2.22 Provisions:

Provisions are recognized 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 reliably estimated. Provisions are not recognized
for future operating losses. Provisions for restructuring
are recognized by the company when it has developed
a detailed formal plan for restructuring and has raised
a valid expectation in those affected that the company
will carry out the restructuring by starting to implement
the plan or announcing its main features to those
affected by it.

Where there are a number of similar obligations, the
likelihood that an outflow will be required in settlement
is determined by considering the class of obligations as
a whole. A provision is recognized even if the likelihood
of an outflow with respect to any one item included in
the same class of obligations may be small.

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. 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.

The measurement of provision for restructuring
includes only direct expenditures arising from the
restructuring, which are both necessarily entailed by
the restructuring and not associated with the ongoing
activities of the company.

A disclosure for a contingent liability is made where
there is a possible obligation that arises from past
events and the existence of which will be confirmed
only by the occurrence or non-occurrence of one or
more uncertain future events not wholly within the
control of the Company or a present obligation that
arises from the past events where it is either not
probable that an outflow of resources will be required

to settle the obligation or a reliable estimate of the
amount cannot be made.

2.23 Segment reporting:

Operating segments are reported in a manner
consistent with the internal reporting provided to the
chief operating decision maker.

2.24 Government Grants:

Government grants are recognised where there is
reasonable assurance that the grant will be received
and all attached conditions will be complied with.
When the grant or subsidy relates to revenue, it is
recognized as income on a systematic basis in the
statement of profit and loss over the periods necessary
to match them with the related costs, which they are
intended to compensate. Where the grant relates
to an asset, it is recognized as deferred income and
is allocated to statement of profit and loss over the
periods and in the proportions in which depreciation on
those assets is charged.

When loans or similar assistance are provided by
governments or related institutions, with an interest
rate below the current applicable market rate, the effect
of this favorable interest is regarded as a government
grant. The loan or assistance is initially recognised and
measured at fair value and the government grant is
measured as the difference between the initial carrying
value of the loan and the proceeds received. The loan
is subsequently measured as per the accounting policy
applicable to financial liabilities.

2.25 Derivatives:

The company enters into certain derivative contracts
to hedge risks which are not designated as Hedges.
Such contracts are accounted for at fair value
through profit or loss and are included in other
income / expenses.

2.26 Cash flow Statement:

The Cash Flow Statement is prepared by the indirect
method set out in Ind AS 7 on Cash Flow Statements,
where by profit for the period is adjusted for the effects
of transactions of a non-cash nature, any deferrals or
accruals of past or future operating cash receipts or
payments and item of income or expenses associated
with investing or financing cash flows. The cash flows

from operating, investing and financing activities of the
Company are segregated.

Events occurring after the Reporting Date

Adjusting events (that provides evidence of condition
that existed at the balance sheet date) occurring after
the balance sheet date are recognized in the financial
statements. Material non adjusting events (that are
inductive of conditions that arose subsequent to the
balance sheet date) occurring after the balance sheet
date that represents material change and commitment
affecting the financial position are disclosed in the
Board's Report.

Exceptional Items

Certain occasions, the size, type or incidence of an
item of income or expense, pertaining to the ordinary
activities of the Company is such that its disclosure
improves the understanding of the performance of
the Company, such income or expense is classified as
an exceptional item and accordingly, disclosed in the
notes accompanying to the financial statements.

Recent pronouncements

Ministry of Corporate Affairs ("MCA") notifies new
standards or amendments to the existing standards
under Companies (Indian Accounting Standards)
Rules as issued from time to time. During the year
ended March 31, 2025, MCA has notified Ind AS 117

- Insurance Contracts and amendments to Ind AS 116

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

3 SIGNIFICANT ACCOUNTING JUDGMENTS,
ESTIMATES AND ASSUMPTIONS:

3.1 The preparation of the Company's financial statements
requires management to make judgments, estimates

upfront lease payment amounts are significantly equal
to the fair value of land. Accordingly, significant risk
and rewards associated with the land are considered
to be transferred to the lessee.

Based on these considerations and overall evaluation
of the agreements with the lessor, the management
believes that these lease contracts meet the conditions
of finance lease.

3.4 Determination of cash generating unit (CGU) for
Impairment analysis

As part of its impairment assessment for non-financial
assets (i.e. property, plant and equipment), the
management needs to identify Cash Generating Units
i.e. lowest group of assets that generate cash flows
which are independent of those from other assets.
Considering the nature of its assets, operations and
administrative structure, the management has defined
all assets put together as a single Cash Generating Unit.

3.5 Going Concern assumptions:

The Company has earned profit (before exceptional
item) of '2262 lakh (PY. '1879 Lakh) for the financial
year ended 31 March 2025 and the Company's current
liabilities exceeds its current assets by '13949 lakh
(P.Y. '10012 Lakh) as at 31 March 2025.

