Notes to Accounts of W H Brady & Company Ltd.

Mar 31, 2025

(xii) Provisions, contingent liabilities and assets:

a. Provisions are recognized 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 and the amount can be reliably
estimated.

Provisions are measured at the present value of management''s best estimate of the expenditure required to
settle the present obligation at the end of the reporting period when the effect of time value is material. The
discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of
the time value of money and the risks specific to the liability. The increase in the provision due to the passage
of time is recognized as interest expense.

Provisions are not discounted to present value and are determined based on best estimate of the expenditure
required to settle the obligation at the Balance Sheet date when the effect of time value is not material. These
are reviewed at each Balance Sheet date and adjusted to reflect the current best estimate.

b. Contingent Liabilities are disclosed in respect of possible obligations that arise from past events but their
existence will be confirmed by the occurrence or nonoccurrence of one or more uncertain future events not
wholly within the control of the Company or where any present obligation cannot be measured in terms of
future outflow of resources or where a reliable estimate of the obligation cannot be made.

A contingent asset is disclosed, where an inflow of economic benefits is probable. An entity shall not recognize
a contingent asset unless the recovery is virtually certain.

(xiii) Cash and Cash Equivalents:

The Cash flow statement is prepared under the "indirect method" and presents the cash flows by operating, investing
and financing activities of the Company.

Cash and cash equivalents presented in the cash flow statement consist of cash on hand and balance with banks in
current and deposit accounts with original maturity of less than 3 months.

For the purpose of the statement of cash flows, cash and cash equivalents consists of cash and short-term deposits,
net of bank overdrafts as they are considered an integral part of the Company''s cash management

(xiv) Foreign Currencies Transactions and Translation:

Transactions in foreign currencies are recorded at the exchange rate prevailing on the date of transaction. Monetary
assets and liabilities denominated in foreign currencies are translated at the functional currency closing rates of
exchange at the reporting date. Exchange differences arising on settlement or translation of monetary items are
recognized in Statement of Profit and Loss except to the extent of exchange differences which are regarded as
an adjustment to interest costs on foreign currency borrowings that are directly attributable to the acquisition or
construction of qualifying assets which are capitalized as cost of assets.

(xv) Employee benefits

(i) Short-term obligations:

Liabilities for wages and salaries, including nonmonetary benefits that are expected to be settled wholly within
12 months after the end of the period in which the employees render the related service are recognized
in respect of employees'' services up to the end of the reporting period and are measured at the amounts
expected to be paid when the liabilities are settled.

(ii) Other long-term employee benefit obligations:

The liabilities for earned leave and sick leave that are not expected to be settled wholly within 12 months
are measured as the present value of expected future payments to be made in respect of services provided
by employees up to the end of the reporting period using the projected unit credit method. The benefits are
discounted using the discount rates for Government Securities (G-Sec) at the end of the reporting period that
have terms approximating to the terms of the related obligation. Remeasurement as a result of experience
adjustments and changes in actuarial assumptions are recognized in the Statement of Profit and Loss.

(iii) Post-employment obligations:

The Company operates the following postemployment schemes:

(a) defined benefit plans such as gratuity; and

(b) defined contribution plans such as provident fund etc.

Gratuity obligations

The liability or asset recognized in the balance sheet in respect of defined benefit gratuity plans is the present
value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets.
The defined benefit obligation is calculated annually by actuaries using the projected unit credit method.
The present value of the defined benefit obligation is determined by discounting the estimated future cash
outflows by reference to market yields at the end of the reporting period on government bonds that have
terms approximating to the terms of the related obligation.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit
obligation and the fair value of plan assets. This cost is included in employee benefit expense in the Statement
of Profit and Loss. Remeasurement gains and losses arising from experience adjustments and changes in
actuarial assumptions are recognized in the period in which they occur, directly in other comprehensive
income. They are included in retained earnings in the statement of changes in equity and in the balance sheet.

Termination benefits

Termination benefits are payable when employment is terminated by the Company before the normal
retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. The
Company recognizes termination benefits at the earlier of the following dates: (a) when the Company can no
longer withdraw the offer of those benefits; and (b) when the Company recognizes costs for a restructuring
that is within the scope of Ind AS 37 and involves the payment of terminations benefits. In the case of an
offer made to encourage voluntary redundancy, the termination benefits are measured based on the number
of employees expected to accept the offer. Benefits falling due more than 12 months after the end of the
reporting period are discounted to present value.

(xvi) Earnings Per Share:

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

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

(xvii) New Amendments not yet adopted by the Company

i. Recent pronouncements issued but not effective:

"Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules from time to time.

For the year ended March 31, 2025, MCA has notified Ind AS-117 Insurance Contracts and amendments to
existing Ind AS 116-Leases, relating to sale and leaseback transactions, w.e.f. April 1, 2024.

The Company has determined, based on its evaluation, that it does not have any significant impact in its
financial statements"

ii. Code on Social Security, 2020:

The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions
by the company towards Provident Fund and Gratuity. The Ministry of Labour and Employment had released
draft rules for the Code on Social Security, 2020 on November 13, 2020, and invited suggestions from
stakeholders which are under consideration by the Ministry. The Company will assess the impact and its
evaluation once the subject rules are notified. The Company will give appropriate impact in its financial
statements in the period in which, the Code becomes effective and the related rules to determine the financial
impact are published.

4.2 As reported in earlier years In respect of plot of land taken on lease ( Capital Work In Progress) by the company from
Industrial Development Corporation Limited of Orissa (IDCO) the lease was terminated for alleged non-compliance of the
terms of the said lease, which is unlawful and the company has adopted appropriate legal proceedings in the matter and
against such cancellation as an add interim major it has been directed by Orissa high court that the letter dated 25.2.2013
issued for Cancellation of lease shall not be given effect to till the next date which direction is still inforce.

4.3 At each balance sheet date the company reviews the carrying amount of its fixed assets to determine whether there is
any indication that those assets have suffered impairment loss.If any such indication exists the company estimates the
recoverable amounts of such assets.If recoverable amount of the assets or cash generating unit to which the assets belong
is less than the carrying amount,the carrying amount is reduced to its recoverable amount.The reduction is treated as
impairment loss and debited to the profit and loss account.If at the balance sheet date there is a indication of a previously
assessed impairment loss no longer existing, then recoverable amount is reassessed and the asset is reflected at the
recoverable amount subject to maximum of depreciated historical cost.

17.1. Nature and Purpose of Reserves

(i) Capital Redemption Reserve

Capital Redemption Reserve is created in accordance with the provisions of Section 55 of the Companies Act, 2013, where
redemption of preference shares is made out of profits of the company. Whenever such redemption is made, an amount
equal to nominal value of shares redeemed is transfered to a reserve called "Capital Redemption Reserve.

(ii) Retained Earnings

Retained earnings are the profits that the Group has earned till date, less any transfer to General Reserve, dividends or other
distributions paid to the shareholders.

(iii) Remeasurement of Defined Benefit Plans

Differences between the interest income on plan assets and the return actually achieved, and any changes in the liabilities
over the year due to changes in actuarial assumptions or experience adjustments within the plans, are recognised in other
comprehensive income and are adjusted to retained earnings.

21.1 Nature of Security

Cash credit from a bank is secured, against hypothecation of Raw materials, Stores, Spare parts, Finished goods and Work-in¬
progress. The above Cash Credit alongwith the other facilities of inland / foreign letter of credit, Guarantees, bill discounting
and aggregating to Rs. 3,400.25 lakhs (Previous year Rs.3,400.25 lakhs) is availed at EBLR 1.35% rate for cash credit.

21.2 Borrowings Obtained on The Basis of Security of Current Assets

As per sanctioned letter issued by Banks, the Company is required to submit Inventory Statement and Book Debts statement
to Banks on monthly basis. The inventory and book debt statement submitted to banks are in agreement with books of
accounts.

21.3 Registration of charges or satisfaction with registration of companies

The company does not have any charges or satisfaction, which is yet to be registered with ROC beyond the statutory period.

21.4 Utilisation of Borrowed Funds and Share Premium

As at March 31, 2025 there is no securities premium and long-term borrowings from banks and financial institutions. The
short term borrowed funds have been utilised for the specific purpose for which the funds were raised.

21.5 Wilful Defaulter

The company is not declared as wilful defaulter by bank, financial institution or other lender.

21.6 Refer Note 43 and 44 - For Financial Instruments.

36 (a) Relationship and Transactions with struckoff companies

The company has not entered into any transaction with Struck off companies under section 248 of Companies Act,
2013 or section 560 of Companies Act, 1956. Further, there is no balance oustanding with struckoff companies.

36 (b) Audit Trail

Based on our examination which included test checks, the Company has used accounting software for maintaining its
books of account, which have a feature of recording audit trail (edit log) facility and the same has operated throughout
the year for all relevant transactions recorded in the respective software. Further, for the periods where audit trail
(edit log) facility was enabled and operated throughout the year for the respective accounting software, we did not
come across any instance of the audit trail feature being tampered with and the audit trail has been preserved by the
company as per the statutory requirements for records retention.

38 DISCLOSURES AS REQUIRED BY INDIAN ACCOUNTING STANDARD (IND AS) 19 EMPLOYEE BENEFITS

The Company has classified the various benefits provided to employees as under:-

(a) Defined contribution plans
-Provident fund

The Company has recognized the following amounts in the statement of profit and loss:

Employers'' contribution to provident fund :- Current Year Rs. 31.42 Lakhs (Previous Year Rs. 25.66 Lakhs)

(b) Defined benefit plans
- Gratuity

In accordance with Indian Accounting Standard 19, actuarial valuation was done in respect of the aforesaid defined benefit
plans based on the following assumptions-

Economic Assumptions

The discount rate and salary increases assumed are the key financial assumptions and should be considered together; it is
the difference or ''gap'' between these rates which is more important than the individual rates in isolation.

Discount Rate

The discounting rate is based on the gross redemption yield on medium to long term risk free investments. The estimated
term of the benefits/obligations works out to zero years. For the current valuation a discount rate of 7.05% p.a. (Previous
Year 7.21% p.a.) compound has been used.

Salary Escalation Rate

The salary escalation rate usually consists of at least three components, viz. regular increments, price inflation and
promotional increases. In addition to this any commitments by the management regarding future salary increases and the
Company''s philosophy towards employee remuneration are also to be taken into account. Again a long-term view as to
trend in salary increase rates has to be taken rather than be guided by the escalation rates experienced in the immediate
past, if they have been influenced by unusual factors.

(d) Related party relationship is as identified by the Company on the basis of information available with them and relied upon
by the Auditors.

43. FINANCIAL INSTRUMENTS - ACCOUNTING CLASSIFICATIONS AND FAIR VALUE MEASUREMENTS

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

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

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

2. 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 the evaluation, allowances are taken to account
for the expected losses of these receivables.

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

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

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

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

44. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Company''s Board of Directors has overall responsibility for the establishment and oversight of the Company''s risk
management framework. The Board of Directors has authorised the Audit Committee (the Committee), which is responsible
for developing and monitoring the Company''s risk management framework. The Committee reports to the Board of
Directors on its activities.

The Company''s risk management framework is established to identify and analyse the risks faced by the Company, to set
appropriate mitigation measures. Risk management policies and systems are reviewed regularly to reflect changes in market
conditions and the Company''s activities. The Company, through its training and management standards and procedures,
aims to maintain a disciplined and constructive control environment in which all employees understand their roles and
obligations.

The audit committee oversees how management monitors compliance with the company''s risk management policies and
procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company.

Sensitivity

The table below summarises the impact of increases/decreases of the equity security prices on the Company''s profit or loss
for the period.

Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market risk comprises two types of risk: interest rate risk and currency risk. Financial instruments affected by
market risk include loans and borrowings, deposits and derivative financial instruments.

The objective of market risk management is to avoid exposure in our foreign currency transactions and interest rate risk.
Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes
in market interest rates. The Company''s exposure to the risk of changes in market interest rates relates primarily to the
Company''s debt obligations with floating interest rates.

Foreign currency risk

The Company operates locally, however, the nature of its operations requires it to transact in several currencies and
consequently the Company is exposed to foreign exchange risk in various foreign currencies.

The Company evaluates exchange rate exposure arising from foreign currency transactions and the Company follows
established risk management policies.

I. Foreign Currency Sensitivity

A reasonably possible strengthening (weakening) of the Indian Rupee against US dollars at March 31 would have affected
the measurement of financial instruments denominated in US dollars and affected profit or loss by the amounts shown
below. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact
of forecast sales and purchases. In cases where the related foreign exchange fluctuation is capitalised to fixed assets or
recognized directly in reserves, the impact indicated below may affect the Company''s income statement over the remaining
life of the related fixed assets or the remaining tenure of the borrowing respectively.

Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to
meet its contractual obligations, and arises principally from the Company''s receivables from customers, counterparties to
the derivative contract, bank balances, investment securities and other receivables. Credit risk is managed through credit
approvals and continuous monitoring in the normal course of business. The Company establishes an allowance for doubtful
debts and impairment that represents its estimate of expected credit losses in respect of trade and other receivables.

Liquidity Risk

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

The Company monitors its risk of shortage of funds. The Company''s objective is to maintain a balance between continuity
of funding and flexibility through the use of bank overdrafts, bank loans and debentures. The Company assessed the
concentration of risk with respect to refinancing its debt and concluded it to be moderate. The Company has access to a
sufficient variety of sources of funding and debt maturing within 12 months can be rolled over with existing lenders helping
it maintain adequate liquidity.

Capital management

The company''s objective when managing capital is to ensure the going concern operation and to maintain an efficient
capital structure to reduce the cost of borrowings, support the corporate strategy and meet shareholder expectations. The
policy of the Company is to borrow through banks / financial institutions supported by committed borrowing facilities to
meet anticipated funding requirements.

The capital structure is governed by policies approved by the Board of Directors and funding requirements are reviewed
periodically.

The Capital structure is governed by policies approved by Board of Directors and funding requirements are reviewed
periodically.

The company monitors capital using gearing ratio, which is total debt divided by total capital plus debt.

47. Utilisation of borrowed funds and share premium

(i) The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources
or kind of funds) to any other person(s), entity(ies) including foreign entities (intermediaries) with the understanding that the
intermediary shall directly or indirectly lend or invest in other person or entities identified in any manner whatsoever by or
on behalf of the Company (ultimate beneficies) or provide any guarantee, security of the like to or on behalf of the ultimate
beneficiary.

(ii) The Company has not received any from any person(s), entity(ies) including foreign entities (funding party with the
understanding that the Company shall directly or indirectly lend or invest in other person or entities identified in any manner
whatsoever by or on behalf of the Funding party (ultimate beneficies) or provide any guarantee, security of the like to or on
behalf of the ultimate beneficiary.

48. Details of Crypto Currency or Virtual Currency

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

49. Undisclosed Income

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

50. Incident of Cyber fraud

During the year, the management had identified instances of cyber fraud amounting to Rs 440 Lakhs within the company.
The company duly lodged complaints at various forum and due intimation were made to all the necessary authorities.
The company is anticipating to recover Rs 37.03 Lakhs as per attachment of all the implicated bank accounts vide memo
of Hon''ble Court of Judicial Magistrate, First class 18th Court, Girgaon, Mumbai Dated March 12, 2025. The company
therefore has decided to write off balance amount of Rs 402.97 Lakhs. The amount written off has been disclosed as
Exceptional item.

51. Previous Year''s figures have been regrouped and reclassified, wherever necessary.

The accompanying notes 1 to 51 are an integral part of the Financial Statements

As per our report of even date attached For and on Behalf of the Board of Directors

For R K Doshi & Co LLP Pavan G. Morarka Vaibhav Morarka

Chartered Accountants Chairman Director

FRN: 102745W/W100242 DIN: 00174796 DIN: 01630306

Rajiv K. Doshi R.K Sharma Rajiv Bakshi

Partner Chief Financial Officer Director

Membership Number: 032542 DIN: 00264007

Khushmeeta Bafna
Company Secretary

Place : Mumbai Place : Mumbai

Date: May 24, 2025 Date: May 24, 2025

---

Mar 31, 2025

(xii) Provisions, contingent liabilities and assets:

a. Provisions are recognized 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 and the amount can be reliably
estimated.

Provisions are measured at the present value of management''s best estimate of the expenditure required to
settle the present obligation at the end of the reporting period when the effect of time value is material. The
discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of
the time value of money and the risks specific to the liability. The increase in the provision due to the passage
of time is recognized as interest expense.

Provisions are not discounted to present value and are determined based on best estimate of the expenditure
required to settle the obligation at the Balance Sheet date when the effect of time value is not material. These
are reviewed at each Balance Sheet date and adjusted to reflect the current best estimate.

b. Contingent Liabilities are disclosed in respect of possible obligations that arise from past events but their
existence will be confirmed by the occurrence or nonoccurrence of one or more uncertain future events not
wholly within the control of the Company or where any present obligation cannot be measured in terms of
future outflow of resources or where a reliable estimate of the obligation cannot be made.

A contingent asset is disclosed, where an inflow of economic benefits is probable. An entity shall not recognize
a contingent asset unless the recovery is virtually certain.

(xiii) Cash and Cash Equivalents:

The Cash flow statement is prepared under the "indirect method" and presents the cash flows by operating, investing
and financing activities of the Company.

Cash and cash equivalents presented in the cash flow statement consist of cash on hand and balance with banks in
current and deposit accounts with original maturity of less than 3 months.

For the purpose of the statement of cash flows, cash and cash equivalents consists of cash and short-term deposits,
net of bank overdrafts as they are considered an integral part of the Company''s cash management

(xiv) Foreign Currencies Transactions and Translation:

Transactions in foreign currencies are recorded at the exchange rate prevailing on the date of transaction. Monetary
assets and liabilities denominated in foreign currencies are translated at the functional currency closing rates of
exchange at the reporting date. Exchange differences arising on settlement or translation of monetary items are
recognized in Statement of Profit and Loss except to the extent of exchange differences which are regarded as
an adjustment to interest costs on foreign currency borrowings that are directly attributable to the acquisition or
construction of qualifying assets which are capitalized as cost of assets.

(xv) Employee benefits

(i) Short-term obligations:

Liabilities for wages and salaries, including nonmonetary benefits that are expected to be settled wholly within
12 months after the end of the period in which the employees render the related service are recognized
in respect of employees'' services up to the end of the reporting period and are measured at the amounts
expected to be paid when the liabilities are settled.

(ii) Other long-term employee benefit obligations:

The liabilities for earned leave and sick leave that are not expected to be settled wholly within 12 months
are measured as the present value of expected future payments to be made in respect of services provided
by employees up to the end of the reporting period using the projected unit credit method. The benefits are
discounted using the discount rates for Government Securities (G-Sec) at the end of the reporting period that
have terms approximating to the terms of the related obligation. Remeasurement as a result of experience
adjustments and changes in actuarial assumptions are recognized in the Statement of Profit and Loss.

(iii) Post-employment obligations:

The Company operates the following postemployment schemes:

(a) defined benefit plans such as gratuity; and

(b) defined contribution plans such as provident fund etc.

Gratuity obligations

The liability or asset recognized in the balance sheet in respect of defined benefit gratuity plans is the present
value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets.
The defined benefit obligation is calculated annually by actuaries using the projected unit credit method.
The present value of the defined benefit obligation is determined by discounting the estimated future cash
outflows by reference to market yields at the end of the reporting period on government bonds that have
terms approximating to the terms of the related obligation.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit
obligation and the fair value of plan assets. This cost is included in employee benefit expense in the Statement
of Profit and Loss. Remeasurement gains and losses arising from experience adjustments and changes in
actuarial assumptions are recognized in the period in which they occur, directly in other comprehensive
income. They are included in retained earnings in the statement of changes in equity and in the balance sheet.

Termination benefits

Termination benefits are payable when employment is terminated by the Company before the normal
retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. The
Company recognizes termination benefits at the earlier of the following dates: (a) when the Company can no
longer withdraw the offer of those benefits; and (b) when the Company recognizes costs for a restructuring
that is within the scope of Ind AS 37 and involves the payment of terminations benefits. In the case of an
offer made to encourage voluntary redundancy, the termination benefits are measured based on the number
of employees expected to accept the offer. Benefits falling due more than 12 months after the end of the
reporting period are discounted to present value.

(xvi) Earnings Per Share:

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

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

(xvii) New Amendments not yet adopted by the Company

i. Recent pronouncements issued but not effective:

"Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules from time to time.

For the year ended March 31, 2025, MCA has notified Ind AS-117 Insurance Contracts and amendments to
existing Ind AS 116-Leases, relating to sale and leaseback transactions, w.e.f. April 1, 2024.

The Company has determined, based on its evaluation, that it does not have any significant impact in its
financial statements"

ii. Code on Social Security, 2020:

The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions
by the company towards Provident Fund and Gratuity. The Ministry of Labour and Employment had released
draft rules for the Code on Social Security, 2020 on November 13, 2020, and invited suggestions from
stakeholders which are under consideration by the Ministry. The Company will assess the impact and its
evaluation once the subject rules are notified. The Company will give appropriate impact in its financial
statements in the period in which, the Code becomes effective and the related rules to determine the financial
impact are published.

4.2 As reported in earlier years In respect of plot of land taken on lease ( Capital Work In Progress) by the company from
Industrial Development Corporation Limited of Orissa (IDCO) the lease was terminated for alleged non-compliance of the
terms of the said lease, which is unlawful and the company has adopted appropriate legal proceedings in the matter and
against such cancellation as an add interim major it has been directed by Orissa high court that the letter dated 25.2.2013
issued for Cancellation of lease shall not be given effect to till the next date which direction is still inforce.

4.3 At each balance sheet date the company reviews the carrying amount of its fixed assets to determine whether there is
any indication that those assets have suffered impairment loss.If any such indication exists the company estimates the
recoverable amounts of such assets.If recoverable amount of the assets or cash generating unit to which the assets belong
is less than the carrying amount,the carrying amount is reduced to its recoverable amount.The reduction is treated as
impairment loss and debited to the profit and loss account.If at the balance sheet date there is a indication of a previously
assessed impairment loss no longer existing, then recoverable amount is reassessed and the asset is reflected at the
recoverable amount subject to maximum of depreciated historical cost.

17.1. Nature and Purpose of Reserves

(i) Capital Redemption Reserve

Capital Redemption Reserve is created in accordance with the provisions of Section 55 of the Companies Act, 2013, where
redemption of preference shares is made out of profits of the company. Whenever such redemption is made, an amount
equal to nominal value of shares redeemed is transfered to a reserve called "Capital Redemption Reserve.

(ii) Retained Earnings

Retained earnings are the profits that the Group has earned till date, less any transfer to General Reserve, dividends or other
distributions paid to the shareholders.

(iii) Remeasurement of Defined Benefit Plans

Differences between the interest income on plan assets and the return actually achieved, and any changes in the liabilities
over the year due to changes in actuarial assumptions or experience adjustments within the plans, are recognised in other
comprehensive income and are adjusted to retained earnings.

21.1 Nature of Security

Cash credit from a bank is secured, against hypothecation of Raw materials, Stores, Spare parts, Finished goods and Work-in¬
progress. The above Cash Credit alongwith the other facilities of inland / foreign letter of credit, Guarantees, bill discounting
and aggregating to Rs. 3,400.25 lakhs (Previous year Rs.3,400.25 lakhs) is availed at EBLR 1.35% rate for cash credit.

21.2 Borrowings Obtained on The Basis of Security of Current Assets

As per sanctioned letter issued by Banks, the Company is required to submit Inventory Statement and Book Debts statement
to Banks on monthly basis. The inventory and book debt statement submitted to banks are in agreement with books of
accounts.

21.3 Registration of charges or satisfaction with registration of companies

The company does not have any charges or satisfaction, which is yet to be registered with ROC beyond the statutory period.

21.4 Utilisation of Borrowed Funds and Share Premium

As at March 31, 2025 there is no securities premium and long-term borrowings from banks and financial institutions. The
short term borrowed funds have been utilised for the specific purpose for which the funds were raised.

21.5 Wilful Defaulter

The company is not declared as wilful defaulter by bank, financial institution or other lender.

21.6 Refer Note 43 and 44 - For Financial Instruments.

36 (a) Relationship and Transactions with struckoff companies

The company has not entered into any transaction with Struck off companies under section 248 of Companies Act,
2013 or section 560 of Companies Act, 1956. Further, there is no balance oustanding with struckoff companies.

36 (b) Audit Trail

Based on our examination which included test checks, the Company has used accounting software for maintaining its
books of account, which have a feature of recording audit trail (edit log) facility and the same has operated throughout
the year for all relevant transactions recorded in the respective software. Further, for the periods where audit trail
(edit log) facility was enabled and operated throughout the year for the respective accounting software, we did not
come across any instance of the audit trail feature being tampered with and the audit trail has been preserved by the
company as per the statutory requirements for records retention.

38 DISCLOSURES AS REQUIRED BY INDIAN ACCOUNTING STANDARD (IND AS) 19 EMPLOYEE BENEFITS

The Company has classified the various benefits provided to employees as under:-

(a) Defined contribution plans
-Provident fund

The Company has recognized the following amounts in the statement of profit and loss:

Employers'' contribution to provident fund :- Current Year Rs. 31.42 Lakhs (Previous Year Rs. 25.66 Lakhs)

(b) Defined benefit plans
- Gratuity

In accordance with Indian Accounting Standard 19, actuarial valuation was done in respect of the aforesaid defined benefit
plans based on the following assumptions-

Economic Assumptions

The discount rate and salary increases assumed are the key financial assumptions and should be considered together; it is
the difference or ''gap'' between these rates which is more important than the individual rates in isolation.

Discount Rate

The discounting rate is based on the gross redemption yield on medium to long term risk free investments. The estimated
term of the benefits/obligations works out to zero years. For the current valuation a discount rate of 7.05% p.a. (Previous
Year 7.21% p.a.) compound has been used.

Salary Escalation Rate

The salary escalation rate usually consists of at least three components, viz. regular increments, price inflation and
promotional increases. In addition to this any commitments by the management regarding future salary increases and the
Company''s philosophy towards employee remuneration are also to be taken into account. Again a long-term view as to
trend in salary increase rates has to be taken rather than be guided by the escalation rates experienced in the immediate
past, if they have been influenced by unusual factors.

(d) Related party relationship is as identified by the Company on the basis of information available with them and relied upon
by the Auditors.

43. FINANCIAL INSTRUMENTS - ACCOUNTING CLASSIFICATIONS AND FAIR VALUE MEASUREMENTS

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

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

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

2. 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 the evaluation, allowances are taken to account
for the expected losses of these receivables.

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

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

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

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

44. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Company''s Board of Directors has overall responsibility for the establishment and oversight of the Company''s risk
management framework. The Board of Directors has authorised the Audit Committee (the Committee), which is responsible
for developing and monitoring the Company''s risk management framework. The Committee reports to the Board of
Directors on its activities.

The Company''s risk management framework is established to identify and analyse the risks faced by the Company, to set
appropriate mitigation measures. Risk management policies and systems are reviewed regularly to reflect changes in market
conditions and the Company''s activities. The Company, through its training and management standards and procedures,
aims to maintain a disciplined and constructive control environment in which all employees understand their roles and
obligations.

The audit committee oversees how management monitors compliance with the company''s risk management policies and
procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company.

Sensitivity

The table below summarises the impact of increases/decreases of the equity security prices on the Company''s profit or loss
for the period.

Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market risk comprises two types of risk: interest rate risk and currency risk. Financial instruments affected by
market risk include loans and borrowings, deposits and derivative financial instruments.

The objective of market risk management is to avoid exposure in our foreign currency transactions and interest rate risk.
Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes
in market interest rates. The Company''s exposure to the risk of changes in market interest rates relates primarily to the
Company''s debt obligations with floating interest rates.

Foreign currency risk

The Company operates locally, however, the nature of its operations requires it to transact in several currencies and
consequently the Company is exposed to foreign exchange risk in various foreign currencies.

The Company evaluates exchange rate exposure arising from foreign currency transactions and the Company follows
established risk management policies.

I. Foreign Currency Sensitivity

A reasonably possible strengthening (weakening) of the Indian Rupee against US dollars at March 31 would have affected
the measurement of financial instruments denominated in US dollars and affected profit or loss by the amounts shown
below. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact
of forecast sales and purchases. In cases where the related foreign exchange fluctuation is capitalised to fixed assets or
recognized directly in reserves, the impact indicated below may affect the Company''s income statement over the remaining
life of the related fixed assets or the remaining tenure of the borrowing respectively.

Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to
meet its contractual obligations, and arises principally from the Company''s receivables from customers, counterparties to
the derivative contract, bank balances, investment securities and other receivables. Credit risk is managed through credit
approvals and continuous monitoring in the normal course of business. The Company establishes an allowance for doubtful
debts and impairment that represents its estimate of expected credit losses in respect of trade and other receivables.

Liquidity Risk

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

The Company monitors its risk of shortage of funds. The Company''s objective is to maintain a balance between continuity
of funding and flexibility through the use of bank overdrafts, bank loans and debentures. The Company assessed the
concentration of risk with respect to refinancing its debt and concluded it to be moderate. The Company has access to a
sufficient variety of sources of funding and debt maturing within 12 months can be rolled over with existing lenders helping
it maintain adequate liquidity.

Capital management

The company''s objective when managing capital is to ensure the going concern operation and to maintain an efficient
capital structure to reduce the cost of borrowings, support the corporate strategy and meet shareholder expectations. The
policy of the Company is to borrow through banks / financial institutions supported by committed borrowing facilities to
meet anticipated funding requirements.

The capital structure is governed by policies approved by the Board of Directors and funding requirements are reviewed
periodically.

The Capital structure is governed by policies approved by Board of Directors and funding requirements are reviewed
periodically.

The company monitors capital using gearing ratio, which is total debt divided by total capital plus debt.

47. Utilisation of borrowed funds and share premium

(i) The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources
or kind of funds) to any other person(s), entity(ies) including foreign entities (intermediaries) with the understanding that the
intermediary shall directly or indirectly lend or invest in other person or entities identified in any manner whatsoever by or
on behalf of the Company (ultimate beneficies) or provide any guarantee, security of the like to or on behalf of the ultimate
beneficiary.

