c. Provisions and contingencies

A provision is recognised where the Company has a
present obligation (Legal and constructive) as a result of

a past event, for which it is probable that cash outflow
wiLL be required and a reLiabLe estimate can be made
of the amount of the obLigation. A Contingent LiabiLity is
discLosed when the Company has a possibLe obLigation
that arising from past events and whose existence will
be confirmed only by the occurrence or non-occurrence
of one or more uncertain future events not whoLLy within
the control of the entity or present obligation arising from
past events where it is not probabLe that an outfLow of
resources will be required to settle it or the amount of the
obLigation cannot be measured with sufficient reLiabiLity.
Provisions, contingent LiabiLities and contingent assets
are reviewed at each Balance Sheet date.

d. Income taxes

The income tax expense or credit for the period is the tax
payable on the current period's taxable income based
on the applicable income tax rate for each jurisdiction
adjusted by changes in deferred tax assets and LiabiLities
attributabLe to temporary differences and to unused tax
losses. The current income tax charge is calculated on the
basis of the tax laws enacted or substantively enacted at
the end of the reporting period in the countries where
the Company operate and generate taxabLe income.
Management periodically evaluates positions taken in
tax returns with respect to situations in which appLicabLe
tax regulation is subject to interpretation. It establishes
provisions where appropriate on the basis of amounts
expected to be paid to the tax authorities. Deferred
income tax is provided in fuLL, using the LiabiLity method,
on temporary differences arising between the tax bases
of assets and LiabiLities and their carrying amounts in
the standaLone financiaL statements. Deferred income
tax is determined using tax rates (and Laws) that have
been enacted or substantiaLLy enacted by the end of
the reporting period and are expected to appLy when
the reLated deferred income tax asset is reaLised or the
deferred income tax liability is settled.

Deferred tax assets are recognised for all deductible
temporary differences and unused tax Losses onLy if it is
probabLe that future taxabLe amounts wiLL be avaiLabLe to
utiLise those temporary differences and Losses. Deferred
tax assets and LiabiLities are offset when there is a
LegaLLy enforceabLe right to offset current tax assets and
liabilities and when the deferred tax balances when they
reLate to taxation Levied by the same taxation authority.
Current tax assets and tax LiabiLities are offset where
the entity has a LegaLLy enforceabLe right to offset and
intends either to settLe on a net basis, or to reaLise the
asset and settLe the LiabiLity simuLtaneousLy. Current
and deferred tax is recognised in profit or Loss, except
to the extent that it reLates to items recognised in other
comprehensive income or directLy in equity. In this case,

the tax is also recognised in other comprehensive income
or directly in equity, respectively.

e. Inventories

Inventories are measured at the Lower of cost and net
realisable value. The cost of inventories is based on the
weighted average cost basis and incLudes expenditure
incurred in acquiring the inventories, production or
conversion costs and other costs incurred in bringing
them to their present Location and condition. In the case
of raw materiaLs, cost comprises of cost of purchase. In
the case of finished goods and work in progress, cost
incLudes an appropriate share of production overheads
based on normal operating capacity. Net realisable
vaLue is the estimated seLLing price in the ordinary course
of business, Less estimated costs of compLetion and the
estimated costs necessary to make the sale. The net
realisable value of work-in-progress is determined with
reference to the seLLing prices of reLated finished goods.
Raw materiaLs, components and other suppLies heLd for
use in the production of finished products are not written
down beLow cost except in cases when a decLine in the
price of materiaLs indicates that the cost of the finished
products shaLL exceed the net reaLisabLe vaLue.