The Company's management has carried out an
assessment of the Company's financial performance
and expects the Company to achieve significant
improvements in its financial performance with effect
from financial year ending 31 March 2025 to enable it
to continue its operations and to meet its liabilities as
and when they fall due.

The Company has robust growth plans and drive
revenue growth through strategic expansion and
capitalization.

The Company's newly developed Chakan ( Pune) facility
is poised to become a key revenue driver, with a sizable
projected earnings over the next three years alongwith
planned full capacity utilisation of Sanand ( Gujarat)
facility with a strategic foresight and confidence in
leveraging advanced manufacturing capabilities to fuel

sustainable growth by further capitalizing on existing
relationships with existing customers and forging new
collaborations with Industry leaders engaging with
OEM giants such as TATA Motors, Mahindra, Hyundai,
MG and Volkswagen.

Various initiatives undertaken by the Company in
relation to cost synergies, revenue management
opportunities, enhanced ancillary revenues, sale of
property, plant and Equipments and leasehold lands,
sale of land available with subsidiary Company,.
This will result in improvement in operating cash inflow
in coming years. Further, continued thrust to improve
operational efficiency and initiatives to raise funds are
expected to result in sustainable cash flows

On the basis of the above assessment and considering
the financial and other support from promoter directors,
the Directors of the Company are of the opinion that
the preparation of the financial statements of the
Company on a going concern basis is appropriate which
contemplates realization of assets and settlement of
liabilities in the normal course of business.

3.6 Segment Reporting:

Ind AS 108 Operating Segments requires Management
to determine the reportable segments for the purpose
of disclosure in financial statements based on
the internal reporting reviewed by Chief Operating
Decision Maker (CODM) to assess performance and
allocate resources.

The Company operates in the automotive segment.
The automotive segment includes all activities relating
to development, design, manufacture, assembly and
sale of auto component parts from which the Company
derives its revenues. The management considers
that these business units have similar economic
characteristics like the nature of the products and
services, the nature of the production processes and
nature of the regulatory environment etc.

Based on the management analysis, the Company has
only one operating segment, so no separate segment
report is given. The principal geographical areas in
which the Company operates is India.

3.7 Significant estimates and assumptions:

Impairment of Property, plant and equipment: Key
assumptions used:

The management has assessed current and forecasted
financial performance of the Company and the current
market value of the assets to determine whether
carrying value of property, plant and equipment has
suffered any impairment. Impairment assessment is
based on estimates of future financial performance or
opinions that may represent reasonable expectations
at a particular point of time. Such information,
estimates or opinions are not offered as predictions
or as assurances that a particular level of income
or profit will be achieved, that events will occur, or
that a particular price will be offered or accepted.
Actual results achieved during the period covered by
the prospective financial analysis will vary and the
variations may be material.

3.8 Claims payables & receivable to customers:

Price increase or decrease due to change in major raw
material cost, pending acknowledgement from major
customers, is accrued on estimated basis. Also the
Company has made accruals in respect of unsettled
prices for some of its other material purchase contracts
and bought out components. These accruals are made
considering the past settlement arrangements with the
vendors and customers respectively and the applicable
metal prices from published sources. Actual results
of these considerations may vary and the variations
may be material.

Further, the management has assessed and believes
that the timing of cash outflow pertaining to this
accruals are uncertain and hence considered the
same as payable on demand and classified under
current liabilities.

3.9 Defined benefit plan:

The cost of the defined benefit gratuity plan, other
retirement benefits, the present value of the gratuity
obligation and other retirement benefit obligation are
determined using actuarial valuations. An actuarial
valuation involves making various assumptions that

3.12 Determination of lease term:

In determining the lease term, management considers
all facts and circumstances that create an economic
incentive to exercise an extension option, or not
exercise a termination option. Extension options (or
periods after termination options) are only included in
the lease term if the lease is reasonably certain to be
extended (or not terminated).

The leases do not contain options which give a rise to
a sole right to extend the lease.