(ii) The Company has not received any from any person(s), entity(ies) including foreign entities (funding party with the
understanding that the Company shall directly or indirectly lend or invest in other person or entities identified in any manner
whatsoever by or on behalf of the Funding party (ultimate beneficies) or provide any guarantee, security of the like to or on
behalf of the ultimate beneficiary.

48. Details of Crypto Currency or Virtual Currency

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

49. Undisclosed Income

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

50. Incident of Cyber fraud

During the year, the management had identified instances of cyber fraud amounting to Rs 440 Lakhs within the company.
The company duly lodged complaints at various forum and due intimation were made to all the necessary authorities.
The company is anticipating to recover Rs 37.03 Lakhs as per attachment of all the implicated bank accounts vide memo
of Hon''ble Court of Judicial Magistrate, First class 18th Court, Girgaon, Mumbai Dated March 12, 2025. The company
therefore has decided to write off balance amount of Rs 402.97 Lakhs. The amount written off has been disclosed as
Exceptional item.

51. Previous Year''s figures have been regrouped and reclassified, wherever necessary.

The accompanying notes 1 to 51 are an integral part of the Financial Statements

As per our report of even date attached For and on Behalf of the Board of Directors

For R K Doshi & Co LLP Pavan G. Morarka Vaibhav Morarka

Chartered Accountants Chairman Director

FRN: 102745W/W100242 DIN: 00174796 DIN: 01630306

Rajiv K. Doshi R.K Sharma Rajiv Bakshi

Partner Chief Financial Officer Director

Membership Number: 032542 DIN: 00264007

Khushmeeta Bafna
Company Secretary

Place : Mumbai Place : Mumbai

Date: May 24, 2025 Date: May 24, 2025

---

Mar 31, 2025

(xii) Provisions, contingent liabilities and assets:

a. Provisions are recognized 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 and the amount can be reliably
estimated.

Provisions are measured at the present value of management''s best estimate of the expenditure required to
settle the present obligation at the end of the reporting period when the effect of time value is material. The
discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of
the time value of money and the risks specific to the liability. The increase in the provision due to the passage
of time is recognized as interest expense.

Provisions are not discounted to present value and are determined based on best estimate of the expenditure
required to settle the obligation at the Balance Sheet date when the effect of time value is not material. These
are reviewed at each Balance Sheet date and adjusted to reflect the current best estimate.

b. Contingent Liabilities are disclosed in respect of possible obligations that arise from past events but their
existence will be confirmed by the occurrence or nonoccurrence of one or more uncertain future events not
wholly within the control of the Company or where any present obligation cannot be measured in terms of
future outflow of resources or where a reliable estimate of the obligation cannot be made.

A contingent asset is disclosed, where an inflow of economic benefits is probable. An entity shall not recognize
a contingent asset unless the recovery is virtually certain.

(xiii) Cash and Cash Equivalents:

The Cash flow statement is prepared under the "indirect method" and presents the cash flows by operating, investing
and financing activities of the Company.

Cash and cash equivalents presented in the cash flow statement consist of cash on hand and balance with banks in
current and deposit accounts with original maturity of less than 3 months.

For the purpose of the statement of cash flows, cash and cash equivalents consists of cash and short-term deposits,
net of bank overdrafts as they are considered an integral part of the Company''s cash management

(xiv) Foreign Currencies Transactions and Translation:

Transactions in foreign currencies are recorded at the exchange rate prevailing on the date of transaction. Monetary
assets and liabilities denominated in foreign currencies are translated at the functional currency closing rates of
exchange at the reporting date. Exchange differences arising on settlement or translation of monetary items are
recognized in Statement of Profit and Loss except to the extent of exchange differences which are regarded as
an adjustment to interest costs on foreign currency borrowings that are directly attributable to the acquisition or
construction of qualifying assets which are capitalized as cost of assets.

(xv) Employee benefits

(i) Short-term obligations:

Liabilities for wages and salaries, including nonmonetary benefits that are expected to be settled wholly within
12 months after the end of the period in which the employees render the related service are recognized
in respect of employees'' services up to the end of the reporting period and are measured at the amounts
expected to be paid when the liabilities are settled.

(ii) Other long-term employee benefit obligations:

The liabilities for earned leave and sick leave that are not expected to be settled wholly within 12 months
are measured as the present value of expected future payments to be made in respect of services provided
by employees up to the end of the reporting period using the projected unit credit method. The benefits are
discounted using the discount rates for Government Securities (G-Sec) at the end of the reporting period that
have terms approximating to the terms of the related obligation. Remeasurement as a result of experience
adjustments and changes in actuarial assumptions are recognized in the Statement of Profit and Loss.

(iii) Post-employment obligations:

The Company operates the following postemployment schemes:

(a) defined benefit plans such as gratuity; and

(b) defined contribution plans such as provident fund etc.

Gratuity obligations

The liability or asset recognized in the balance sheet in respect of defined benefit gratuity plans is the present
value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets.
The defined benefit obligation is calculated annually by actuaries using the projected unit credit method.
The present value of the defined benefit obligation is determined by discounting the estimated future cash
outflows by reference to market yields at the end of the reporting period on government bonds that have
terms approximating to the terms of the related obligation.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit
obligation and the fair value of plan assets. This cost is included in employee benefit expense in the Statement
of Profit and Loss. Remeasurement gains and losses arising from experience adjustments and changes in
actuarial assumptions are recognized in the period in which they occur, directly in other comprehensive
income. They are included in retained earnings in the statement of changes in equity and in the balance sheet.

Termination benefits

Termination benefits are payable when employment is terminated by the Company before the normal
retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. The
Company recognizes termination benefits at the earlier of the following dates: (a) when the Company can no
longer withdraw the offer of those benefits; and (b) when the Company recognizes costs for a restructuring
that is within the scope of Ind AS 37 and involves the payment of terminations benefits. In the case of an
offer made to encourage voluntary redundancy, the termination benefits are measured based on the number
of employees expected to accept the offer. Benefits falling due more than 12 months after the end of the
reporting period are discounted to present value.

(xvi) Earnings Per Share:

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

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

(xvii) New Amendments not yet adopted by the Company

i. Recent pronouncements issued but not effective:

"Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules from time to time.

For the year ended March 31, 2025, MCA has notified Ind AS-117 Insurance Contracts and amendments to
existing Ind AS 116-Leases, relating to sale and leaseback transactions, w.e.f. April 1, 2024.

The Company has determined, based on its evaluation, that it does not have any significant impact in its
financial statements"

ii. Code on Social Security, 2020:

The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions
by the company towards Provident Fund and Gratuity. The Ministry of Labour and Employment had released
draft rules for the Code on Social Security, 2020 on November 13, 2020, and invited suggestions from
stakeholders which are under consideration by the Ministry. The Company will assess the impact and its
evaluation once the subject rules are notified. The Company will give appropriate impact in its financial
statements in the period in which, the Code becomes effective and the related rules to determine the financial
impact are published.

4.2 As reported in earlier years In respect of plot of land taken on lease ( Capital Work In Progress) by the company from
Industrial Development Corporation Limited of Orissa (IDCO) the lease was terminated for alleged non-compliance of the
terms of the said lease, which is unlawful and the company has adopted appropriate legal proceedings in the matter and
against such cancellation as an add interim major it has been directed by Orissa high court that the letter dated 25.2.2013
issued for Cancellation of lease shall not be given effect to till the next date which direction is still inforce.

4.3 At each balance sheet date the company reviews the carrying amount of its fixed assets to determine whether there is
any indication that those assets have suffered impairment loss.If any such indication exists the company estimates the
recoverable amounts of such assets.If recoverable amount of the assets or cash generating unit to which the assets belong
is less than the carrying amount,the carrying amount is reduced to its recoverable amount.The reduction is treated as
impairment loss and debited to the profit and loss account.If at the balance sheet date there is a indication of a previously
assessed impairment loss no longer existing, then recoverable amount is reassessed and the asset is reflected at the
recoverable amount subject to maximum of depreciated historical cost.

17.1. Nature and Purpose of Reserves

(i) Capital Redemption Reserve

Capital Redemption Reserve is created in accordance with the provisions of Section 55 of the Companies Act, 2013, where
redemption of preference shares is made out of profits of the company. Whenever such redemption is made, an amount
equal to nominal value of shares redeemed is transfered to a reserve called "Capital Redemption Reserve.

(ii) Retained Earnings

Retained earnings are the profits that the Group has earned till date, less any transfer to General Reserve, dividends or other
distributions paid to the shareholders.

(iii) Remeasurement of Defined Benefit Plans

Differences between the interest income on plan assets and the return actually achieved, and any changes in the liabilities
over the year due to changes in actuarial assumptions or experience adjustments within the plans, are recognised in other
comprehensive income and are adjusted to retained earnings.

21.1 Nature of Security

Cash credit from a bank is secured, against hypothecation of Raw materials, Stores, Spare parts, Finished goods and Work-in¬
progress. The above Cash Credit alongwith the other facilities of inland / foreign letter of credit, Guarantees, bill discounting
and aggregating to Rs. 3,400.25 lakhs (Previous year Rs.3,400.25 lakhs) is availed at EBLR 1.35% rate for cash credit.

21.2 Borrowings Obtained on The Basis of Security of Current Assets

As per sanctioned letter issued by Banks, the Company is required to submit Inventory Statement and Book Debts statement
to Banks on monthly basis. The inventory and book debt statement submitted to banks are in agreement with books of
accounts.

21.3 Registration of charges or satisfaction with registration of companies

The company does not have any charges or satisfaction, which is yet to be registered with ROC beyond the statutory period.

21.4 Utilisation of Borrowed Funds and Share Premium

As at March 31, 2025 there is no securities premium and long-term borrowings from banks and financial institutions. The
short term borrowed funds have been utilised for the specific purpose for which the funds were raised.

21.5 Wilful Defaulter

The company is not declared as wilful defaulter by bank, financial institution or other lender.

21.6 Refer Note 43 and 44 - For Financial Instruments.

36 (a) Relationship and Transactions with struckoff companies

The company has not entered into any transaction with Struck off companies under section 248 of Companies Act,
2013 or section 560 of Companies Act, 1956. Further, there is no balance oustanding with struckoff companies.

36 (b) Audit Trail

Based on our examination which included test checks, the Company has used accounting software for maintaining its
books of account, which have a feature of recording audit trail (edit log) facility and the same has operated throughout
the year for all relevant transactions recorded in the respective software. Further, for the periods where audit trail
(edit log) facility was enabled and operated throughout the year for the respective accounting software, we did not
come across any instance of the audit trail feature being tampered with and the audit trail has been preserved by the
company as per the statutory requirements for records retention.

38 DISCLOSURES AS REQUIRED BY INDIAN ACCOUNTING STANDARD (IND AS) 19 EMPLOYEE BENEFITS

The Company has classified the various benefits provided to employees as under:-

(a) Defined contribution plans
-Provident fund

The Company has recognized the following amounts in the statement of profit and loss:

Employers'' contribution to provident fund :- Current Year Rs. 31.42 Lakhs (Previous Year Rs. 25.66 Lakhs)

(b) Defined benefit plans
- Gratuity

In accordance with Indian Accounting Standard 19, actuarial valuation was done in respect of the aforesaid defined benefit
plans based on the following assumptions-

Economic Assumptions

The discount rate and salary increases assumed are the key financial assumptions and should be considered together; it is
the difference or ''gap'' between these rates which is more important than the individual rates in isolation.

Discount Rate

The discounting rate is based on the gross redemption yield on medium to long term risk free investments. The estimated
term of the benefits/obligations works out to zero years. For the current valuation a discount rate of 7.05% p.a. (Previous
Year 7.21% p.a.) compound has been used.

Salary Escalation Rate

The salary escalation rate usually consists of at least three components, viz. regular increments, price inflation and
promotional increases. In addition to this any commitments by the management regarding future salary increases and the
Company''s philosophy towards employee remuneration are also to be taken into account. Again a long-term view as to
trend in salary increase rates has to be taken rather than be guided by the escalation rates experienced in the immediate
past, if they have been influenced by unusual factors.

(d) Related party relationship is as identified by the Company on the basis of information available with them and relied upon
by the Auditors.

43. FINANCIAL INSTRUMENTS - ACCOUNTING CLASSIFICATIONS AND FAIR VALUE MEASUREMENTS

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

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

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

2. 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 the evaluation, allowances are taken to account
for the expected losses of these receivables.

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

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

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

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

44. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Company''s Board of Directors has overall responsibility for the establishment and oversight of the Company''s risk
management framework. The Board of Directors has authorised the Audit Committee (the Committee), which is responsible
for developing and monitoring the Company''s risk management framework. The Committee reports to the Board of
Directors on its activities.

The Company''s risk management framework is established to identify and analyse the risks faced by the Company, to set
appropriate mitigation measures. Risk management policies and systems are reviewed regularly to reflect changes in market
conditions and the Company''s activities. The Company, through its training and management standards and procedures,
aims to maintain a disciplined and constructive control environment in which all employees understand their roles and
obligations.

The audit committee oversees how management monitors compliance with the company''s risk management policies and
procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company.

Sensitivity

The table below summarises the impact of increases/decreases of the equity security prices on the Company''s profit or loss
for the period.

Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market risk comprises two types of risk: interest rate risk and currency risk. Financial instruments affected by
market risk include loans and borrowings, deposits and derivative financial instruments.

The objective of market risk management is to avoid exposure in our foreign currency transactions and interest rate risk.
Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes
in market interest rates. The Company''s exposure to the risk of changes in market interest rates relates primarily to the
Company''s debt obligations with floating interest rates.

Foreign currency risk

The Company operates locally, however, the nature of its operations requires it to transact in several currencies and
consequently the Company is exposed to foreign exchange risk in various foreign currencies.

The Company evaluates exchange rate exposure arising from foreign currency transactions and the Company follows
established risk management policies.

I. Foreign Currency Sensitivity

A reasonably possible strengthening (weakening) of the Indian Rupee against US dollars at March 31 would have affected
the measurement of financial instruments denominated in US dollars and affected profit or loss by the amounts shown
below. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact
of forecast sales and purchases. In cases where the related foreign exchange fluctuation is capitalised to fixed assets or
recognized directly in reserves, the impact indicated below may affect the Company''s income statement over the remaining
life of the related fixed assets or the remaining tenure of the borrowing respectively.

Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to
meet its contractual obligations, and arises principally from the Company''s receivables from customers, counterparties to
the derivative contract, bank balances, investment securities and other receivables. Credit risk is managed through credit
approvals and continuous monitoring in the normal course of business. The Company establishes an allowance for doubtful
debts and impairment that represents its estimate of expected credit losses in respect of trade and other receivables.

Liquidity Risk

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

The Company monitors its risk of shortage of funds. The Company''s objective is to maintain a balance between continuity
of funding and flexibility through the use of bank overdrafts, bank loans and debentures. The Company assessed the
concentration of risk with respect to refinancing its debt and concluded it to be moderate. The Company has access to a
sufficient variety of sources of funding and debt maturing within 12 months can be rolled over with existing lenders helping
it maintain adequate liquidity.

Capital management

The company''s objective when managing capital is to ensure the going concern operation and to maintain an efficient
capital structure to reduce the cost of borrowings, support the corporate strategy and meet shareholder expectations. The
policy of the Company is to borrow through banks / financial institutions supported by committed borrowing facilities to
meet anticipated funding requirements.

The capital structure is governed by policies approved by the Board of Directors and funding requirements are reviewed
periodically.

The Capital structure is governed by policies approved by Board of Directors and funding requirements are reviewed
periodically.

The company monitors capital using gearing ratio, which is total debt divided by total capital plus debt.

47. Utilisation of borrowed funds and share premium

(i) The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources
or kind of funds) to any other person(s), entity(ies) including foreign entities (intermediaries) with the understanding that the
intermediary shall directly or indirectly lend or invest in other person or entities identified in any manner whatsoever by or
on behalf of the Company (ultimate beneficies) or provide any guarantee, security of the like to or on behalf of the ultimate
beneficiary.

(ii) The Company has not received any from any person(s), entity(ies) including foreign entities (funding party with the
understanding that the Company shall directly or indirectly lend or invest in other person or entities identified in any manner
whatsoever by or on behalf of the Funding party (ultimate beneficies) or provide any guarantee, security of the like to or on
behalf of the ultimate beneficiary.

48. Details of Crypto Currency or Virtual Currency

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

49. Undisclosed Income

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

50. Incident of Cyber fraud

During the year, the management had identified instances of cyber fraud amounting to Rs 440 Lakhs within the company.
The company duly lodged complaints at various forum and due intimation were made to all the necessary authorities.
The company is anticipating to recover Rs 37.03 Lakhs as per attachment of all the implicated bank accounts vide memo
of Hon''ble Court of Judicial Magistrate, First class 18th Court, Girgaon, Mumbai Dated March 12, 2025. The company
therefore has decided to write off balance amount of Rs 402.97 Lakhs. The amount written off has been disclosed as
Exceptional item.

51. Previous Year''s figures have been regrouped and reclassified, wherever necessary.

The accompanying notes 1 to 51 are an integral part of the Financial Statements

As per our report of even date attached For and on Behalf of the Board of Directors

For R K Doshi & Co LLP Pavan G. Morarka Vaibhav Morarka

Chartered Accountants Chairman Director

FRN: 102745W/W100242 DIN: 00174796 DIN: 01630306

Rajiv K. Doshi R.K Sharma Rajiv Bakshi

Partner Chief Financial Officer Director

Membership Number: 032542 DIN: 00264007

Khushmeeta Bafna
Company Secretary

Place : Mumbai Place : Mumbai

Date: May 24, 2025 Date: May 24, 2025

---

Mar 31, 2025

(xii) Provisions, contingent liabilities and assets:

a. Provisions are recognized 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 and the amount can be reliably
estimated.

Provisions are measured at the present value of management''s best estimate of the expenditure required to
settle the present obligation at the end of the reporting period when the effect of time value is material. The
discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of
the time value of money and the risks specific to the liability. The increase in the provision due to the passage
of time is recognized as interest expense.

Provisions are not discounted to present value and are determined based on best estimate of the expenditure
required to settle the obligation at the Balance Sheet date when the effect of time value is not material. These
are reviewed at each Balance Sheet date and adjusted to reflect the current best estimate.

b. Contingent Liabilities are disclosed in respect of possible obligations that arise from past events but their
existence will be confirmed by the occurrence or nonoccurrence of one or more uncertain future events not
wholly within the control of the Company or where any present obligation cannot be measured in terms of
future outflow of resources or where a reliable estimate of the obligation cannot be made.

A contingent asset is disclosed, where an inflow of economic benefits is probable. An entity shall not recognize
a contingent asset unless the recovery is virtually certain.

(xiii) Cash and Cash Equivalents:

The Cash flow statement is prepared under the "indirect method" and presents the cash flows by operating, investing
and financing activities of the Company.

Cash and cash equivalents presented in the cash flow statement consist of cash on hand and balance with banks in
current and deposit accounts with original maturity of less than 3 months.

For the purpose of the statement of cash flows, cash and cash equivalents consists of cash and short-term deposits,
net of bank overdrafts as they are considered an integral part of the Company''s cash management

(xiv) Foreign Currencies Transactions and Translation:

Transactions in foreign currencies are recorded at the exchange rate prevailing on the date of transaction. Monetary
assets and liabilities denominated in foreign currencies are translated at the functional currency closing rates of
exchange at the reporting date. Exchange differences arising on settlement or translation of monetary items are
recognized in Statement of Profit and Loss except to the extent of exchange differences which are regarded as
an adjustment to interest costs on foreign currency borrowings that are directly attributable to the acquisition or
construction of qualifying assets which are capitalized as cost of assets.

(xv) Employee benefits

(i) Short-term obligations:

Liabilities for wages and salaries, including nonmonetary benefits that are expected to be settled wholly within
12 months after the end of the period in which the employees render the related service are recognized
in respect of employees'' services up to the end of the reporting period and are measured at the amounts
expected to be paid when the liabilities are settled.

(ii) Other long-term employee benefit obligations:

The liabilities for earned leave and sick leave that are not expected to be settled wholly within 12 months
are measured as the present value of expected future payments to be made in respect of services provided
by employees up to the end of the reporting period using the projected unit credit method. The benefits are
discounted using the discount rates for Government Securities (G-Sec) at the end of the reporting period that
have terms approximating to the terms of the related obligation. Remeasurement as a result of experience
adjustments and changes in actuarial assumptions are recognized in the Statement of Profit and Loss.

(iii) Post-employment obligations:

The Company operates the following postemployment schemes:

(a) defined benefit plans such as gratuity; and

(b) defined contribution plans such as provident fund etc.

Gratuity obligations

The liability or asset recognized in the balance sheet in respect of defined benefit gratuity plans is the present
value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets.
The defined benefit obligation is calculated annually by actuaries using the projected unit credit method.
The present value of the defined benefit obligation is determined by discounting the estimated future cash
outflows by reference to market yields at the end of the reporting period on government bonds that have
terms approximating to the terms of the related obligation.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit
obligation and the fair value of plan assets. This cost is included in employee benefit expense in the Statement
of Profit and Loss. Remeasurement gains and losses arising from experience adjustments and changes in
actuarial assumptions are recognized in the period in which they occur, directly in other comprehensive
income. They are included in retained earnings in the statement of changes in equity and in the balance sheet.

Termination benefits

Termination benefits are payable when employment is terminated by the Company before the normal
retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. The
Company recognizes termination benefits at the earlier of the following dates: (a) when the Company can no
longer withdraw the offer of those benefits; and (b) when the Company recognizes costs for a restructuring
that is within the scope of Ind AS 37 and involves the payment of terminations benefits. In the case of an
offer made to encourage voluntary redundancy, the termination benefits are measured based on the number
of employees expected to accept the offer. Benefits falling due more than 12 months after the end of the
reporting period are discounted to present value.

(xvi) Earnings Per Share:

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

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

(xvii) New Amendments not yet adopted by the Company

i. Recent pronouncements issued but not effective:

"Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules from time to time.

For the year ended March 31, 2025, MCA has notified Ind AS-117 Insurance Contracts and amendments to
existing Ind AS 116-Leases, relating to sale and leaseback transactions, w.e.f. April 1, 2024.

The Company has determined, based on its evaluation, that it does not have any significant impact in its
financial statements"

ii. Code on Social Security, 2020:

The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions
by the company towards Provident Fund and Gratuity. The Ministry of Labour and Employment had released
draft rules for the Code on Social Security, 2020 on November 13, 2020, and invited suggestions from
stakeholders which are under consideration by the Ministry. The Company will assess the impact and its
evaluation once the subject rules are notified. The Company will give appropriate impact in its financial
statements in the period in which, the Code becomes effective and the related rules to determine the financial
impact are published.

4.2 As reported in earlier years In respect of plot of land taken on lease ( Capital Work In Progress) by the company from
Industrial Development Corporation Limited of Orissa (IDCO) the lease was terminated for alleged non-compliance of the
terms of the said lease, which is unlawful and the company has adopted appropriate legal proceedings in the matter and
against such cancellation as an add interim major it has been directed by Orissa high court that the letter dated 25.2.2013
issued for Cancellation of lease shall not be given effect to till the next date which direction is still inforce.

4.3 At each balance sheet date the company reviews the carrying amount of its fixed assets to determine whether there is
any indication that those assets have suffered impairment loss.If any such indication exists the company estimates the
recoverable amounts of such assets.If recoverable amount of the assets or cash generating unit to which the assets belong
is less than the carrying amount,the carrying amount is reduced to its recoverable amount.The reduction is treated as
impairment loss and debited to the profit and loss account.If at the balance sheet date there is a indication of a previously
assessed impairment loss no longer existing, then recoverable amount is reassessed and the asset is reflected at the
recoverable amount subject to maximum of depreciated historical cost.

17.1. Nature and Purpose of Reserves

(i) Capital Redemption Reserve

Capital Redemption Reserve is created in accordance with the provisions of Section 55 of the Companies Act, 2013, where
redemption of preference shares is made out of profits of the company. Whenever such redemption is made, an amount
equal to nominal value of shares redeemed is transfered to a reserve called "Capital Redemption Reserve.

(ii) Retained Earnings

Retained earnings are the profits that the Group has earned till date, less any transfer to General Reserve, dividends or other
distributions paid to the shareholders.

(iii) Remeasurement of Defined Benefit Plans

Differences between the interest income on plan assets and the return actually achieved, and any changes in the liabilities
over the year due to changes in actuarial assumptions or experience adjustments within the plans, are recognised in other
comprehensive income and are adjusted to retained earnings.

21.1 Nature of Security

Cash credit from a bank is secured, against hypothecation of Raw materials, Stores, Spare parts, Finished goods and Work-in¬
progress. The above Cash Credit alongwith the other facilities of inland / foreign letter of credit, Guarantees, bill discounting
and aggregating to Rs. 3,400.25 lakhs (Previous year Rs.3,400.25 lakhs) is availed at EBLR 1.35% rate for cash credit.

21.2 Borrowings Obtained on The Basis of Security of Current Assets

As per sanctioned letter issued by Banks, the Company is required to submit Inventory Statement and Book Debts statement
to Banks on monthly basis. The inventory and book debt statement submitted to banks are in agreement with books of
accounts.

21.3 Registration of charges or satisfaction with registration of companies

The company does not have any charges or satisfaction, which is yet to be registered with ROC beyond the statutory period.

21.4 Utilisation of Borrowed Funds and Share Premium

As at March 31, 2025 there is no securities premium and long-term borrowings from banks and financial institutions. The
short term borrowed funds have been utilised for the specific purpose for which the funds were raised.

21.5 Wilful Defaulter

The company is not declared as wilful defaulter by bank, financial institution or other lender.

21.6 Refer Note 43 and 44 - For Financial Instruments.

36 (a) Relationship and Transactions with struckoff companies

The company has not entered into any transaction with Struck off companies under section 248 of Companies Act,
2013 or section 560 of Companies Act, 1956. Further, there is no balance oustanding with struckoff companies.

36 (b) Audit Trail

Based on our examination which included test checks, the Company has used accounting software for maintaining its
books of account, which have a feature of recording audit trail (edit log) facility and the same has operated throughout
the year for all relevant transactions recorded in the respective software. Further, for the periods where audit trail
(edit log) facility was enabled and operated throughout the year for the respective accounting software, we did not
come across any instance of the audit trail feature being tampered with and the audit trail has been preserved by the
company as per the statutory requirements for records retention.

38 DISCLOSURES AS REQUIRED BY INDIAN ACCOUNTING STANDARD (IND AS) 19 EMPLOYEE BENEFITS

The Company has classified the various benefits provided to employees as under:-

(a) Defined contribution plans
-Provident fund

The Company has recognized the following amounts in the statement of profit and loss:

Employers'' contribution to provident fund :- Current Year Rs. 31.42 Lakhs (Previous Year Rs. 25.66 Lakhs)

(b) Defined benefit plans
- Gratuity

In accordance with Indian Accounting Standard 19, actuarial valuation was done in respect of the aforesaid defined benefit
plans based on the following assumptions-

Economic Assumptions

The discount rate and salary increases assumed are the key financial assumptions and should be considered together; it is
the difference or ''gap'' between these rates which is more important than the individual rates in isolation.

Discount Rate

The discounting rate is based on the gross redemption yield on medium to long term risk free investments. The estimated
term of the benefits/obligations works out to zero years. For the current valuation a discount rate of 7.05% p.a. (Previous
Year 7.21% p.a.) compound has been used.

Salary Escalation Rate

The salary escalation rate usually consists of at least three components, viz. regular increments, price inflation and
promotional increases. In addition to this any commitments by the management regarding future salary increases and the
Company''s philosophy towards employee remuneration are also to be taken into account. Again a long-term view as to
trend in salary increase rates has to be taken rather than be guided by the escalation rates experienced in the immediate
past, if they have been influenced by unusual factors.

(d) Related party relationship is as identified by the Company on the basis of information available with them and relied upon
by the Auditors.

43. FINANCIAL INSTRUMENTS - ACCOUNTING CLASSIFICATIONS AND FAIR VALUE MEASUREMENTS

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

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

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

2. 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 the evaluation, allowances are taken to account
for the expected losses of these receivables.

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

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

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

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

44. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Company''s Board of Directors has overall responsibility for the establishment and oversight of the Company''s risk
management framework. The Board of Directors has authorised the Audit Committee (the Committee), which is responsible
for developing and monitoring the Company''s risk management framework. The Committee reports to the Board of
Directors on its activities.

The Company''s risk management framework is established to identify and analyse the risks faced by the Company, to set
appropriate mitigation measures. Risk management policies and systems are reviewed regularly to reflect changes in market
conditions and the Company''s activities. The Company, through its training and management standards and procedures,
aims to maintain a disciplined and constructive control environment in which all employees understand their roles and
obligations.

The audit committee oversees how management monitors compliance with the company''s risk management policies and
procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company.

Sensitivity

The table below summarises the impact of increases/decreases of the equity security prices on the Company''s profit or loss
for the period.

Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market risk comprises two types of risk: interest rate risk and currency risk. Financial instruments affected by
market risk include loans and borrowings, deposits and derivative financial instruments.

The objective of market risk management is to avoid exposure in our foreign currency transactions and interest rate risk.
Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes
in market interest rates. The Company''s exposure to the risk of changes in market interest rates relates primarily to the
Company''s debt obligations with floating interest rates.

Foreign currency risk

The Company operates locally, however, the nature of its operations requires it to transact in several currencies and
consequently the Company is exposed to foreign exchange risk in various foreign currencies.

The Company evaluates exchange rate exposure arising from foreign currency transactions and the Company follows
established risk management policies.

I. Foreign Currency Sensitivity

A reasonably possible strengthening (weakening) of the Indian Rupee against US dollars at March 31 would have affected
the measurement of financial instruments denominated in US dollars and affected profit or loss by the amounts shown
below. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact
of forecast sales and purchases. In cases where the related foreign exchange fluctuation is capitalised to fixed assets or
recognized directly in reserves, the impact indicated below may affect the Company''s income statement over the remaining
life of the related fixed assets or the remaining tenure of the borrowing respectively.

Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to
meet its contractual obligations, and arises principally from the Company''s receivables from customers, counterparties to
the derivative contract, bank balances, investment securities and other receivables. Credit risk is managed through credit
approvals and continuous monitoring in the normal course of business. The Company establishes an allowance for doubtful
debts and impairment that represents its estimate of expected credit losses in respect of trade and other receivables.

Liquidity Risk

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

The Company monitors its risk of shortage of funds. The Company''s objective is to maintain a balance between continuity
of funding and flexibility through the use of bank overdrafts, bank loans and debentures. The Company assessed the
concentration of risk with respect to refinancing its debt and concluded it to be moderate. The Company has access to a
sufficient variety of sources of funding and debt maturing within 12 months can be rolled over with existing lenders helping
it maintain adequate liquidity.

Capital management

The company''s objective when managing capital is to ensure the going concern operation and to maintain an efficient
capital structure to reduce the cost of borrowings, support the corporate strategy and meet shareholder expectations. The
policy of the Company is to borrow through banks / financial institutions supported by committed borrowing facilities to
meet anticipated funding requirements.

The capital structure is governed by policies approved by the Board of Directors and funding requirements are reviewed
periodically.

The Capital structure is governed by policies approved by Board of Directors and funding requirements are reviewed
periodically.

The company monitors capital using gearing ratio, which is total debt divided by total capital plus debt.

47. Utilisation of borrowed funds and share premium

(i) The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources
or kind of funds) to any other person(s), entity(ies) including foreign entities (intermediaries) with the understanding that the
intermediary shall directly or indirectly lend or invest in other person or entities identified in any manner whatsoever by or
on behalf of the Company (ultimate beneficies) or provide any guarantee, security of the like to or on behalf of the ultimate
beneficiary.

(ii) The Company has not received any from any person(s), entity(ies) including foreign entities (funding party with the
understanding that the Company shall directly or indirectly lend or invest in other person or entities identified in any manner
whatsoever by or on behalf of the Funding party (ultimate beneficies) or provide any guarantee, security of the like to or on
behalf of the ultimate beneficiary.

48. Details of Crypto Currency or Virtual Currency

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

49. Undisclosed Income

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

50. Incident of Cyber fraud

During the year, the management had identified instances of cyber fraud amounting to Rs 440 Lakhs within the company.
The company duly lodged complaints at various forum and due intimation were made to all the necessary authorities.
The company is anticipating to recover Rs 37.03 Lakhs as per attachment of all the implicated bank accounts vide memo
of Hon''ble Court of Judicial Magistrate, First class 18th Court, Girgaon, Mumbai Dated March 12, 2025. The company
therefore has decided to write off balance amount of Rs 402.97 Lakhs. The amount written off has been disclosed as
Exceptional item.

51. Previous Year''s figures have been regrouped and reclassified, wherever necessary.

The accompanying notes 1 to 51 are an integral part of the Financial Statements

As per our report of even date attached For and on Behalf of the Board of Directors

For R K Doshi & Co LLP Pavan G. Morarka Vaibhav Morarka

Chartered Accountants Chairman Director

FRN: 102745W/W100242 DIN: 00174796 DIN: 01630306

Rajiv K. Doshi R.K Sharma Rajiv Bakshi

Partner Chief Financial Officer Director

Membership Number: 032542 DIN: 00264007

Khushmeeta Bafna
Company Secretary

Place : Mumbai Place : Mumbai

Date: May 24, 2025 Date: May 24, 2025

---

Mar 31, 2025

(xii) Provisions, contingent liabilities and assets:

a. Provisions are recognized 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 and the amount can be reliably
estimated.

Provisions are measured at the present value of management''s best estimate of the expenditure required to
settle the present obligation at the end of the reporting period when the effect of time value is material. The
discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of
the time value of money and the risks specific to the liability. The increase in the provision due to the passage
of time is recognized as interest expense.

Provisions are not discounted to present value and are determined based on best estimate of the expenditure
required to settle the obligation at the Balance Sheet date when the effect of time value is not material. These
are reviewed at each Balance Sheet date and adjusted to reflect the current best estimate.

b. Contingent Liabilities are disclosed in respect of possible obligations that arise from past events but their
existence will be confirmed by the occurrence or nonoccurrence of one or more uncertain future events not
wholly within the control of the Company or where any present obligation cannot be measured in terms of
future outflow of resources or where a reliable estimate of the obligation cannot be made.

A contingent asset is disclosed, where an inflow of economic benefits is probable. An entity shall not recognize
a contingent asset unless the recovery is virtually certain.

(xiii) Cash and Cash Equivalents:

The Cash flow statement is prepared under the "indirect method" and presents the cash flows by operating, investing
and financing activities of the Company.

Cash and cash equivalents presented in the cash flow statement consist of cash on hand and balance with banks in
current and deposit accounts with original maturity of less than 3 months.

For the purpose of the statement of cash flows, cash and cash equivalents consists of cash and short-term deposits,
net of bank overdrafts as they are considered an integral part of the Company''s cash management

(xiv) Foreign Currencies Transactions and Translation:

Transactions in foreign currencies are recorded at the exchange rate prevailing on the date of transaction. Monetary
assets and liabilities denominated in foreign currencies are translated at the functional currency closing rates of
exchange at the reporting date. Exchange differences arising on settlement or translation of monetary items are
recognized in Statement of Profit and Loss except to the extent of exchange differences which are regarded as
an adjustment to interest costs on foreign currency borrowings that are directly attributable to the acquisition or
construction of qualifying assets which are capitalized as cost of assets.

(xv) Employee benefits

(i) Short-term obligations:

Liabilities for wages and salaries, including nonmonetary benefits that are expected to be settled wholly within
12 months after the end of the period in which the employees render the related service are recognized
in respect of employees'' services up to the end of the reporting period and are measured at the amounts
expected to be paid when the liabilities are settled.

(ii) Other long-term employee benefit obligations:

The liabilities for earned leave and sick leave that are not expected to be settled wholly within 12 months
are measured as the present value of expected future payments to be made in respect of services provided
by employees up to the end of the reporting period using the projected unit credit method. The benefits are
discounted using the discount rates for Government Securities (G-Sec) at the end of the reporting period that
have terms approximating to the terms of the related obligation. Remeasurement as a result of experience
adjustments and changes in actuarial assumptions are recognized in the Statement of Profit and Loss.

(iii) Post-employment obligations:

The Company operates the following postemployment schemes:

(a) defined benefit plans such as gratuity; and

(b) defined contribution plans such as provident fund etc.

Gratuity obligations

The liability or asset recognized in the balance sheet in respect of defined benefit gratuity plans is the present
value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets.
The defined benefit obligation is calculated annually by actuaries using the projected unit credit method.
The present value of the defined benefit obligation is determined by discounting the estimated future cash
outflows by reference to market yields at the end of the reporting period on government bonds that have
terms approximating to the terms of the related obligation.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit
obligation and the fair value of plan assets. This cost is included in employee benefit expense in the Statement
of Profit and Loss. Remeasurement gains and losses arising from experience adjustments and changes in
actuarial assumptions are recognized in the period in which they occur, directly in other comprehensive
income. They are included in retained earnings in the statement of changes in equity and in the balance sheet.

Termination benefits

Termination benefits are payable when employment is terminated by the Company before the normal
retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. The
Company recognizes termination benefits at the earlier of the following dates: (a) when the Company can no
longer withdraw the offer of those benefits; and (b) when the Company recognizes costs for a restructuring
that is within the scope of Ind AS 37 and involves the payment of terminations benefits. In the case of an
offer made to encourage voluntary redundancy, the termination benefits are measured based on the number
of employees expected to accept the offer. Benefits falling due more than 12 months after the end of the
reporting period are discounted to present value.

(xvi) Earnings Per Share:

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

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

(xvii) New Amendments not yet adopted by the Company

i. Recent pronouncements issued but not effective:

"Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules from time to time.

For the year ended March 31, 2025, MCA has notified Ind AS-117 Insurance Contracts and amendments to
existing Ind AS 116-Leases, relating to sale and leaseback transactions, w.e.f. April 1, 2024.

The Company has determined, based on its evaluation, that it does not have any significant impact in its
financial statements"

ii. Code on Social Security, 2020:

The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions
by the company towards Provident Fund and Gratuity. The Ministry of Labour and Employment had released
draft rules for the Code on Social Security, 2020 on November 13, 2020, and invited suggestions from
stakeholders which are under consideration by the Ministry. The Company will assess the impact and its
evaluation once the subject rules are notified. The Company will give appropriate impact in its financial
statements in the period in which, the Code becomes effective and the related rules to determine the financial
impact are published.

4.2 As reported in earlier years In respect of plot of land taken on lease ( Capital Work In Progress) by the company from
Industrial Development Corporation Limited of Orissa (IDCO) the lease was terminated for alleged non-compliance of the
terms of the said lease, which is unlawful and the company has adopted appropriate legal proceedings in the matter and
against such cancellation as an add interim major it has been directed by Orissa high court that the letter dated 25.2.2013
issued for Cancellation of lease shall not be given effect to till the next date which direction is still inforce.

4.3 At each balance sheet date the company reviews the carrying amount of its fixed assets to determine whether there is
any indication that those assets have suffered impairment loss.If any such indication exists the company estimates the
recoverable amounts of such assets.If recoverable amount of the assets or cash generating unit to which the assets belong
is less than the carrying amount,the carrying amount is reduced to its recoverable amount.The reduction is treated as
impairment loss and debited to the profit and loss account.If at the balance sheet date there is a indication of a previously
assessed impairment loss no longer existing, then recoverable amount is reassessed and the asset is reflected at the
recoverable amount subject to maximum of depreciated historical cost.

17.1. Nature and Purpose of Reserves

(i) Capital Redemption Reserve

Capital Redemption Reserve is created in accordance with the provisions of Section 55 of the Companies Act, 2013, where
redemption of preference shares is made out of profits of the company. Whenever such redemption is made, an amount
equal to nominal value of shares redeemed is transfered to a reserve called "Capital Redemption Reserve.

(ii) Retained Earnings

Retained earnings are the profits that the Group has earned till date, less any transfer to General Reserve, dividends or other
distributions paid to the shareholders.

(iii) Remeasurement of Defined Benefit Plans

Differences between the interest income on plan assets and the return actually achieved, and any changes in the liabilities
over the year due to changes in actuarial assumptions or experience adjustments within the plans, are recognised in other
comprehensive income and are adjusted to retained earnings.

21.1 Nature of Security

Cash credit from a bank is secured, against hypothecation of Raw materials, Stores, Spare parts, Finished goods and Work-in¬
progress. The above Cash Credit alongwith the other facilities of inland / foreign letter of credit, Guarantees, bill discounting
and aggregating to Rs. 3,400.25 lakhs (Previous year Rs.3,400.25 lakhs) is availed at EBLR 1.35% rate for cash credit.

21.2 Borrowings Obtained on The Basis of Security of Current Assets

As per sanctioned letter issued by Banks, the Company is required to submit Inventory Statement and Book Debts statement
to Banks on monthly basis. The inventory and book debt statement submitted to banks are in agreement with books of
accounts.

21.3 Registration of charges or satisfaction with registration of companies

The company does not have any charges or satisfaction, which is yet to be registered with ROC beyond the statutory period.

21.4 Utilisation of Borrowed Funds and Share Premium

As at March 31, 2025 there is no securities premium and long-term borrowings from banks and financial institutions. The
short term borrowed funds have been utilised for the specific purpose for which the funds were raised.

21.5 Wilful Defaulter

The company is not declared as wilful defaulter by bank, financial institution or other lender.

21.6 Refer Note 43 and 44 - For Financial Instruments.

36 (a) Relationship and Transactions with struckoff companies

The company has not entered into any transaction with Struck off companies under section 248 of Companies Act,
2013 or section 560 of Companies Act, 1956. Further, there is no balance oustanding with struckoff companies.

36 (b) Audit Trail

Based on our examination which included test checks, the Company has used accounting software for maintaining its
books of account, which have a feature of recording audit trail (edit log) facility and the same has operated throughout
the year for all relevant transactions recorded in the respective software. Further, for the periods where audit trail
(edit log) facility was enabled and operated throughout the year for the respective accounting software, we did not
come across any instance of the audit trail feature being tampered with and the audit trail has been preserved by the
company as per the statutory requirements for records retention.

38 DISCLOSURES AS REQUIRED BY INDIAN ACCOUNTING STANDARD (IND AS) 19 EMPLOYEE BENEFITS

The Company has classified the various benefits provided to employees as under:-

(a) Defined contribution plans
-Provident fund

The Company has recognized the following amounts in the statement of profit and loss:

Employers'' contribution to provident fund :- Current Year Rs. 31.42 Lakhs (Previous Year Rs. 25.66 Lakhs)

(b) Defined benefit plans
- Gratuity

In accordance with Indian Accounting Standard 19, actuarial valuation was done in respect of the aforesaid defined benefit
plans based on the following assumptions-

Economic Assumptions

The discount rate and salary increases assumed are the key financial assumptions and should be considered together; it is
the difference or ''gap'' between these rates which is more important than the individual rates in isolation.

Discount Rate

The discounting rate is based on the gross redemption yield on medium to long term risk free investments. The estimated
term of the benefits/obligations works out to zero years. For the current valuation a discount rate of 7.05% p.a. (Previous
Year 7.21% p.a.) compound has been used.

Salary Escalation Rate

The salary escalation rate usually consists of at least three components, viz. regular increments, price inflation and
promotional increases. In addition to this any commitments by the management regarding future salary increases and the
Company''s philosophy towards employee remuneration are also to be taken into account. Again a long-term view as to
trend in salary increase rates has to be taken rather than be guided by the escalation rates experienced in the immediate
past, if they have been influenced by unusual factors.

(d) Related party relationship is as identified by the Company on the basis of information available with them and relied upon
by the Auditors.

43. FINANCIAL INSTRUMENTS - ACCOUNTING CLASSIFICATIONS AND FAIR VALUE MEASUREMENTS

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

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

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

2. 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 the evaluation, allowances are taken to account
for the expected losses of these receivables.

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

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

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

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

44. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Company''s Board of Directors has overall responsibility for the establishment and oversight of the Company''s risk
management framework. The Board of Directors has authorised the Audit Committee (the Committee), which is responsible
for developing and monitoring the Company''s risk management framework. The Committee reports to the Board of
Directors on its activities.

The Company''s risk management framework is established to identify and analyse the risks faced by the Company, to set
appropriate mitigation measures. Risk management policies and systems are reviewed regularly to reflect changes in market
conditions and the Company''s activities. The Company, through its training and management standards and procedures,
aims to maintain a disciplined and constructive control environment in which all employees understand their roles and
obligations.

The audit committee oversees how management monitors compliance with the company''s risk management policies and
procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company.

Sensitivity

The table below summarises the impact of increases/decreases of the equity security prices on the Company''s profit or loss
for the period.

Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market risk comprises two types of risk: interest rate risk and currency risk. Financial instruments affected by
market risk include loans and borrowings, deposits and derivative financial instruments.

The objective of market risk management is to avoid exposure in our foreign currency transactions and interest rate risk.
Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes
in market interest rates. The Company''s exposure to the risk of changes in market interest rates relates primarily to the
Company''s debt obligations with floating interest rates.

Foreign currency risk

The Company operates locally, however, the nature of its operations requires it to transact in several currencies and
consequently the Company is exposed to foreign exchange risk in various foreign currencies.

The Company evaluates exchange rate exposure arising from foreign currency transactions and the Company follows
established risk management policies.

I. Foreign Currency Sensitivity

A reasonably possible strengthening (weakening) of the Indian Rupee against US dollars at March 31 would have affected
the measurement of financial instruments denominated in US dollars and affected profit or loss by the amounts shown
below. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact
of forecast sales and purchases. In cases where the related foreign exchange fluctuation is capitalised to fixed assets or
recognized directly in reserves, the impact indicated below may affect the Company''s income statement over the remaining
life of the related fixed assets or the remaining tenure of the borrowing respectively.

Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to
meet its contractual obligations, and arises principally from the Company''s receivables from customers, counterparties to
the derivative contract, bank balances, investment securities and other receivables. Credit risk is managed through credit
approvals and continuous monitoring in the normal course of business. The Company establishes an allowance for doubtful
debts and impairment that represents its estimate of expected credit losses in respect of trade and other receivables.

Liquidity Risk

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

The Company monitors its risk of shortage of funds. The Company''s objective is to maintain a balance between continuity
of funding and flexibility through the use of bank overdrafts, bank loans and debentures. The Company assessed the
concentration of risk with respect to refinancing its debt and concluded it to be moderate. The Company has access to a
sufficient variety of sources of funding and debt maturing within 12 months can be rolled over with existing lenders helping
it maintain adequate liquidity.

Capital management

The company''s objective when managing capital is to ensure the going concern operation and to maintain an efficient
capital structure to reduce the cost of borrowings, support the corporate strategy and meet shareholder expectations. The
policy of the Company is to borrow through banks / financial institutions supported by committed borrowing facilities to
meet anticipated funding requirements.

The capital structure is governed by policies approved by the Board of Directors and funding requirements are reviewed
periodically.

The Capital structure is governed by policies approved by Board of Directors and funding requirements are reviewed
periodically.

The company monitors capital using gearing ratio, which is total debt divided by total capital plus debt.

47. Utilisation of borrowed funds and share premium

(i) The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources
or kind of funds) to any other person(s), entity(ies) including foreign entities (intermediaries) with the understanding that the
intermediary shall directly or indirectly lend or invest in other person or entities identified in any manner whatsoever by or
on behalf of the Company (ultimate beneficies) or provide any guarantee, security of the like to or on behalf of the ultimate
beneficiary.

(ii) The Company has not received any from any person(s), entity(ies) including foreign entities (funding party with the
understanding that the Company shall directly or indirectly lend or invest in other person or entities identified in any manner
whatsoever by or on behalf of the Funding party (ultimate beneficies) or provide any guarantee, security of the like to or on
behalf of the ultimate beneficiary.

48. Details of Crypto Currency or Virtual Currency

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

49. Undisclosed Income

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

50. Incident of Cyber fraud

During the year, the management had identified instances of cyber fraud amounting to Rs 440 Lakhs within the company.
The company duly lodged complaints at various forum and due intimation were made to all the necessary authorities.
The company is anticipating to recover Rs 37.03 Lakhs as per attachment of all the implicated bank accounts vide memo
of Hon''ble Court of Judicial Magistrate, First class 18th Court, Girgaon, Mumbai Dated March 12, 2025. The company
therefore has decided to write off balance amount of Rs 402.97 Lakhs. The amount written off has been disclosed as
Exceptional item.

51. Previous Year''s figures have been regrouped and reclassified, wherever necessary.

The accompanying notes 1 to 51 are an integral part of the Financial Statements

As per our report of even date attached For and on Behalf of the Board of Directors

For R K Doshi & Co LLP Pavan G. Morarka Vaibhav Morarka

Chartered Accountants Chairman Director

FRN: 102745W/W100242 DIN: 00174796 DIN: 01630306

Rajiv K. Doshi R.K Sharma Rajiv Bakshi

Partner Chief Financial Officer Director

Membership Number: 032542 DIN: 00264007

Khushmeeta Bafna
Company Secretary

Place : Mumbai Place : Mumbai

Date: May 24, 2025 Date: May 24, 2025

---

Mar 31, 2025

(xii) Provisions, contingent liabilities and assets:

a. Provisions are recognized 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 and the amount can be reliably
estimated.

Provisions are measured at the present value of management''s best estimate of the expenditure required to
settle the present obligation at the end of the reporting period when the effect of time value is material. The
discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of
the time value of money and the risks specific to the liability. The increase in the provision due to the passage
of time is recognized as interest expense.

Provisions are not discounted to present value and are determined based on best estimate of the expenditure
required to settle the obligation at the Balance Sheet date when the effect of time value is not material. These
are reviewed at each Balance Sheet date and adjusted to reflect the current best estimate.

b. Contingent Liabilities are disclosed in respect of possible obligations that arise from past events but their
existence will be confirmed by the occurrence or nonoccurrence of one or more uncertain future events not
wholly within the control of the Company or where any present obligation cannot be measured in terms of
future outflow of resources or where a reliable estimate of the obligation cannot be made.

A contingent asset is disclosed, where an inflow of economic benefits is probable. An entity shall not recognize
a contingent asset unless the recovery is virtually certain.

(xiii) Cash and Cash Equivalents:

The Cash flow statement is prepared under the "indirect method" and presents the cash flows by operating, investing
and financing activities of the Company.

Cash and cash equivalents presented in the cash flow statement consist of cash on hand and balance with banks in
current and deposit accounts with original maturity of less than 3 months.

For the purpose of the statement of cash flows, cash and cash equivalents consists of cash and short-term deposits,
net of bank overdrafts as they are considered an integral part of the Company''s cash management

(xiv) Foreign Currencies Transactions and Translation:

Transactions in foreign currencies are recorded at the exchange rate prevailing on the date of transaction. Monetary
assets and liabilities denominated in foreign currencies are translated at the functional currency closing rates of
exchange at the reporting date. Exchange differences arising on settlement or translation of monetary items are
recognized in Statement of Profit and Loss except to the extent of exchange differences which are regarded as
an adjustment to interest costs on foreign currency borrowings that are directly attributable to the acquisition or
construction of qualifying assets which are capitalized as cost of assets.

(xv) Employee benefits

(i) Short-term obligations:

Liabilities for wages and salaries, including nonmonetary benefits that are expected to be settled wholly within
12 months after the end of the period in which the employees render the related service are recognized
in respect of employees'' services up to the end of the reporting period and are measured at the amounts
expected to be paid when the liabilities are settled.

(ii) Other long-term employee benefit obligations:

The liabilities for earned leave and sick leave that are not expected to be settled wholly within 12 months
are measured as the present value of expected future payments to be made in respect of services provided
by employees up to the end of the reporting period using the projected unit credit method. The benefits are
discounted using the discount rates for Government Securities (G-Sec) at the end of the reporting period that
have terms approximating to the terms of the related obligation. Remeasurement as a result of experience
adjustments and changes in actuarial assumptions are recognized in the Statement of Profit and Loss.

(iii) Post-employment obligations:

The Company operates the following postemployment schemes:

(a) defined benefit plans such as gratuity; and

(b) defined contribution plans such as provident fund etc.

Gratuity obligations

The liability or asset recognized in the balance sheet in respect of defined benefit gratuity plans is the present
value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets.
The defined benefit obligation is calculated annually by actuaries using the projected unit credit method.
The present value of the defined benefit obligation is determined by discounting the estimated future cash
outflows by reference to market yields at the end of the reporting period on government bonds that have
terms approximating to the terms of the related obligation.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit
obligation and the fair value of plan assets. This cost is included in employee benefit expense in the Statement
of Profit and Loss. Remeasurement gains and losses arising from experience adjustments and changes in
actuarial assumptions are recognized in the period in which they occur, directly in other comprehensive
income. They are included in retained earnings in the statement of changes in equity and in the balance sheet.

Termination benefits

Termination benefits are payable when employment is terminated by the Company before the normal
retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. The
Company recognizes termination benefits at the earlier of the following dates: (a) when the Company can no
longer withdraw the offer of those benefits; and (b) when the Company recognizes costs for a restructuring
that is within the scope of Ind AS 37 and involves the payment of terminations benefits. In the case of an
offer made to encourage voluntary redundancy, the termination benefits are measured based on the number
of employees expected to accept the offer. Benefits falling due more than 12 months after the end of the
reporting period are discounted to present value.

(xvi) Earnings Per Share:

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

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

(xvii) New Amendments not yet adopted by the Company

i. Recent pronouncements issued but not effective:

"Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules from time to time.

For the year ended March 31, 2025, MCA has notified Ind AS-117 Insurance Contracts and amendments to
existing Ind AS 116-Leases, relating to sale and leaseback transactions, w.e.f. April 1, 2024.

The Company has determined, based on its evaluation, that it does not have any significant impact in its
financial statements"

ii. Code on Social Security, 2020:

The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions
by the company towards Provident Fund and Gratuity. The Ministry of Labour and Employment had released
draft rules for the Code on Social Security, 2020 on November 13, 2020, and invited suggestions from
stakeholders which are under consideration by the Ministry. The Company will assess the impact and its
evaluation once the subject rules are notified. The Company will give appropriate impact in its financial
statements in the period in which, the Code becomes effective and the related rules to determine the financial
impact are published.

4.2 As reported in earlier years In respect of plot of land taken on lease ( Capital Work In Progress) by the company from
Industrial Development Corporation Limited of Orissa (IDCO) the lease was terminated for alleged non-compliance of the
terms of the said lease, which is unlawful and the company has adopted appropriate legal proceedings in the matter and
against such cancellation as an add interim major it has been directed by Orissa high court that the letter dated 25.2.2013
issued for Cancellation of lease shall not be given effect to till the next date which direction is still inforce.

4.3 At each balance sheet date the company reviews the carrying amount of its fixed assets to determine whether there is
any indication that those assets have suffered impairment loss.If any such indication exists the company estimates the
recoverable amounts of such assets.If recoverable amount of the assets or cash generating unit to which the assets belong
is less than the carrying amount,the carrying amount is reduced to its recoverable amount.The reduction is treated as
impairment loss and debited to the profit and loss account.If at the balance sheet date there is a indication of a previously
assessed impairment loss no longer existing, then recoverable amount is reassessed and the asset is reflected at the
recoverable amount subject to maximum of depreciated historical cost.

17.1. Nature and Purpose of Reserves

(i) Capital Redemption Reserve

Capital Redemption Reserve is created in accordance with the provisions of Section 55 of the Companies Act, 2013, where
redemption of preference shares is made out of profits of the company. Whenever such redemption is made, an amount
equal to nominal value of shares redeemed is transfered to a reserve called "Capital Redemption Reserve.

(ii) Retained Earnings

Retained earnings are the profits that the Group has earned till date, less any transfer to General Reserve, dividends or other
distributions paid to the shareholders.

(iii) Remeasurement of Defined Benefit Plans

Differences between the interest income on plan assets and the return actually achieved, and any changes in the liabilities
over the year due to changes in actuarial assumptions or experience adjustments within the plans, are recognised in other
comprehensive income and are adjusted to retained earnings.

21.1 Nature of Security

Cash credit from a bank is secured, against hypothecation of Raw materials, Stores, Spare parts, Finished goods and Work-in¬
progress. The above Cash Credit alongwith the other facilities of inland / foreign letter of credit, Guarantees, bill discounting
and aggregating to Rs. 3,400.25 lakhs (Previous year Rs.3,400.25 lakhs) is availed at EBLR 1.35% rate for cash credit.

21.2 Borrowings Obtained on The Basis of Security of Current Assets

As per sanctioned letter issued by Banks, the Company is required to submit Inventory Statement and Book Debts statement
to Banks on monthly basis. The inventory and book debt statement submitted to banks are in agreement with books of
accounts.

21.3 Registration of charges or satisfaction with registration of companies

The company does not have any charges or satisfaction, which is yet to be registered with ROC beyond the statutory period.

21.4 Utilisation of Borrowed Funds and Share Premium

As at March 31, 2025 there is no securities premium and long-term borrowings from banks and financial institutions. The
short term borrowed funds have been utilised for the specific purpose for which the funds were raised.

21.5 Wilful Defaulter

The company is not declared as wilful defaulter by bank, financial institution or other lender.

21.6 Refer Note 43 and 44 - For Financial Instruments.

36 (a) Relationship and Transactions with struckoff companies

The company has not entered into any transaction with Struck off companies under section 248 of Companies Act,
2013 or section 560 of Companies Act, 1956. Further, there is no balance oustanding with struckoff companies.

36 (b) Audit Trail

Based on our examination which included test checks, the Company has used accounting software for maintaining its
books of account, which have a feature of recording audit trail (edit log) facility and the same has operated throughout
the year for all relevant transactions recorded in the respective software. Further, for the periods where audit trail
(edit log) facility was enabled and operated throughout the year for the respective accounting software, we did not
come across any instance of the audit trail feature being tampered with and the audit trail has been preserved by the
company as per the statutory requirements for records retention.

38 DISCLOSURES AS REQUIRED BY INDIAN ACCOUNTING STANDARD (IND AS) 19 EMPLOYEE BENEFITS

The Company has classified the various benefits provided to employees as under:-

(a) Defined contribution plans
-Provident fund

The Company has recognized the following amounts in the statement of profit and loss:

Employers'' contribution to provident fund :- Current Year Rs. 31.42 Lakhs (Previous Year Rs. 25.66 Lakhs)

(b) Defined benefit plans
- Gratuity

In accordance with Indian Accounting Standard 19, actuarial valuation was done in respect of the aforesaid defined benefit
plans based on the following assumptions-

Economic Assumptions

The discount rate and salary increases assumed are the key financial assumptions and should be considered together; it is
the difference or ''gap'' between these rates which is more important than the individual rates in isolation.

Discount Rate

The discounting rate is based on the gross redemption yield on medium to long term risk free investments. The estimated
term of the benefits/obligations works out to zero years. For the current valuation a discount rate of 7.05% p.a. (Previous
Year 7.21% p.a.) compound has been used.

Salary Escalation Rate

The salary escalation rate usually consists of at least three components, viz. regular increments, price inflation and
promotional increases. In addition to this any commitments by the management regarding future salary increases and the
Company''s philosophy towards employee remuneration are also to be taken into account. Again a long-term view as to
trend in salary increase rates has to be taken rather than be guided by the escalation rates experienced in the immediate
past, if they have been influenced by unusual factors.

(d) Related party relationship is as identified by the Company on the basis of information available with them and relied upon
by the Auditors.

43. FINANCIAL INSTRUMENTS - ACCOUNTING CLASSIFICATIONS AND FAIR VALUE MEASUREMENTS

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

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

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

2. 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 the evaluation, allowances are taken to account
for the expected losses of these receivables.

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

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

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

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

44. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Company''s Board of Directors has overall responsibility for the establishment and oversight of the Company''s risk
management framework. The Board of Directors has authorised the Audit Committee (the Committee), which is responsible
for developing and monitoring the Company''s risk management framework. The Committee reports to the Board of
Directors on its activities.