Items of inventory are valued on the basis given below;

i. Raw Material, Bought out components, Stores and
Spares: at cost or net realizable value, whichever is
Lower. Cost is determined by the weighted average
method.

ii. Work in progress and Finished goods: at cost or
net realizable value, whichever is lower. Cost is
determined on the basis of absorption costing.

iii. Scrap: at net reaLizabLe vaLue.

f. Property, plant and equipment

The cost of an item of property, plant and equipment
shaLL be recognised as an asset if, and onLy if it is
probabLe that future economic benefits associated with
the item will flow to the company and the cost of the item
can be measured reliably. Property, plant and equipment
are stated at cost of acquisition or construction Less
accumulated depreciation. All cost relating to the
acquisition and instaLLation of Property, pLant and
equipment are capitaLised and incLude financing cost
relating to borrowed funds attributable to construction or
acquisition of fixed assets, upto the date the asset is ready
for intended use. Subsequent expenditure is capitaLised
onLy if it is probabLe that the future economic benefits
associated with the expenditure will flow to the Company
and the cost of the item can be measured reliably. Any
gain or Loss on disposaL of an item of property, pLant and
equipment is recognised in profit or Loss.

Depreciation is provided on the Straight Line Method
(SLM) over the estimated useful lives of the assets
considering the nature, estimated usage, operating
conditions, past history of repLacement, anticipated
technological changes, manufacturers' warranties and
maintenance support. Taking into account these factors,
the Company have decided to retain the usefuL Life
hitherto adopted for various categories of fixed assets,
which are different from those prescribed in ScheduLe II
of the Act as under:

Depreciation on capitaL work-in-progress is recorded
upon compLetion of construction and instaLLation of the
asset and once the asset is ready for its intended use.
CapitaL advances given is recognized as capitaL work-
in-progress to the extent the work is compLeted and
biLLed. The residuaL vaLue and the usefuL Life of an asset
is reviewed at the end of each financiaL year and upon
change in estimates, the change(s) are accounted for as,
a change in an accounting estimate in accordance with
Ind AS 8, 'Accounting Policies, Accounting Estimates and
Errors'. The carrying vaLue recorded in the baLance sheet
as at year end accounts for impairment Losses, if any
basis 'accounting estimates and errors'.

g. Other intangible assets

The cost of an item of intangible assets shall be
recognised as an asset if, and onLy if it is probabLe that
future economic benefits associated with the item
wiLL fLow to the company and the cost of the item can
be measured reLiabLy. Other intangibLe assets in the
nature of computer software are stated at cost Less
accumuLated amortisation. Computer software are
amortised over 4 years being their estimated useful
Life on straight Line methods. ALL cost reLating to the
acquisition and instaLLation of assets are capitaLised
and incLude financing cost reLating to borrowed funds
attributabLe to construction or acquisition of assets, upto
the date the asset is ready for intended use. Subsequent

expenditure is capitalised only if it is probable that the
future economic benefits associated with the expenditure
will flow to the Company and the cost of the item can
be measured reliably. Any gain or loss on disposal of
an item is recognised in profit or loss. carrying value
recorded in the balance sheet as at year end accounts
for impairment losses, if any basis 'accounting estimates
and errors'.

h. Impairment of non-financial assets

For impairment testing, assets are grouped together into
the smallest group of assets that generates cash inflows
from continuing use that are largely independent of the
cash inflows of other assets or CGUs. The recoverable
amount of an individual asset or CGU is the greater of
its value in use and its fair value less costs of disposal.
Value in use is based on the estimated future cash flows,
discounted to their present value using a pre-tax discount
rate that reflects current market assessments of the time
value of money and the risks specific to the asset or CGU.
Non-financial assets are evaluated for recoverability
whenever there is any indication that their carrying
amounts may not be recoverable. If any such indication
exists, the recoverable amount (i.e. higher of the fair value
less cost to sell and the value-in-use) is determined
on an individual asset basis unless the asset does not
generate cash flows that are largely independent of
those from other assets. In such cases, the recoverable
amount is determined for the cash generating unit (CGU)
to which the asset belongs. In respect of assets for which
impairment loss has been recognised in prior periods,
the Company reviews at each reporting date whether
there is any indication that the loss has decreased or no
longer exists. An impairment loss is reversed if there has
been a change in the estimates used to determine the
recoverable amount. Such a reversal is made only to the
extent that the asset's carrying amount does not exceed
the carrying amount that would have been determined,
net of depreciation or amortisation, if no impairment loss
had been recognised. If the recoverable amount of an
asset (or CGU) is estimated to be less than its carrying
amount, the carrying amount of the asset (or CGU) is
reduced to its recoverable amount. An impairment loss is
recognized in the statement of profit or loss.

i. Financial instruments

(i) Recognition: A financial instrument is any contract that
gives rise to a financial asset of one entity and a financial
liability or equity instrument of another entity. Financial
instruments are recognised on the balance sheet when
the Company becomes a party to the contractual
provisions of the instrument.