3.13 Useful lives of property, plant and equipment,
Investment property and intangible assets

The charge in respect of periodic depreciation is
derived after determining an estimate of an asset's
expected useful life and the expected residual value at
the end of its life. Increasing an asset's expected life or
its residual value would result in a reduced depreciation
charge in the statement of profit and loss. The useful
lives and residual values of assets are determined by
management at the time the asset is acquired and
reviewed annually for appropriateness. The lives are
based on historical experience with similar assets as
well as anticipation of future events which may impact
their life such as changes in technology.

a) Investments at fair value through Profit & Loss reflect investment in unquoted equity shares. Refer note 35 for
determination of their fair values.

b) Koderat Investments Limited : i) The Company has invested in wholly owned subsidiary, Koderat Investments Ltd.
(Cyprus). In turn the subsidiary utilized the same for investment in S.Z. Design SRL and Zagato SRL Milan Italy.
S.Z. Design SRL and Zagato SRL Milan Italy have issued 49% of equity shares to Koderat Investments Ltd(Cyprus).
Further to Note-10 on page-77 in Notes to Accounts of the Annual Report 2010, Concordato Preventivo procedure
under Italian Laws, originally scheduled on 20th September, 2011 was postponed to 20th October, 2011 and was finally
held on 23rd February, 2013, however the tribunal / Italian courts had reserved the decision. Till date the Concordato
Preventivo has not given any decision. The company has adopted fair value at 'NIL as deemed cost at transition date i.e.
April 01, 2016 as per Ind AS 109. ii) Koderat Investments Limited, an overseas subsidiary of the compnay has invested
in Zagato sr.l. and SZ Design s.r.l.; Italy (Associate Companies). Theses associate companies are under voluntary
liquidation in their respective jurisdiction Zagato s.r.l. excluded Koderate Investments Limited as a 'Shareholder' by
passing a shareholders resolution as per their local law. Hence, Koderat Investments Limited does not have any control
over the accounts of Zagato s.r.l. and SZ Design s.r.l, As per the opinion of the Management, this subsidiaary is not
material to the group.

*The Company entered into a Share Purchase Agreement (SPA) with M/s. MNSC Realty Pvt. Ltd. ("Purchaser'') on August 08, 2023, for the
sale of its entire stake in Autoline Industrial Park Limited (AIPL), a material subsidiary. The stake comprised 342, 56,089 equity shares,
representing 43% of AlPLs total share capital, for a total consideration of ' 9,516.63 lakhs. In line with this transaction, the investment in AIPL
was classified as 'Asset Held for Sale' in the Company's financial statements.

As of March 31, 2025, the Company had received ' 8,450 lakhs from the Purchaser and had transferred 228, 57,513 equity
shares, constituting 66.73% of the Company's holding in AIPL. In line with this transaction, the investment in AIPL has been
classified as 'Asset Held for Sale' in the Company's financial statements. The company relinquished control over AIPL
effective April 15, 2025, upon the transfer of the above shares. Consequently, considering this is a subsequent non-adjusting
event as on March 31, 2025, the actual sale of the stake in the subsidiary will take place in the next financial year based on
further payment and other contractual covenants compliance.

c. Shares held by holding company and /or their subsidiaries

The Company being holding company, there are no shares held by any other holding company and their subsidiaries.

d. Aggregate number of bonus shares issued for consideration other than cash and shares bought back during the
period of five years immediately preceding the reporting date

There are no bonus shares issued for consideration other than cash and shares bought back during the period of five
years immediately preceding the reporting date.

e. During the year 2024-25 following equity share were issued by the company

The company had issued 44,12,237 (Forty-Four Lakhs Twelve Thousand Two Hundred and Thirty-Seven) fully paid
Compulsorily Convertible Debentures (CCDs) of ' 10/- each at a value of '102.50 (Rupees One Hundred and Two
and Fifty Paisa) each carrying an interest at the rate of 12% per annum, payable on a half-yearly basis. The Company
allotted 42, 12,237 CCDs in two tranches respectively on December 28, 2023 and January 01,2024 with a lock in period
of maximum one year. The Company has converted the said 42,12,237 CCDs into 42,12,237 no of Equity Shares on
December 27, 2024, of a face value of ' 10/- each with a premium of ' 92.50 each . The Listing Applications, for the
above said allotted shares, issued from the NSE on May 12, 2025 and from BSE on May 13, 2025.

c) Revaluation Reserve:

Revaluation Reserve is used to record the revaluation amount which represents the current and probable future value of
assets which is higher than the recorded historic cost of the same asset.

d) General Reserves:

Represents amounts transferred from retained earnings in earlier years as per the requirements of the erstwhile
Companies Act, 2013 and transition adjustments on implementation of new accounting standards.

e) Other Comprehensive income:

This reserve represents the comulative gains (net of losses) arising on the revaluation of Equity Instruments measured
at fair value through Other comprehensive Income, net of amounts reclassified, If any , to Retained Earnings when those
instruments are disposed off.

f) Equity component:

Equity component of compound financial instruments is represent for amount of compulsory convertible debentures

Share warrants issued during the financial year 2023-24.

The Company had issued 22,00,000 convertible share warrants on preferential basis to the Promoters pursuant to the
shareholders' approval obtained on November 7, 2023. The warrants were allotted on January 01,2024 at a price of '102.50
each ("warrant price") upon receipt of 25 % upfront amount '563.75 Lakh.