The Company''s risk management framework is established to identify and analyse the risks faced by the Company, to set
appropriate mitigation measures. Risk management policies and systems are reviewed regularly to reflect changes in market
conditions and the Company''s activities. The Company, through its training and management standards and procedures,
aims to maintain a disciplined and constructive control environment in which all employees understand their roles and
obligations.

The audit committee oversees how management monitors compliance with the company''s risk management policies and
procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company.

Sensitivity

The table below summarises the impact of increases/decreases of the equity security prices on the Company''s profit or loss
for the period.

Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market risk comprises two types of risk: interest rate risk and currency risk. Financial instruments affected by
market risk include loans and borrowings, deposits and derivative financial instruments.

The objective of market risk management is to avoid exposure in our foreign currency transactions and interest rate risk.
Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes
in market interest rates. The Company''s exposure to the risk of changes in market interest rates relates primarily to the
Company''s debt obligations with floating interest rates.

Foreign currency risk

The Company operates locally, however, the nature of its operations requires it to transact in several currencies and
consequently the Company is exposed to foreign exchange risk in various foreign currencies.

The Company evaluates exchange rate exposure arising from foreign currency transactions and the Company follows
established risk management policies.

I. Foreign Currency Sensitivity

A reasonably possible strengthening (weakening) of the Indian Rupee against US dollars at March 31 would have affected
the measurement of financial instruments denominated in US dollars and affected profit or loss by the amounts shown
below. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact
of forecast sales and purchases. In cases where the related foreign exchange fluctuation is capitalised to fixed assets or
recognized directly in reserves, the impact indicated below may affect the Company''s income statement over the remaining
life of the related fixed assets or the remaining tenure of the borrowing respectively.

Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to
meet its contractual obligations, and arises principally from the Company''s receivables from customers, counterparties to
the derivative contract, bank balances, investment securities and other receivables. Credit risk is managed through credit
approvals and continuous monitoring in the normal course of business. The Company establishes an allowance for doubtful
debts and impairment that represents its estimate of expected credit losses in respect of trade and other receivables.

Liquidity Risk

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

The Company monitors its risk of shortage of funds. The Company''s objective is to maintain a balance between continuity
of funding and flexibility through the use of bank overdrafts, bank loans and debentures. The Company assessed the
concentration of risk with respect to refinancing its debt and concluded it to be moderate. The Company has access to a
sufficient variety of sources of funding and debt maturing within 12 months can be rolled over with existing lenders helping
it maintain adequate liquidity.

Capital management

The company''s objective when managing capital is to ensure the going concern operation and to maintain an efficient
capital structure to reduce the cost of borrowings, support the corporate strategy and meet shareholder expectations. The
policy of the Company is to borrow through banks / financial institutions supported by committed borrowing facilities to
meet anticipated funding requirements.

The capital structure is governed by policies approved by the Board of Directors and funding requirements are reviewed
periodically.

The Capital structure is governed by policies approved by Board of Directors and funding requirements are reviewed
periodically.

The company monitors capital using gearing ratio, which is total debt divided by total capital plus debt.

47. Utilisation of borrowed funds and share premium

(i) The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources
or kind of funds) to any other person(s), entity(ies) including foreign entities (intermediaries) with the understanding that the
intermediary shall directly or indirectly lend or invest in other person or entities identified in any manner whatsoever by or
on behalf of the Company (ultimate beneficies) or provide any guarantee, security of the like to or on behalf of the ultimate
beneficiary.

(ii) The Company has not received any from any person(s), entity(ies) including foreign entities (funding party with the
understanding that the Company shall directly or indirectly lend or invest in other person or entities identified in any manner
whatsoever by or on behalf of the Funding party (ultimate beneficies) or provide any guarantee, security of the like to or on
behalf of the ultimate beneficiary.

48. Details of Crypto Currency or Virtual Currency

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

49. Undisclosed Income

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

50. Incident of Cyber fraud

During the year, the management had identified instances of cyber fraud amounting to Rs 440 Lakhs within the company.
The company duly lodged complaints at various forum and due intimation were made to all the necessary authorities.
The company is anticipating to recover Rs 37.03 Lakhs as per attachment of all the implicated bank accounts vide memo
of Hon''ble Court of Judicial Magistrate, First class 18th Court, Girgaon, Mumbai Dated March 12, 2025. The company
therefore has decided to write off balance amount of Rs 402.97 Lakhs. The amount written off has been disclosed as
Exceptional item.

51. Previous Year''s figures have been regrouped and reclassified, wherever necessary.

The accompanying notes 1 to 51 are an integral part of the Financial Statements

As per our report of even date attached For and on Behalf of the Board of Directors

For R K Doshi & Co LLP Pavan G. Morarka Vaibhav Morarka

Chartered Accountants Chairman Director

FRN: 102745W/W100242 DIN: 00174796 DIN: 01630306

Rajiv K. Doshi R.K Sharma Rajiv Bakshi

Partner Chief Financial Officer Director

Membership Number: 032542 DIN: 00264007

Khushmeeta Bafna
Company Secretary

Place : Mumbai Place : Mumbai

Date: May 24, 2025 Date: May 24, 2025

---

Mar 31, 2025

(xii) Provisions, contingent liabilities and assets:

a. Provisions are recognized 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 and the amount can be reliably
estimated.

Provisions are measured at the present value of management''s best estimate of the expenditure required to
settle the present obligation at the end of the reporting period when the effect of time value is material. The
discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of
the time value of money and the risks specific to the liability. The increase in the provision due to the passage
of time is recognized as interest expense.

Provisions are not discounted to present value and are determined based on best estimate of the expenditure
required to settle the obligation at the Balance Sheet date when the effect of time value is not material. These
are reviewed at each Balance Sheet date and adjusted to reflect the current best estimate.

b. Contingent Liabilities are disclosed in respect of possible obligations that arise from past events but their
existence will be confirmed by the occurrence or nonoccurrence of one or more uncertain future events not
wholly within the control of the Company or where any present obligation cannot be measured in terms of
future outflow of resources or where a reliable estimate of the obligation cannot be made.

A contingent asset is disclosed, where an inflow of economic benefits is probable. An entity shall not recognize
a contingent asset unless the recovery is virtually certain.

(xiii) Cash and Cash Equivalents:

The Cash flow statement is prepared under the "indirect method" and presents the cash flows by operating, investing
and financing activities of the Company.

Cash and cash equivalents presented in the cash flow statement consist of cash on hand and balance with banks in
current and deposit accounts with original maturity of less than 3 months.

For the purpose of the statement of cash flows, cash and cash equivalents consists of cash and short-term deposits,
net of bank overdrafts as they are considered an integral part of the Company''s cash management

(xiv) Foreign Currencies Transactions and Translation:

Transactions in foreign currencies are recorded at the exchange rate prevailing on the date of transaction. Monetary
assets and liabilities denominated in foreign currencies are translated at the functional currency closing rates of
exchange at the reporting date. Exchange differences arising on settlement or translation of monetary items are
recognized in Statement of Profit and Loss except to the extent of exchange differences which are regarded as
an adjustment to interest costs on foreign currency borrowings that are directly attributable to the acquisition or
construction of qualifying assets which are capitalized as cost of assets.

(xv) Employee benefits

(i) Short-term obligations:

Liabilities for wages and salaries, including nonmonetary benefits that are expected to be settled wholly within
12 months after the end of the period in which the employees render the related service are recognized
in respect of employees'' services up to the end of the reporting period and are measured at the amounts
expected to be paid when the liabilities are settled.

(ii) Other long-term employee benefit obligations:

The liabilities for earned leave and sick leave that are not expected to be settled wholly within 12 months
are measured as the present value of expected future payments to be made in respect of services provided
by employees up to the end of the reporting period using the projected unit credit method. The benefits are
discounted using the discount rates for Government Securities (G-Sec) at the end of the reporting period that
have terms approximating to the terms of the related obligation. Remeasurement as a result of experience
adjustments and changes in actuarial assumptions are recognized in the Statement of Profit and Loss.

(iii) Post-employment obligations:

The Company operates the following postemployment schemes:

(a) defined benefit plans such as gratuity; and

(b) defined contribution plans such as provident fund etc.

Gratuity obligations

The liability or asset recognized in the balance sheet in respect of defined benefit gratuity plans is the present
value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets.
The defined benefit obligation is calculated annually by actuaries using the projected unit credit method.
The present value of the defined benefit obligation is determined by discounting the estimated future cash
outflows by reference to market yields at the end of the reporting period on government bonds that have
terms approximating to the terms of the related obligation.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit
obligation and the fair value of plan assets. This cost is included in employee benefit expense in the Statement
of Profit and Loss. Remeasurement gains and losses arising from experience adjustments and changes in
actuarial assumptions are recognized in the period in which they occur, directly in other comprehensive
income. They are included in retained earnings in the statement of changes in equity and in the balance sheet.

Termination benefits

Termination benefits are payable when employment is terminated by the Company before the normal
retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. The
Company recognizes termination benefits at the earlier of the following dates: (a) when the Company can no
longer withdraw the offer of those benefits; and (b) when the Company recognizes costs for a restructuring
that is within the scope of Ind AS 37 and involves the payment of terminations benefits. In the case of an
offer made to encourage voluntary redundancy, the termination benefits are measured based on the number
of employees expected to accept the offer. Benefits falling due more than 12 months after the end of the
reporting period are discounted to present value.

(xvi) Earnings Per Share:

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

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

(xvii) New Amendments not yet adopted by the Company

i. Recent pronouncements issued but not effective:

"Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules from time to time.

For the year ended March 31, 2025, MCA has notified Ind AS-117 Insurance Contracts and amendments to
existing Ind AS 116-Leases, relating to sale and leaseback transactions, w.e.f. April 1, 2024.

The Company has determined, based on its evaluation, that it does not have any significant impact in its
financial statements"

ii. Code on Social Security, 2020:

The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions
by the company towards Provident Fund and Gratuity. The Ministry of Labour and Employment had released
draft rules for the Code on Social Security, 2020 on November 13, 2020, and invited suggestions from
stakeholders which are under consideration by the Ministry. The Company will assess the impact and its
evaluation once the subject rules are notified. The Company will give appropriate impact in its financial
statements in the period in which, the Code becomes effective and the related rules to determine the financial
impact are published.

4.2 As reported in earlier years In respect of plot of land taken on lease ( Capital Work In Progress) by the company from
Industrial Development Corporation Limited of Orissa (IDCO) the lease was terminated for alleged non-compliance of the
terms of the said lease, which is unlawful and the company has adopted appropriate legal proceedings in the matter and
against such cancellation as an add interim major it has been directed by Orissa high court that the letter dated 25.2.2013
issued for Cancellation of lease shall not be given effect to till the next date which direction is still inforce.

4.3 At each balance sheet date the company reviews the carrying amount of its fixed assets to determine whether there is
any indication that those assets have suffered impairment loss.If any such indication exists the company estimates the
recoverable amounts of such assets.If recoverable amount of the assets or cash generating unit to which the assets belong
is less than the carrying amount,the carrying amount is reduced to its recoverable amount.The reduction is treated as
impairment loss and debited to the profit and loss account.If at the balance sheet date there is a indication of a previously
assessed impairment loss no longer existing, then recoverable amount is reassessed and the asset is reflected at the
recoverable amount subject to maximum of depreciated historical cost.

17.1. Nature and Purpose of Reserves

(i) Capital Redemption Reserve

Capital Redemption Reserve is created in accordance with the provisions of Section 55 of the Companies Act, 2013, where
redemption of preference shares is made out of profits of the company. Whenever such redemption is made, an amount
equal to nominal value of shares redeemed is transfered to a reserve called "Capital Redemption Reserve.

(ii) Retained Earnings

Retained earnings are the profits that the Group has earned till date, less any transfer to General Reserve, dividends or other
distributions paid to the shareholders.

(iii) Remeasurement of Defined Benefit Plans

Differences between the interest income on plan assets and the return actually achieved, and any changes in the liabilities
over the year due to changes in actuarial assumptions or experience adjustments within the plans, are recognised in other
comprehensive income and are adjusted to retained earnings.

21.1 Nature of Security

Cash credit from a bank is secured, against hypothecation of Raw materials, Stores, Spare parts, Finished goods and Work-in¬
progress. The above Cash Credit alongwith the other facilities of inland / foreign letter of credit, Guarantees, bill discounting
and aggregating to Rs. 3,400.25 lakhs (Previous year Rs.3,400.25 lakhs) is availed at EBLR 1.35% rate for cash credit.

21.2 Borrowings Obtained on The Basis of Security of Current Assets

As per sanctioned letter issued by Banks, the Company is required to submit Inventory Statement and Book Debts statement
to Banks on monthly basis. The inventory and book debt statement submitted to banks are in agreement with books of
accounts.

21.3 Registration of charges or satisfaction with registration of companies

The company does not have any charges or satisfaction, which is yet to be registered with ROC beyond the statutory period.

21.4 Utilisation of Borrowed Funds and Share Premium

As at March 31, 2025 there is no securities premium and long-term borrowings from banks and financial institutions. The
short term borrowed funds have been utilised for the specific purpose for which the funds were raised.

21.5 Wilful Defaulter

The company is not declared as wilful defaulter by bank, financial institution or other lender.

21.6 Refer Note 43 and 44 - For Financial Instruments.

36 (a) Relationship and Transactions with struckoff companies

The company has not entered into any transaction with Struck off companies under section 248 of Companies Act,
2013 or section 560 of Companies Act, 1956. Further, there is no balance oustanding with struckoff companies.

36 (b) Audit Trail

Based on our examination which included test checks, the Company has used accounting software for maintaining its
books of account, which have a feature of recording audit trail (edit log) facility and the same has operated throughout
the year for all relevant transactions recorded in the respective software. Further, for the periods where audit trail
(edit log) facility was enabled and operated throughout the year for the respective accounting software, we did not
come across any instance of the audit trail feature being tampered with and the audit trail has been preserved by the
company as per the statutory requirements for records retention.

38 DISCLOSURES AS REQUIRED BY INDIAN ACCOUNTING STANDARD (IND AS) 19 EMPLOYEE BENEFITS

The Company has classified the various benefits provided to employees as under:-

(a) Defined contribution plans
-Provident fund

The Company has recognized the following amounts in the statement of profit and loss:

Employers'' contribution to provident fund :- Current Year Rs. 31.42 Lakhs (Previous Year Rs. 25.66 Lakhs)

(b) Defined benefit plans
- Gratuity

In accordance with Indian Accounting Standard 19, actuarial valuation was done in respect of the aforesaid defined benefit
plans based on the following assumptions-

Economic Assumptions

The discount rate and salary increases assumed are the key financial assumptions and should be considered together; it is
the difference or ''gap'' between these rates which is more important than the individual rates in isolation.

Discount Rate

The discounting rate is based on the gross redemption yield on medium to long term risk free investments. The estimated
term of the benefits/obligations works out to zero years. For the current valuation a discount rate of 7.05% p.a. (Previous
Year 7.21% p.a.) compound has been used.

Salary Escalation Rate

The salary escalation rate usually consists of at least three components, viz. regular increments, price inflation and
promotional increases. In addition to this any commitments by the management regarding future salary increases and the
Company''s philosophy towards employee remuneration are also to be taken into account. Again a long-term view as to
trend in salary increase rates has to be taken rather than be guided by the escalation rates experienced in the immediate
past, if they have been influenced by unusual factors.

(d) Related party relationship is as identified by the Company on the basis of information available with them and relied upon
by the Auditors.

43. FINANCIAL INSTRUMENTS - ACCOUNTING CLASSIFICATIONS AND FAIR VALUE MEASUREMENTS

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

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

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

2. 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 the evaluation, allowances are taken to account
for the expected losses of these receivables.

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

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

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

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

44. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Company''s Board of Directors has overall responsibility for the establishment and oversight of the Company''s risk
management framework. The Board of Directors has authorised the Audit Committee (the Committee), which is responsible
for developing and monitoring the Company''s risk management framework. The Committee reports to the Board of
Directors on its activities.

The Company''s risk management framework is established to identify and analyse the risks faced by the Company, to set
appropriate mitigation measures. Risk management policies and systems are reviewed regularly to reflect changes in market
conditions and the Company''s activities. The Company, through its training and management standards and procedures,
aims to maintain a disciplined and constructive control environment in which all employees understand their roles and
obligations.

The audit committee oversees how management monitors compliance with the company''s risk management policies and
procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company.

Sensitivity

The table below summarises the impact of increases/decreases of the equity security prices on the Company''s profit or loss
for the period.

Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market risk comprises two types of risk: interest rate risk and currency risk. Financial instruments affected by
market risk include loans and borrowings, deposits and derivative financial instruments.

The objective of market risk management is to avoid exposure in our foreign currency transactions and interest rate risk.
Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes
in market interest rates. The Company''s exposure to the risk of changes in market interest rates relates primarily to the
Company''s debt obligations with floating interest rates.

Foreign currency risk

The Company operates locally, however, the nature of its operations requires it to transact in several currencies and
consequently the Company is exposed to foreign exchange risk in various foreign currencies.

The Company evaluates exchange rate exposure arising from foreign currency transactions and the Company follows
established risk management policies.

I. Foreign Currency Sensitivity

A reasonably possible strengthening (weakening) of the Indian Rupee against US dollars at March 31 would have affected
the measurement of financial instruments denominated in US dollars and affected profit or loss by the amounts shown
below. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact
of forecast sales and purchases. In cases where the related foreign exchange fluctuation is capitalised to fixed assets or
recognized directly in reserves, the impact indicated below may affect the Company''s income statement over the remaining
life of the related fixed assets or the remaining tenure of the borrowing respectively.

Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to
meet its contractual obligations, and arises principally from the Company''s receivables from customers, counterparties to
the derivative contract, bank balances, investment securities and other receivables. Credit risk is managed through credit
approvals and continuous monitoring in the normal course of business. The Company establishes an allowance for doubtful
debts and impairment that represents its estimate of expected credit losses in respect of trade and other receivables.

Liquidity Risk

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

The Company monitors its risk of shortage of funds. The Company''s objective is to maintain a balance between continuity
of funding and flexibility through the use of bank overdrafts, bank loans and debentures. The Company assessed the
concentration of risk with respect to refinancing its debt and concluded it to be moderate. The Company has access to a
sufficient variety of sources of funding and debt maturing within 12 months can be rolled over with existing lenders helping
it maintain adequate liquidity.

Capital management

The company''s objective when managing capital is to ensure the going concern operation and to maintain an efficient
capital structure to reduce the cost of borrowings, support the corporate strategy and meet shareholder expectations. The
policy of the Company is to borrow through banks / financial institutions supported by committed borrowing facilities to
meet anticipated funding requirements.

The capital structure is governed by policies approved by the Board of Directors and funding requirements are reviewed
periodically.

The Capital structure is governed by policies approved by Board of Directors and funding requirements are reviewed
periodically.

The company monitors capital using gearing ratio, which is total debt divided by total capital plus debt.

47. Utilisation of borrowed funds and share premium

(i) The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources
or kind of funds) to any other person(s), entity(ies) including foreign entities (intermediaries) with the understanding that the
intermediary shall directly or indirectly lend or invest in other person or entities identified in any manner whatsoever by or
on behalf of the Company (ultimate beneficies) or provide any guarantee, security of the like to or on behalf of the ultimate
beneficiary.

(ii) The Company has not received any from any person(s), entity(ies) including foreign entities (funding party with the
understanding that the Company shall directly or indirectly lend or invest in other person or entities identified in any manner
whatsoever by or on behalf of the Funding party (ultimate beneficies) or provide any guarantee, security of the like to or on
behalf of the ultimate beneficiary.

48. Details of Crypto Currency or Virtual Currency

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

49. Undisclosed Income

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

50. Incident of Cyber fraud

During the year, the management had identified instances of cyber fraud amounting to Rs 440 Lakhs within the company.
The company duly lodged complaints at various forum and due intimation were made to all the necessary authorities.
The company is anticipating to recover Rs 37.03 Lakhs as per attachment of all the implicated bank accounts vide memo
of Hon''ble Court of Judicial Magistrate, First class 18th Court, Girgaon, Mumbai Dated March 12, 2025. The company
therefore has decided to write off balance amount of Rs 402.97 Lakhs. The amount written off has been disclosed as
Exceptional item.

51. Previous Year''s figures have been regrouped and reclassified, wherever necessary.

The accompanying notes 1 to 51 are an integral part of the Financial Statements

As per our report of even date attached For and on Behalf of the Board of Directors

For R K Doshi & Co LLP Pavan G. Morarka Vaibhav Morarka

Chartered Accountants Chairman Director

FRN: 102745W/W100242 DIN: 00174796 DIN: 01630306

Rajiv K. Doshi R.K Sharma Rajiv Bakshi

Partner Chief Financial Officer Director

Membership Number: 032542 DIN: 00264007

Khushmeeta Bafna
Company Secretary

Place : Mumbai Place : Mumbai

Date: May 24, 2025 Date: May 24, 2025

---

Mar 31, 2025

(xii) Provisions, contingent liabilities and assets:

a. Provisions are recognized 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 and the amount can be reliably
estimated.

Provisions are measured at the present value of management''s best estimate of the expenditure required to
settle the present obligation at the end of the reporting period when the effect of time value is material. The
discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of
the time value of money and the risks specific to the liability. The increase in the provision due to the passage
of time is recognized as interest expense.

Provisions are not discounted to present value and are determined based on best estimate of the expenditure
required to settle the obligation at the Balance Sheet date when the effect of time value is not material. These
are reviewed at each Balance Sheet date and adjusted to reflect the current best estimate.

b. Contingent Liabilities are disclosed in respect of possible obligations that arise from past events but their
existence will be confirmed by the occurrence or nonoccurrence of one or more uncertain future events not
wholly within the control of the Company or where any present obligation cannot be measured in terms of
future outflow of resources or where a reliable estimate of the obligation cannot be made.

A contingent asset is disclosed, where an inflow of economic benefits is probable. An entity shall not recognize
a contingent asset unless the recovery is virtually certain.

(xiii) Cash and Cash Equivalents:

The Cash flow statement is prepared under the "indirect method" and presents the cash flows by operating, investing
and financing activities of the Company.

Cash and cash equivalents presented in the cash flow statement consist of cash on hand and balance with banks in
current and deposit accounts with original maturity of less than 3 months.

For the purpose of the statement of cash flows, cash and cash equivalents consists of cash and short-term deposits,
net of bank overdrafts as they are considered an integral part of the Company''s cash management

(xiv) Foreign Currencies Transactions and Translation:

Transactions in foreign currencies are recorded at the exchange rate prevailing on the date of transaction. Monetary
assets and liabilities denominated in foreign currencies are translated at the functional currency closing rates of
exchange at the reporting date. Exchange differences arising on settlement or translation of monetary items are
recognized in Statement of Profit and Loss except to the extent of exchange differences which are regarded as
an adjustment to interest costs on foreign currency borrowings that are directly attributable to the acquisition or
construction of qualifying assets which are capitalized as cost of assets.

(xv) Employee benefits

(i) Short-term obligations:

Liabilities for wages and salaries, including nonmonetary benefits that are expected to be settled wholly within
12 months after the end of the period in which the employees render the related service are recognized
in respect of employees'' services up to the end of the reporting period and are measured at the amounts
expected to be paid when the liabilities are settled.

(ii) Other long-term employee benefit obligations:

The liabilities for earned leave and sick leave that are not expected to be settled wholly within 12 months
are measured as the present value of expected future payments to be made in respect of services provided
by employees up to the end of the reporting period using the projected unit credit method. The benefits are
discounted using the discount rates for Government Securities (G-Sec) at the end of the reporting period that
have terms approximating to the terms of the related obligation. Remeasurement as a result of experience
adjustments and changes in actuarial assumptions are recognized in the Statement of Profit and Loss.

(iii) Post-employment obligations:

The Company operates the following postemployment schemes:

(a) defined benefit plans such as gratuity; and

(b) defined contribution plans such as provident fund etc.

Gratuity obligations

The liability or asset recognized in the balance sheet in respect of defined benefit gratuity plans is the present
value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets.
The defined benefit obligation is calculated annually by actuaries using the projected unit credit method.
The present value of the defined benefit obligation is determined by discounting the estimated future cash
outflows by reference to market yields at the end of the reporting period on government bonds that have
terms approximating to the terms of the related obligation.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit
obligation and the fair value of plan assets. This cost is included in employee benefit expense in the Statement
of Profit and Loss. Remeasurement gains and losses arising from experience adjustments and changes in
actuarial assumptions are recognized in the period in which they occur, directly in other comprehensive
income. They are included in retained earnings in the statement of changes in equity and in the balance sheet.

Termination benefits

Termination benefits are payable when employment is terminated by the Company before the normal
retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. The
Company recognizes termination benefits at the earlier of the following dates: (a) when the Company can no
longer withdraw the offer of those benefits; and (b) when the Company recognizes costs for a restructuring
that is within the scope of Ind AS 37 and involves the payment of terminations benefits. In the case of an
offer made to encourage voluntary redundancy, the termination benefits are measured based on the number
of employees expected to accept the offer. Benefits falling due more than 12 months after the end of the
reporting period are discounted to present value.

(xvi) Earnings Per Share:

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

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

(xvii) New Amendments not yet adopted by the Company

i. Recent pronouncements issued but not effective:

"Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules from time to time.

For the year ended March 31, 2025, MCA has notified Ind AS-117 Insurance Contracts and amendments to
existing Ind AS 116-Leases, relating to sale and leaseback transactions, w.e.f. April 1, 2024.

The Company has determined, based on its evaluation, that it does not have any significant impact in its
financial statements"

ii. Code on Social Security, 2020:

The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions
by the company towards Provident Fund and Gratuity. The Ministry of Labour and Employment had released
draft rules for the Code on Social Security, 2020 on November 13, 2020, and invited suggestions from
stakeholders which are under consideration by the Ministry. The Company will assess the impact and its
evaluation once the subject rules are notified. The Company will give appropriate impact in its financial
statements in the period in which, the Code becomes effective and the related rules to determine the financial
impact are published.

4.2 As reported in earlier years In respect of plot of land taken on lease ( Capital Work In Progress) by the company from
Industrial Development Corporation Limited of Orissa (IDCO) the lease was terminated for alleged non-compliance of the
terms of the said lease, which is unlawful and the company has adopted appropriate legal proceedings in the matter and
against such cancellation as an add interim major it has been directed by Orissa high court that the letter dated 25.2.2013
issued for Cancellation of lease shall not be given effect to till the next date which direction is still inforce.

4.3 At each balance sheet date the company reviews the carrying amount of its fixed assets to determine whether there is
any indication that those assets have suffered impairment loss.If any such indication exists the company estimates the
recoverable amounts of such assets.If recoverable amount of the assets or cash generating unit to which the assets belong
is less than the carrying amount,the carrying amount is reduced to its recoverable amount.The reduction is treated as
impairment loss and debited to the profit and loss account.If at the balance sheet date there is a indication of a previously
assessed impairment loss no longer existing, then recoverable amount is reassessed and the asset is reflected at the
recoverable amount subject to maximum of depreciated historical cost.

17.1. Nature and Purpose of Reserves

(i) Capital Redemption Reserve

Capital Redemption Reserve is created in accordance with the provisions of Section 55 of the Companies Act, 2013, where
redemption of preference shares is made out of profits of the company. Whenever such redemption is made, an amount
equal to nominal value of shares redeemed is transfered to a reserve called "Capital Redemption Reserve.

(ii) Retained Earnings

Retained earnings are the profits that the Group has earned till date, less any transfer to General Reserve, dividends or other
distributions paid to the shareholders.

(iii) Remeasurement of Defined Benefit Plans

Differences between the interest income on plan assets and the return actually achieved, and any changes in the liabilities
over the year due to changes in actuarial assumptions or experience adjustments within the plans, are recognised in other
comprehensive income and are adjusted to retained earnings.

21.1 Nature of Security

Cash credit from a bank is secured, against hypothecation of Raw materials, Stores, Spare parts, Finished goods and Work-in¬
progress. The above Cash Credit alongwith the other facilities of inland / foreign letter of credit, Guarantees, bill discounting
and aggregating to Rs. 3,400.25 lakhs (Previous year Rs.3,400.25 lakhs) is availed at EBLR 1.35% rate for cash credit.

21.2 Borrowings Obtained on The Basis of Security of Current Assets

As per sanctioned letter issued by Banks, the Company is required to submit Inventory Statement and Book Debts statement
to Banks on monthly basis. The inventory and book debt statement submitted to banks are in agreement with books of
accounts.

21.3 Registration of charges or satisfaction with registration of companies

The company does not have any charges or satisfaction, which is yet to be registered with ROC beyond the statutory period.

21.4 Utilisation of Borrowed Funds and Share Premium

As at March 31, 2025 there is no securities premium and long-term borrowings from banks and financial institutions. The
short term borrowed funds have been utilised for the specific purpose for which the funds were raised.

21.5 Wilful Defaulter

The company is not declared as wilful defaulter by bank, financial institution or other lender.

21.6 Refer Note 43 and 44 - For Financial Instruments.

36 (a) Relationship and Transactions with struckoff companies

The company has not entered into any transaction with Struck off companies under section 248 of Companies Act,
2013 or section 560 of Companies Act, 1956. Further, there is no balance oustanding with struckoff companies.

36 (b) Audit Trail

Based on our examination which included test checks, the Company has used accounting software for maintaining its
books of account, which have a feature of recording audit trail (edit log) facility and the same has operated throughout
the year for all relevant transactions recorded in the respective software. Further, for the periods where audit trail
(edit log) facility was enabled and operated throughout the year for the respective accounting software, we did not
come across any instance of the audit trail feature being tampered with and the audit trail has been preserved by the
company as per the statutory requirements for records retention.

38 DISCLOSURES AS REQUIRED BY INDIAN ACCOUNTING STANDARD (IND AS) 19 EMPLOYEE BENEFITS

The Company has classified the various benefits provided to employees as under:-

(a) Defined contribution plans
-Provident fund

The Company has recognized the following amounts in the statement of profit and loss:

Employers'' contribution to provident fund :- Current Year Rs. 31.42 Lakhs (Previous Year Rs. 25.66 Lakhs)

(b) Defined benefit plans
- Gratuity

In accordance with Indian Accounting Standard 19, actuarial valuation was done in respect of the aforesaid defined benefit
plans based on the following assumptions-

Economic Assumptions

The discount rate and salary increases assumed are the key financial assumptions and should be considered together; it is
the difference or ''gap'' between these rates which is more important than the individual rates in isolation.

