k. Provision, Contingent Liabilities &
Contingent Assets

Provisions are recognized when the Company has a
present obligation (legal or constructive), as a result
of past events, for which it is probable that an outflow
of economic benefits will be required to settle the
obligation and a reliable estimate can be made for the
amount of the obligation.

If the effect of the time value of money is material,
provisions are measured on a discounted basis to reflect
its present value using a current pre-tax rate that reflects
the current market assessments of the time value of
money and the risks specific to the obligation. When
discounting is used, the increase in the provision due to
the passage of time is recognised as a finance cost.

A contingent liability is a possible obligation that arise
from past events whose existence will be confirmed
by the occurrence or non-occurrence of one or more
uncertain future events beyond the control of the
company or a present obligation that is not recognised
because it is probable that an outflow of resources
will not be required to settle the obligation. However,
if the possibility of outflow of resources, arising out of
present obligation, is remote, it is not even disclosed as
contingent liability. The company does not recognize
a contingent liability but discloses its existence in the
financial assets.

Contingent assets are neither recognized nor disclosed
in the financial statements.

l. Revenue Recognition

The Company manufactures and sells a range of
chemicals and other products.

Revenue from sale of goods is recognized when
significant risks and rewards of ownership are transferred
to the buyer, there is no continuing managerial
involvement with the goods and the amount of
revenue can be measured reliably, which coincides
with the date of dispatch/bill of lading. The Company
retains no effective control of the goods transferred
to a degree usually associated with ownership and no
significant uncertainty exists regarding the amount of
the consideration that will be derived from the sale of
goods.

The Company does not expect to have any contracts
where the period between the transfer of the promised
goods or services to the customer and payment by the
customer exceeds one year. As a consequence, it does
not adjust any of the transaction prices for the time
value of money.

Revenue is measured at fair value of the consideration
received or receivable includes freight, wherever
applicable and is net of trade discounts, volume rebates
and GST.

Export incentives under various schemes are accounted
in the year of export.

Revenue from technical services recognized on the
basis of milestones for rendering services as per the
agreement.

Interest income is recognized on time apportionment
basis. Effective interest rate (EIR) method is used to
compute the interest income on long term loans and
advances. Interest income from a financial asset is
recognised when it is probable that the economic
benefits will flow to the Company and the amount of
income can be measured reliably.

Dividend income on investments is recognised when
the right to receive dividend is established.

m. Employee Benefits

i. Defined Contribution Plans

Contributions to defined contribution schemes such
as employees’ state insurance, labour welfare fund,
superannuation scheme, employee pension scheme
etc. are charged as an expense based on the amount
of contribution required to be made as and when
services are rendered by the employees. Eligible
employees receive benefits from a provident fund,
which is a defined contribution plan to the Trust/
Government administered Trust. Both the employee
and the company make contribution to the Amines
Plasticizers Limited Employees’ provident Fund Trust/
Government administered Trust equal to the specified
percentage of the covered employee’s salary. Company
also contributes to a Government administered pension
fund on behalf of its employees.

ii. Defined Contribution Plans

The Company also provides for retirement benefits in
the form of gratuity and compensated absences to the
employees of the Company.

For defined benefit plans, the amount recognised as
‘Employee benefit expenses’ in the Statement of Profit
and Loss is the cost of accruing employee benefits
promised to employees over the year and the costs of
individual events such as past/future service benefit
changes and settlements (such events are recognised
immediately in the Statement of Profit and Loss). Any
changes in the liabilities over the year due to changes
in actuarial assumptions or experience adjustments
within the plans, are recognised immediately in
‘Other comprehensive income’ and subsequently not
reclassified to the Statement of Profit and Loss.

The defined benefit plan surplus or deficit on the
Balance Sheet comprises the total for each plan of
the fair value of plan assets less the present value of
the defined benefit liabilities (using a discount rate by
reference to market yields on government bonds at the
end of the reporting period).

All defined benefit plans obligations are determined
based on valuations, as at the Balance Sheet date,
made by independent actuary using the projected unit
credit method. The classification of the Company’s net
obligation into current and non-current is as per the
actuarial valuation report.

Liability for balance leave encashment/entitlement
is provided on the basis of actuarial valuation at the
year end.

n. Taxation

Income tax expense for the year comprises of current
tax and deferred tax. It is recognised in the Statement
of Profit and Loss except to the extent it relates to a
business combination or to an item which is recognized
directly in equity or in other comprehensive income.

Current Tax

Current tax is tax expected tax payable on the taxable
income for the year, using the tax rate enacted at the
reporting date, and any adjustment to the tax payable
in respect of the earlier periods. Taxable profit differs
from the net profit as reported in the statement of
profit and loss because it excludes items of income or
expense that are taxable or deductible in other years
and it further excludes items that are never taxable or
deductible.