CCDs issued during the financial year 2023-24.

The Company had alloted 26,00,755 CCDs at a price of '102.50 each in first tranche on December 28, 2023 fully paid up and
16,11,482 CCDs at price of '102.50 each in second tranche on January 01, 2024 fully paid up.

The balance of equity component transfer to retained earning during the financial year 2023-24.

2142857 fully paid Secured Optional Convertible Debentures of Face Value of '70 each amounting to ' 1500.00 lakh issued
by the Company during the year. The Debenture shall carry interest rate of 9% per annum and for a maximum period of 18
months from the date of allotment i.e. November 10, 2020 and thereafter Redeemed during the year 2022-23. The Balance of
equity component related to OCD has been transferred to retained earning during 2023-24.

The balance of equity component utilised during the financial year 2024-25.

The Company had issued 44,12,237 (Forty-Four Lakhs Twelve Thousand Two Hundred and Thirty-Seven) fully paid
Compulsorily Convertible Debentures (CCDs) of '10 each, at an issue price of '102.50 per CCD, carrying an interest rate of
12% per annum, payable on a half-yearly basis. At the time of issuance, the Company recognized an equity component in
respect of these CCDs. Subsequently, on December 27, 2024, the said 42,12,237 CCDs were converted into 42,12,237 equity
shares of '10 each, issued at a premium of '92.50 per share. Accordingly, the equity component recognized earlier has
now been utilized.

19.2 DETAILS OF SECURITY OFFERED FOR BORROWINGS OUTSTANDING AS AT MARCH 31, 2025

1. Bank of Baroda's working capital are secured by exclusive First Charge by way of equitable mortgage of factory land &
building, office building and hypothecation of other fixed assets of the Company viz. Plant & Machinery, Tools & Dies,
Instruments & Equipments, Furniture & Fixture, Electrical Installation, Office Equipments, Computers, etc. both present
and future situated at Plot No.5, 6 & 8, Tata Motors Ltd. Vendor Park, Rudrapur, Uttarakhand and first pari passu by way
of mortgage of factory land & building, office building and hypothecation of other fixed assets of the Company viz.
Plant & Machinery, Tools & Dies, Instruments & Equipments, Furniture & Fixture, Electrical Installation, Office Equipments,
Computers, etc., both present and future situated at S.No. 313,314, 320 to 323, at Nanekarwadi, Chakan, Pune 410501.
(called as Chakan Unit- II).

2. Tata Motors Finance Solutions Ltd 's Term loans are secured by First Pari Passu charge on Land & Building, Plant
& Machinery of the Company situated at S. No. 313, 314, 320 to 323, Nanekarwadi, Chakan, Tal Khed, Dist Pune .
Further they are secured by First & Exclusive charge on land, Building, Plant & Machinery both present and future
situated at Survey no. 287, 291 to 295 and 298 Nanekarwadi, Taluka Khed, Dist Pune and first exclusive charge on
land and building, plant & machinery situated at Plot No. 186-A, Belur Industrial Area growth Centre, Opp. High Court,
Dharwad, Karnataka.

3. HDFC Bank Ltd Term Loans are secured by Exclusive charge of land & building, plant & machinery situated at Plot
No. AV-34, Sanand Industrial Estate, Sanand, Nalsarovar, Ahmedabad, Gujarat-382110.Exclusive charge on the Plant &
Machinery installed at Pune Plant Finance by HDFC Bank Ltd. Also Personal Gaurantee of Managing Director and One
Promotor Director is given to HDFC Bank for Term Loan.

4. Personal Gaurantee of Managing Director and One Promotor Director is given for Loan amount '10Crs from Mahindra
and Mahindra Financial Services Limited.

5. (A) Credit facilities of Bank Of Baroda are secured by personal guarantee of Managing Director, One Promotor Director

and one employee of the company and for LC limit of '1900 Lakh.

(B) Credit Facilities of Tata Motors Financial Services Ltd are further guaranteed by Managing Director and One
Promotor Director in their personal capacity.

(C) Credit Facilities of HDFC Bank Ltd. are further guaranteed by Managing Director and One Promotor Director in their
personal capacity.

6. Interest rate for above loans are range between 7.85% to 16.45%.

Contract liabilities is increased as compare to previous year due to customer advances received for new product
development projects.

C) Performance Obligations

The Company satisfies its performance obligations pertaining to the sale of auto components at point in time when
the control of goods is actually transferred to the customers. No significant judgment is involved in evaluating when a
customer obtains control of promised goods. The contract is a fixed price contract and do not contain any financing
component. The payment is generally due within 30-90 days. There are no other significant obligations attached in the
contract with customer.