Discount Rate

The discounting rate is based on the gross redemption yield on medium to long term risk free investments. The estimated
term of the benefits/obligations works out to zero years. For the current valuation a discount rate of 7.05% p.a. (Previous
Year 7.21% p.a.) compound has been used.

Salary Escalation Rate

The salary escalation rate usually consists of at least three components, viz. regular increments, price inflation and
promotional increases. In addition to this any commitments by the management regarding future salary increases and the
Company''s philosophy towards employee remuneration are also to be taken into account. Again a long-term view as to
trend in salary increase rates has to be taken rather than be guided by the escalation rates experienced in the immediate
past, if they have been influenced by unusual factors.

(d) Related party relationship is as identified by the Company on the basis of information available with them and relied upon
by the Auditors.

43. FINANCIAL INSTRUMENTS - ACCOUNTING CLASSIFICATIONS AND FAIR VALUE MEASUREMENTS

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

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

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

2. 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 the evaluation, allowances are taken to account
for the expected losses of these receivables.

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

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

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

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

44. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Company''s Board of Directors has overall responsibility for the establishment and oversight of the Company''s risk
management framework. The Board of Directors has authorised the Audit Committee (the Committee), which is responsible
for developing and monitoring the Company''s risk management framework. The Committee reports to the Board of
Directors on its activities.

The Company''s risk management framework is established to identify and analyse the risks faced by the Company, to set
appropriate mitigation measures. Risk management policies and systems are reviewed regularly to reflect changes in market
conditions and the Company''s activities. The Company, through its training and management standards and procedures,
aims to maintain a disciplined and constructive control environment in which all employees understand their roles and
obligations.

The audit committee oversees how management monitors compliance with the company''s risk management policies and
procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company.

Sensitivity

The table below summarises the impact of increases/decreases of the equity security prices on the Company''s profit or loss
for the period.

Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market risk comprises two types of risk: interest rate risk and currency risk. Financial instruments affected by
market risk include loans and borrowings, deposits and derivative financial instruments.

The objective of market risk management is to avoid exposure in our foreign currency transactions and interest rate risk.
Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes
in market interest rates. The Company''s exposure to the risk of changes in market interest rates relates primarily to the
Company''s debt obligations with floating interest rates.

Foreign currency risk

The Company operates locally, however, the nature of its operations requires it to transact in several currencies and
consequently the Company is exposed to foreign exchange risk in various foreign currencies.

The Company evaluates exchange rate exposure arising from foreign currency transactions and the Company follows
established risk management policies.

I. Foreign Currency Sensitivity

A reasonably possible strengthening (weakening) of the Indian Rupee against US dollars at March 31 would have affected
the measurement of financial instruments denominated in US dollars and affected profit or loss by the amounts shown
below. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact
of forecast sales and purchases. In cases where the related foreign exchange fluctuation is capitalised to fixed assets or
recognized directly in reserves, the impact indicated below may affect the Company''s income statement over the remaining
life of the related fixed assets or the remaining tenure of the borrowing respectively.

Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to
meet its contractual obligations, and arises principally from the Company''s receivables from customers, counterparties to
the derivative contract, bank balances, investment securities and other receivables. Credit risk is managed through credit
approvals and continuous monitoring in the normal course of business. The Company establishes an allowance for doubtful
debts and impairment that represents its estimate of expected credit losses in respect of trade and other receivables.

Liquidity Risk

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

The Company monitors its risk of shortage of funds. The Company''s objective is to maintain a balance between continuity
of funding and flexibility through the use of bank overdrafts, bank loans and debentures. The Company assessed the
concentration of risk with respect to refinancing its debt and concluded it to be moderate. The Company has access to a
sufficient variety of sources of funding and debt maturing within 12 months can be rolled over with existing lenders helping
it maintain adequate liquidity.

Capital management

The company''s objective when managing capital is to ensure the going concern operation and to maintain an efficient
capital structure to reduce the cost of borrowings, support the corporate strategy and meet shareholder expectations. The
policy of the Company is to borrow through banks / financial institutions supported by committed borrowing facilities to
meet anticipated funding requirements.

The capital structure is governed by policies approved by the Board of Directors and funding requirements are reviewed
periodically.

The Capital structure is governed by policies approved by Board of Directors and funding requirements are reviewed
periodically.

The company monitors capital using gearing ratio, which is total debt divided by total capital plus debt.

47. Utilisation of borrowed funds and share premium

(i) The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources
or kind of funds) to any other person(s), entity(ies) including foreign entities (intermediaries) with the understanding that the
intermediary shall directly or indirectly lend or invest in other person or entities identified in any manner whatsoever by or
on behalf of the Company (ultimate beneficies) or provide any guarantee, security of the like to or on behalf of the ultimate
beneficiary.

(ii) The Company has not received any from any person(s), entity(ies) including foreign entities (funding party with the
understanding that the Company shall directly or indirectly lend or invest in other person or entities identified in any manner
whatsoever by or on behalf of the Funding party (ultimate beneficies) or provide any guarantee, security of the like to or on
behalf of the ultimate beneficiary.

48. Details of Crypto Currency or Virtual Currency

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

49. Undisclosed Income

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

50. Incident of Cyber fraud

During the year, the management had identified instances of cyber fraud amounting to Rs 440 Lakhs within the company.
The company duly lodged complaints at various forum and due intimation were made to all the necessary authorities.
The company is anticipating to recover Rs 37.03 Lakhs as per attachment of all the implicated bank accounts vide memo
of Hon''ble Court of Judicial Magistrate, First class 18th Court, Girgaon, Mumbai Dated March 12, 2025. The company
therefore has decided to write off balance amount of Rs 402.97 Lakhs. The amount written off has been disclosed as
Exceptional item.

51. Previous Year''s figures have been regrouped and reclassified, wherever necessary.

The accompanying notes 1 to 51 are an integral part of the Financial Statements

As per our report of even date attached For and on Behalf of the Board of Directors

For R K Doshi & Co LLP Pavan G. Morarka Vaibhav Morarka

Chartered Accountants Chairman Director

FRN: 102745W/W100242 DIN: 00174796 DIN: 01630306

Rajiv K. Doshi R.K Sharma Rajiv Bakshi

Partner Chief Financial Officer Director

Membership Number: 032542 DIN: 00264007

Khushmeeta Bafna
Company Secretary

Place : Mumbai Place : Mumbai

Date: May 24, 2025 Date: May 24, 2025

---

Mar 31, 2025

(xii) Provisions, contingent liabilities and assets:

a. Provisions are recognized 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 and the amount can be reliably
estimated.

Provisions are measured at the present value of management''s best estimate of the expenditure required to
settle the present obligation at the end of the reporting period when the effect of time value is material. The
discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of
the time value of money and the risks specific to the liability. The increase in the provision due to the passage
of time is recognized as interest expense.

Provisions are not discounted to present value and are determined based on best estimate of the expenditure
required to settle the obligation at the Balance Sheet date when the effect of time value is not material. These
are reviewed at each Balance Sheet date and adjusted to reflect the current best estimate.

b. Contingent Liabilities are disclosed in respect of possible obligations that arise from past events but their
existence will be confirmed by the occurrence or nonoccurrence of one or more uncertain future events not
wholly within the control of the Company or where any present obligation cannot be measured in terms of
future outflow of resources or where a reliable estimate of the obligation cannot be made.

A contingent asset is disclosed, where an inflow of economic benefits is probable. An entity shall not recognize
a contingent asset unless the recovery is virtually certain.

(xiii) Cash and Cash Equivalents:

The Cash flow statement is prepared under the "indirect method" and presents the cash flows by operating, investing
and financing activities of the Company.

Cash and cash equivalents presented in the cash flow statement consist of cash on hand and balance with banks in
current and deposit accounts with original maturity of less than 3 months.

For the purpose of the statement of cash flows, cash and cash equivalents consists of cash and short-term deposits,
net of bank overdrafts as they are considered an integral part of the Company''s cash management

(xiv) Foreign Currencies Transactions and Translation:

Transactions in foreign currencies are recorded at the exchange rate prevailing on the date of transaction. Monetary
assets and liabilities denominated in foreign currencies are translated at the functional currency closing rates of
exchange at the reporting date. Exchange differences arising on settlement or translation of monetary items are
recognized in Statement of Profit and Loss except to the extent of exchange differences which are regarded as
an adjustment to interest costs on foreign currency borrowings that are directly attributable to the acquisition or
construction of qualifying assets which are capitalized as cost of assets.

(xv) Employee benefits

(i) Short-term obligations:

Liabilities for wages and salaries, including nonmonetary benefits that are expected to be settled wholly within
12 months after the end of the period in which the employees render the related service are recognized
in respect of employees'' services up to the end of the reporting period and are measured at the amounts
expected to be paid when the liabilities are settled.

(ii) Other long-term employee benefit obligations:

The liabilities for earned leave and sick leave that are not expected to be settled wholly within 12 months
are measured as the present value of expected future payments to be made in respect of services provided
by employees up to the end of the reporting period using the projected unit credit method. The benefits are
discounted using the discount rates for Government Securities (G-Sec) at the end of the reporting period that
have terms approximating to the terms of the related obligation. Remeasurement as a result of experience
adjustments and changes in actuarial assumptions are recognized in the Statement of Profit and Loss.

(iii) Post-employment obligations:

The Company operates the following postemployment schemes:

(a) defined benefit plans such as gratuity; and

(b) defined contribution plans such as provident fund etc.

Gratuity obligations

The liability or asset recognized in the balance sheet in respect of defined benefit gratuity plans is the present
value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets.
The defined benefit obligation is calculated annually by actuaries using the projected unit credit method.
The present value of the defined benefit obligation is determined by discounting the estimated future cash
outflows by reference to market yields at the end of the reporting period on government bonds that have
terms approximating to the terms of the related obligation.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit
obligation and the fair value of plan assets. This cost is included in employee benefit expense in the Statement
of Profit and Loss. Remeasurement gains and losses arising from experience adjustments and changes in
actuarial assumptions are recognized in the period in which they occur, directly in other comprehensive
income. They are included in retained earnings in the statement of changes in equity and in the balance sheet.

Termination benefits

Termination benefits are payable when employment is terminated by the Company before the normal
retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. The
Company recognizes termination benefits at the earlier of the following dates: (a) when the Company can no
longer withdraw the offer of those benefits; and (b) when the Company recognizes costs for a restructuring
that is within the scope of Ind AS 37 and involves the payment of terminations benefits. In the case of an
offer made to encourage voluntary redundancy, the termination benefits are measured based on the number
of employees expected to accept the offer. Benefits falling due more than 12 months after the end of the
reporting period are discounted to present value.

(xvi) Earnings Per Share:

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

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

(xvii) New Amendments not yet adopted by the Company

i. Recent pronouncements issued but not effective:

"Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules from time to time.

For the year ended March 31, 2025, MCA has notified Ind AS-117 Insurance Contracts and amendments to
existing Ind AS 116-Leases, relating to sale and leaseback transactions, w.e.f. April 1, 2024.

The Company has determined, based on its evaluation, that it does not have any significant impact in its
financial statements"

ii. Code on Social Security, 2020:

The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions
by the company towards Provident Fund and Gratuity. The Ministry of Labour and Employment had released
draft rules for the Code on Social Security, 2020 on November 13, 2020, and invited suggestions from
stakeholders which are under consideration by the Ministry. The Company will assess the impact and its
evaluation once the subject rules are notified. The Company will give appropriate impact in its financial
statements in the period in which, the Code becomes effective and the related rules to determine the financial
impact are published.

4.2 As reported in earlier years In respect of plot of land taken on lease ( Capital Work In Progress) by the company from
Industrial Development Corporation Limited of Orissa (IDCO) the lease was terminated for alleged non-compliance of the
terms of the said lease, which is unlawful and the company has adopted appropriate legal proceedings in the matter and
against such cancellation as an add interim major it has been directed by Orissa high court that the letter dated 25.2.2013
issued for Cancellation of lease shall not be given effect to till the next date which direction is still inforce.

4.3 At each balance sheet date the company reviews the carrying amount of its fixed assets to determine whether there is
any indication that those assets have suffered impairment loss.If any such indication exists the company estimates the
recoverable amounts of such assets.If recoverable amount of the assets or cash generating unit to which the assets belong
is less than the carrying amount,the carrying amount is reduced to its recoverable amount.The reduction is treated as
impairment loss and debited to the profit and loss account.If at the balance sheet date there is a indication of a previously
assessed impairment loss no longer existing, then recoverable amount is reassessed and the asset is reflected at the
recoverable amount subject to maximum of depreciated historical cost.

17.1. Nature and Purpose of Reserves

(i) Capital Redemption Reserve

Capital Redemption Reserve is created in accordance with the provisions of Section 55 of the Companies Act, 2013, where
redemption of preference shares is made out of profits of the company. Whenever such redemption is made, an amount
equal to nominal value of shares redeemed is transfered to a reserve called "Capital Redemption Reserve.

(ii) Retained Earnings

Retained earnings are the profits that the Group has earned till date, less any transfer to General Reserve, dividends or other
distributions paid to the shareholders.

(iii) Remeasurement of Defined Benefit Plans

Differences between the interest income on plan assets and the return actually achieved, and any changes in the liabilities
over the year due to changes in actuarial assumptions or experience adjustments within the plans, are recognised in other
comprehensive income and are adjusted to retained earnings.

21.1 Nature of Security

Cash credit from a bank is secured, against hypothecation of Raw materials, Stores, Spare parts, Finished goods and Work-in¬
progress. The above Cash Credit alongwith the other facilities of inland / foreign letter of credit, Guarantees, bill discounting
and aggregating to Rs. 3,400.25 lakhs (Previous year Rs.3,400.25 lakhs) is availed at EBLR 1.35% rate for cash credit.

21.2 Borrowings Obtained on The Basis of Security of Current Assets

As per sanctioned letter issued by Banks, the Company is required to submit Inventory Statement and Book Debts statement
to Banks on monthly basis. The inventory and book debt statement submitted to banks are in agreement with books of
accounts.

21.3 Registration of charges or satisfaction with registration of companies

The company does not have any charges or satisfaction, which is yet to be registered with ROC beyond the statutory period.

21.4 Utilisation of Borrowed Funds and Share Premium

As at March 31, 2025 there is no securities premium and long-term borrowings from banks and financial institutions. The
short term borrowed funds have been utilised for the specific purpose for which the funds were raised.

21.5 Wilful Defaulter

The company is not declared as wilful defaulter by bank, financial institution or other lender.

21.6 Refer Note 43 and 44 - For Financial Instruments.

36 (a) Relationship and Transactions with struckoff companies

The company has not entered into any transaction with Struck off companies under section 248 of Companies Act,
2013 or section 560 of Companies Act, 1956. Further, there is no balance oustanding with struckoff companies.

36 (b) Audit Trail

Based on our examination which included test checks, the Company has used accounting software for maintaining its
books of account, which have a feature of recording audit trail (edit log) facility and the same has operated throughout
the year for all relevant transactions recorded in the respective software. Further, for the periods where audit trail
(edit log) facility was enabled and operated throughout the year for the respective accounting software, we did not
come across any instance of the audit trail feature being tampered with and the audit trail has been preserved by the
company as per the statutory requirements for records retention.

38 DISCLOSURES AS REQUIRED BY INDIAN ACCOUNTING STANDARD (IND AS) 19 EMPLOYEE BENEFITS

The Company has classified the various benefits provided to employees as under:-

(a) Defined contribution plans
-Provident fund

The Company has recognized the following amounts in the statement of profit and loss:

Employers'' contribution to provident fund :- Current Year Rs. 31.42 Lakhs (Previous Year Rs. 25.66 Lakhs)

(b) Defined benefit plans
- Gratuity

In accordance with Indian Accounting Standard 19, actuarial valuation was done in respect of the aforesaid defined benefit
plans based on the following assumptions-

Economic Assumptions

The discount rate and salary increases assumed are the key financial assumptions and should be considered together; it is
the difference or ''gap'' between these rates which is more important than the individual rates in isolation.

Discount Rate

The discounting rate is based on the gross redemption yield on medium to long term risk free investments. The estimated
term of the benefits/obligations works out to zero years. For the current valuation a discount rate of 7.05% p.a. (Previous
Year 7.21% p.a.) compound has been used.

Salary Escalation Rate

The salary escalation rate usually consists of at least three components, viz. regular increments, price inflation and
promotional increases. In addition to this any commitments by the management regarding future salary increases and the
Company''s philosophy towards employee remuneration are also to be taken into account. Again a long-term view as to
trend in salary increase rates has to be taken rather than be guided by the escalation rates experienced in the immediate
past, if they have been influenced by unusual factors.

(d) Related party relationship is as identified by the Company on the basis of information available with them and relied upon
by the Auditors.

43. FINANCIAL INSTRUMENTS - ACCOUNTING CLASSIFICATIONS AND FAIR VALUE MEASUREMENTS

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

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

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

2. 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 the evaluation, allowances are taken to account
for the expected losses of these receivables.

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

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

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

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

44. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Company''s Board of Directors has overall responsibility for the establishment and oversight of the Company''s risk
management framework. The Board of Directors has authorised the Audit Committee (the Committee), which is responsible
for developing and monitoring the Company''s risk management framework. The Committee reports to the Board of
Directors on its activities.

The Company''s risk management framework is established to identify and analyse the risks faced by the Company, to set
appropriate mitigation measures. Risk management policies and systems are reviewed regularly to reflect changes in market
conditions and the Company''s activities. The Company, through its training and management standards and procedures,
aims to maintain a disciplined and constructive control environment in which all employees understand their roles and
obligations.

The audit committee oversees how management monitors compliance with the company''s risk management policies and
procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company.

Sensitivity

The table below summarises the impact of increases/decreases of the equity security prices on the Company''s profit or loss
for the period.

Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market risk comprises two types of risk: interest rate risk and currency risk. Financial instruments affected by
market risk include loans and borrowings, deposits and derivative financial instruments.

The objective of market risk management is to avoid exposure in our foreign currency transactions and interest rate risk.
Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes
in market interest rates. The Company''s exposure to the risk of changes in market interest rates relates primarily to the
Company''s debt obligations with floating interest rates.

Foreign currency risk

The Company operates locally, however, the nature of its operations requires it to transact in several currencies and
consequently the Company is exposed to foreign exchange risk in various foreign currencies.

The Company evaluates exchange rate exposure arising from foreign currency transactions and the Company follows
established risk management policies.

I. Foreign Currency Sensitivity

A reasonably possible strengthening (weakening) of the Indian Rupee against US dollars at March 31 would have affected
the measurement of financial instruments denominated in US dollars and affected profit or loss by the amounts shown
below. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact
of forecast sales and purchases. In cases where the related foreign exchange fluctuation is capitalised to fixed assets or
recognized directly in reserves, the impact indicated below may affect the Company''s income statement over the remaining
life of the related fixed assets or the remaining tenure of the borrowing respectively.

Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to
meet its contractual obligations, and arises principally from the Company''s receivables from customers, counterparties to
the derivative contract, bank balances, investment securities and other receivables. Credit risk is managed through credit
approvals and continuous monitoring in the normal course of business. The Company establishes an allowance for doubtful
debts and impairment that represents its estimate of expected credit losses in respect of trade and other receivables.

Liquidity Risk

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

The Company monitors its risk of shortage of funds. The Company''s objective is to maintain a balance between continuity
of funding and flexibility through the use of bank overdrafts, bank loans and debentures. The Company assessed the
concentration of risk with respect to refinancing its debt and concluded it to be moderate. The Company has access to a
sufficient variety of sources of funding and debt maturing within 12 months can be rolled over with existing lenders helping
it maintain adequate liquidity.

Capital management

The company''s objective when managing capital is to ensure the going concern operation and to maintain an efficient
capital structure to reduce the cost of borrowings, support the corporate strategy and meet shareholder expectations. The
policy of the Company is to borrow through banks / financial institutions supported by committed borrowing facilities to
meet anticipated funding requirements.

The capital structure is governed by policies approved by the Board of Directors and funding requirements are reviewed
periodically.

The Capital structure is governed by policies approved by Board of Directors and funding requirements are reviewed
periodically.

The company monitors capital using gearing ratio, which is total debt divided by total capital plus debt.

47. Utilisation of borrowed funds and share premium

(i) The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources
or kind of funds) to any other person(s), entity(ies) including foreign entities (intermediaries) with the understanding that the
intermediary shall directly or indirectly lend or invest in other person or entities identified in any manner whatsoever by or
on behalf of the Company (ultimate beneficies) or provide any guarantee, security of the like to or on behalf of the ultimate
beneficiary.

(ii) The Company has not received any from any person(s), entity(ies) including foreign entities (funding party with the
understanding that the Company shall directly or indirectly lend or invest in other person or entities identified in any manner
whatsoever by or on behalf of the Funding party (ultimate beneficies) or provide any guarantee, security of the like to or on
behalf of the ultimate beneficiary.

48. Details of Crypto Currency or Virtual Currency

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

49. Undisclosed Income

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

50. Incident of Cyber fraud

During the year, the management had identified instances of cyber fraud amounting to Rs 440 Lakhs within the company.
The company duly lodged complaints at various forum and due intimation were made to all the necessary authorities.
The company is anticipating to recover Rs 37.03 Lakhs as per attachment of all the implicated bank accounts vide memo
of Hon''ble Court of Judicial Magistrate, First class 18th Court, Girgaon, Mumbai Dated March 12, 2025. The company
therefore has decided to write off balance amount of Rs 402.97 Lakhs. The amount written off has been disclosed as
Exceptional item.

51. Previous Year''s figures have been regrouped and reclassified, wherever necessary.

The accompanying notes 1 to 51 are an integral part of the Financial Statements

As per our report of even date attached For and on Behalf of the Board of Directors

For R K Doshi & Co LLP Pavan G. Morarka Vaibhav Morarka

Chartered Accountants Chairman Director

FRN: 102745W/W100242 DIN: 00174796 DIN: 01630306

Rajiv K. Doshi R.K Sharma Rajiv Bakshi

Partner Chief Financial Officer Director

Membership Number: 032542 DIN: 00264007

Khushmeeta Bafna
Company Secretary

Place : Mumbai Place : Mumbai

Date: May 24, 2025 Date: May 24, 2025

---

Mar 31, 2025

(xii) Provisions, contingent liabilities and assets:

a. Provisions are recognized 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 and the amount can be reliably
estimated.

Provisions are measured at the present value of management''s best estimate of the expenditure required to
settle the present obligation at the end of the reporting period when the effect of time value is material. The
discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of
the time value of money and the risks specific to the liability. The increase in the provision due to the passage
of time is recognized as interest expense.

Provisions are not discounted to present value and are determined based on best estimate of the expenditure
required to settle the obligation at the Balance Sheet date when the effect of time value is not material. These
are reviewed at each Balance Sheet date and adjusted to reflect the current best estimate.

b. Contingent Liabilities are disclosed in respect of possible obligations that arise from past events but their
existence will be confirmed by the occurrence or nonoccurrence of one or more uncertain future events not
wholly within the control of the Company or where any present obligation cannot be measured in terms of
future outflow of resources or where a reliable estimate of the obligation cannot be made.

A contingent asset is disclosed, where an inflow of economic benefits is probable. An entity shall not recognize
a contingent asset unless the recovery is virtually certain.

(xiii) Cash and Cash Equivalents:

The Cash flow statement is prepared under the "indirect method" and presents the cash flows by operating, investing
and financing activities of the Company.

Cash and cash equivalents presented in the cash flow statement consist of cash on hand and balance with banks in
current and deposit accounts with original maturity of less than 3 months.

For the purpose of the statement of cash flows, cash and cash equivalents consists of cash and short-term deposits,
net of bank overdrafts as they are considered an integral part of the Company''s cash management

(xiv) Foreign Currencies Transactions and Translation:

Transactions in foreign currencies are recorded at the exchange rate prevailing on the date of transaction. Monetary
assets and liabilities denominated in foreign currencies are translated at the functional currency closing rates of
exchange at the reporting date. Exchange differences arising on settlement or translation of monetary items are
recognized in Statement of Profit and Loss except to the extent of exchange differences which are regarded as
an adjustment to interest costs on foreign currency borrowings that are directly attributable to the acquisition or
construction of qualifying assets which are capitalized as cost of assets.

(xv) Employee benefits

(i) Short-term obligations:

Liabilities for wages and salaries, including nonmonetary benefits that are expected to be settled wholly within
12 months after the end of the period in which the employees render the related service are recognized
in respect of employees'' services up to the end of the reporting period and are measured at the amounts
expected to be paid when the liabilities are settled.

(ii) Other long-term employee benefit obligations:

The liabilities for earned leave and sick leave that are not expected to be settled wholly within 12 months
are measured as the present value of expected future payments to be made in respect of services provided
by employees up to the end of the reporting period using the projected unit credit method. The benefits are
discounted using the discount rates for Government Securities (G-Sec) at the end of the reporting period that
have terms approximating to the terms of the related obligation. Remeasurement as a result of experience
adjustments and changes in actuarial assumptions are recognized in the Statement of Profit and Loss.

(iii) Post-employment obligations:

The Company operates the following postemployment schemes:

(a) defined benefit plans such as gratuity; and

(b) defined contribution plans such as provident fund etc.

Gratuity obligations

The liability or asset recognized in the balance sheet in respect of defined benefit gratuity plans is the present
value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets.
The defined benefit obligation is calculated annually by actuaries using the projected unit credit method.
The present value of the defined benefit obligation is determined by discounting the estimated future cash
outflows by reference to market yields at the end of the reporting period on government bonds that have
terms approximating to the terms of the related obligation.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit
obligation and the fair value of plan assets. This cost is included in employee benefit expense in the Statement
of Profit and Loss. Remeasurement gains and losses arising from experience adjustments and changes in
actuarial assumptions are recognized in the period in which they occur, directly in other comprehensive
income. They are included in retained earnings in the statement of changes in equity and in the balance sheet.

Termination benefits

Termination benefits are payable when employment is terminated by the Company before the normal
retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. The
Company recognizes termination benefits at the earlier of the following dates: (a) when the Company can no
longer withdraw the offer of those benefits; and (b) when the Company recognizes costs for a restructuring
that is within the scope of Ind AS 37 and involves the payment of terminations benefits. In the case of an
offer made to encourage voluntary redundancy, the termination benefits are measured based on the number
of employees expected to accept the offer. Benefits falling due more than 12 months after the end of the
reporting period are discounted to present value.

(xvi) Earnings Per Share:

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

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

(xvii) New Amendments not yet adopted by the Company

i. Recent pronouncements issued but not effective:

"Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules from time to time.

For the year ended March 31, 2025, MCA has notified Ind AS-117 Insurance Contracts and amendments to
existing Ind AS 116-Leases, relating to sale and leaseback transactions, w.e.f. April 1, 2024.

The Company has determined, based on its evaluation, that it does not have any significant impact in its
financial statements"

ii. Code on Social Security, 2020:

The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions
by the company towards Provident Fund and Gratuity. The Ministry of Labour and Employment had released
draft rules for the Code on Social Security, 2020 on November 13, 2020, and invited suggestions from
stakeholders which are under consideration by the Ministry. The Company will assess the impact and its
evaluation once the subject rules are notified. The Company will give appropriate impact in its financial
statements in the period in which, the Code becomes effective and the related rules to determine the financial
impact are published.

4.2 As reported in earlier years In respect of plot of land taken on lease ( Capital Work In Progress) by the company from
Industrial Development Corporation Limited of Orissa (IDCO) the lease was terminated for alleged non-compliance of the
terms of the said lease, which is unlawful and the company has adopted appropriate legal proceedings in the matter and
against such cancellation as an add interim major it has been directed by Orissa high court that the letter dated 25.2.2013
issued for Cancellation of lease shall not be given effect to till the next date which direction is still inforce.

4.3 At each balance sheet date the company reviews the carrying amount of its fixed assets to determine whether there is
any indication that those assets have suffered impairment loss.If any such indication exists the company estimates the
recoverable amounts of such assets.If recoverable amount of the assets or cash generating unit to which the assets belong
is less than the carrying amount,the carrying amount is reduced to its recoverable amount.The reduction is treated as
impairment loss and debited to the profit and loss account.If at the balance sheet date there is a indication of a previously
assessed impairment loss no longer existing, then recoverable amount is reassessed and the asset is reflected at the
recoverable amount subject to maximum of depreciated historical cost.

17.1. Nature and Purpose of Reserves

(i) Capital Redemption Reserve

Capital Redemption Reserve is created in accordance with the provisions of Section 55 of the Companies Act, 2013, where
redemption of preference shares is made out of profits of the company. Whenever such redemption is made, an amount
equal to nominal value of shares redeemed is transfered to a reserve called "Capital Redemption Reserve.

(ii) Retained Earnings

Retained earnings are the profits that the Group has earned till date, less any transfer to General Reserve, dividends or other
distributions paid to the shareholders.

(iii) Remeasurement of Defined Benefit Plans

Differences between the interest income on plan assets and the return actually achieved, and any changes in the liabilities
over the year due to changes in actuarial assumptions or experience adjustments within the plans, are recognised in other
comprehensive income and are adjusted to retained earnings.

21.1 Nature of Security

Cash credit from a bank is secured, against hypothecation of Raw materials, Stores, Spare parts, Finished goods and Work-in¬
progress. The above Cash Credit alongwith the other facilities of inland / foreign letter of credit, Guarantees, bill discounting
and aggregating to Rs. 3,400.25 lakhs (Previous year Rs.3,400.25 lakhs) is availed at EBLR 1.35% rate for cash credit.

21.2 Borrowings Obtained on The Basis of Security of Current Assets

As per sanctioned letter issued by Banks, the Company is required to submit Inventory Statement and Book Debts statement
to Banks on monthly basis. The inventory and book debt statement submitted to banks are in agreement with books of
accounts.

21.3 Registration of charges or satisfaction with registration of companies

The company does not have any charges or satisfaction, which is yet to be registered with ROC beyond the statutory period.