Current tax assets and current tax liabilities are offset
when there is a legally enforceable right to set off the
recognised amounts and there is an intention to settle
the asset and the liability on a net basis.

Deferred Tax

Deferred tax is recognised in respect of temporary
differences between the carrying amount of assets
and liabilities for financial reporting purposes and the
corresponding amounts used for taxation purposes.

A deferred tax liability is recognised based on the
expected manner of realisation or settlement of the
carrying amount of assets and liabilities, using tax rates
enacted, or substantively enacted, by the end of the
reporting period. Deferred tax assets are recognised only
to the extent that it is probable that future taxable profits
will be available against which the asset can be utilised.
Deferred tax assets are reviewed at each reporting date
and reduced to the extent that it is no longer probable
that the related tax benefit will be realised.

Deferred tax assets and deferred tax liabilities are offset
when there is a legally enforceable right to set off
current tax assets against current tax liabilities; and the
deferred tax assets and the deferred tax liabilities relate
to income taxes levied by the same taxation authority.

MAT credit entitlement is recognized and carried
forward only if there is a reasonable certainty of it being
set off against regular tax payable within the stipulated
statutory period.

o. Earnings Per Share

Basic earnings per share is computed by dividing the
net profit for the year attributable to equity shareholders
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 and for all years presented is adjusted for
events such as bonus issue; bonus element in a rights
issue to existing shareholders; share split; and reverse
share split (consolidation of shares) that have changed
the number of equity shares outstanding, without a
corresponding change in resources.

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

p. Foreign Currency Transactions and
Translation

The financial statements are presented in Indian
Rupees (INR), which is the functional currency of
the Company and the presentation currency for the
financial statements.

Transactions in foreign currencies are recognized at
the prevailing exchange rates on the transaction dates.
Realized gains and losses on settlement of foreign
currency transactions are recognized in the Statement
of Profit and Loss.

Foreign currency monetary items (assets and liabilities)
at the year- end are translated at the year-end exchange
rates and the resultant exchange differences are
recognized in the Statement of Profit and Loss.

Non-monetary items that are measured in terms of
historical cost in a foreign currency are recorded using
the exchange rates at the date of the transaction. Non¬
monetary items measured at fair value in a foreign
currency are translated using the exchange rates at the
date when the fair value was measured. The gain or loss
arising on translation of non-monetary items measured
at fair value is treated in line with the recognition of the
gain or loss on the change in fair value of the item (i.e.,
translation differences on items whose fair value gain or
loss is recognised in OCI or Statement of Profit and Loss
are also recognised in OCI or Statement of Profit and
Loss, respectively).

Note:

The Authorized Share Capital of the Company stands increased after adding the Authorized Share Capital of APL
Engineering Services Pvt Ltd (wholly owned subsidiary Company, which now stands amalgamated) with the
Company pursuant to the Order of Amalgamation dated 22^nd March 2017 passed by the Hon. National Company
Law Tribunal, Guwahati Bench, Assam.

13.1 Right, Preference and Restrictions attached to Equity Shares

The Company has only one class of equity shares having par value of A 2 per share. Each Shareholder is entitled
to one vote per share. In the event of liquidation of the Company the holder of equity shares will be entitled to
receive any of the remaining assets of the Company after distribution of all preferential payments. However, no such
preferential amount exists currently. The distribution will be in proportion to the number of equity shares held by
the shareholders.

The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuring
Annual General Meeting, The Board of Directors at their Meeting held on May 27, 2025 has recommended a final
Dividend of 25% (50 paise per share of Face Value A 2/- each) for the year ended March 31, 2025.

Note 1: During the year 2022-23 GST Department disallowed Input Credit of GST claimed by the company on
procurement of Goods and services from few suppliers, which in the opinion of the Company (based on legal
advice) is allowable. The Company paid A 2,533.56 Lakhs under protest and filed refund application and litigating
the matter before the Honorable Bombay High Court.

Note 2: The Hon'ble CIT (A) vide its order dated 28-01-2025 for Appeals of Assessment year 2013-14 to 2015¬
16 has set aside the Aseessment Orders and remanded the matter back to file of the assessing officer for fresh
adjudication of the matter so that the original assessments are no more valid orders, the consequential demand
raised for these assessment years A 571.21 Lakhs are stands cancelled automatically and no more payable.