D) Transaction Price

There is no remaining performance obligation for any contract for which revenue has been recognised till period end.
Further, the Company has not applied the practical expedient as specified in para 121 of Ind AS 115 as the Company
do not have any performance obligations that has an original expected duration of one year or less or any revenue
stream in which consideration from a customer corresponds directly with the value to the customer of the Company's
performance completed to date.

E) Determining the timing of satisfaction of performance obligations

There is no significant judgements involved in ascertaining the timing of satisfaction of performance obligations,
in evaluating when a customer obtains control of promised goods, transaction price and allocation of it to the
performance obligations.

F) Determining the transaction price and the amounts

The transaction price ascertained for the only performance obligation of the Company (i.e. Sale of goods) is agreed in
the contract with the customer. There is no variable consideration involved in the transaction price except for refund due
to shortages which is adjusted with revenue.

G) Cost to obtain contract or fulfil a contract

There is no cost incurred for obtaining or fulfilling a contract and there is no closing assets recognised from the costs
incurred to obtain or fulfil a contract with a customer.

The carrying amount of trade receivables, cash and cash equivalent, bank balances other than cash and cash equivalent,
other current financial assets, short term borrowings, trade payables and other financial liabilities are considered to be same
as their fair values, due to their short term nature. The Company has availed long term borrowings from banks and financial
institutions carrying interest in the range of 7.85% to 16.45%. The carrying values approximates their respective fair values.
Similarly the fair value of non-current financial assets also approximates its carrying value.

The Cost of unquoted investments included in Level 3 of fair value hierarchy approximate their fair value.

Financial assets and liabilities measured at Amortised cost:

The fair values of all financial instruments carried at amortised cost are not materially different from their carrying amounts
since they are either short-term in nature or the interest rates applicable are equal to the current market rate of interest.

The fair value of investments in mutual funds are based on the price quotation at the reporting date obtained from the asset
management companies.

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. The Company does not have any
financial asset in this measurement category.

Level 2: The fair value of financial instruments that are not traded in an active market (for example, mutual funds, over-the
counter derivatives) is determined using valuation techniques which maximize the use of observable market data and rely as
little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the
instrument is included in level 2.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

Valuation technique used to determine fair value

Specific valuation technique used to value financial instruments include

- Fair value of forward foreign exchange contracts is determined using forward exchange rate as at the balance sheet date

- Fair value of remaining financial instruments is determined using discounted cash flow analysis

Valauation processes

For valuation of financial assets and liabilities, the finance department of the company includes a team that performs the
valuation of financial assets and liabilities required for financial reporting purposes, including level 3 fair values. Discussions of
valuation processes and results are held between the CFO and the valuation team on regular basis.

NOTE 36 : FINANCIAL RISK MANAGEMENT

The Company's financial risk management is an integral part of how to plan and execute its business strategies, the Company
is exposed primarily to market risk, liquidity risk and credit risk. In order to minimise any adverse effects on the financial
performance of the Company, the Company has a system based approach and procedures and internal financial controls
aimed at ensuring early identification, evaluation and management of key financial risks which covers risks associated with
the financial assets and liabilities such as credit risks, liquidity risk etc. The risk management policy is approved by the
board of directors. The risk management framework aims to achieve greater predictability to earnings by determining the
financial value of the expected earnings in advance. Company's risk management framework has the objective of ensuring
that such risks are managed within acceptable and approved risk parameters in a disciplined and consistent manner and in
compliance with applicable regulation. It also seeks to drive accountability in this regard.

A. Liquidity risk

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability
of funding through an adequate amount of committed credit facilities to meet obligations when due and to close out
market positions. Liquidity risk refers to the probability of loss arising from a situation where there will not be enough
cash and/or cash equivalents to meet the needs of depositors and borrowers, sale of illiquid assets will yield less than
their fair value and illiquid assets will not be sold at the desired time due to lack of buyers. The primary objective of
liquidity management is to provide for sufficient cash and cash equivalents at all times and any place in the world to
enable us to meet our payment obligations. Currently the company is facing liquidity crises due to huge interest cost.

Management monitors rolling forecast of the company's liquidity position and cash and cash equivalents on the basis
of expected cash flows. The Company's liquidity management policy involves projecting cash flows and considering the
level of liquid assets necessary to meet this.

Maturities of financial liabilities

The tables below analyses the Company's financial liabilities into relevant maturity groupings based on their contractual
maturities for all non-derivative financial liabilities and net and gross settled derivative financial instruments for which
the contractual maturities are essential for an understanding of the timing of the cash flows.

B. Market risk

Market risk is the risk of any loss in future earnings, in realizable fair values or in future cash flows that may result from
a change in the price of a financial instrument. The value of a financial instrument may change as a result of changes in
the, foreign currency exchange rates, liquidity and other market changes. Financial instruments affected by market risk
include loans and borrowings, deposits, FVTOCI investments.