21.4 Utilisation of Borrowed Funds and Share Premium

As at March 31, 2025 there is no securities premium and long-term borrowings from banks and financial institutions. The
short term borrowed funds have been utilised for the specific purpose for which the funds were raised.

21.5 Wilful Defaulter

The company is not declared as wilful defaulter by bank, financial institution or other lender.

21.6 Refer Note 43 and 44 - For Financial Instruments.

36 (a) Relationship and Transactions with struckoff companies

The company has not entered into any transaction with Struck off companies under section 248 of Companies Act,
2013 or section 560 of Companies Act, 1956. Further, there is no balance oustanding with struckoff companies.

36 (b) Audit Trail

Based on our examination which included test checks, the Company has used accounting software for maintaining its
books of account, which have a feature of recording audit trail (edit log) facility and the same has operated throughout
the year for all relevant transactions recorded in the respective software. Further, for the periods where audit trail
(edit log) facility was enabled and operated throughout the year for the respective accounting software, we did not
come across any instance of the audit trail feature being tampered with and the audit trail has been preserved by the
company as per the statutory requirements for records retention.

38 DISCLOSURES AS REQUIRED BY INDIAN ACCOUNTING STANDARD (IND AS) 19 EMPLOYEE BENEFITS

The Company has classified the various benefits provided to employees as under:-

(a) Defined contribution plans
-Provident fund

The Company has recognized the following amounts in the statement of profit and loss:

Employers'' contribution to provident fund :- Current Year Rs. 31.42 Lakhs (Previous Year Rs. 25.66 Lakhs)

(b) Defined benefit plans
- Gratuity

In accordance with Indian Accounting Standard 19, actuarial valuation was done in respect of the aforesaid defined benefit
plans based on the following assumptions-

Economic Assumptions

The discount rate and salary increases assumed are the key financial assumptions and should be considered together; it is
the difference or ''gap'' between these rates which is more important than the individual rates in isolation.

Discount Rate

The discounting rate is based on the gross redemption yield on medium to long term risk free investments. The estimated
term of the benefits/obligations works out to zero years. For the current valuation a discount rate of 7.05% p.a. (Previous
Year 7.21% p.a.) compound has been used.

Salary Escalation Rate

The salary escalation rate usually consists of at least three components, viz. regular increments, price inflation and
promotional increases. In addition to this any commitments by the management regarding future salary increases and the
Company''s philosophy towards employee remuneration are also to be taken into account. Again a long-term view as to
trend in salary increase rates has to be taken rather than be guided by the escalation rates experienced in the immediate
past, if they have been influenced by unusual factors.

(d) Related party relationship is as identified by the Company on the basis of information available with them and relied upon
by the Auditors.

43. FINANCIAL INSTRUMENTS - ACCOUNTING CLASSIFICATIONS AND FAIR VALUE MEASUREMENTS

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

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

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

2. 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 the evaluation, allowances are taken to account
for the expected losses of these receivables.

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

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

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

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

44. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Company''s Board of Directors has overall responsibility for the establishment and oversight of the Company''s risk
management framework. The Board of Directors has authorised the Audit Committee (the Committee), which is responsible
for developing and monitoring the Company''s risk management framework. The Committee reports to the Board of
Directors on its activities.

The Company''s risk management framework is established to identify and analyse the risks faced by the Company, to set
appropriate mitigation measures. Risk management policies and systems are reviewed regularly to reflect changes in market
conditions and the Company''s activities. The Company, through its training and management standards and procedures,
aims to maintain a disciplined and constructive control environment in which all employees understand their roles and
obligations.

The audit committee oversees how management monitors compliance with the company''s risk management policies and
procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company.

Sensitivity

The table below summarises the impact of increases/decreases of the equity security prices on the Company''s profit or loss
for the period.

Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market risk comprises two types of risk: interest rate risk and currency risk. Financial instruments affected by
market risk include loans and borrowings, deposits and derivative financial instruments.

The objective of market risk management is to avoid exposure in our foreign currency transactions and interest rate risk.
Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes
in market interest rates. The Company''s exposure to the risk of changes in market interest rates relates primarily to the
Company''s debt obligations with floating interest rates.

Foreign currency risk

The Company operates locally, however, the nature of its operations requires it to transact in several currencies and
consequently the Company is exposed to foreign exchange risk in various foreign currencies.

The Company evaluates exchange rate exposure arising from foreign currency transactions and the Company follows
established risk management policies.

I. Foreign Currency Sensitivity

A reasonably possible strengthening (weakening) of the Indian Rupee against US dollars at March 31 would have affected
the measurement of financial instruments denominated in US dollars and affected profit or loss by the amounts shown
below. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact
of forecast sales and purchases. In cases where the related foreign exchange fluctuation is capitalised to fixed assets or
recognized directly in reserves, the impact indicated below may affect the Company''s income statement over the remaining
life of the related fixed assets or the remaining tenure of the borrowing respectively.

Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to
meet its contractual obligations, and arises principally from the Company''s receivables from customers, counterparties to
the derivative contract, bank balances, investment securities and other receivables. Credit risk is managed through credit
approvals and continuous monitoring in the normal course of business. The Company establishes an allowance for doubtful
debts and impairment that represents its estimate of expected credit losses in respect of trade and other receivables.

Liquidity Risk

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

The Company monitors its risk of shortage of funds. The Company''s objective is to maintain a balance between continuity
of funding and flexibility through the use of bank overdrafts, bank loans and debentures. The Company assessed the
concentration of risk with respect to refinancing its debt and concluded it to be moderate. The Company has access to a
sufficient variety of sources of funding and debt maturing within 12 months can be rolled over with existing lenders helping
it maintain adequate liquidity.

Capital management

The company''s objective when managing capital is to ensure the going concern operation and to maintain an efficient
capital structure to reduce the cost of borrowings, support the corporate strategy and meet shareholder expectations. The
policy of the Company is to borrow through banks / financial institutions supported by committed borrowing facilities to
meet anticipated funding requirements.

The capital structure is governed by policies approved by the Board of Directors and funding requirements are reviewed
periodically.

The Capital structure is governed by policies approved by Board of Directors and funding requirements are reviewed
periodically.

The company monitors capital using gearing ratio, which is total debt divided by total capital plus debt.

47. Utilisation of borrowed funds and share premium

(i) The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources
or kind of funds) to any other person(s), entity(ies) including foreign entities (intermediaries) with the understanding that the
intermediary shall directly or indirectly lend or invest in other person or entities identified in any manner whatsoever by or
on behalf of the Company (ultimate beneficies) or provide any guarantee, security of the like to or on behalf of the ultimate
beneficiary.

(ii) The Company has not received any from any person(s), entity(ies) including foreign entities (funding party with the
understanding that the Company shall directly or indirectly lend or invest in other person or entities identified in any manner
whatsoever by or on behalf of the Funding party (ultimate beneficies) or provide any guarantee, security of the like to or on
behalf of the ultimate beneficiary.

48. Details of Crypto Currency or Virtual Currency

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

49. Undisclosed Income

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

50. Incident of Cyber fraud

During the year, the management had identified instances of cyber fraud amounting to Rs 440 Lakhs within the company.
The company duly lodged complaints at various forum and due intimation were made to all the necessary authorities.
The company is anticipating to recover Rs 37.03 Lakhs as per attachment of all the implicated bank accounts vide memo
of Hon''ble Court of Judicial Magistrate, First class 18th Court, Girgaon, Mumbai Dated March 12, 2025. The company
therefore has decided to write off balance amount of Rs 402.97 Lakhs. The amount written off has been disclosed as
Exceptional item.

51. Previous Year''s figures have been regrouped and reclassified, wherever necessary.

The accompanying notes 1 to 51 are an integral part of the Financial Statements

As per our report of even date attached For and on Behalf of the Board of Directors

For R K Doshi & Co LLP Pavan G. Morarka Vaibhav Morarka

Chartered Accountants Chairman Director

FRN: 102745W/W100242 DIN: 00174796 DIN: 01630306

Rajiv K. Doshi R.K Sharma Rajiv Bakshi

Partner Chief Financial Officer Director

Membership Number: 032542 DIN: 00264007

Khushmeeta Bafna
Company Secretary

Place : Mumbai Place : Mumbai

Date: May 24, 2025 Date: May 24, 2025

---

Mar 31, 2025

(xii) Provisions, contingent liabilities and assets:

a. Provisions are recognized 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 and the amount can be reliably
estimated.

Provisions are measured at the present value of management''s best estimate of the expenditure required to
settle the present obligation at the end of the reporting period when the effect of time value is material. The
discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of
the time value of money and the risks specific to the liability. The increase in the provision due to the passage
of time is recognized as interest expense.

Provisions are not discounted to present value and are determined based on best estimate of the expenditure
required to settle the obligation at the Balance Sheet date when the effect of time value is not material. These
are reviewed at each Balance Sheet date and adjusted to reflect the current best estimate.

b. Contingent Liabilities are disclosed in respect of possible obligations that arise from past events but their
existence will be confirmed by the occurrence or nonoccurrence of one or more uncertain future events not
wholly within the control of the Company or where any present obligation cannot be measured in terms of
future outflow of resources or where a reliable estimate of the obligation cannot be made.

A contingent asset is disclosed, where an inflow of economic benefits is probable. An entity shall not recognize
a contingent asset unless the recovery is virtually certain.

(xiii) Cash and Cash Equivalents:

The Cash flow statement is prepared under the "indirect method" and presents the cash flows by operating, investing
and financing activities of the Company.

Cash and cash equivalents presented in the cash flow statement consist of cash on hand and balance with banks in
current and deposit accounts with original maturity of less than 3 months.

For the purpose of the statement of cash flows, cash and cash equivalents consists of cash and short-term deposits,
net of bank overdrafts as they are considered an integral part of the Company''s cash management

(xiv) Foreign Currencies Transactions and Translation:

Transactions in foreign currencies are recorded at the exchange rate prevailing on the date of transaction. Monetary
assets and liabilities denominated in foreign currencies are translated at the functional currency closing rates of
exchange at the reporting date. Exchange differences arising on settlement or translation of monetary items are
recognized in Statement of Profit and Loss except to the extent of exchange differences which are regarded as
an adjustment to interest costs on foreign currency borrowings that are directly attributable to the acquisition or
construction of qualifying assets which are capitalized as cost of assets.

(xv) Employee benefits

(i) Short-term obligations:

Liabilities for wages and salaries, including nonmonetary benefits that are expected to be settled wholly within
12 months after the end of the period in which the employees render the related service are recognized
in respect of employees'' services up to the end of the reporting period and are measured at the amounts
expected to be paid when the liabilities are settled.

(ii) Other long-term employee benefit obligations:

The liabilities for earned leave and sick leave that are not expected to be settled wholly within 12 months
are measured as the present value of expected future payments to be made in respect of services provided
by employees up to the end of the reporting period using the projected unit credit method. The benefits are
discounted using the discount rates for Government Securities (G-Sec) at the end of the reporting period that
have terms approximating to the terms of the related obligation. Remeasurement as a result of experience
adjustments and changes in actuarial assumptions are recognized in the Statement of Profit and Loss.

(iii) Post-employment obligations:

The Company operates the following postemployment schemes:

(a) defined benefit plans such as gratuity; and

(b) defined contribution plans such as provident fund etc.

Gratuity obligations

The liability or asset recognized in the balance sheet in respect of defined benefit gratuity plans is the present
value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets.
The defined benefit obligation is calculated annually by actuaries using the projected unit credit method.
The present value of the defined benefit obligation is determined by discounting the estimated future cash
outflows by reference to market yields at the end of the reporting period on government bonds that have
terms approximating to the terms of the related obligation.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit
obligation and the fair value of plan assets. This cost is included in employee benefit expense in the Statement
of Profit and Loss. Remeasurement gains and losses arising from experience adjustments and changes in
actuarial assumptions are recognized in the period in which they occur, directly in other comprehensive
income. They are included in retained earnings in the statement of changes in equity and in the balance sheet.

Termination benefits

Termination benefits are payable when employment is terminated by the Company before the normal
retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. The
Company recognizes termination benefits at the earlier of the following dates: (a) when the Company can no
longer withdraw the offer of those benefits; and (b) when the Company recognizes costs for a restructuring
that is within the scope of Ind AS 37 and involves the payment of terminations benefits. In the case of an
offer made to encourage voluntary redundancy, the termination benefits are measured based on the number
of employees expected to accept the offer. Benefits falling due more than 12 months after the end of the
reporting period are discounted to present value.

(xvi) Earnings Per Share:

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

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

(xvii) New Amendments not yet adopted by the Company

i. Recent pronouncements issued but not effective:

"Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules from time to time.

For the year ended March 31, 2025, MCA has notified Ind AS-117 Insurance Contracts and amendments to
existing Ind AS 116-Leases, relating to sale and leaseback transactions, w.e.f. April 1, 2024.

The Company has determined, based on its evaluation, that it does not have any significant impact in its
financial statements"

ii. Code on Social Security, 2020:

The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions
by the company towards Provident Fund and Gratuity. The Ministry of Labour and Employment had released
draft rules for the Code on Social Security, 2020 on November 13, 2020, and invited suggestions from
stakeholders which are under consideration by the Ministry. The Company will assess the impact and its
evaluation once the subject rules are notified. The Company will give appropriate impact in its financial
statements in the period in which, the Code becomes effective and the related rules to determine the financial
impact are published.

4.2 As reported in earlier years In respect of plot of land taken on lease ( Capital Work In Progress) by the company from
Industrial Development Corporation Limited of Orissa (IDCO) the lease was terminated for alleged non-compliance of the
terms of the said lease, which is unlawful and the company has adopted appropriate legal proceedings in the matter and
against such cancellation as an add interim major it has been directed by Orissa high court that the letter dated 25.2.2013
issued for Cancellation of lease shall not be given effect to till the next date which direction is still inforce.

4.3 At each balance sheet date the company reviews the carrying amount of its fixed assets to determine whether there is
any indication that those assets have suffered impairment loss.If any such indication exists the company estimates the
recoverable amounts of such assets.If recoverable amount of the assets or cash generating unit to which the assets belong
is less than the carrying amount,the carrying amount is reduced to its recoverable amount.The reduction is treated as
impairment loss and debited to the profit and loss account.If at the balance sheet date there is a indication of a previously
assessed impairment loss no longer existing, then recoverable amount is reassessed and the asset is reflected at the
recoverable amount subject to maximum of depreciated historical cost.

17.1. Nature and Purpose of Reserves

(i) Capital Redemption Reserve

Capital Redemption Reserve is created in accordance with the provisions of Section 55 of the Companies Act, 2013, where
redemption of preference shares is made out of profits of the company. Whenever such redemption is made, an amount
equal to nominal value of shares redeemed is transfered to a reserve called "Capital Redemption Reserve.

(ii) Retained Earnings

Retained earnings are the profits that the Group has earned till date, less any transfer to General Reserve, dividends or other
distributions paid to the shareholders.

(iii) Remeasurement of Defined Benefit Plans

Differences between the interest income on plan assets and the return actually achieved, and any changes in the liabilities
over the year due to changes in actuarial assumptions or experience adjustments within the plans, are recognised in other
comprehensive income and are adjusted to retained earnings.

21.1 Nature of Security

Cash credit from a bank is secured, against hypothecation of Raw materials, Stores, Spare parts, Finished goods and Work-in¬
progress. The above Cash Credit alongwith the other facilities of inland / foreign letter of credit, Guarantees, bill discounting
and aggregating to Rs. 3,400.25 lakhs (Previous year Rs.3,400.25 lakhs) is availed at EBLR 1.35% rate for cash credit.

21.2 Borrowings Obtained on The Basis of Security of Current Assets

As per sanctioned letter issued by Banks, the Company is required to submit Inventory Statement and Book Debts statement
to Banks on monthly basis. The inventory and book debt statement submitted to banks are in agreement with books of
accounts.

21.3 Registration of charges or satisfaction with registration of companies

The company does not have any charges or satisfaction, which is yet to be registered with ROC beyond the statutory period.

21.4 Utilisation of Borrowed Funds and Share Premium

As at March 31, 2025 there is no securities premium and long-term borrowings from banks and financial institutions. The
short term borrowed funds have been utilised for the specific purpose for which the funds were raised.

21.5 Wilful Defaulter

The company is not declared as wilful defaulter by bank, financial institution or other lender.

21.6 Refer Note 43 and 44 - For Financial Instruments.

36 (a) Relationship and Transactions with struckoff companies

The company has not entered into any transaction with Struck off companies under section 248 of Companies Act,
2013 or section 560 of Companies Act, 1956. Further, there is no balance oustanding with struckoff companies.

36 (b) Audit Trail

Based on our examination which included test checks, the Company has used accounting software for maintaining its
books of account, which have a feature of recording audit trail (edit log) facility and the same has operated throughout
the year for all relevant transactions recorded in the respective software. Further, for the periods where audit trail
(edit log) facility was enabled and operated throughout the year for the respective accounting software, we did not
come across any instance of the audit trail feature being tampered with and the audit trail has been preserved by the
company as per the statutory requirements for records retention.

38 DISCLOSURES AS REQUIRED BY INDIAN ACCOUNTING STANDARD (IND AS) 19 EMPLOYEE BENEFITS

The Company has classified the various benefits provided to employees as under:-

(a) Defined contribution plans
-Provident fund

The Company has recognized the following amounts in the statement of profit and loss:

Employers'' contribution to provident fund :- Current Year Rs. 31.42 Lakhs (Previous Year Rs. 25.66 Lakhs)

(b) Defined benefit plans
- Gratuity

In accordance with Indian Accounting Standard 19, actuarial valuation was done in respect of the aforesaid defined benefit
plans based on the following assumptions-

Economic Assumptions

The discount rate and salary increases assumed are the key financial assumptions and should be considered together; it is
the difference or ''gap'' between these rates which is more important than the individual rates in isolation.

Discount Rate

The discounting rate is based on the gross redemption yield on medium to long term risk free investments. The estimated
term of the benefits/obligations works out to zero years. For the current valuation a discount rate of 7.05% p.a. (Previous
Year 7.21% p.a.) compound has been used.

Salary Escalation Rate

The salary escalation rate usually consists of at least three components, viz. regular increments, price inflation and
promotional increases. In addition to this any commitments by the management regarding future salary increases and the
Company''s philosophy towards employee remuneration are also to be taken into account. Again a long-term view as to
trend in salary increase rates has to be taken rather than be guided by the escalation rates experienced in the immediate
past, if they have been influenced by unusual factors.

(d) Related party relationship is as identified by the Company on the basis of information available with them and relied upon
by the Auditors.

43. FINANCIAL INSTRUMENTS - ACCOUNTING CLASSIFICATIONS AND FAIR VALUE MEASUREMENTS

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

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

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

2. 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 the evaluation, allowances are taken to account
for the expected losses of these receivables.

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

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

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

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

44. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Company''s Board of Directors has overall responsibility for the establishment and oversight of the Company''s risk
management framework. The Board of Directors has authorised the Audit Committee (the Committee), which is responsible
for developing and monitoring the Company''s risk management framework. The Committee reports to the Board of
Directors on its activities.

The Company''s risk management framework is established to identify and analyse the risks faced by the Company, to set
appropriate mitigation measures. Risk management policies and systems are reviewed regularly to reflect changes in market
conditions and the Company''s activities. The Company, through its training and management standards and procedures,
aims to maintain a disciplined and constructive control environment in which all employees understand their roles and
obligations.

The audit committee oversees how management monitors compliance with the company''s risk management policies and
procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company.

Sensitivity

The table below summarises the impact of increases/decreases of the equity security prices on the Company''s profit or loss
for the period.

Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market risk comprises two types of risk: interest rate risk and currency risk. Financial instruments affected by
market risk include loans and borrowings, deposits and derivative financial instruments.

The objective of market risk management is to avoid exposure in our foreign currency transactions and interest rate risk.
Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes
in market interest rates. The Company''s exposure to the risk of changes in market interest rates relates primarily to the
Company''s debt obligations with floating interest rates.

Foreign currency risk

The Company operates locally, however, the nature of its operations requires it to transact in several currencies and
consequently the Company is exposed to foreign exchange risk in various foreign currencies.

The Company evaluates exchange rate exposure arising from foreign currency transactions and the Company follows
established risk management policies.

I. Foreign Currency Sensitivity

A reasonably possible strengthening (weakening) of the Indian Rupee against US dollars at March 31 would have affected
the measurement of financial instruments denominated in US dollars and affected profit or loss by the amounts shown
below. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact
of forecast sales and purchases. In cases where the related foreign exchange fluctuation is capitalised to fixed assets or
recognized directly in reserves, the impact indicated below may affect the Company''s income statement over the remaining
life of the related fixed assets or the remaining tenure of the borrowing respectively.

Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to
meet its contractual obligations, and arises principally from the Company''s receivables from customers, counterparties to
the derivative contract, bank balances, investment securities and other receivables. Credit risk is managed through credit
approvals and continuous monitoring in the normal course of business. The Company establishes an allowance for doubtful
debts and impairment that represents its estimate of expected credit losses in respect of trade and other receivables.

Liquidity Risk

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

The Company monitors its risk of shortage of funds. The Company''s objective is to maintain a balance between continuity
of funding and flexibility through the use of bank overdrafts, bank loans and debentures. The Company assessed the
concentration of risk with respect to refinancing its debt and concluded it to be moderate. The Company has access to a
sufficient variety of sources of funding and debt maturing within 12 months can be rolled over with existing lenders helping
it maintain adequate liquidity.

Capital management

The company''s objective when managing capital is to ensure the going concern operation and to maintain an efficient
capital structure to reduce the cost of borrowings, support the corporate strategy and meet shareholder expectations. The
policy of the Company is to borrow through banks / financial institutions supported by committed borrowing facilities to
meet anticipated funding requirements.

The capital structure is governed by policies approved by the Board of Directors and funding requirements are reviewed
periodically.

The Capital structure is governed by policies approved by Board of Directors and funding requirements are reviewed
periodically.

The company monitors capital using gearing ratio, which is total debt divided by total capital plus debt.

47. Utilisation of borrowed funds and share premium

(i) The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources
or kind of funds) to any other person(s), entity(ies) including foreign entities (intermediaries) with the understanding that the
intermediary shall directly or indirectly lend or invest in other person or entities identified in any manner whatsoever by or
on behalf of the Company (ultimate beneficies) or provide any guarantee, security of the like to or on behalf of the ultimate
beneficiary.

(ii) The Company has not received any from any person(s), entity(ies) including foreign entities (funding party with the
understanding that the Company shall directly or indirectly lend or invest in other person or entities identified in any manner
whatsoever by or on behalf of the Funding party (ultimate beneficies) or provide any guarantee, security of the like to or on
behalf of the ultimate beneficiary.

48. Details of Crypto Currency or Virtual Currency

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

49. Undisclosed Income

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

50. Incident of Cyber fraud

During the year, the management had identified instances of cyber fraud amounting to Rs 440 Lakhs within the company.
The company duly lodged complaints at various forum and due intimation were made to all the necessary authorities.
The company is anticipating to recover Rs 37.03 Lakhs as per attachment of all the implicated bank accounts vide memo
of Hon''ble Court of Judicial Magistrate, First class 18th Court, Girgaon, Mumbai Dated March 12, 2025. The company
therefore has decided to write off balance amount of Rs 402.97 Lakhs. The amount written off has been disclosed as
Exceptional item.

51. Previous Year''s figures have been regrouped and reclassified, wherever necessary.

The accompanying notes 1 to 51 are an integral part of the Financial Statements

As per our report of even date attached For and on Behalf of the Board of Directors

For R K Doshi & Co LLP Pavan G. Morarka Vaibhav Morarka

Chartered Accountants Chairman Director

FRN: 102745W/W100242 DIN: 00174796 DIN: 01630306

Rajiv K. Doshi R.K Sharma Rajiv Bakshi

Partner Chief Financial Officer Director

Membership Number: 032542 DIN: 00264007

Khushmeeta Bafna
Company Secretary

Place : Mumbai Place : Mumbai

Date: May 24, 2025 Date: May 24, 2025

---

Mar 31, 2025

(xii) Provisions, contingent liabilities and assets:

a. Provisions are recognized 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 and the amount can be reliably
estimated.

Provisions are measured at the present value of management''s best estimate of the expenditure required to
settle the present obligation at the end of the reporting period when the effect of time value is material. The
discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of
the time value of money and the risks specific to the liability. The increase in the provision due to the passage
of time is recognized as interest expense.

Provisions are not discounted to present value and are determined based on best estimate of the expenditure
required to settle the obligation at the Balance Sheet date when the effect of time value is not material. These
are reviewed at each Balance Sheet date and adjusted to reflect the current best estimate.

b. Contingent Liabilities are disclosed in respect of possible obligations that arise from past events but their
existence will be confirmed by the occurrence or nonoccurrence of one or more uncertain future events not
wholly within the control of the Company or where any present obligation cannot be measured in terms of
future outflow of resources or where a reliable estimate of the obligation cannot be made.

A contingent asset is disclosed, where an inflow of economic benefits is probable. An entity shall not recognize
a contingent asset unless the recovery is virtually certain.

(xiii) Cash and Cash Equivalents:

The Cash flow statement is prepared under the "indirect method" and presents the cash flows by operating, investing
and financing activities of the Company.

Cash and cash equivalents presented in the cash flow statement consist of cash on hand and balance with banks in
current and deposit accounts with original maturity of less than 3 months.

For the purpose of the statement of cash flows, cash and cash equivalents consists of cash and short-term deposits,
net of bank overdrafts as they are considered an integral part of the Company''s cash management

(xiv) Foreign Currencies Transactions and Translation:

Transactions in foreign currencies are recorded at the exchange rate prevailing on the date of transaction. Monetary
assets and liabilities denominated in foreign currencies are translated at the functional currency closing rates of
exchange at the reporting date. Exchange differences arising on settlement or translation of monetary items are
recognized in Statement of Profit and Loss except to the extent of exchange differences which are regarded as
an adjustment to interest costs on foreign currency borrowings that are directly attributable to the acquisition or
construction of qualifying assets which are capitalized as cost of assets.

(xv) Employee benefits

(i) Short-term obligations:

Liabilities for wages and salaries, including nonmonetary benefits that are expected to be settled wholly within
12 months after the end of the period in which the employees render the related service are recognized
in respect of employees'' services up to the end of the reporting period and are measured at the amounts
expected to be paid when the liabilities are settled.

(ii) Other long-term employee benefit obligations:

The liabilities for earned leave and sick leave that are not expected to be settled wholly within 12 months
are measured as the present value of expected future payments to be made in respect of services provided
by employees up to the end of the reporting period using the projected unit credit method. The benefits are
discounted using the discount rates for Government Securities (G-Sec) at the end of the reporting period that
have terms approximating to the terms of the related obligation. Remeasurement as a result of experience
adjustments and changes in actuarial assumptions are recognized in the Statement of Profit and Loss.

(iii) Post-employment obligations:

The Company operates the following postemployment schemes:

(a) defined benefit plans such as gratuity; and

(b) defined contribution plans such as provident fund etc.

Gratuity obligations

The liability or asset recognized in the balance sheet in respect of defined benefit gratuity plans is the present
value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets.
The defined benefit obligation is calculated annually by actuaries using the projected unit credit method.
The present value of the defined benefit obligation is determined by discounting the estimated future cash
outflows by reference to market yields at the end of the reporting period on government bonds that have
terms approximating to the terms of the related obligation.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit
obligation and the fair value of plan assets. This cost is included in employee benefit expense in the Statement
of Profit and Loss. Remeasurement gains and losses arising from experience adjustments and changes in
actuarial assumptions are recognized in the period in which they occur, directly in other comprehensive
income. They are included in retained earnings in the statement of changes in equity and in the balance sheet.

Termination benefits

Termination benefits are payable when employment is terminated by the Company before the normal
retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. The
Company recognizes termination benefits at the earlier of the following dates: (a) when the Company can no
longer withdraw the offer of those benefits; and (b) when the Company recognizes costs for a restructuring
that is within the scope of Ind AS 37 and involves the payment of terminations benefits. In the case of an
offer made to encourage voluntary redundancy, the termination benefits are measured based on the number
of employees expected to accept the offer. Benefits falling due more than 12 months after the end of the
reporting period are discounted to present value.

(xvi) Earnings Per Share:

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

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

(xvii) New Amendments not yet adopted by the Company

i. Recent pronouncements issued but not effective:

"Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under
Companies (Indian Accounting Standards) Rules from time to time.

For the year ended March 31, 2025, MCA has notified Ind AS-117 Insurance Contracts and amendments to
existing Ind AS 116-Leases, relating to sale and leaseback transactions, w.e.f. April 1, 2024.

The Company has determined, based on its evaluation, that it does not have any significant impact in its
financial statements"

ii. Code on Social Security, 2020:

The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions
by the company towards Provident Fund and Gratuity. The Ministry of Labour and Employment had released
draft rules for the Code on Social Security, 2020 on November 13, 2020, and invited suggestions from
stakeholders which are under consideration by the Ministry. The Company will assess the impact and its
evaluation once the subject rules are notified. The Company will give appropriate impact in its financial
statements in the period in which, the Code becomes effective and the related rules to determine the financial
impact are published.

4.2 As reported in earlier years In respect of plot of land taken on lease ( Capital Work In Progress) by the company from
Industrial Development Corporation Limited of Orissa (IDCO) the lease was terminated for alleged non-compliance of the
terms of the said lease, which is unlawful and the company has adopted appropriate legal proceedings in the matter and
against such cancellation as an add interim major it has been directed by Orissa high court that the letter dated 25.2.2013
issued for Cancellation of lease shall not be given effect to till the next date which direction is still inforce.

4.3 At each balance sheet date the company reviews the carrying amount of its fixed assets to determine whether there is
any indication that those assets have suffered impairment loss.If any such indication exists the company estimates the
recoverable amounts of such assets.If recoverable amount of the assets or cash generating unit to which the assets belong
is less than the carrying amount,the carrying amount is reduced to its recoverable amount.The reduction is treated as
impairment loss and debited to the profit and loss account.If at the balance sheet date there is a indication of a previously
assessed impairment loss no longer existing, then recoverable amount is reassessed and the asset is reflected at the
recoverable amount subject to maximum of depreciated historical cost.

