(t) Provisions and Contingent Liabilities

(i) Provision

A provision is recorded when the Company has a
present legal or constructive obligation as a result of
past events, it is probable that an outflow of resources
will be required to settle the obligation and the amount
can be reasonably estimated.

Provision is made for estimated warranty claims in
respect of products sold which are still under warranty
at the end of the reporting period. These claims are
expected to be settled as and when warranty claims
arise. Management estimates the provision based on
historical warranty claim information and any recent
trends that may suggest future claims could differ from
historical amounts.

(ii) Contingent liability

A disclosure for a contingent liability is made when
there is a possible obligation or a present obligation
that may, but probably will not, require an outflow of
resources or liabilities, which are frivolous claims, but
required disclosure, are disclosed considering the
relevant Accounting Standards.

(u) Incentives

Incentives are considered / recorded as income on the basis
of sanction order received from the Government Authority.

(v) Financial instruments

Equity investments at fair value through other
comprehensive income

These include financial assets that are equity instruments
and are irrevocably designated as such upon initial
recognition. Subsequently, these are measured at fair
value and changes therein are recognised directly in other
comprehensive income, net of applicable income taxes.

Dividends from these equity investments are recognised in
the Statement of Profit and Loss, when the right to receive
payment has been established. When the equity investment
is derecognised, the cumulative gain or loss in equity is
transferred to retained earnings.

(w) Fair value measurement

For the purpose of fair value disclosures, the Company has
determined classes of assets and liabilities based on the
nature, characteristics and risks of the asset or liability and
the level of the fair value hierarchy as;

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

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

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

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

(x) Use of estimates and judgements

Detailed information about accounting judgements,
estimates and assumption is included in the relevant notes.

(i) Estimation of defined benefit obligation - refer Note
No.37.

(ii) Estimation of provision for warranty claims - refer
Note No.18.

(iii) Estimated useful life and residual value of property,
plant and equipments -refer Note No.2(i) (i) above.

(iv) Estimated useful life of intangible assets- refer Note
No.2(i) (ii) above.

(v) Estimation of provision for Tax expenses - refer Note
No.2(s) above.

Estimation and underlying assumptions are reviewed on
on-going basis. Revisions to estimates are recognised
prospectively.

(y) Recent accounting pronouncements

For the year ended March 31, 2025, MCA has notified Ind
AS - 117 Insurance Contracts and amendments to Ind AS
116 - Leases, relating to sale and leaseback transactions,
applicable to the Company w.e.f. April 01, 2024. The
Company has reviewed the new pronouncements and
based on its evaluation has determined that it does not have
any impact in its financial statements.

(b) Terms/rights attached to Equity Shares

The Company has issued equity shares. All equity shares issued rank pari-passu in respect of distribution of dividend and repayment of
capital. 1,30,32,914 Equity Shares are quoted equity shares with no restriction on transfer of shares. 27,600 Equity Shares are ‘A' equity
shares, which are transferrable only to permanent employees of the Company. 1,15,748 Equity Shares are Second ‘A' equity shares which
are transferrable to permanent employees, who have put in five years of service with the Company.

(c) In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after
distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

(d) Shares held by holding/ultimate holding company and/or their subsidiaries/associates

The Company is a subsidiary of Jaya Hind Industries Pvt. Ltd., which holds 57.38% (March 31,2024 : 57.38%), 75,59,928 (March 31,2024
: 75,59,928) shares in the Company.

(c) The Company has initiated arbitration proceedings, against an entity, in relation to an agreement relating to transfer of technology. In the said
arbitration, the Company has claimed various reliefs. The Respondent therein has also claimed various reliefs, by way of a counterclaim.
The Company denies each and every allegation of such entity including but not limited to the counterclaim and the Company shall deal with/
defend the said allegations/counterclaim appropriately.

The Board of Directors is of the opinion that the said allegations/counterclaim of the entity can be successfully resisted by the Company.

This note/disclosure is made as a matter of caution and without prejudice to the rights of the Company or without the Company, in any way
admitting the said allegations/counterclaim or any part thereof. The information, which is usually required to be disclosed, as per Ind AS 37
(Provisions, Contingent Liabilities and Contingent Assets) is not disclosed, as such disclosure may prejudice seriously, the outcome of the
litigation (said arbitration proceedings).