(a) Interest rate risk

The company has fixed rate borrowing and variable rate borrowings in order to obtain more efficient leverage.
The fixed rate borrowings are carried at amortized cost. They are therefore not subject to interest rate risk as
defined in Ind AS 107, since neither the carrying amount nor the future cash flows will fluctuate because of a
change in market interest rates. Floating rate debt results in cash flow interest rate risk. The company has taken
both interest rate risk debts for managing its liquidity and day to day requirements of the funds.

The exposure of the borrowings [long term and short term (excluding bill discounting receivable )] to interest rate
changes at the end of the reporting period are as follows :

C. Credit risk

Credit risk is the risk of financial loss arising from counterparty failure to repay or service debt according to the
contractual terms or obligations. Credit risk encompasses both the direct risk of default and the risk of deterioration
of creditworthiness. Credit risk arises from cash and cash equivalents, other balances and deposits with bank and
financial institutions and trade receivables, derivative financial instruments and financial guarantees.

Credit risk management:

For banks and financial institutions, only high rated banks/institutions are accepted. For other financial assets, the
Company considers the probability of default upon initial recognition of asset and whether there has been a significant
increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is a significant
increase in credit risk the Company compares the risk of a default occurring on the asset as at the reporting date with the
risk of default as at the date of initial recognition. It considers available reasonable and supportive forwarding-looking
information. Especially the following indicators are incorporated: (A). actual or expected significant adverse changes in
business, financial or economic conditions that are expected to cause a significant change to the counterparty ability
to meet its obligations (B). actual or expected significant changes in the operating results of the counterparty (C).
significant increase in credit risk on other financial instruments of the same counterparty (D). significant changes in the
value of the collateral supporting the obligation or in the quality of thirdparty guarantees or credit enhancements

In general, it is presumed that credit risk has significantly increased since initial recognition if the payments are more
than 90 days past due. A default on a financial asset is when the counterparty fails to make contractual payments within
365 days of when they fall due. This definition of default is determined by considering the business environment in
which entity operates and other macro-economic factors.

Exposure to credit risk

The carrying amount of financial assets represents the maximum credit exposure. None of the Company's cash
equivalents, including time deposits with banks, are past due or impaired. Regarding trade receivables and other
receivables, and other financial assets that are neither impaired nor past due, there were no indications as at March 31,
2025, that defaults in payment obligations will occur.

The Company follows 12 months expected credit losses (expected credit losses that result from those default events
on the financial instrument that are possible within 12 months after the reporting date) model for recognition of
impairment loss on financial assets measured at amortised cost other than trade receivables. The Company follows
lifetime expected credit loss model (simplified approach) for recognition of impairment loss on trade receivables.

NOTE 37 : CAPITAL MANAGEMENT

The Company's objectives when managing capital are to:

• Safegaurd their ability to continue as a going concern, so that they can continue to provide returns for shareholders and
benefits for other stakeholders, and

• To Maintain an optimal capital structure to reduce the cost of capital.

The company determines the amount of capital required on the basis of annual opearting plans, long term product and
maintainig other strategic investment plans. The funding requirements are met through equity, long term borrowings and
short term borrowings. The company's policy is aimed at maintaining optimum combination of short term and long term
borrowings. The company manages its capital structure and makes adjustments considering the economic environment, the
maturity profile of the overall debt of the company and the requirement of the financial covenants.

NOTE 38 : SEGMENT INFORMATION

Ind AS 108 establishes standards for the way that public business enterprises report information about operating segments
and related disclosure about products and services, geographic areas and major customer. The company is engaged
mainly in the business of manufacturing sheet metal auto components and assemblies thereof. Based on the 'management
approach' as defined in Ind As 108, the 'Chief Operating Decision Maker' (CODM) considers entire business as single
operating segment. The Company's operating divisions are managed from India. The principal geographical areas in which
the company operates are India.

The claims subject to legal proceedings, have arisen in the ordinary course of business. The management does not reasonably
expect that these claims and commitments, when ultimately concluded and determined, will have a material and adverse
effect on the Companies results of operations or financial conditions.

In addition to above there are certain pending cases in respect of labour matters, the impact of which is not quantifiable and
is not expected to be material.

(a) The Company has received various demand/notices from the GST & VAT/Sales Tax Department on various matters.
The company has filed appeal for these demand/notices and does not expect any significant outflows. Major demand
is for mismatch between details as per the Company with that filed by vendors and other matters for which demand is
raised and interest/penalty is charged. Further, the Company has reviewed all its pending litigations and proceedings
and has adequately provided for where provisions are requried and disclosed as contingent liabilities where applicable,
in the financial statements. The management believes that the ultimate outcome of above proceeding will not have a
material adverse effect on the Company's financial position and results of operations.

