m. Provisions, Contingent liabilities and Contingent assets

Provisions are recognised 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
recognised for future operating losses.

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 time value of money and the risks specific to the liability. The increase in the provision due to
passage of time is recognised as interest expense.

A present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle
or a reliable estimate of the amount cannot be made, is disclosed as a contingent liability. Contingent liabilities are also disclosed
when there is a possible obligation arising from past events, 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.

Contingent assets are not recognised in financial statements since this may result in the recognition of income that may never
be realised. However, when the realisation of income is virtually certain, then the related asset is not a contingent asset and
is recognised.

n. Government grants

The Company recognises government grants only when there is reasonable assurance that the conditions attached to them shall
be complied with and the grants will be received. Grants related to assets are treated as deferred income and are recognized as
other income in the Statement of Profit and Loss on a systematic and rational basis over the useful life of the asset. Grants related
to revenue are recognized in statement of Profit and Loss under the heading 'Other Income'.

o. Income taxes

Tax expense is the aggregate amount included in determination of profit or loss for the period in respect of current tax & deferred tax.
Current tax

Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities.
The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date.

Current tax relating to items recognised outside profit or loss is recognised outside profit or loss (either in other comprehensive
income or in equity). Management periodically evaluates positions taken in the tax returns with respect to situations in which
applicable tax regulations are subject to interpretation and establishes provisions where appropriate.

Deferred tax

Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their
carrying amounts for financial reporting purposes at the reporting date.

Deferred tax assets are recognised for all deductible temporary differences. Deferred tax asset shall be recognised for the carry
forward of unused tax losses to the extent that it is probable that future taxable profit will be available against which the unused
tax losses can be utilised.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised
or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.

Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss (either in other comprehensive
income or in equity). Deferred tax items are recognised in correlation to the underlying transaction either in OCI or directly in equity.

p. Revenue

Ind AS 115 was issued on 28^th March 2018 and supersedes Ind AS 11 Construction Contracts and Ind AS 18 Revenue and it
applies, with limited exceptions, to all revenue arising from contracts with its customers. Ind AS 115 establishes a five-step model
to account for revenue arising from contracts with customers and requires that revenue be recognised at an amount that reflects
the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer. It focuses
on the identification of performance obligations in a contract and requires revenue to be recognised when or as those performance
obligations are satisfied.

Ind AS 115 requires entities to exercise judgement, taking into consideration all of the relevant facts and circumstances when
applying each step of the model to contracts with their customers.

The Company adopted Ind AS 115 using the modified retrospective method of adoption with the date of initial application of 1^st
April 2018.

In terms of the requirement of the new standard, revenue is recognised net of trade schemes, discounts and incentives payable to
distributors/dealers and retailers.

The specific recognition criteria described below must also be met before revenue is recognized
Sale of goods

Revenue towards satisfaction of a performance obligation is measured at the amount of transaction price (net of variable
consideration) allocated to that performance obligation. The transaction price of goods sold and services rendered is net of
variable consideration on account of various discounts and schemes offered by the Company as part of the contract

In case of domestic sales, the company believes that the control gets transferred to the customer on dispatch of the goods from
the factory and in case of exports, revenue is recognised on passage of control as per the terms of contract / incoterms. Variable
consideration in the form of volume rebates is recognized at the time of sale made to the customers and are offset against the
amounts payable by them. The adaption of Ind AS 115 did not have significant impact for the company.

Interest income

For all debt instruments measured at amortised cost, interest income is recorded using the effective interest rate (EIR). EIR is the rate
that exactly discounts the estimated future cash payments or receipts over the expected life of the financial instrument or a shorter
period, where appropriate, to the gross carrying amount of the financial asset or to the amortised cost of a financial liability. Interest
income is included in finance income in the statement of profit and loss.

Dividend income

Dividend income from investments is recognised when the shareholder's rights to receive payment have been established.
Insurance Claims

Insurance and other claims are accounted for as and when settled.

q. Foreign currency transactions

Transactions in Foreign currency are initially recorded at the exchange rate at which the transaction is carried out.

Monetary Assets and Liabilities related to foreign currency transactions remaining outstanding at the year-end are translated at the
year-end rate.

In case of items which are covered by forward exchange contracts, the premium or discount on forward exchange contracts is
amortised over the period of the respective contract.

Any income or expense on account of exchange difference either on settlement or on translation at the year-end is recognised in
the Statement of Profit and Loss.

r. Borrowing costs

Borrowings costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial
period of time to get ready for its intended use or sale are capitalised as part of the cost of the asset. All other borrowing costs are
expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection
with the borrowing of funds. Borrowing cost also includes exchange differences to the extent regarded as an adjustment to the
interest costs.

s. Earnings per share

Basic earnings per share is calculated by dividing the profit attributable to owners of the company, by the weighted average number
of shares outstanding during the financial year.

Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after
income tax effect of interest and other financing costs associated with dilutive potential equity shares and the weighted average
number of additional equity shares that would have been outstanding assuming the conversion of all dilutive potential equity shares.

t. Trade receivables

Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest
method, less provision for impairment. In accordance with Ind AS 109, the Company applies expected credit loss (ECL) model
for measurement and recognition of impairment loss on the trade receivables. The Company follows "simplified approach" for
recognition of impairment loss allowances on trade receivables.

u. Cash and cash equivalents

Cash and cash equivalent in the balance sheet comprise cash at banks and on hand and short-term deposits with an original
maturity of three months or less, which are subject to an insignificant risk of changes in value.

For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined
above, net of outstanding bank overdrafts as they are considered an integral part of the company's cash management.

v. Trade and other payables

These amounts represent liabilities for goods and services provided to the company prior to the end of financial year which
are unpaid. The amounts are unsecured and are usually paid within the credit period allowed. Trade and other payables are
presented as current liabilities unless payment is not due within 12 months after the reporting period. Long term trade payables are
recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method.

w. Related party transactions

Disclosure of transactions with related parties, as required by Ind AS 24 "Related Party Disclosures" has been set out in a separate
note. Related parties as defined under Clause 9 of Ind AS 24 have been identified on the basis of representations made by the
management and information available with the company.

2.1 Changes in accounting policies and disclosures
New and amended standards

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 March 31, 2025, MCA has not notified any new
standards or amendments to the existing standards applicable to the Company.

(e) The Company has only one class of equity shares having a par value of H10 per share. Each holder of equity shares is entitled
to one vote per share. The holders of equity shares are entitled to receive dividends as declared from time to time. 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.

(f) Issue of Equity Shares and Warrants through Preferential allotment: -

During the year ended 31^st March 2024, the company made following preferential allotment to non promoters on 27^th March 2024

1. 11,77,336 equity shares, having face value of H10/- each, at a price of H203 per Equity Share at a premium of H193 per
Equity Share aggregating to H2389.99 Lakh.

2. 9,85,220 warrants, each carrying a right to subscribe to 1 (One) Equity Share of H10 each at an issue price of H203 per
warrant aggregating to H1999.99 Lakh, upon receipt of 25% of issue price of H50.75 per warrant amounting to H499.99
towards warrant subscription money. The remaining consideration of 75% of the issue price H152.25 per warrant amounting
to H1500 shall be payable at any time within 18 months in one or more tranches from the date of allotment of the warrants
i,e 27^th March 2024. The amount received against warrants shall be adjusted/ set off against the issue price for the resultant
equity share.

(g) The proceeds of the issue has been utilized towards working capital requirement and general corporate purposes.

(h) There are 985220 (Previous year 985220) securities convertible into Equity shares.

(i) No shares were forfeited during the year or during the previous year. 5625 equity shares of H10/- on which H5/- each had been
paid up, were forfeited in the year 1995-1996 and 1996-1997

(j) No class of shares has been issued as bonus shares or for consideration other than cash by the Company during the period of five
years immediately preceeding the current year end.

Nature of securities:

(a) Working capital loan are secured by hypothecation of present & future stocks and book debts and first charge on the Company's
immovable properties situated at Rajkot (Gujarat) by deposit of title deeds and also by second charge on all plant & machinery and
other fixed assets of the Company, both present & future, and are additionally secured by personal guarantees of the Chairman.

(b) Working capital loan from bank carry interest rate ranging from 9.25% p.a. - 14.65% p.a. (31^st March 2024: 9.25% p.a. - 14.75%
p.a.) computed on the daily basis on the actual amount utilized and are repayable on demand.

(c) Unsecured loan from entities other than bank carry interest rate from 9.00% p.a. - 15.00% p.a. (31^st March 2024: 9.00% p.a. -
15.00% ) The said loan has been taken for financing the working capital requirement

(d) During the year the Company has not defaulted on any repayment of the borrowing or interest payable thereon.

7. Financial risk management objectives and policies

The Company's principal financial liabilities comprise loans and borrowings, trade and other payables. The main purpose of these
financial liabilities is to finance the Company's operations and to support its operations. The Company's financial assets include
Investments, trade and other receivables, and cash & cash equivalents that derive directly from its operations.

The Company is exposed to market risk, credit risk and liquidity risk. The company's senior management oversees the management
of these risks. The company's senior management is supported by a financial risk committee that advises on financial risks and
the appropriate financial risk governance framework for the Company. This financial risk committee provides assurance to the
Company's senior management that the Company's financial risk activities are governed by appropriate policies and procedure
and that financial risks are identified, measured and managed in accordance with the Company's policies and risk objectives. The
management reviews and agrees policies for managing each risk, which are summarised as below:

A) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market
prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risks. Financial instruments affected
by market risk include Trade payables and borrowings in foreign currencies.

a) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market
interest rates. The Company's exposure to the risk of changes in market interest rates relates primarily to the Company's long
term debt obligations with floating interest rates. The Company is carrying its borrowings primarily at variable rate. The Company
expects the variable rate to decline, accordingly the Company is currently carrying its loans at variable and Fixed interest rates.

B) Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a
financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables).

(i) Trade receivables

Customer credit risk is managed by each business location subject to the Company's established policy, procedures and control
relating to customer credit risk management. Credit quality of a customer is assessed and individual credit limits are defined in
accordance with the assessment both in terms of number of days and amount.

An impairment analysis is performed at each reporting date on an individual basis for major clients. In addtion, a large number
of minor receivables are grouped into homogenous groups and assessed for impairment collectively. The maximum exposure to
credit risk at the reporting date is the carrying value of each class of financial assets disclosed in Note 10. The Company does not
hold collateral as security.

(ii) Financial instruments and cash deposits

Credit risk from balances with banks and financial institutions is managed by the Company's treasury department in accordance
with the Company's policy. Investment of surplus funds are made only with approved counterparties and within credit limits
assigned to each counterparty. The Company's maximum exposure to credit risk for the components of the balance sheet at 31^st
March 2025 and 31^st March 2024 is the carrying amount as illustrated in Note 40(7).

Defined Benefit Plan:

Post employment and other long-term employee benefits in the form of gratuity, sick leave and earned leave encashment are
considered as defined benefit obligation. The present value of obligation is determined based on actuarial valuation using projected
unit credit method as at the Balance Sheet date. The amount of defined benefits recognized in the balance sheet represent the
present value of the obligation as adjusted for unrecognized past service cost, and as reduced by the fair value of plan assets.

Any asset resulting from this calculation is limited to the discounted value of any economic benefits available in the form of refunds
from the plan or reductions in future contributions to the plan. The amounts recognised in the Profit & Loss Statement and Balance
sheet and the movements in the net defined benefit obligation over the year are as follows:

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

16. The company has not traded or invested in Crypto Currency or Virtual Currency during the financial year.

17. The Company has borrowing limits sanctioned from banks on the basis of security of current assets. The quarterly returns or
statements filed by the company with banks are in agreement with the books of accounts.

18. The company is not declared as wilful defaulter by any bank or financial institution (as defined under the Companies Act, 2013)
or consortium thereof or other lender in accordance with the guidelines on willful defaulters issued by the Reserve Bank of India.

19. There has been no delay in Charges or satisfaction to be registered with ROC beyond the statutory period.

20 .The Company does not have any transactions with struck off companies under Companies Act, 2013 or Companies Act, 1956,

during the year.

21 .As per Section 135 of the Companies Act, 2013, a company, meeting the applicability threshold, needs to spend at least 2% of

its average net profit for the immediately preceding three financial years on corporate social responsibility (CSR) activities. The
areas for CSR activities are promoting education, promoting gender equality by empowering women, healthcare, environment
sustainability, art and culture, destitute care and rehabilitation, disaster relief, COVID-19 relief and rural development projects.For
the year ending March 31,2025, CSR provisions are not applicable to the Company.

22 .The company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities
(Intermediaries) with the understanding that the Intermediary shall: -

a. directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Company (Ultimate Beneficiaries) or

b. provided any gurantee, security or the like to or on behalf of the ultimate beneficiaries.

The company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the
understanding(whether recorded in writing or otherwise) that the Company shall: -

a. directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Company (Ultimate Beneficiaries) orw

b. provided any gurantee, security or the like to or on behalf of the ultimate beneficiaries.

23. The Company has utilised the fund borrowed from banks and financial institutions for the purpose it was taken.

24. Disclosure under Schedule V to the SEBI (Listing Obligations and Disclosure Requirments) Regulations, 2015 :

There are no transactions (except related party transactions) which are required to be disclosed under Schedule V to the SEBI
(Listing Obligations and Disclosure Requirments) Regulations, 2015.

25. The previous year's figures have been reworked, regrouped, rearranged and reclassified wherever necessary. Amounts and other
disclosures for the preceding year are included as an integral part of the current year financial statements and are to be read in
relation to the amounts and other disclosures relating to the current year.

As per our report of even date attached.

For S K Agrawal And Co Chartered Accountants LLP On behalf of the Board

Chartered Accountants

(F.R. No. 306033E/E300272) VIJAY KUMAR YADAV AKHILESH CHITLANGIA

Chief Financial Officer Managing Director & CEO

DIN:03120474

CA VIVEK AGARWAL

(Membership No. 301571)

Partner KOMAL DHRUV SUPARNA CHAKRABORTTI

Place of Signature: Kolkata Company Secretary Independent Director

Date : 13^th May 2025 DIN: 07090308