Initial measurement: - Financial instruments are

initially recognised at its fair value. Transaction costs
directly attributable to the acquisition or issue of
financial instruments are recognised in determining the
carrying amount, if it is not classified as at fair value
through profit or loss. However, trade receivables that
do not contain a significant financing component are
measured at transaction price. Transaction costs of
financial instruments carried at fair value through profit
or loss are expensed in the statement of profit and loss.
Subsequently, financial instruments are measured
according to the category in which they are classified.

Classification and measurement - financial assets
Classification of financial assets is based on the business
model in which the instruments are held as well as
the characteristics of their contractual cash flows. The
business model is based on management's intentions
and past pattern of transactions. Financial assets with
embedded derivatives are considered in their entirety
when determining whether their cash flows are solely
payment of principal and interest. The Company
reclassifies financial assets when and only when its
business model for managing those assets changes.

Financial assets are classified into three categories
Financial assets at amortised cost: Financial assets
having contractual terms that give rise on specified dates
to cash flows that are solely payments of principal and
interest on the principal outstanding and that are held
within a business model whose objective is to hold such
assets in order to collect such contractual cash flows
are classified in this category. Subsequently, these are
measured at amortised cost using the effective interest
method less any impairment losses.

Equity investments at fair value through other
comprehensive income (Equity instruments): These
include financial assets that are equity instruments
and are designated as such upon initial recognition
irrevocably. 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.

Financial assets at fair value through other
comprehensive income (Debt instruments): Financial
assets having contractual terms that give rise on specified
dates, to cash flows that are solely payments of principal
and interest on the principal outstanding and that are
held within a business model whose objective is to hold

such assets in order to collect such contractual cash
flows as wett as to sett the financial asset, are classified in
this category. Subsequently, these are measured at fair
value, with unrealised gains or losses being recognised
in other comprehensive income apart from any expected
credit tosses or foreign exchange gains or tosses, which
are recognised in profit or toss.

Financial assets at fair value through profit and loss:

Financial assets are measured at fair value through profit
and toss untess it is measured at amortised cost or at fair
vatue through other comprehensive income on initiat
recognition. The transaction costs directly attributable
to the acquisition of financial assets and liabilities at fair
value through profit and loss are immediately recognised
in profit and toss.

Classification and measurement - financial liabilities:

Financiat tiabitities are ctassified as measured at
amortised cost or FVTPL A financial liability is classified
as at FVTPL if it is classified as held-for-trading, it is a
derivative or it is designated as such on initial recognition.
Financial liabilities at FVTPL are measured at fair value
and net gains and tosses, inctuding any interest expense,
are recognised in profit or loss. Other financial liabilities
are subsequentty measured at amortised cost using the
effective interest method.

Interest expense and foreign exchange gains and
tosses are recognised in profit or toss. Any gain or
toss on derecognition is atso recognised in profit or
toss. Financiat guarantee contracts: These are initiatty
measured at their fair vatues and, are subsequentty
measured at the higher of the amount of loss allowance
determined or the amount initiatty recognised
less, the cumulative amount of income recognised.
Other financiat tiabitities: These are measured at
amortised cost using the effective interest method.

Equity instruments: An equity instrument is any
contract that evidences residuat interests in the assets
of the Company after deducting att of its tiabitities. Equity
instruments issued by the Company are recorded at the
proceeds received, net of direct issue costs.

(ii) Determination of fair value: Fair value is the price that
would be received to sell an asset or paid to transfer
a liability in an orderly transaction between market
participants at the measurement date, regardtess of
whether that price is directly observable or estimated
using another valuation technique. The fair value of a
financiat instrument on initiat recognition is normatty the
transaction price (fair value of the consideration given or
received). In estimating the fair value of an asset or liability,

the Company takes into account the characteristics of
the asset or liability if market participants would take
those characteristics into account when pricing the asset
or liability at the measurement date.