17.1. Nature and Purpose of Reserves

(i) Capital Redemption Reserve

Capital Redemption Reserve is created in accordance with the provisions of Section 55 of the Companies Act, 2013, where
redemption of preference shares is made out of profits of the company. Whenever such redemption is made, an amount
equal to nominal value of shares redeemed is transfered to a reserve called "Capital Redemption Reserve.

(ii) Retained Earnings

Retained earnings are the profits that the Group has earned till date, less any transfer to General Reserve, dividends or other
distributions paid to the shareholders.

(iii) Remeasurement of Defined Benefit Plans

Differences between the interest income on plan assets and the return actually achieved, and any changes in the liabilities
over the year due to changes in actuarial assumptions or experience adjustments within the plans, are recognised in other
comprehensive income and are adjusted to retained earnings.

21.1 Nature of Security

Cash credit from a bank is secured, against hypothecation of Raw materials, Stores, Spare parts, Finished goods and Work-in¬
progress. The above Cash Credit alongwith the other facilities of inland / foreign letter of credit, Guarantees, bill discounting
and aggregating to Rs. 3,400.25 lakhs (Previous year Rs.3,400.25 lakhs) is availed at EBLR 1.35% rate for cash credit.

21.2 Borrowings Obtained on The Basis of Security of Current Assets

As per sanctioned letter issued by Banks, the Company is required to submit Inventory Statement and Book Debts statement
to Banks on monthly basis. The inventory and book debt statement submitted to banks are in agreement with books of
accounts.

21.3 Registration of charges or satisfaction with registration of companies

The company does not have any charges or satisfaction, which is yet to be registered with ROC beyond the statutory period.

21.4 Utilisation of Borrowed Funds and Share Premium

As at March 31, 2025 there is no securities premium and long-term borrowings from banks and financial institutions. The
short term borrowed funds have been utilised for the specific purpose for which the funds were raised.

21.5 Wilful Defaulter

The company is not declared as wilful defaulter by bank, financial institution or other lender.

21.6 Refer Note 43 and 44 - For Financial Instruments.

36 (a) Relationship and Transactions with struckoff companies

The company has not entered into any transaction with Struck off companies under section 248 of Companies Act,
2013 or section 560 of Companies Act, 1956. Further, there is no balance oustanding with struckoff companies.

36 (b) Audit Trail

Based on our examination which included test checks, the Company has used accounting software for maintaining its
books of account, which have a feature of recording audit trail (edit log) facility and the same has operated throughout
the year for all relevant transactions recorded in the respective software. Further, for the periods where audit trail
(edit log) facility was enabled and operated throughout the year for the respective accounting software, we did not
come across any instance of the audit trail feature being tampered with and the audit trail has been preserved by the
company as per the statutory requirements for records retention.

38 DISCLOSURES AS REQUIRED BY INDIAN ACCOUNTING STANDARD (IND AS) 19 EMPLOYEE BENEFITS

The Company has classified the various benefits provided to employees as under:-

(a) Defined contribution plans
-Provident fund

The Company has recognized the following amounts in the statement of profit and loss:

Employers'' contribution to provident fund :- Current Year Rs. 31.42 Lakhs (Previous Year Rs. 25.66 Lakhs)

(b) Defined benefit plans
- Gratuity

In accordance with Indian Accounting Standard 19, actuarial valuation was done in respect of the aforesaid defined benefit
plans based on the following assumptions-

Economic Assumptions

The discount rate and salary increases assumed are the key financial assumptions and should be considered together; it is
the difference or ''gap'' between these rates which is more important than the individual rates in isolation.

Discount Rate

The discounting rate is based on the gross redemption yield on medium to long term risk free investments. The estimated
term of the benefits/obligations works out to zero years. For the current valuation a discount rate of 7.05% p.a. (Previous
Year 7.21% p.a.) compound has been used.

Salary Escalation Rate

The salary escalation rate usually consists of at least three components, viz. regular increments, price inflation and
promotional increases. In addition to this any commitments by the management regarding future salary increases and the
Company''s philosophy towards employee remuneration are also to be taken into account. Again a long-term view as to
trend in salary increase rates has to be taken rather than be guided by the escalation rates experienced in the immediate
past, if they have been influenced by unusual factors.

(d) Related party relationship is as identified by the Company on the basis of information available with them and relied upon
by the Auditors.

43. FINANCIAL INSTRUMENTS - ACCOUNTING CLASSIFICATIONS AND FAIR VALUE MEASUREMENTS

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

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

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

2. 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 the evaluation, allowances are taken to account
for the expected losses of these receivables.

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

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

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

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

44. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Company''s Board of Directors has overall responsibility for the establishment and oversight of the Company''s risk
management framework. The Board of Directors has authorised the Audit Committee (the Committee), which is responsible
for developing and monitoring the Company''s risk management framework. The Committee reports to the Board of
Directors on its activities.

The Company''s risk management framework is established to identify and analyse the risks faced by the Company, to set
appropriate mitigation measures. Risk management policies and systems are reviewed regularly to reflect changes in market
conditions and the Company''s activities. The Company, through its training and management standards and procedures,
aims to maintain a disciplined and constructive control environment in which all employees understand their roles and
obligations.

The audit committee oversees how management monitors compliance with the company''s risk management policies and
procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company.

Sensitivity

The table below summarises the impact of increases/decreases of the equity security prices on the Company''s profit or loss
for the period.

Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market risk comprises two types of risk: interest rate risk and currency risk. Financial instruments affected by
market risk include loans and borrowings, deposits and derivative financial instruments.

The objective of market risk management is to avoid exposure in our foreign currency transactions and interest rate risk.
Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes
in market interest rates. The Company''s exposure to the risk of changes in market interest rates relates primarily to the
Company''s debt obligations with floating interest rates.

Foreign currency risk

The Company operates locally, however, the nature of its operations requires it to transact in several currencies and
consequently the Company is exposed to foreign exchange risk in various foreign currencies.

The Company evaluates exchange rate exposure arising from foreign currency transactions and the Company follows
established risk management policies.

I. Foreign Currency Sensitivity

A reasonably possible strengthening (weakening) of the Indian Rupee against US dollars at March 31 would have affected
the measurement of financial instruments denominated in US dollars and affected profit or loss by the amounts shown
below. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact
of forecast sales and purchases. In cases where the related foreign exchange fluctuation is capitalised to fixed assets or
recognized directly in reserves, the impact indicated below may affect the Company''s income statement over the remaining
life of the related fixed assets or the remaining tenure of the borrowing respectively.

Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to
meet its contractual obligations, and arises principally from the Company''s receivables from customers, counterparties to
the derivative contract, bank balances, investment securities and other receivables. Credit risk is managed through credit
approvals and continuous monitoring in the normal course of business. The Company establishes an allowance for doubtful
debts and impairment that represents its estimate of expected credit losses in respect of trade and other receivables.

Liquidity Risk

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

The Company monitors its risk of shortage of funds. The Company''s objective is to maintain a balance between continuity
of funding and flexibility through the use of bank overdrafts, bank loans and debentures. The Company assessed the
concentration of risk with respect to refinancing its debt and concluded it to be moderate. The Company has access to a
sufficient variety of sources of funding and debt maturing within 12 months can be rolled over with existing lenders helping
it maintain adequate liquidity.

Capital management

The company''s objective when managing capital is to ensure the going concern operation and to maintain an efficient
capital structure to reduce the cost of borrowings, support the corporate strategy and meet shareholder expectations. The
policy of the Company is to borrow through banks / financial institutions supported by committed borrowing facilities to
meet anticipated funding requirements.

The capital structure is governed by policies approved by the Board of Directors and funding requirements are reviewed
periodically.

The Capital structure is governed by policies approved by Board of Directors and funding requirements are reviewed
periodically.

The company monitors capital using gearing ratio, which is total debt divided by total capital plus debt.

47. Utilisation of borrowed funds and share premium

(i) The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources
or kind of funds) to any other person(s), entity(ies) including foreign entities (intermediaries) with the understanding that the
intermediary shall directly or indirectly lend or invest in other person or entities identified in any manner whatsoever by or
on behalf of the Company (ultimate beneficies) or provide any guarantee, security of the like to or on behalf of the ultimate
beneficiary.

(ii) The Company has not received any from any person(s), entity(ies) including foreign entities (funding party with the
understanding that the Company shall directly or indirectly lend or invest in other person or entities identified in any manner
whatsoever by or on behalf of the Funding party (ultimate beneficies) or provide any guarantee, security of the like to or on
behalf of the ultimate beneficiary.

48. Details of Crypto Currency or Virtual Currency

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

49. Undisclosed Income

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

50. Incident of Cyber fraud

During the year, the management had identified instances of cyber fraud amounting to Rs 440 Lakhs within the company.
The company duly lodged complaints at various forum and due intimation were made to all the necessary authorities.
The company is anticipating to recover Rs 37.03 Lakhs as per attachment of all the implicated bank accounts vide memo
of Hon''ble Court of Judicial Magistrate, First class 18th Court, Girgaon, Mumbai Dated March 12, 2025. The company
therefore has decided to write off balance amount of Rs 402.97 Lakhs. The amount written off has been disclosed as
Exceptional item.

51. Previous Year''s figures have been regrouped and reclassified, wherever necessary.

The accompanying notes 1 to 51 are an integral part of the Financial Statements

As per our report of even date attached For and on Behalf of the Board of Directors

For R K Doshi & Co LLP Pavan G. Morarka Vaibhav Morarka

Chartered Accountants Chairman Director

FRN: 102745W/W100242 DIN: 00174796 DIN: 01630306

Rajiv K. Doshi R.K Sharma Rajiv Bakshi

Partner Chief Financial Officer Director

Membership Number: 032542 DIN: 00264007

Khushmeeta Bafna
Company Secretary

Place : Mumbai Place : Mumbai

Date: May 24, 2025 Date: May 24, 2025

---

Mar 31, 2024

6.3 As reported earlier, the Company had filed appeal with the Company Law Board against the dismissal of the Company''s application by the said Board in 1982 in connection with the transfer of 54000 equity shares of the Ganesh Flour Mills Co. Ltd. to its name. The appeal is pending for final hearing and disposal. However, by way of abundant caution, the Company during year ended March 31, 1994, stated the value of the said investment at a token figure of Re.1 each by writing off the investment.

6.4 These preference shares were issued on September 26, 2015 and are redeemable, either in whole or in part at anytime and from time to time within a period of 20 years.

12.1 The bank has a lien on margin money as security against the guarantees issued amounting to Rs. 35.28 lakhs (March 31, 2023 : Rs. 28.16 lakhs) and against Letter of credit amounting to Rs. 2.00 lakhs (March 31, 2023 : Rs. 2.50 lakhs).

12.2 Fixed Deposit receipts aggregating to Rs. 287.54 lakhs (March 31, 2023 : Rs. Rs. 231.45 lakhs) have been pledged to a bank to secure the bank overdraft facility sanctioned by it. (Limit Rs. 240 lakhs (March 31, 2023 : Rs.200 Lakhs)). (Refer Note 22.2).

b) Terms / rights attached to equity shares

The Company has only one class of equity having a par value of Rs.10 per share. Each Equity Shareholder is eligible for one vote per share. The dividend proposed by the Board of Directors is subject to the approval of shareholders, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.

17.1 Nature and purpose of reserves

(i) General reserve

General Reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. General Reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income.

(ii) Retained earnings

Retained earning are the profits that the Group has earned till date, less any transfer to General Reserve, dividends or other distributions paid to the shareholders.

(iii) Equity instruments through other comprehensive income

The fair value change of the equity instruments measured at fair value through other comprehensive income is recognised in equity instruments through Other Comprehensive Income. Upon derecognition, the cumulative fair value changes on the said instruments are transfer to the retained earning.

(iv) Remeasurement of defined benefit plan

Differences between the interest income on plan assets and the return actually achieved, and any changes in the liabilities over the year due to changes in actuarial assumptions or experience adjustments within the plans, are recognised in other comprehensive income and are adjusted to retained earnings.

Details of security for secured loans from banks

22.1 Cash credit facility is secured by hypothecation of all the stocks, book debts (the above cash credit along with the other facilities of inland / foreign letter of credit and guarantees aggregating to Rs. 478.73 lakhs (March 31, 2023 : Rs. 478.73 lakhs) are further secured by way of deposit of the title deeds in respect of Company''s property situated at 12-14 , Veer Nariman Road, 4th Floor, Brady House, Mumbai 400001.

22.2 Bank Overdraft is secured by pledge of fixed deposit receipts aggregating to Rs. 287.54 lakhs (March 31, 2023 : Rs.231.45 lakhs) (Limit Rs. 240 lakhs (March 31, 2023 : Rs.200 Lakhs)) (Refer Note 12.2)

31.1 Salaries and wages include Chief Financial Officer''s remuneration amounting to Rs. 66.30 lakhs (2022-2023 : Rs. 59.15 lakhs) and Company Secretary''s remuneration amounting to Rs. 8.36 lakhs (2022-2023 : Rs. 6.70 lakhs).

31.2 Remuneration to Managing Director includes Rs. 15.55 lakhs (2022-2023 : Rs. 13.54 lakhs) towards contribution to provident fund and other funds and Medical Reimbursement of Rs. 0.21 lakhs (2022-2023 : Rs. 1.45 lakhs).

35 Segment information

As per Ind AS 108- “Operating Segment”, segment information has been provided in Note 39 under the Notes to Consolidated Financial Statements.

36 Benami property

There were no proceedings initiated or pending against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 and rules made thereunder.

37 Wilful Defaulter

The Company is not a declared wilful defaulter by any bank of financial institution or other lender.

38 Relationship with Struck off Companies

The Company has no transactions with companies struck off under Section 248 of the Companies Act, 2013 or Section 560 of Companies Act, 1956 during the year.

39 Charges:

There were no charges or satisfaction yet to be registered with the Registrar of Companies beyond the statutory period as at March 31, 2024.

40 Compliance with number of layers of companies

The Company does not have any subsidiary within the meaning of sub-Section (87) of Section 2 of the Companies Act, 2013 read with the rules thereunder.

41 Utilisation of borrowed funds and share premium

(i) The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other person(s), entity(is) including foreign entities (intermediaries) with the understanding that the intermediary shall directly or indirectly lend or invest in other person or entities identified in any manner whatsoever by or on behalf of the Company (ultimate benefices) or provide any guarantee, security of the like to or on behalf of the ultimate beneficiary.

(ii) The Company has not received any borrowed funds from any person(s), entity(is) including foreign entities (funding party with the understanding that the Company shall directly or indirectly lend or invest in other person or entities identified in any manner whatsoever by or on behalf of the Funding party (ultimate benefices) or provide any guarantee, security of the like to or on behalf of the ultimate beneficiary.

42 Financial Instruments

The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.

The Company''s Corporate finance department monitors and manages the financial risks relating to the operations of the Company through internal risk reports which analyse the exposures by degree and magnitude of risks. These risks include market risk (including currency risk, interest rate risk and other price risk), credit risk and liquidity risk.

The risk management policies are established to ensure timely identification and evaluation of risks, setting acceptable risk thresholds, identification and mapping controls against these risks, monitor the risk and their limits, improve risk awareness and transparency. Risk management policies and systems are reviewed regularly to reflect changes in the market conditions and Company''s activities to provide reliable information to the management and the Board to evaluate the adequacy of the risk management framework in relation to the risk faced by the Company. The Company''s finance function reports quarterly to the Company''s Board of Directors that monitors risks and policies implemented to mitigate risk exposures. The Board of Directors reviews and agrees policies for managing each of these risks which are summarized below:

Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises two types of risk: interest rate risk and currency risk. Financial instruments affected by market risk include loans and borrowings, deposits and derivative financial instruments.

The objective of market risk management is to avoid exposure in our foreign currency transactions and interest rate risk.

Interest rate risk management

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company''s exposure to the risk of changes in market interest rates relates primarily to the Company''s debt obligations with floating interest rates. The Company manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings.

Interest rate sensitivity analysis

The sensitivity analyses below have been determined based on the exposure to interest rates for both fixed and floating rate borrowings at the end of the reporting period. 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.

42.2 Credit risk management

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company''s receivables from customers, counterparties to the derivative contract, bank balances, investment securities and other receivables. Credit risk is managed through credit approvals and continuous monitoring in the normal course of business. The Company establishes an allowance for doubtful debts and impairment that represents its estimate of expected credit losses in respect of trade and other receivables. The maximum exposure to credit risk in case of all the financial instruments covered below is restricted to their respective carrying amount.

Trade receivables

The credit period ranges from 30 days to 180 days. Before accepting any new customer, the company assesses the potential customer credibility and define credit limits for each customer, such limits are reviewed annually.

Cash and bank balances

The credit risk on liquid funds and other bank deposits is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.

Liquidity risk refers to the risk of financial distress or extraordinary high financing costs arising due to shortage of liquid funds in a situation where business conditions unexpectedly deteriorate and requiring financing. Ultimate responsibility for liquidity risk management rests with the board of directors. The Company manages liquidity risk by maintaining reserves and banking facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

The following tables detail the Company''s remaining contractual maturity for its financial liabilities with agreed repayment periods and its financial assets. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to pay. The tables include both interest and principal cash flows.

The sensitivity analysis have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period, while holding all other assumptions constant.

The sensitivity analysis presented above may not be representative of the actual change in the projected benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated.

Furthermore, in presenting the above sensitivity analysis, the present value of the projected benefit obligation has been calculated using the projected unit credit method at the end of the reporting period, which is the same method as applied in calculating the projected benefit obligation as recognised in the balance sheet.

48 Income Taxes

The Company is subject to Indian Income Tax Act on a standalone basis. Entity is assessed to tax on taxable profits determined for each fiscal year beginning on April 1 and ending on March 31. For each fiscal year, the entity profit or loss is subject to the higher of the regular income tax payable or the Minimum Alternative Tax (“MAT”).

Provision for tax is determined under generally accepted accounting principles and adjusted for, inter alia, the Company''s assessment of allowable expenditure (as applicable), including exceptional items, set off of tax losses and unabsorbed depreciation. Statutory income tax is charged at 15% plus a Surcharge and Cess. MAT for the fiscal year 2023-24 is payable at 15% as increased by Surcharge and Cess. MAT paid in excess of regular income tax payable during a year can be carried forward and set off against regular income taxes payable within a period of fifteen years succeeding the fiscal year in which MAT credit arises.

50	Contingent liabilities and commitments		(Rs. in Lakhs)
	Contingent liabilities not provided for in respect of	As at March 31, 2024	As at March 31, 2023
	(i) Bank Guarantee given to clients	295.32	244.62
	(ii) Statutory demand / liabilities not provided for: a) Income tax matters (pending appeals and rectifications)		49.88
51	Commitments Capital Commitments
	Capital expenditure contracted for at the end of the reporting period but not recognised as liabilities is as follows:		(Rs. in Lakhs)
	Particulars	As at March 31, 2024	As at March 31, 2023
	a) Property, Plant and equipment	1,120.00	1,120.00
	b) Less: Capital advances (refer note 7)	525.00	720.79
	Estimated amounts of contracts remaining to be executed on capital account and not provided for (net of advances)	595.00	399.21

52 Previous year’s figures have been regrouped and rearranged wherever necessary.

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Mar 31, 2018

I. Reconciliation of Balance Sheet as at 1st April, 2016

(Rs in Lacs)

	Particulars	Notes	Regrouped IND AS Previous GAAP Adjustments	As on April 01,2016
	ASSETS
1	Non Current Assets
	a Property, Plant and Equipment	3	262.75	262.75
	b Investment Property	4,D	3,411.48 2.44	3,413.92
	c Intangible Assets	5	1.06	1.06
	d Investment in Subsidiary	6	2,021.77	2,021.77
	e Financial Assets
	(i) Investment	7,C	101.60 60.91	162.51
	(ii) Trade Receivable	8	55.20	55.20
	f Income tax assets (net)	9	120.81	120.81
	g Deferred Tax Assets (Net)	10	19.14	19.14
	h Other non current assets	11	0.10	0.10
2	Current Assets
	a Inventories	12	411.35	411.35
	b Financial Assets
	Investment
	(i) Trade Receivable	13	365.37	365.37
	(ii) Cash and cash equivalents	14	7.51	7.51
	(iii) Bank Balance other than (iii) above	15	94.15	94.15
	(iv) Other Financial Assets	16	16.05	16.05
	c Other Assets	17	635.05	635.05
	d Income tax assets (net)	18	25.52	25.52
	Total		7,548.91 63.35	7,612.26
	EQUITY AND LIABILITIES
1	Equity
	a Equity Share Capital	19	255.00	255.00
	b Other Equity	20,A,B,C	4,979.88 86.37	5,066.25
2	Non Current Liabilities
	a Financial liabilities
	(i) Borrowings	21	903.58	903.58
	(iii) Trade payables	22	63.63	63.63
	(ii) Other Financial liabilities	23,A	513.67 (101.52)	412.15
	b Provisions	24	23.83	23.83
	c Other non current liabilities	25	101.52	101.52
3	Current Liabilities
	a Financial liabilities
	(i) Borrowings	26	243.94	243.94
	(i) Trade payables	27	210.04	210.04
	(iii) Other financial liabilities	28	248.47	248.47
	b Other current liabilities	29	77.67	77.67
	c Provisions	30,B	29.20 (23.02)	6.18
	Total		7,548.91 63.35	7,612.26

Reconciliations between previous GAAP and Ind AS

II. Reconciliation of Balance sheet as at 31st March, 2017

(Rs in Lacs)

	Particulars	Notes	Regrouped IND AS Previous GAAP Adjustments	As on 31st March, 2017
	ASSETS
1	Non Current Assets
	a Property, Plant and Equipment	3	265.24	265.24
	b Investment Property	4,D	3,210.92 0.94	3,211.86
	c Intangible Assets	5	3.50	3.50
	d Investment in Saubsidiary	6	2,021.76	2,021.76
	e Financial Assets
	(i) Investment	7,C	101.60 88.20	189.80
	(ii) Trade Receivable	8	92.57	92.57
	f Income tax assets (net)	9	110.03	110.03
	g Deferred Tax Assets (Net)	10	14.45	14.45
	h Other non current assets	11	0.09	0.09
2	Current Assets
	a Inventories	12	312.69	312.69
	b Financial Assets
	(i) Trade Receivable	13	329.98	329.98
	(ii) Cash and cash equivalents	14	13.00	13.00
	(iii) Bank Balance other than (iii) above	15	33.01	33.01
	(iv) Other Financial Assets	16	63.11	63.11
	c Other Assets	17	690.16	690.16
	d Income tax assets (net)	18	24.36	24.36
	Total		7,286.49 89.14	7,375.63
	EQUITY AND LIABILITIES
1	Equity
	a Equity Share Capital	19	255.00	255.00
	b Other Equity	20,A,B,C	5,104.60 92.64	5,197.24
2	Non Current Liabilities
	a Financial liabilities
	(i) Borrowings	21	697.41	697.41
	(iii) Trade payables	22	58.90	58.90
	(ii) Other Financial liabilities	23,A	545.79 (72.88)	472.91
	b Provisions	24	25.78	25.78
	c Other non current liabilities	25	69.40	69.40
3	Current Liabilities
	a Financial liabilities
	(i) Borrowings	26	256.07	256.07
	(i) Trade payables	27	15.90	15.90
	(iii) Other financial liabilities	28	249.37	249.37
	b Other current liabilities	29	71.99	71.99
	c Provisions	30	5.66	5.66
	Total		7,286.49 89.14	7,375.63

I. A. Reconciliation of Equity

(Rs in Lacs)

Particulars	Notes	As on 31st March, 2017	As on 1st April, 2016
Total Equity under Previous GAAP Adjustments impact: Gain/ (Loss) Commision - Direct cost attributable to asset capitalised	4,D	5,359.60 2.44	5,234.88 2.44
Provision for Dividend reversed	20,B	-	19.13
Provision for tax on Dividend reversed	20,B	-	3.89
As per reconciliation of Statement of Profit and Loss	III B	3.50	-
Recognised in OCI
Actuarian Loss on defined benefit plan	E	(1.52)	-
Remeasurement of Fair Value of Investments	6,C	88.20	60.91
Total Equity Under Ind AS		5,452.24	5,321.25
III. B. Reconciliation of Statement of Profit and Loss for the year ended March 31, 2017			(Rs in Lacs)
Particulars	Regrouped Notes Previous GAAP	IND AS Adjustments	For the Year ended 31st March, 2017
Revenue from operations	31 2,201.41	52.79	2,254.21
Other income	32 58.85	-	58.85
Total Income (A)	2,260.26	52.79	2,313.06
Expenses
Cost of materials consumed	33 1,080.05	-	1,080.05
Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade	34 (46.60)		(46.60)
Employee benefit expenses	35,E 236.01	(1.52)	234.48
Finance cost	36,A 90.63	49.31	139.94
Depreciation and amortisation expenses	91.75	-	91.76
Other expense	37,D 407.21	1.50	408.71
Total expenses (B)	1,859.04	49.29	1,908.32
Profit before exceptional item and tax (A-B)	401.23	3.50	404.74
Exceptional item
Profit before tax	401.23	3.50	404.74
Tax expense
a) Current tax	86.00	-	86.00
b) Deferred tax	4.69	-	4.69
c) Taxes related to earlier years	(1.55)	-	(1.55)
Profit/ (loss) for the year	312.09	3.50	315.60
Other Comprehensive Income
A (i) Items that will not be reclassified to Profit or Loss
Remeasurement gains of defined benefit plan		(1.52)	(1.52)
Remeasurement gains of Investments at Fair Value		27.29	27.29
(ii) Income tax relating to items that will not be reclassified to Profit or Loss -		-
B (i) Items that will be reclassified to profit or Loss		-	-
(ii) Income tax relating to items that will be reclassified to Profit or Loss		-	-
Total Other Comprehensive Income		25.77	25.77
Total Comprehensive Income for the year	312.09	29.27	341.37

III. C. Reconciliation of Statement of Cash Flow

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

Notes forming part of the financial statements for the year ended March 31, 2018 Notes on reconciliation

A Financial liabilities at amortised cost

Under previous GAAP, financial liabilities were initially recognized at transaction price. Subsequently, any finance cost were recognized based on contractual terms. Under Ind AS, such financial instruments are initially recognized at fair value and subsequently arrived at amortised cost determined using the effective interest rate. Any difference between transaction price and fair value affects profit and loss unless it quantifies for recognition as some other type of liability.

B Proposed dividend

Under the previous GAAP, dividends proposed by the Board of Directors after the balance sheet date but before the approval of the financial statements were considered as adjusting events. Accordingly, proposed dividend was recognized as a liability. Under Ind AS, such dividends are recognized when the same is approved by the shareholders in the general meeting

C Financial instruments carried at fair value through profit and loss or through other comprehensive income

Under previous GAAP, investments in long-term equity instrument were carried at cost and tested for other than temporary diminution. Under Ind AS, such investments are carried at fair value through profit or loss (FVTPL) or fair value through other comprehensive income (FVOCI) (except for investment in subsidiary).

D Investment property

Under Previous IGAAP, as per Accounting Standard Property, Plant & Equipment is recognised at cost less depreciation. However under Ind AS 101, allows entity to measure Property, Plant & Equipment on the transition date at its fair value or previous IGAAP carrying value (book value) as deemed cost.

The company has elected to measure Investment Property at deemed cost as per Previous IGAAP.

Expenses directly attributable to Investment Property has been capitalised and recognised as expense in Profit & Loss Account over the period on the same basis as income.

E Defined benefit plan

Under Ind AS, remeasurement i.e. actuarial gains and losses and the return on plan assets, excluding amounts included in the net interest expense on the net defined liability, are recognised in other comprehensive income instead of Statement of Profit and Loss in previous GAAP.

As per our Report of even date For and on behalf of	For and on behalf of the Board of Directors
S S Rathi & Co.	Pavan G. Morarka Vaibhav P. Morarka		Rajiv Kumar Bakshi
Chartered Accountants	Chairman & Managing Director Director		Director
Firm Regn. No. 108726W	DIN: 00174796 DIN : 01630306		DIN : 00264007
D. P. Rathi	R. K. Sharma	Khushmeeta Bafna
Partner	Chief Financial Officer	Company Secretary
Membership No. 042068
Mumbai : May 30, 2018	Mumbai : May 30, 2018

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Mar 31, 2016

Contingent Liabilities are not provided for and are disclosed by way of Notes.

1 The Board of Directors at its meeting held on 20th May 2016 have recommended payment of Dividend ofRs, 19.13 Lacs (Previous year Rs, 25.50 Lacs) @ Rate of Rs, 0.75/-per share (Previous year Rs, 1.00/-per share)

2 Confirmations for credit balances have been verified to the extent the same are available.

3 The details of amounts outstanding to Micro, Small and Medium Enterprises based on available information with the company is as under:

4 There is no amount due and outstanding to be credited to Investor Education and Protection Fund as at 31st March, 2016.

5 a) The Accounting Standard -15 on ‘Employee benefit’ prescribed by the Central Government, has become applicable tc the company from 1 st April, 2008. In accordance with provisions of Accounting Standard (AS-15), the liability for privilege leave at the yearend has been actuarially ascertained at Rs, 25.78 Lacs against which the provision of Rs, 23.83 Lacs was helc up to 31.03.2015. Accordingly a sum of Rs, 1.96 Lacs has been provided during the year.

b) Details of Employee Benefits as required by the Accounting Standard-15 "Employee Benefits" are as follows:

7. Defined Contribution Plans Rs, in lacs

During the year ended 31st March 2016, the company has recognized the following amounts in the profit loss account:

- Contribution to Provident Fund and Family Pension Fund. 6.45

The above amounts are included in ‘Contribution to Provident Fund’ and other funds'' under ‘Payment to and provisions for employees in Note 27

8. Defined Benefit Plan (Funded)

a. Ageneral description of the Employees Benefit Plan:

The company has an obligation towards gratuity, a funded benefit retirement plan covering eligible employees. The plan provides for lump sum payment to vested employees at retirement/death while in employment or on termination of the employment of an amount equivalent to 15 days salary payable for each completed year of service or part thereof in excess of six months. Vesting occurs upon completion of five years of service.