32. DISCLOSURE AS PER THE REQUIREMENT OF SECTION 22 OF THE MICRO, SMALL AND MEDIUM
ENTERPRISE DEVELOPMENT ACT, 2006

On the basis of information received as to the status as Micro, Small and Medium Enterprises, from suppliers of the Company along with a copy
of the Memorandum filed by the said suppliers, as per the provisions of Section 8 of the Micro, Small and Medium Enterprises Development Act,
2006 (the Act), dues to Micro, Small and Medium Enterprises are as under: -

As per the Indian Accounting Standard (Ind AS 38) - Intangible Assets, the Company has recognised Intangible Assets, arising out of in-house
Research and Development activities of the Company, by capitalising the revenue expenditure, amounting to ' 7,758 lacs (March 31, 2024 :
' 4,996 lacs).

As the development activity, of few projects, is continued, these assets are considered as Capital Work-in-progress, and will be amortised over the
period of their life, after the completion of the development phase.

35. LEASES

Operating Leases
As a Lessor

(a) Industrial Shed at Chakan

The Company has entered into a Lease Agreement for Industrial shed at Chakan, Pune, for a period of 10 years. The Lease Agreement
provides for a refundable interest free deposit of ' 169 lacs, clause for escalation of lease rental and a non-terminable lock-in period of 36
months. The Lease income has been recognised in the Statement of Profit and Loss.

(b) Freehold Land

Out of the freehold land at Akurdi, Pune

2,700 sq. mtrs. (cost ' 1,374) of land is given on lease to Maharashtra State Electricity Distribution Company Limited for 99 years, w.e.f.
August 01, 1989. Lease rentals are recognised in the Statement of Profit and Loss.

19,000 sq. mtrs. (cost ' 9,669) of land is given on lease to Navalmal Firodia Memorial Hospital Trust for 25 years, w.e.f. August 12, 2014.
Lease rentals are recognised in the Statement of Profit and Loss.

Out of the freehold land at Chakan, Pune

600 sq. mtrs. of land including Shed thereon given on lease to Maharashtra State Electricity Distribution Company Limited, Rajgurunagar,
Taluka Khed, District Pune, for 99 years as per lease deed dated March 16, 2020. Lease rentals are recognised in the Statement of Profit
and Loss.

These leased properties are not considered as investment property, considering the substance over form, the purpose and immateriality of
lease rentals, area and cost relative to the total area and cost of the freehold land at the respective places.

As a Lessee
Leasehold land

The Company has entered into Lease Agreements for Industrial Land, at Pithampur in Madhya Pradesh. The Company, being a Lessee, may
surrender the leased area after giving Lessor 3 months notice period in writing. The lease premium is not refundable to Company in case of early
termination of agreement by the Company. The Lessor is also entitled to terminate the Lease Agreement, if the Lessee defaults the terms and
conditions of the Lease Agreement. The lease expense has been recognised in the Statement of Profit and Loss.

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

The fair values of Trade Payables, Trade Receivables, Cash and Cash equivalents and Other Bank Balances, are reasonable approximation of fair
value due to the short-term maturities of these instruments.

I nvestment in subsidiary and joint venture are accounted at cost in accordance with Ind AS 27 Separate Financial Statements, accordingly
investment in subsidiary and joint venture are not fair valued.

Allowance for credit loss on Trade Receivables, is taken into account, on the basis of credit worthiness of the customer individual.

Borrowings represents ICD, Term Loans from Bank and NCD obtained at market rates of interest available for debt on similar terms, credit risk and
remaining maturities. As of reporting date, the fair value of borrowings is measured at amortised cost, which is reasonable approximation of fair
value.

The fair values disclosed in level 2 category are calculated using discounted cash flow method. These fair values reasonably approximate to
the carrying values of financial assets and liabilities measured at amortised cost.

During the year ended March 31,2025, there were no transfers between level 1 and level 2 fair value measurements and no transfers into
and out of level 3 fair value measurement.