Subsequent to initial recognition, the Company
determines the fair vatue of financiat instruments that
are quoted in active markets using the quoted bid prices
(financiat assets hetd) or quoted ask prices (financiat
liabilities held) and using valuation techniques for other
instruments. Valuation techniques include discounted
cash ftow method and other vatuation methods.

(iii) Derecognition of financial assets and financial
liabilities: The Company derecognises a financiat asset
onty when the contractuat rights to the cash ftows from
the asset expires or it transfers the financiat asset and
substantially all the risks and rewards of ownership of the
asset to another entity. If the Company neither transfers
nor retains substantiatty att the risks and rewards of
ownership and continues to controt the transferred
asset, the Company recognises its retained interest in
the asset and an associated tiabitity for amounts it may
have to pay. If the Company retains substantiatty att the
risks and rewards of ownership of a transferred financiat
asset, the Company continues to recognise the financiat
asset and atso recognises a cottateratised borrowing
for the proceeds received. Any gain or toss arising on
derecognition is recognised in profit or loss. When a
financial instrument is derecognised, the cumulative gain
or toss in equity is transferred to the statement of profit
and loss unless it was an equity instrument electively
held at fair value through other comprehensive income.
In this case, any cumulative gain or loss in equity is
transferred to retained earnings. Financiat assets are
written off when there is no reasonabte expectation
of recovery. The Company reviews the facts and
circumstances around each asset before making a
determination. Financiat assets that are written off
could still be subject to enforcement activities. Financial
liabilities are derecognised when these are extinguished,
that is when the obtigation is discharged, cancetted or
has expired

(iv) Impairment of financial assets: The Company recognises
a loss allowance for expected credit losses on a financial
asset that is at amortised cost or at fair value through
other comprehensive income. Expected credit losses
are forward tooking and are measured in a way that is
unbiased and represents a probability-weighted amount,
takes into account the time vatue of money (vatues are
discounted using the appticabte effective interest rate)
and uses reasonable and supportable information.

j. Employee benefits

Short term employee benefits

Short-term employee benefits are measured on an
undiscounted basis and expensed as the related service
is provided. A Liability is recognised for the amount
expected to be paid under short-term cash bonus, if the
Company has a present LegaL or constructive obLigation
to pay this amount as a resuLt of past service provided
by the empLoyee and the obLigation can be estimated
reLiabLy.

Long term employee benefits:

i. Defined benefits plans

A defined benefit plan is a post-employment benefit
plan other than a defined contribution plan. The
Company's net obligation in respect of defined
benefit pLans is caLcuLated separateLy for each pLan
by estimating the amount of future benefit that
empLoyees have earned in the current and prior
periods, discounting that amount and deducting
the fair vaLue of any pLan assets. The caLcuLation of
defined benefit obLigations is performed annuaLLy
by a quaLified actuary using the projected unit credit
method. When the caLcuLation resuLts in a potentiaL
asset for the Company, the recognised asset is
Limited to the present vaLue of economic benefits
avaiLabLe in the form of any future refunds from
the pLan or reductions in future contributions to the
plan ('the asset ceiling'). To calculate the present
vaLue of economic benefits, consideration is given
to any applicable minimum funding requirements.
Remeasurements of the net defined benefit Liability,
which comprise actuarial gains and Losses, the
return on pLan assets (excLuding interest) and the
effect of the asset ceiLing (if any, excLuding interest),
are recognised immediately in OCI. The Company
determines the net interest expense (income) on the
net defined benefit LiabiLity (asset) for the period by
appLying the discount rate determined by reference
to market yields at the end of the reporting period
on government bonds. This rate is applied on the net
defined benefit LiabiLity (asset), both as determined at
the start of the annuaL reporting period, taking into
account any changes in the net defined benefit Liability
(asset) during the period as a resuLt of contributions
and benefit payments. Net interest expense and
other expenses reLated to defined benefit pLans are
recognised in profit or Loss. When the benefits of a
pLan are changed or when a pLan is curtaiLed, the
resuLting change in benefit that reLates to past service
('past service cost' or 'past service gain') or the gain
or Loss on curtaiLment is recognised immediateLy in
profit or Loss. The Company recognises gains and
Losses on the settLement of a defined benefit pLan

when the settLement occurs.