VII The expected rate of return on the plan assets is based on the average long term rate of return expected on investment of the Fund during the estimated term of the obligations. The expected return on plan assets is Rs, 2.01 Lacs

VIII The assumption of the future salary increases, considered in actuarial valuation, takes into account in inflation, seniority, promotion and other relevant factors.

9 RELATED PARTY DISCLOSURES: (AS-18)

A) List of related parties where control exist

Sr. No. Name of the Related Party Relationship

1 Brady & Morris Engg. Co. Ltd. Subsidiary Company

2 Brady Services Pvt. Ltd. Associates

3 Brady Telesoft Pvt. Ltd. Associates

4 Brady Air Pvt Ltd (Formerly known as Brady Air Ltd) Associates

5 Brady Estates Pvt. Ltd. (Formerly known as Brady Futures Pvt Ltd Associates

6 Global Tradecrackers Pvt Ltd Associates

7 Zoeftig Bradys AOP of Subsidiary

8 Mr. Pavan G. Morarka Managing Director

(Key Management Personnel)

9 Mr. Vaibhav Morarka Director (Son of Managing Director)

10 Mr. RKSharma _v Chief Financial Officer

11 Ms. Khushbu Desai Company Secretary

10 CONTINGENT LIABILITIES AND COMMITMENTS

I Contingent Liabilities

a. Inland Guarantees sanctioned by Bank aggregating to Rs, 300 Lacs (Previous Year Rs, 300 Lacs). The outstanding amount is Rs, 170.54 Lacs (Previous year t 148.71 Lacs), and Inland Letter of Credit sanctioned by Bank aggregating to Rs, 50 Lacs (Previous year Rs, 50 Lacs ) The Outstanding amount is Rs, NIL (Previous year Rs, NIL) is secured by way of extension of charge on Stock, Book Debts, Hypothecation of Plant & Machinery and Properties as referred to in Note ''7'' of the Balance Sheet under the heading of Secured Loans from banks-Cash Credit.

b. Claims against the Company by the Income Tax Department on completion of Income Tax Assessments for which appeal effects are pending not acknowledged as Debts Rs, 29.07 Lacs (Previous year Rs, 19.43 Lacs ) against which payment has been made of Rs, 29.48 Lacs (Previous year Rs, 19.15Lacs)

c. Claims against the Company by the Sales Tax Department on completion of Sales Tax Assessment for which appeals have been filed, not acknowledged as debts Rs, 23.02 Lacs (Previous Year Rs, 46.38 Lacs), against which payment of Rs, 6.42Lacs (Previous yearRs, 15.18 Lacs) has been made.

d. Claims made by ex-employees of the Company and pending before the appropriate authorities in respect of dues, reinstatement, permanency etc. which are contested by the Company the liability whereof is indeterminate.

e. The Company is contingently liable in respect of differential liability of bonus under The Payment of Bonus(Amendment)Act, 2015 which has come into force from 1st April, 2014. For the year 2014-15 the liability whereof is estimated at Rs, 0.59 Lacs which is not provided in view of the matter is subjudice before various High Courts in the country.

II Estimated amount of capital commitments not provided for in the accounts, net of advances aggregate to Rs, 1500 Lacs (Previous year Rs, 1500 Lacs ).

11 SEGMENT INFORMATION (AS-17)

The Company is engaged primarily in marketing of material handling equipments, textile machinery and stores etc. Accordingly there are no separate reportable segments as per Accounting Standard -17 dealing with segment reports.

12 The position as on 31.03.2016 in respect of 20,000 Ordinary Shares of Shree Changed Sugar Mills Limited held-as securities against the loan given by the Company, continues to be same as reported last year, in as much as the application made u/s 111 of the Companies Act, 1956, against the refusal to transfer the shares in the name of the Company by the said Company is not yet disposed off and the said Company has still not returned these shares on refusal of transfer.

13 The previous year figures have been regrouped / reclassified, wherever necessary to conform to the current year presentation.

---

Mar 31, 2015

1. The Reconciliation of the number of Shares outstanding:

The Company has not issued any Equity Shares during the year.

2. The Details of Shareholders holding more than 5% Shares:

3. 84,290 (Previous Year 84,290) Equity Shares are alloted as fully paid up pursuant to contracts, without payments being received in cash

4. The Company has only one class of equity and preference shares having a par value of Rs.10 per share. Each Equity Shareholder is eligible for one vote per share. The dividend proposed by the Board of Directors is subject to the approval of shareholders, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of theirshareholding.

5. The above facilities are further collaterally secured against commercial building at 414, Senapati Bapat Marg, Lower Parel, Mumbai-400013 by way of first charge on the prime and collateral security as mentioned above.

6. The details of amounts outstanding to Micro, Small and Medium Enterprises based on available information with the company is as under:

7. There is no amount due and outstanding to be credited to Investor Education and Protection Fund as at 31 st March, 2015

8. As reported earlier,the company had filed appeal with the company law board against the dismissal of the companie's application by the said board in 1982 in connection with the transfer of 54000 eqity shares of the Ganesh Flour Mills Co. Ltd. to its name. The appeal is pending for final hearing and disposal.However, by way of abundant caution, the company during year ended 31st March,1994, stated the value of the said investment at a token figure of Rs.1 each by writing off the investment.

9. DEFERRED TAX ASSETS

The company has carried forward losses as per books and also as per Income Tax Act. Deferred Tax Assets for the current year are not accounted for in the absence of prudence and virtual certainty for sufficient future income as required by Accounting Standard 22 "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India.

10. Estimated amount of Contracts remaining to be executed on capital account and not provided for in accounts aggregate to Rs. NIL ( P.Y. Rs. NIL)

11. CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF ( Rs. in Lacs)

2014-15 2013-14

Bank Gurantees given to Clients 543.89 499.18

Income tax Demands (including interest) - matter under rectification. A.Y. 2010-11 7.23 7.23

Income tax Demands (including interest) - matter under rectification. A.Y. 2011-12 6.13 6.13

Income tax Demands (including interest) - matter under rectification. A.Y. 2012-13 3.64 3.64

VAT under Appeal F.Y.2002-03 - 0.75

CST under Appeal F.Y.2004-05 4.50 4.50

CST under Appeal F.Y.2010-11 9.34 -

Claim of warranty expenses made by dealer - -

Claims made by the ex-employees of the company and pending before the appropriate authorities in respect of dues, reinstatement, premanency etc, which are contested by the company the liability whereof is indeterminate.

12. RELATED PARTY INFORMATION

(A) Name of related party and Description of relationship nature of relationship

Name of related party

1. Where signiicant influence exists:

W.H.Brady & Co Ltd Holding Company

2. Key Management Personnel:

Mr.Pavan G. Morarka Chairman

Mr. Vaibhav Morarka Executive Director

Mr.Rajendrakumar Pandey CFO

Ms Madhura Dabke Company Secretary

3. Other Related Parties

Brady Estates Pvt Ltd Associate (Formerly Known as Brady Futures Pvt.Ltd.)

Brady Services Pvt Ltd Associate

Brady Telesoft Pvt Ltd Associate

Brady Air Pvt. Ltd Associate

Global Trade Crackers Pvt.Ltd Associate

Shivam Holding Pvt. Ltd. Associate

Zoeftig Bradys Association of Persons (AOP)

(B) Related party relationship is as identified by the Company on the basis of information available with them and relied upon by the Auditors

13. Previous year's figures have been regrouped wherever necessary to make them comparable with current year.

---

Mar 31, 2014

1a) The Accounting Standard - 15 on ''Employee benefit'' prescribed by the Central Government, has become applicable to the company from 1st April, 2008. In accordance with provisions of Accounting Standard (AS-15), the liability for privilege leave at the year end has been actuarially ascertained atRs. 23.33/- lacs against which the provision ofRs. 17.28/- lacs was held upto 31.03.2013. Accordingly a sum ofRs. 6.05/- lacs has been provided during the year.

b) Details of Employee Benefits as required by the Accounting Standard-15 "Employee Benefits" are as follows:

2. Defined Contribution Plans Rs. in lacs

During the year ended 31 st March 2014, the company has recognized the following amounts in the profit loss account: - Contribution to Provident Fund and Family Pension Fund. 5.08

The above amounts are included in ''Contribution to Provident Fund'' and other funds'' under ''Payment to and provisions fa employees in Note 27

3. Defined Benefit Plan (Funded)

a. Ageneral description of the Employees Benefit Plan:

The company has an obligation towards gratuity, a funded benefit retirement plan covering eligible employees. The plan provides for lump sum payment to vested employees at retirement/death while in employment or on termination of the employment of an amount equivalent to 15 days salary payable for each completed year of service or part thereof in excess of six months. Vesting occurs upon completion of five years of service.

4 CONTINGENT LIABILITIES AND COMMITMENTS

I Contingent Liabilities

a. Inland Guarantees sanctioned by Bank aggregating to Rs. 300.00/- lacs (Previous Year Rs. 300.00/-lacs). The outstanding amount is Rs.132.69,/-lacs (Previous yearRs. 122.81/- lacs), and Inland Letter of Credit sanctioned by Bank aggregating to Rs. 50.00/- lacs(Previous year Rs. 50.00/- lacs) The Outstanding amount is Rs. NIL (Previous year Rs. NIL) is secured by way of extension of charge on Stock, Book Debts, Hypothecation of Plant & Machinery and Properties as referred to in Note 7'' of the Balance Sheet under the heading of Secured Loans from banks-Cash Credit.

b. Claims against the Company by the Income Tax Department on completion of Income Tax Assessments for which appeal effects are pending not acknowledged as Debts Rs. 8.93/- lacs (Previous year Rs. 8.93/- lacs) against which payment has been made of Rs.12.95/- lacs (Previous yearRs. 12.95/- lacs).

c. Claims against the Company by the Sales Tax Department on completion of Sales Tax Assessment for which appeals have been filed, not acknowledged as debts Rs. 9.28/- lacs (Previous Year Rs. 9.28/- lacs), against which payment ofRs. 0.27/- lacs (Previous yearRs. 0.27/-lacs) has been made.

d. Claims made by ex-employees of the Company and pending before the appropriate authorities in respect of dues, reinstatement, permanency etc. which are contested by the Company the liability whereof is indeterminate.

II Estimated amount of capital commitments not provided for in the accounts, netofadvances aggregate toRs. 1200.00/- Lacs (Previous yearRs. NIL).

5 SEGMENTINFORMATION(AS-17)

The Company is engaged primarily in marketing of material handling equipments, textile machinery and stores etc. Accordingly there are no separate reportable segments as per Accounting Standard -17 dealing with segment reports.

6 The position as on 31.03.2014 in respect of 20,000 Ordinary Shares of Shree Changdeo Sugar Mills Limited held as securities against the loan given by the Company, continues to be same as reported last year, in as much as the application made u/s 111 of the Companies Act, 1956, against the refusal to transfer the shares in the name of the Company by the said Company is not yet disposed off and the said Company has still not returned these shares on refusal of transfer.

7 The previous year figures have been regrouped / reclassified, wherever necessary to conform to the current year presentation.

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Mar 31, 2013

1 CONTINGENT LIABILITIES AND COMMITMENTS

I Contingent Liabilities

a. Inland Guarantees sanctioned by Bank aggregating to Rs. 300.00/- Lacs (Previous Year Rs. 300.00/-Lacs). The outstanding amount is Rs. 122.81/- Lacs (Previous year Rs. 153.75/- Lacs), and Inland Letter of Credit sanctioned by Bank aggregating to Rs. 50.00/- Lacs (Previous year Rs. 50.00/-Lacs) The Outstanding amount is Rs. NIL (Previous yearRs. NIL) is secured by way of extension of charge on Stock, Book Debts, Hypothecation of Plant & Machinery and Properties as referred to in Note ''7 '' of the Balance Sheet under the heading of Secured Loans from banks-Cash Credit.

b. Claims against the Company by the Income Tax Department on completion of Income Tax Assessments for which appeals filed are pending not acknowledged as Debts Rs. 8.93/- Lacs (Previous year Rs. 22.351- Lacs) against which payment has been made of Rs. 12.95/-Lacs (Previous year Rs. 26.54/-Lacs).

c. Claims against the Company by the Sales Tax Department on completion of Sales Tax Assessment for which appeals have been filed, not acknowledged as debtsRs. 9.28/- Lacs (Previous YearRs. 9.28/- Lacs), against which payment of Rs. 0.27/-Lacs (Previous year Rs. 0.27/-Lacs) has been made.

d. Claims made by ex-employees of the Company and pending before the appropriate authorities in respect of dues, reinstatement, permanency etc. which are contested by the Company the liability whereof is indeterminate.

II Estimated amount of capital commitments not provided for in the accounts, net of advances aggregate to NIL

(Previous year NIL).

2 SEGMENT INFORMATION (AS-17)

The Company is engaged primarily in marketing of material handling equipments, textile machinery and stores etc. Accordingly there are no separate reportable segments as per Accounting Standard -17 dealing with segment reports.

3 The position as on 31.03.2013 in respect of 20,000 Ordinary Shares of Shree Changdeo Sugar Mills Limited held as securities against the loan given by the Company, continues to be same as reported last year, in as much as the application made u/s 111 of the Companies Act, 1956, against the refusal to transfer the shares in the name of the Company by the said Company is not yet disposed off and the said Company has still not returned these shares on refusal of transfer.

4 The previous year figures have been regrouped / reclassified, wherever necessary to conform to the current year presentation.

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Mar 31, 2012

1.1 850000 (850000) Shares out of the issued, subscribed and paid up share capital were allotted as Bonus Shares in the last five years out of Profit & Loss account.

2.1 Company has not received any information from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, under said Act have not been made.

2.2 Confirmations for debit & credit balances have been verified to the extent the same are available.

3.1 Company has not received any information from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, under said Act have not been made.

3.2 Confirmations for debit & credit balances have been verified to the extent the same are available.

4.1 During the financial year 2006-07, Building on Lease Hold Land at Mumbai was revalued atRs. 6,100.00/- Lacs against value of Rs. 1,283.27/- Lacs on the basis ot revaluation report dated 01-11 -2006 from Registered valuer & Revaluation reserve of Rs. 4,816.73/- Lacs was created for the increase in value of the Building.

4.2 Depreciation on Building includes Depreciation as relatable to increase on account ot revaluation Rs. 209.50/- Lacs (Previous year Rs. 220.52/- Lacs) is charged to Revaluation Reserve.

5.1 Deductions from Capital Work in Progress represents transfer to relative Fixed Assets / Expenses on Completion / Installation.

6.1 Confirmations for debit & credit balances have been verified to the extent the same are available.

7.1 Confirmations for debit & credit balances have been verified to the extent the same are available.

8.1 Loans and advances to related parties include Rs. 4.86/- Lacs (Previous Year Rs. NIL) paid to Brady Ikusi Systems Pvt Ltd towards Joint Venture Share.

8.2 a) The Accounting Standard - 15 on 'Employee benefit' prescribed by the Central Government, has become applicable to the company from 1st April, 2008. In accordance with provisions of Accounting Standard (AS-15), the liability for privilege leave at the year end has been actuarially ascertained at Rs. 11.24/- Lacs against which the provision of Rs. 10.22/- Lacs was held upto 31.03.2011. Accordingly a sum of Rs. 1.02/- Lacs has been provided during the year.

b) Details of Employee Benefits as required by the Accounting Standard-15 "Employee Benefits" are as follows:

2. Defined Benefit Plan (Funded)

a. A general description of the Employees Benefit Plan:

The company has an obligation towards gratuity, a funded benefit retirement plan covering eligible employees. The plan provides for lump sum payment to vested employees at retirement/death while in employment or on termination of the employment of an amount equivalent to 15 days salary payable for each completed year of service or part thereof in excess of six months. Vesting occurs upon completion of five years of service.

b. Details of defined benefit Plan - As per Actuarial Valuation as on 31st March, 2012.

9 CONTINGENT LIABILITIES AND COMMITMENTS

I Contingent Liabilities

a. Inland Guarantees sanctioned by Bank aggregating to Rs. 300.00/- Lacs (Previous Year Rs. 150.00/- Lacs). The outstanding amount is Rs. 153.75/- Lacs (Previous year Rs. 114.37/- Lacs), and Inland Letter of Credit sanctioned by Bank aggregating to Rs. 50.00/- Lacs (Previous year Rs. 50.00/- Lacs) The Outstanding amount is Rs. NIL (Previous year X 5.02/- Lacs) is secured by way of extension of charge on Stock, Book Debts, Hypothecation of Plant & Machinery and Properties as referred to in Note '7 ' of the Balance Sheet under the heading of Secured Loans from banks-Cash Credit.

b. Claims against the Company by the Income Tax Department on completion of Income Tax Assessments for which appeals filed are pending not acknowledged as Debts Rs. 22.35/- Lacs (Previous year Rs. 22.35/- Lacs) against which payment has been made of 126.54/- Lacs (Previous year X 26.54/- Lacs).

c. Claims against the Company by the Sales Tax Department on completion of Sales Tax Assessment for which appeals have been filed, not acknowledged as debts Rs. 9.28/- Lacs (Previous Year Rs. 9.28/- Lacs), against which payment of Rs. 0.27/- Lacs (Previous year 10.27/- Lacs) has been made.

d. Claims made by ex-employees of the Company and pending before the appropriate authorities in respect of dues, reinstatement, permanency etc. which are contested by the Company the liability whereof is indeterminate.

II Estimated amount of capital commitments not provided for in the accounts, net of advances aggregate to NIL (Previous year NIL).

10 SEGMENT INFORMATION (AS-17)

The Company is engaged primarily in marketing of material handling equipments, textile machinery and stores etc. Accordingly there are no separate reportable segments as per Accounting Standard - 17 dealing with segment reports.

11 The position as on 31.03.2012 in respect of 20,000 Ordinary Shares of Shree Changdeo Sugar Mills Limited held as securities against the loan given by the Company, continues to be same as reported last year, in as much as the application made u/s 111 of the Companies Act, 1956, against the refusal to transfer the shares in the name of the Company by the said Company is not yet disposed off and the said Company has still not returned these shares on refusal of transfer.

12 The previous year figures have been regrouped / reclassified, wherever necessary to conform to the current year presentation.

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Mar 31, 2012

1. SHARE CAPITAL

1.1 The reconciliation of the number of shares oustanding:

The Company has issued 75,00,000 Non-redeembale & non-cumulative preference shares during the year.

1.2 84,290 (Previous Year 84,290) Equity Shares are allotted as fully paid up pursuant to contracts, without payments being received in cash

1.3 15,00,000 (Previous Year 15,00,000) Equity Shares are allotted as Bonus Shares by capitalisation of Profits.

1.4 The Company has only one class of equity and preference shares having a par value of Rs. 10 per share. Each Equity Shareholder is eligible for one vote per share. The dividend proposed by the Board of Directors is subject to the approval of shareholders, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.

2. DEFERRED TAX LIABILITY

The company has carried forward losses as per books and also as per Income Tax Act. Deferred Tax Assets for the current year are not accounted for in the absence of prudence and virtual certainty for sufficient future income as required by Accounting Standard 22 "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India.

3. SHORT TERM BORROWINGS

3.1.1 The term Loan II is secured by equitable mortgage of Factory Land & Building at Plot No.326-B, Sarsa Kanera Roa Sarsa Patia, Village Kanera, Dist. Kanera. Gujarat and Extension of Factory Land and Building at Vatva.

3.1.2 The term loan III of Rs. 250 lacs is secured by hypothecation of Plant and Machinery acquired by utilizing the term loan Extension of equitable mortgage of properties already mortgaged with the Bank to cover our entire exposure to the company.

3.1.3 The term loan IV of Rs. 1 crore is secured by equitable mortgage of plot of land to be acquired utilizing the term loans with further extension of equitable mortgage of properties already mortgaged with the Bank to cover our entire exposure to the company.

3.1.4 The above facilities are further collaterally secured against commercial building at 414, Senapati Bapat Marg, Lower Parel, Mumbai-400 013, Factory land & building at 505, GIDC, Phase IV, Vatva, Ahmedabad and Factory Land & Building at Plot No.326-B, Sarsa Kanera Road, Sarsa Patia, Village Kanera, Dist. Kanera. Gujarat, by way of first charge on the prime and collateral security as mentioned above. The term loan IV is collaterally secured against the equitable mortgage of plot of land to be acquired utilizing the term loans with further extension of equitable mortgage of properties.

4. OTHER CURRENT LIABILITIES

4.1 There is no amount due and outstanding to be credited to Investor Education and Protection Fund as at 31st March, 2012

5. The Company has remitted dividend amounting to Rs. NIL (P.Y. Rs. 2.09 Lacs) in respect of shares held by Non-Residents.

6 Estimated amount of Contracts remaining to be executed on capital account and not provided for in accounts aggregate to Loss Rs. 0.63 (P.Y. Rs. 75.74 Lacs)

7. CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF

(Rs. in Lacs)

2011-12 2010-11

Bank Gurantees given to Clients 444.65 486.72

Letter of Credit given to Clients - 74.54

Income tax Demands (including interest) - matter under rectification 9.73 9.73

Claim of warranty expenses made by dealer 3.22 3.22

8. RELATED PARTY INFORMATION

(A) Name of related party and nature of Description of relationship relationship

Name of related party

1. Where significant influence exists:

W.H.Brady & Co Ltd Holding Company

2. Key Management Personnel:

Mr. Pavan G. Morarka Chairman

3. Other Related Parties

Brady Estates Pvt Ltd (Formerly Known as Brady Futures Pvt.Ltd.) Associate

Brady Telesoft Pvt Ltd Associate

Brady Air Ltd Associate

Global Trade Crackers Pvt.Ltd Associate

Zoeftig Bradys Association of Persons (AOP)

(C) There are no provisions for doubtful debts or amounts written off save and except write back to credit to profit and loss account of exceptional items by waiver off amount due by holding company amounting to Rs. 92.21 Lacs.

(D) Related party relationship is as identified by the Company on the basis of information available with them and relied upon by the Auditors

9. Previous year's figures have been regrouped wherever necessary to make them comparable with current year.

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Mar 31, 2011

1. Estimated amount of capital commitments not provided for in the accounts, net of advances aggregate to NIL (Previous year Rs. 6,56,250/-).

2. The Company is contingently liable in respect of:

a. Inland Guarantees sanctioned by Bank aggregating to Rs1,50,00,000/- (Previous Year Rs. 1,00,00,000/-). The outstanding amount is Rs.1,14,37,203/- (Previous year Rs. 88,29,076/-), and Inland Letter of Credit sanctioned by Bank aggregating to Rs.50,00,000/-(Previous year Rs.50,00,000/-) The Outstanding amount is Rs.5,02,177/- (Previous year Rs. 3,97,466/-) is secured by way of extension of charge on Stock, Book Debts, Hypothecation of Plant & Machinery and Properties as referred to in Schedule 'C of the Balance Sheet under the heading of Cash Credit.

b. Claims against the Company by the Income Tax Department on completion of Income Tax Assessments for which appeals filed are pending not acknowledged as Debts Rs.22,35,332/- (Previous year Rs. 39,90,392/-) against which payment has been made of Rs.26,53,757/- (Previous year Rs.10,71,132/-).

c. Claims against the Company by the Sales Tax Department on completion of Sales Tax Assessment for which appeals have been filed, not acknowledged as debts Rs.9,07,558/- (Previous Year Rs. 9,09,031/-), against which payment of Rs.27,098/- ( Previous year Rs.21,496/-) has been made.

d. Claims made by ex-employees of the Company and pending before the appropriate authorities in respect of dues, reinstatement, permanency etc. which are contested by the Company the liability whereof is indeterminate.

3. The position as on 31.03.2011 in respect of 20000 Ordinary Shares of Shree Changdeo Sugar Mills Limited held as securities against the loan given by the Company, continues to be same as reported last year, in as much as the application made u/s 111 of the Companies Act, 1956, against the refusal to transfer the shares in the name of the Company by the said Company is not yet disposed off and the said Company has still not returned these shares on refusal of transfer.

4. SEGMENT INFORMATION (AS-17)

The Company is engaged primarily in marketing of material handling equipments, textile machinery and stores etc. Accordingly there are no separate reportable segments as per Accounting Standard - 17 dealing with segment reports.

5. DEFERRED TAXATION:

As per Accounting Standard 22 on "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India, the deferred tax for the year has been recognised in the Profit & Loss account.

6 Confirmations for Debit & Credit balance have been verified to the extent the same are available.

7 Company has not received any information from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, under said Act have not been made.

8. a) The Accounting Standard -15 on 'Employee benefit' prescribed by the Central Government, has become applicable to the company from 1st April, 2008. In accordance with provisions of Accounting Standard (AS-15), the liability for privilege leave at the year end has been actuarially ascertained at Rs. 10,22,278/- against which the provision of Rs.7,20,023/- was held upto 31.03.2010. Accordingly a sum of Rs.3,02,255/- has been provided during the year.

9. Defined Benefit Plan (Funded)

a. A general description of the Employees Benefit Plan:

The company has an obligation towards gratuity, a funded benefit retirement plan covering eligible employees. The plan provides for lump sum payment to,vested employees at retirement/death while in employment or on termination of the employment of an amount equivalent to 15 days salary payable for each completed year of service or part thereof in excess of six months. Vesting occurs upon completion of five years of service.

b. Details of defined benefit Plan - As per Actuarial Valuation as on 31 st March, 2011.

10. The provision for Income Tax & Wealth Tax made in the Accounts, is considered adequate having regard to the provisions of the Income Tax Act, 1961 and Wealth Tax act 1957 as amended upto date.

11. No provision is required in respect of impairment of assets as required by Accounting Standard - 28 issued by the Institute of Chartered Accountants of India.

12. Figures of the previous year have been regrouped wherever necessary to conform to the presentation for the current year.

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Mar 31, 2010

1. Estimated amount of capital commitments not provided for in the accounts, net of advances aggregate to Rs.656250/- (Previous year Rs. NIL).

2. The Company is contingently liable in respect of:

a. Inland Guarantees sanctioned by Bank aggregating to Rs100,00,000/- (Previous Year Rs. 100,00,000/-). The outstanding amount is Rs.88,29,076/-(Previous year Rs.74,89,673/-), and Inland Letter of Credit sanctioned by Bank aggregating to Rs.50,00,000/-(Previous year Rs.50,00,000/-) The Outstanding amount is Rs.3,97,466/- (Previous year Rs.674,627/-) is secured by way of extension of charge on Stock, Book Debts, Hypothecation of Plant & Machinery and Properties as referred to in Schedule C of the Balance Sheet under the heading of Cash Credit.

b. Claims against the Company by the Income Tax Department on completion of Income Tax Assessments for which appeals filed are pending not acknowledged as Debts Rs.39,90,392/- (Previous year Rs.26,47,611/-) against which payment has been made of Rs. 10,71,132/- (Previous year Rs. 10,71,132/-).

c. Claims against the Company by the Sales Tax Department on completion of Sales Tax Assessment for which appeals have been filed, not acknowledged as debts Rs.9,09,031/- (Previous Year Rs. 9,09,031/-), against which Rs.21,496/- payment ( Previous year Rs.21,496/-) has been made.

d. Claims made by ex-employees of the Company and pending before the appropriate authorities in respect of dues, reinstatement, permanency etc. which are contested by the Company the liability whereof is indeterminate.

3. During the year, besides the facilities sanctioned as stated in Schedule "C of the Notes as above, the Company had been sanctioned and subsequent amendments made in the following facilities from Bank.

The above Term Loan is secured by :

(a) Charge of movable assets, if any, purchased out of banks term loan for Renovation of office premises.(for Term Loan II)

(b) Hypothecation of receivables(out of Aviation Contracts - Term Loan I)

(c) Power of Attorney for books debts arising out of execution of contracts as Term Loan I.

(d) Personal guarantee of Mr.Pavan G.Morarka, Chairman & Managing Director to secure the above Term Loans.

(e) First pari passu charge of Companys property at Mumbai by way of mortgage For security of the Term Loan. From the above facilities Rs.187.21 lacs have been availed of till date from Term loan II for Office Renovation.

4. The position as on 31.3.2010 in respect of 20000 Ordinary Shares of Shree Changdeo Sugar Mills Limited held as securities against the loan given by the Company, continues to be same as reported last year, in as much as the application made u/s 111 of the Companies Act, 1956, against the refusal to transfer the shares in the name of the Company by the said Company is not yet disposed off and the said Company has still not returned these shares on refusal of transfer.

5. SEGMENT INFORMATION (AS-17)

The Company is engaged primarily in marketing of material handling equipments, textile machinery and stores etc. Accordingly there are no separate reportable segments as per Accounting Standard - 17 dealing with segment reports.

6. RELATED PARTIES DISCLOSURES: (AS-18)

A) Particulars of parties where control exists.

SI. No Name Particulars

1 Brady & Morris Engg. Co. Ltd 80.70% of the equity capital as on 31.3.10 is held by the Company.

2 Other related parties :

Brady Services Pvt. Ltd. Associate

Brady Telesoft Pvt. Ltd. Associate

Brady Air Ltd. Associate

Brady Futures Pvt Ltd. Associate

Global Tradecracker Ltd. Associate

3 Mr.Pavan G. Morarka Managing Director (Key Management Personnel)

7 Confirmations for Debit & Credit balance have been verified to the extent the same are available.

8 The Company has not received any information from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, under said Act have not been made.

9. a) The Accounting Standard -15 on Employee benefit prescribed by the Central Government, has become applicable to the company from 1st April, 2008. In accordance with provisions of Accounting Standard (AS-15), the liability at the year end has been actuerily ascertained at Rs.7,20,023/- against which the provision of Rs.8,28,029/- was held upto 31.03.2009. Accordingly a sum of Rs.1,08,006/- has been written back during the year.

10. The provision for Income Tax & Wealth Tax made in the Accounts, is considered adequate having regard to the provisions of the Income Tax Act, 1961 and Wealth Tax act 1957 as amended upto date.

11. No provision is required in respect of impairment of assets as required by Accounting Standard - 28 issued by the Institute of Chartered Accountants of India.

12. Figures of the previous year have been regrouped wherever necessary to conform to the presentation for the current year.

13. Company Profile: As per statement enclosed.