39. FINANCIAL RISK MANAGEMENT

Financial Risk Management Policy and Objectives

The Company's principal financial liabilities comprise of Borrowings, Trade and Other payables. The main purpose of these financial liabilities is to
finance the Company's operations. The Company's principal financial assets include Trade and Other receivables and Cash and Cash equivalents,
which are derived directly from its operations.

The Company is exposed to market risk, credit risk and liquidity risk.

The management of these risks is overseen by the senior management, which is advised by a team of senior officials. The Risk Management team
oversees the policies and systems, on a regular basis to reflect changes in market conditions and Company's activities and reviews the adequacy
of the risk management framework in relation to the risks faced by the Company.

41. CAPITAL MANAGEMENT

The Company's capital includes issued Equity Capital, Share Premium and Free Reserves.

The Company's policy is to meet the financial covenants attached to the interest-bearing borrowings by maintaining a strong capital base. The
Company aims to sustain investor, creditor and market confidence so as to leverage such confidence for future capital/debt requirements.

Management monitors the return on capital earned, the capital/debt requirements for various business plans under consideration and determines
the level of dividends to equity shareholders.

42. TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND

All amounts which became due, for transfer to the credit of Investor Education and Protection Fund, as of March 31,2025, have been transferred to
that fund, except a sum of ' 0.60 lacs (March 31,2024 : ' 0.60 lacs) being amount of 5 Nos. (March 31,2024 : 5 Nos.) fixed deposits and interest
thereon amounting to ' 0.25 lacs (March 31,2024 : ' 0.25 lacs). In view of the directives received from the Government Authorities, these amounts
are not transferred to the Fund, being involved in an investigation.

43. The Company has contributed ' 875 lacs (March 31,2024 : ' 47 lacs) towards Corporate Social Responsibility (CSR), which is shown in “Other
Expenses” [Note No.27 (m)] to the Notes to Financial Statements.

44. ADDITIONAL REGULATORY INFORMATION

(a) Loans and Advances in the nature of Loan to Related Parties

The Company has not granted any Loans or Advances in the nature of loans to promoters, directors, KMPs and the related parties (as
defined under Companies Act, 2013), either severally or jointly with any other person as on March 31,2025.

(b) Relationship with Struck off Companies

As per our knowledge, the Company do not have any transactions with struck off companies.

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

The Company has no charges or satisfaction yet to be registered with Registrar of Companies beyond the statutory period.

(d) Compliance with number of layers of Companies

The Company complies with the number of layers prescribed under Clause 87 of Section 2 of the Act, read with the Companies (Restriction
on number of layers) Rules, 2017.

(e) Compliance with approved Scheme (s) of Arrangements Accounted as per Scheme & Ind AS

Neither the Company has approached to nor any Competent Authority has approved any scheme of arrangements so as to account for in the
books of account of the Company, in order to disclose any deviation in that regard.

(f) Loans, Guarantee, Security given by Company to Intermediary and it is giving to others on behalf of Company

The Company has neither advanced nor loaned or invested funds (either borrowed funds or share premium or any other sources or kind of
funds) to any other person(s) or entity(ies), including foreign entities (Intermediaries).

(g) Crypto Currency or Virtual Currency

The Company has neither traded nor invested in Crypto currency or Virtual currency during the financial year.

(h) Benami Property

The Company does not have any Benami property, and hence no proceeding has been initiated or pending against the Company for holding
any Benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.

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

45. DIVIDEND

The Board of Directors has recommended payment of Dividend of ' 40 per fully paid Equity Shares (March 31,2024: ' 20). This proposed dividend
is subject to the approval of Shareholders in the ensuing Annual General Meeting. This dividend is not recognised in the books of account at the
end of the reporting period.

46. The Company is operating in a Single Segment.

47. Previous year's figures have been re-grouped, re-arranged and re-classified wherever necessary.

As per our separate report of even date. On behalf of the Board of Directors

For KIRTANE & PANDIT LLP

Chartered Accountants

[FRN: 105215W/W100057] Abhaykumar Navalmal Firodia

Chairman

Parag Pansare DIN 00025179

Partner

Membership No.117309

Rohan Sampat Sanjay Kumar Bohra

Company Secretary Chief Financial Officer

Place: Pune Place: Pune

Date: April 25, 2025 Date: April 25, 2025