ii. Defined contribution plan

A defined contribution pLan is a post-empLoyment
benefit pLan where the Company's LegaL or
constructive obLigation is Limited to the amount that it
contributes to a separate LegaL entity. The Company
makes specified monthLy contributions towards
Government administered provident fund scheme.
ObLigations for contributions to defined contribution
pLan are expensed as an empLoyee benefits expense
in the statement of profit and Loss in period in which
the reLated service is provided by the empLoyee.
Prepaid contributions are recognised as an asset to
the extent that a cash refund or a reduction in future
payments is avaiLabLe

iii. Other long - term employee benefits - Compensated
absences

AccumuLated absences expected to be carried
forward beyond tweLve months is treated as Long¬
term empLoyee benefit for measurement purposes.
The Company's net obLigation in respect of other
Long-term empLoyee benefit of accumuLating
compensated absences is the amount of future
benefit that empLoyees have accumuLated at the end
of the year. That benefit is discounted to determine
its present vaLue The obLigation is measured annuaLLy
by a quaLified actuary using the projected unit credit
method. Remeasurements are recognised in profit or
Loss in the period in which they arise.

The obligations are presented as current LiabiLities
in the baLance sheet if the Company does not have
an unconditionaL right to defer the settLement for at
Least tweLve months after the reporting date. The
Company has the poLicy of Leave encashment.

iv. Termination benefits

Termination benefits are expensed at the earLier of
when the Company can no Longer withdraw the offer
of those benefits and when the Company recognises
costs for a restructuring. If benefits are not expected
to be settLed whoLLy within 12 months of the reporting
date, then they are discounted.

k. Leases

At inception of a contract, the Company assesses whether
a contract is, or contain a Lease. A contract is, or contains,
a Lease if the contract conveys the right to controL the
use of an identified asset for a period of time in exchange
for consideration. To assess whether a contract conveys
the right to controL the use of an identified asset, the
Company assesses whether:

- The contract involves the use of an identified asset -
this may be specified explicitly or implicitly, and should
be physically distinct or represent substantially all
of the capacity of a physically distinct asset. If the
supplier has a substantive substation right, then the
asset is not identified;

- The Company has the right to substantially all of
the economic benefits from the use of the asset
throughout the period of use; and

- The Company has the right to direct the use of the
asset. The Company has this right when it has the
decision making rights that are most relevant to
changing how and for what purposes the asset is
used. In rare cases where the decision about how and
for what purpose the asset is used is predetermined,
the Company has the right to direct the use of the
asset if either:

- The Company has the right to operate the asset; or

- The Company designed the asset in a way that

predetermines how and for what purposes it will be
used. As a practical expedient, Ind AS 116 permits a
lessee not to separate non-lease components, and
instead account for any lease and associated non
lease components as a single arrangement. The
Company has not used this practical expedient. At
inception or on reassessment of a contract that
contains a lease component, the Company allocates
the consideration in the contract to each lease
component on the basis of their lease component
on the basis of their relative stand-alone prices.
The Company recognises a right-of-use asset and a
lease liability at the lease commencement date. The
right-of-use asset is initially measured at cost, which
comprises of the initial amount of the lease liability
adjusted for any lease payments made at or before
the commencement date, plus any initial direct costs
incurred and estimated dilapidation costs, less any
lease incentives received. The right-of-use asset
is subsequently amortised using the straight-line
method over the shorter of the useful life of the
leased asset or the period of lease. If ownership of
the leased asset is automatically transferred at the
end of the lease term or the exercise of a purchase
option is reflected in the lease payments, the right-
of-use asset is amortised on a straightline basis over
the expected useful life of the leased asset. The lease
liability is initially measured at the present value of the
lease payments that are not paid at commencement
date, discounted using, the Company's incremental
borrowing rate. The lease liability is measured at
amortised cost using the effective interest method.
It is re-measured when there is a change in future
lease payments. Lease payments include fixed
payments, i.e. amounts expected to be payable by
the Company under residual value guarantee, the
exercise price of a purchase option if the Company
is reasonably certain to exercise that option and

