties - Amount not ascertainable.

ii) Show cause notice received from Excise Authorities under dispute - Rs. 118.07 Lacs (Previous year Rs. 246.93 Lacs).

iii) Sales tax matters under dispute - Rs. 104.12 Lacs (Previous year Rs. 90.62 Lacs).

iv) Guarantees given on behalf of the Company by Bank- Rs. 202.45 Lacs (Previous year Rs. 441.17 Lacs).

v) Open Letter of Credit Rs.31.20 Lacs (Previous year Rs. Nil).

3. a) There to , the Company followed the policy of charging off cost incurred on development of moulds in the year in which such costs were incurred. During the year the companyhas changed this policy and is now capitalizing such moulds not specifically recoverable from customers under fixed assets. As a result of this change, cost of moulds charged to Profit & Loss Account is less by Rs.43.23 lacs, depreciation for the year is higher by Rs.5.12 lacs and profit before tax for the year is higher by Rs.38.11 lacs.

b) Hitherto, the Company followed the policy of capitaising the acquired software under computer equipment category and was charging depreciation on same at the rates prescribed under schedule14 of the Companies Act 1956 for such categories. During the year the Company has changed this policy and is now capitalizing computer software under intangible fixed assets and is amortising the same equally over the period of 60 months in compliance with Accounting Standard 26 - Accounting for Intangible Assets issued by Institute of Chartered Accountants of India. As a result of this change, the depreciation / amortization charged for the year is lower by Rs. 15.37 lacs with a corresponding effect on the Profit for the year and the Reserves and Surplus.

4. The excise duty recovered from customers amounting to Rs. 356.19 Lacs (Previous year Rs. 429.41 Lacs) is shown as a deduction from the gross turnover in the Profit & Loss Account. The excise duty on the difference between on opening and closing stock of finished goods has been shown under material cost in the Profit & Loss Account.

5. Auditors remuneration (exclusive of service tax) - included in Miscellaneous Expenses -

a) Statutory audit fees - Rs. 1.35 Lacs (Previous year Rs. 1.35 Lacs)

b) Other Services - Rs. 0.45 Lacs (Previous year Rs. 0.45 Lacs)

c) Out of pocket expenses - Rs. 0.11 Lacs (Previous year Rs.0.11 Lacs)

6. Related Party Disclosures:

List of related parties with whom transactions have taken place during the year: i) Associates:

a. Uni Deritend Ltd.

b. Universal Ferro & Allied Chemicals Ltd.

c. Dai-ichi Karkaria Ltd.

d. Uni Klinger Ltd.

e. Netel India Ltd.

f. Neterson Technologies Pvt. Ltd.

g. Anosh Finance & Investment Pvt. Ltd.

h. Neterwala Consulting & Corporate Services Ltd.

i. Manoir Petro India Ltd. j. S D N Company

ii) Key Managerial Personnel: Shri F. D. Neterwala - Chairman

Shri M. K. Fondekar- Executive Director w.e.f. 01.07.09 Shri U. M. Gaitonde - President Upto 13.6.09

7. Interest in Joint Venture

The Companys interest as a venturer in jointly controlled entity formed during the year is as given below:

Name of Jointly Controlled Entity Percentage of ownership

interest as at 31st March,10

Manoir Petro India Limited 20 %

(Incorporated in India)

The Companys interest in above joint venture company is reported as Long Term Investment (Schedule E) and is stated at cost.

8. The dominant source and nature of risk and return associated with the products manufactured by the Company not being significantly different, both product wise and geographically, the company has a single business segment. Consequently segmental information as required under Accounting Standard No. 17 on Segment Reporting has not been given.

9. In the absence of necessary information with the company, relating to registration status of supplier under Micro, Small and Medium Enterprises Development Act, 2006, the information required under the said Act could not be compiled and disclosed.

10. The Balance Sheet abstract and the Companys general business profile as required by Part IV of Schedule VI to the Companies Act, are given in annexure.

11. Prior year figures have been regrouped / reclassified wherever necessary to conform to the current years presentation.

Signatures to Schedule "A" to "O", which forms an integral part of the accounts.