(b) There are numerous interpretative issues relating to Supreme Court (SC) judgement dated 28th February, 2019, relating
to components/allowances paid that need to be taken into account while computing an employer's contribution to
provident fund under the Employees Provdent Funds and Miscellaneous Provident Act, 1952. The Company has also
assess the matter and basis the same there is no material impact on the financial statements as at 31 March 2024.
The Company would record any further effect on its financial statements, on receiving additional clarity on the subject.

(c) The Company is contesting various claims relating to labour matters and the management believes its position will
likely be upheld in the appellate process. The management believes that the ultimate outcome of above proceeding will
not have a material adverse effect on the Company's financial position and results of operations.

(d) The Company is involved in a legal dispute initiated by CJ Holdings North America LLC in the United States of America in
connection with a previously executed settlement agreement. While the Company has denied the majority of the claims,
it has acknowledged and recorded principal dues relating to the partial unpaid balance. The Company has also filed a
counterclaim against CJ Holdings North America LLC for breach of confidentiality and non-disparagement provisions.
As the matter is sub judice and the outcome remains uncertain, no provision has been recognised in the financial
statements. The matter has, however, been disclosed as a contingent liability.

The Company does not face a significant liquidity risk with regard to its lease liabilities as the current assets
are sufficient to meet the obligations related to lease liabilities as and when they fall due.

(ii) Variable Lease payments

Estimation uncertainty arising from variable lease payments
There were no leases with variable lease payments.

(iii) Extension and termination options

Extension and termination options are considered in a number of leases across the Company. These terms
are used to maximise operational flexibility in terms of managing contracts. The majority of extension
and termination options held are exercisable on a mutual consideration between lessor and the Company.
Therefore the extension and termination option is not considered.

(iv) Residual value guarantees

There were no leases with residual value guarantees.

NOTE 45 : EMPLOYEE BENEFITS

Compensated absences:- The leave obligation covers the Group's liability for earned leave. Accumulated compensated I
absences, which are expected to be availed or encashed within 12 months from the end of the year end are treated as current
employee benefits. The obligation towards the same is measured at the expected cost of accumulating compensated
absences as the additional amount expected to be paid as a result of the unused entitlement as at the year end.

Defined benefit plans

The Company offers the following employee benefit schemes to its employees:

Gratuity

The Company provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972. Employees who are in
continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on retirement/termination is
the employees last drawn salary per month computed proportionately for 15 days salary mutiplied for the number of years of
service. The gratuity plan is a funded plan and the Company makes contributions to recognised funds in India. The Company
does not fully fund the liability and maintains a target level of funding to be maintained over a period of time based on
estimations of expected gratuity payments.

Risk Exposure

Through its defined benefit plans, the company is exposed to a number of risks, the most significant of which are detailed below :

1. Interest rate risk:

The defined benefit obligation is calculated using a discount rate based on government bonds. If bond yields fall, the
defined benefit obligation will tend to increase.

2. Salary inflation risk:

Higher than expected increases in salary will increase the defined benefit obligation.

3. Demographic risk:

For example,as the plan is open to new entrants, an increase in Membership will increase the defined benefit obligation.
Also,the plan only provides benefits upon completion of a vesting criteria. Therefore, if turnover rates increase then the
liability will tend to fall as fewer employees reach vesting period.

4. Asset-Liability Mismatch Risk:

Risk which arises if there is a mismatch in the duration of the assets relative to the liabilities. By matching duration with
the defined benefit liabilities, the company is success fully able to neutralize valuation swings caused by interest rate
movements. Hence companies are encouraged to adopt asset-liability management.

5. Discount Rate Risk:

Variations in the discount rate used to compute the present value of the liabilities may seem small, but in practice can
have a significant impact on the defined benefit liabilities.

6. Future Salary Escalation and Inflation Risk :

Since price inflation and salary growth are linked economically, they are combined for disclosure purposes.
Rising salaries will often result in higher future defined benefit payments resulting in a higher present value of liabilities
especially unexpected salary increases provided at management's discretion may lead to uncertainties in estimating
this increasing risk.

7. Asset Risks:

A) All plan assets are maintained in a trust fund managed by a public sector insurer viz; LIC of India. LIC has a sovereign
guarantee and has been providing consistent and competitive returns over the years.The company has opted for a
traditional fund where in all assets are invested primarily in risk averse markets. The company has no control over the
management of funds but this option provides a high level of safety for the total corpus. A single account is maintained
for both the investment and claim settlement and hence100%> liquidity is ensured. Also interest rate and inflation risk
are taken care of.