m. Investment property

i. Recognition and measurement

Investment property is property held either to earn
rental income or for capital appreciation or for both,
but not for sate in the ordinary course of business, use
in the production or supply of goods or services or
for administrative purposes. Upon initial recognition,
an investment property is measured at cost, including
related transaction costs. Subsequent to initial
recognition, investment property is measured at cost
tess accumutated depreciation and accumutated
impairment tosses, if any. Investment property is
derecognised either when it has been disposed of
or when it is permanentty withdrawn from use and
no future economic benefit is expected from its
disposat. Any gain or toss on disposat of investment
property (calculated as the difference between the
net proceeds from disposat and the carrying amount
of the item) is recognised in profit or loss.

ii. Subsequent expenditure

Subsequent expenditure is capitalised only if it is
probable that the future economic benefits associated
with the expenditure will flow to the Company and
the cost of the item can be measured retiabty.

iii. Depreciation

Based on technical evaluation and consequent
advice, the management believes a period of 35 years
as representing the best estimate of the period over
which investment property (which is quite simitar)
is expected to be used. Accordingly, the Company
depreciates investment property over a period of 35
years on a straight-line basis. The useful life estimate
of 35 years is different from the indicative usefut tife
of relevant type of buildings mentioned in Part C of
Schedule II to the Act i.e. 30 years.

iv. Reclassification from / to investment property

Transfers to (or from) investment property are
made onty when there is a change in use. Transfers
between investment property, owner-occupied
property and inventories do not change the carrying
amount of the property transferred and they do not
change the cost of that property for measurement or
disctosure purposes.

v. Fair value disclosure

The fair vatues of investment property is disctosed
in the notes. Fair vatues is determined by an
independent vatuer who hotds a recognised and
relevant professional qualification and has recent
experience in the tocation and category of the
investment property being vatued.

n. Exceptional items

Items of income or expense which are non-recurring

or outside the ordinary course of business for which

the company have not budgeted for and are of such
size, nature or incidence that their separate disctosure
is considered necessary to explain the performance of
the Company are disctosed as exceptionat items in the
Statement of Profit and Loss.

o. Cash Flow Statement

Cash ftow from operation are reported using the indirect
methods where by profits before tax is adjusted for the
effects of transactions of a non cash nature, any deferrals
or accruats 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.

p. Earnings per share

Basic earnings per share is calculated by dividing the
profit (or toss) attributabte to the owners of the company
by the weighted average number of equity shares
outstanding during the year. The weighted average
number of equity shares outstanding during the year is
adjusted for bonus issue, bonus etement in a rights issue
to existing shareholders, share split and reverse share
sptit

Diluted Earnings Per Share

Diluted earnings per share is computed by dividing the
profit (considered in determination of basic earnings per
share) after considering the effect of interest and other
financing costs or income (net of attributable taxes)
associated with dilutive potential equity shares by the
weighted average number of equity shares considered
for deriving basic earnings per share adjusted for the
weighted average number of equity shares that would
have been issued upon conversion of all dilutive potential
equity shares.

q. Contingent assets

Contingent asset is not recognised in financial statements
since this may resutt in the recognition of income that
may never be realised. However, when the realisation of
income is virtuatty certain, then the retated asset is not a
contingent asset and is recognized.

r. 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. For the year ended 31 March
2025, MCA has notified Ind AS - 117 Insurance Contracts

and amendments to Ind AS 116 - Leases, relating to sale
and teaseback transactions, appticabte to the Company
w.e.f April 1, 2024. The Company has reviewed the
new pronouncements and based on its evatuation has
determined that it does not have any significant impact in
its financiat statements.

(iii) Performance obligations

The Company satisfies its performance obligations pertaining to the sate of bus bodies and pressing segment items 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 does not
contain any financing component. The amount receivable is generally due within 30 days. The Company have opted for
invoice discounting facility with HDFC Bank Limited from 5 July 2024 onwards. The facility is unsecured and discounting
rate is 1.12% which is paid by the Company to TML (31 March 2024 - 1.08% with Tata Capital Financials Services Ltd.).
There are no other significant obligations attached in the contract with customer.