B) Defined Contribution Plan

The company has certain defined contribution plans. Contributions are made to provident fund in India at the rate
of 12% as per local regulations. The contributions are made to the provident fund administered by the government.
The obligation of the company is limited to the amount contributed and it has no further contractual or any constructive
obligation.The company also has liability to contribute to other defined contribution plans. The company has recognised
the following amounts in the statement of Profit and Loss.

NOTE:47

As per the Ministry of Corporate Affairs (MCA) notification, proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014,
for the financial year commencing April 1,2023, every company which uses accounting software for maintaining its books of
account, shall use only such accounting software which has a feature of recording audit trail of each and every transaction,
creating an edit log of each change made in the books of account along with the date when such changes were made and
ensuring that the audit trail cannot be disabled. The interpretation and guidance on what level edit log and audit trail needs
to be maintained evolved during the year and continues to evolve.

The Company has not operated the audit trail functionality throughout the year at both the application and database levels
for all relevant transactions recorded in its software systems. The Company uses Spine Payroll software, wherein the audit
trail feature is not enabled at the database level to capture direct data modifications. Further, the accounting software in use
does not have the feature of recording an audit trail.

NOTE:48

The Company has borrowings from Bank of Baroda on the basis of security of current assets. Details of the quarterly returns
and statements of current assets filed by the Company with Bank of Baroda with the books of accounts are as follows.

NOTE 49 : CODE ON SOCIAL SECURITY, 2020

The Parliament of India has approved the Code on Social Security, 2020 which may have an impact on the contributions by
the Company on Employee benefit expenses, Provident Fund, Insurance and Gratuity. Further, the Ministry of Labour and
Employment, Government of India has published draft rules for the Code on Social Security, 2020 on November 13, 2020 and
has solicited comments/ suggestions from the stakeholders. Accordingly, the Company will evaluate the impact of the said
legislation and the Rules notified thereunder, and would eventually apportion the impact in its financial statements in the
period in which the Code on Social Security, 2020 is enacted.

NOTE - 50

The company enters into "international & domestic transactions" with specified parties that are subject to the T ransfer Pricing
regulations under the Income Tax Act, 1961 ('regulation'). The pricing of such transactions will need to comply with Arm's
length principle under the regulations. These regulations, inter alia, also required the maintenance of prescribed documents
and information including furnishing a report from an accountant which is to be filed with the Income tax authorities.

The company has undertaken necessary steps to comply with the regulations. The management is of the opinion that the
transactions are at arm's length, and hence the aforesaid legislation will not have any impact on the financial statements,
particularly on the amount of tax expense and that of provision for taxation.

NOTE:52 OTHER DISCLOSURES

The Company has not revalued its property, plant and equipment or intangible assets or both during the current or previous year.

No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami
Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.

The Company has not been declared as a Wilful Defaulter by any bank or financial institution or government or any
government authority.

The Company has no transactions with the companies struck off under Section 248 of the Companies Act, 2013 or Section
560 of the Companies Act, 1956.

There are no charges or satisfaction yet to be registered with Registrar of Companies (ROC) beyond the statutory period.

The Company has complied with the number of layers prescribed under the Section 2(87) of the Companies Act, 2013 read
with Companies (Restriction on number of layers) Rules, 2017.

The Company has not entered into any scheme of arrangement which has an accounting impact on current or previous
financial year.

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.

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

No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources
or kind of funds) by the Company to or in any other person or entity, including foreign entities ("Intermediaries") with the
understanding, whether recorded in writing or otherwise, that the Intermediary shall lend or invest in paries identified by or on
behalf of the Company (Ultimate Beneficiaries). The Company has not received any fund from any party(Funding Party) with
the understanding that the Company shall whether, directly or indirectly lend or invest in other persons or entities identified
by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries

The Company has four (4) Subsidiary Companies and Two (2) Associates: (i) Autoline Industrial Parks Limited [significant
influence 43% stake] (ii) Autoline Design Software Limited (iii) Autoline E-Mobility Private Limited (iv) Koderat Investments
Ltd. Cyprus (non-Operative). SZ Design SRL - (Under Liquidation) and Zagato SRL Milan Italy (Voluntary Liquidation) are
Associates of Koderate Investments Ltd (Subsidiary).

NOTE 54 : REGROUPING OF COMPARITIVE FIGURES

The figures for the corresponding period / year have been regrouped and rearranged wherever necessary to make
them comparable

For and on behalf of the Board of Directors

SHIVAJI AKHADE SUDHIR MUNGASE

Managing Director Whole Time Director

DIN: 00006755 DIN:00006754

VENUGOPAL RAO PENDYALA UTTAM BISWAS PRANVESH TRIPATHI

Place : Pune Chief Executive Officer Chief Financial Officer Company Secretary

Date : May 24, 2025 Mem.No.078169 Mem.No.A16724