(iv) Transaction price

There is no remaining performance obligation for any contract for which revenue has been recognised till year end.

(v) Determining the timing of satisfaction of performance obligations

There are no significant judgments 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.

(vi) Determining the transaction price and the amounts allocated to performance obligations

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.

(vii) Cost to obtain contract or fulfill a contract

There is no cost incurred for obtaining or fulfilling contract with customers.

39) Segment information

(a) The Company has identified business segments as reportable segments.

The Company has two reportable segments:-

i) Pressing division - Manufacturing of pressed parts, components, sub-assemblies and assemblies for various range
of automobiles.

ii) Bus body building division - Manufacturing of bus bodies and component parts for bus bodies.

(b) Inter-segment

Inter-segment transfers are made at transfer price.

(c) Common Expenses

Common Expenses are allocated to different segments on reasonable basis as considered appropriate.

Level 2: Level 2 hierarchy includes fair value of the financial instruments that are not traded in an active market. Fair value
of these financial instruments is determined using valuation, which maximise the use of observable market data and rely
as little as possible on entity specific estimates. Investments in mutual funds are valued using the closing net assets value
(NAV).

Level 3: level 3 hierarchy includes financial instruments that are not based on the observable market data.

All financial instruments are classified as level 3.
iii. Risk management framework

The risk management process is coordinated by the management assurance functions and is regularly reviewed by the
Company's audit committee. The audit committee meets regularly to review risks as well as the progress against the
planned actions. Key business decisions are also discussed at the periodic meetings of the audit committee and the board of
directors. The overall internal control environment and risk management programme including financial risk management
is reviewed by the audit committee and the board.

The risk management framework aims to:

- improve financial risk awareness and risk transparency.

- identify, control and monitor key risks.

- identify risk accumulations.

- provide management with reliable information on the Company's risk situation.

- improve financial returns.

The Company has exposure to the following risks arising from financial instruments:

(i) Market risk

The Company's activities does not expose it to the financial risks of changes in foreign currency exchange rates and interest
rates.

(ii) Credit risk management

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the
Company. The Company has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient
collateral, where appropriate, as a means of mitigating the risk of financial loss from defaults.

(iii) Liquidity risk management

Ultimate responsibility for liquidity risk management rests with the board of directors, the Company manages liquidity risk
by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast
and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

Liquidity risk tables

The following table details the Company's remaining contractual maturity for its financial liabilities with agreed repayment
periods. 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.

IV. Capital management

For the purpose of the Company's capital management, capital (total equity) includes issued equity capital, securities premium
and all other equity reserves attributable to the equity holders of the Company. The primary objective of the Company's
capital management is to maximise the shareholder value. Management monitors the return on capital, as well as the
level of dividends to ordinary shareholders. The Company manages its capital structure and makes adjustments in light of
changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure,
the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The
Company monitors capital using a gearing ratio, which is net debt divided by adjusted equity. Net debt is calculated as
total liabilities (as shown in the balance sheet) less cash and cash equivalents and other bank balances. Adjusted equity
comprises all components of equity other than amounts accumulated in the hedging and cost of hedging, if any.

42) The Company does not have any Long - term contract including derivative contract for which provision would be required for
materiat foreseeable losses.

43) The company do not have any Benami property, where any proceeding has been initiated or pending against the Company
for holding any Benami property

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

In terms of our report attached Shrinivas V Dempo Raghwendra Singh Butola

For B S R & Co. LLP Chairman - DIN 00043413 Chief Financial Officer

Chartered Accountants Membership no. 25252

Firm Registration No. 101248W/W-100022

Kalpesh Khandelwal Pranab Ghosh Mitesh Gadhiya

Partner CEO & Executive Director Company Secretary

Membership No. 133124 DIN 10536772 Membership no. F10000

UDIN: 25133124BMJHXE8724

PLace: Mumbai, Maharashtra PLace: Mumbai, Maharashtra

Dated: 08 May 2025 Dated: 08 May 2025