34 RELATED PARTY DISCLOSURES
A List of Related Parties

i) Party where control exists: Subsidiaries

Amines & Plasticizers FZ LLC (WOS UAE)

ii) Other Related parties with whom the
company has entered into transactions during
the year

a) Member having significant influence over the
Company

Multiwyn Investments & Holdings Private Limited

b) Key Management Personnel (including non
Executive Directors)

Mr. Hemant Kumar Ruia - Chairman & Managing
Director

Mr. Yashvardhan Ruia -Executive Director

Dr. P. H. Vaidya - Non Executive & Independent Director

- ceased to be Director w.e.f. 28.09.2024 due to
completion of his second term of five (5) consecutive
years

Mr. A. S. Nagar - Non Executive & Independent Director

- ceased to be Director w.e.f. 28.09.2024 due to
completion of his second term of five (5) consecutive
years

Mr. B. M. Jindel - Non Executive & Independent Director

- ceased to be Director w.e.f. 28.09.2024 due to
completion of his second term of five (5) consecutive
years

Ms. Nimisha Dutia - Non Executive Director & Non
Independent Director

Mr. Pragyan Pittie -Non Executive & Independent
Director - Appointed for a first term of five (5)
consecutive years w.e.f. 27.09.2024

Mrs. Dhanyashree Jadeja -Non Executive &
Independent Director - Appointed for a first term of
five (5) consecutive years w.e.f. 27.09.2024

Mr. Nikunj Seksaria -Non Executive & Independent
Director - Appointed for a first term of five (5)
consecutive years w.e.f. 27.09.2024

Mr. Ajay Puranik - President Legal & Company
Secretary - Resigned w.e.f. 30.04.2024

Mr. Omkar Mhamunkar - Company Secretary &
Compliance Officer - Appointed w.e.f. 08.08.2024

Mr. Pramod Sharma - Chief Financial Officer

c) Employee' benefits plan where there is
significant influence

Amines & Plasticizers Limited Employee's Gratuity
Fund

Amines & Plasticizers Limited Employee's Provident
Fund

d) Entities over which any person described in (b)
above is able to exercise significant influence

Chefair Investment Pvt. Ltd.

Ruia Gases Private Limited

SMT. Bhagirathibai Manmal Gochar Trust

APL Infotech Limited (from 04.03.2020)

JADEJA & SATIYA (Advocate Firm)

ii. Leave Encashment

The Company permits encashment of compensated absence accumulated by their employees on retirement,
separation and during the course of service. The liability in respect of the Company, for outstanding balance of leave
at the balance sheet date is determined and provided on the basis of actuarial valuation as at the balance sheet
date performed by an independent actuary. The Company doesn’t maintain any plan assets to fund its obligation
towards leave encashment. Leave encashment for the year is P 46.63 lakhs (Previous year P 59.43 lakhs) charged
to the statement of profit and loss.

37 The NCLT Guwahati Bench vide its Order dated March 22, 2017 has sanctioned the Scheme of Amalgamation
of APL Engineering Services Pvt. Ltd. wholly owned Subsidiary of the Company with the Appointed date April 01,
2016.

40 CAPITAL RISK MANAGEMENT

The Company manages its capital so as to safeguard its ability to continue as a going concern and to optimise returns
to shareholders through the optimisation of the debt and equity balance.The capital structure of the Company
consists of net debt (borrowings less cash and cash equivalents, other bank balances (including non-current
earmarked balances)).The management and the Board of Directors monitors the return on capital to shareholders.
The Company may take appropriate steps in order to maintain, or if necessary adjust, its capital structure.

41 FINANCIAL INSTRUMENTS AND RISK REVIEW
Financial Risks Management Framework

The Company’s business activities are exposed to a variety of financial risks, namely Liquidity Risk, Currency
Exchange Risk, Interest Rate Risk, Credit Risk and Commodity Price Risk. The Company’s management and the
Board of Directors has the overall responsibility for establishing and governing the Company’s risk management
framework. The risk management framework works at various levels in the enterprise. The organization structure of
the Company helps in identifying, preventing and mitigating risks by the concerned operational Heads under the
supervision of the Chairman & Managing Director. The risk management framework is reviewed periodically by the
Board and the Audit Committee keeping a check on overall effectiveness of the risk management of the Company.

Credit Risk

Credit Risk is the risk of financial loss to the Company if a customer or counter-party fails to meet its contractual
obligations. Financial instruments that are subject to credit risk principally consist of trade receivables, investments,
loans, cash and cash equivalents, other balances with banks and other financial assets. None of the financial
instruments of the Company result in material credit risk.

Credit risk with respect to trade receivables are limited, due to the Company has a policy of dealing only with credit
worthy counter parties, where appropriate as a means of mitigating the risk of financial loss from defaults. All
trade receivables are reviewed and assessed for default on a quarterly basis. Our historical experience of collecting
receivables is that credit risk is low. Hence, trade receivables are considered to be a single class of financial assets.

The Company measures the expected credit loss of trade receivables and loan from individual customers based on
historical trend, industry practices and the business environment in which the entity operates. Loss rates are based
on actual credit loss experience and past trends. based on the historical data, loss on collection of receivables is not
material hence no additional provision considered.

43 EVENTS AFTER THE REPORTING
PERIOD

The Board of Directors have recommended dividend
of R 0.50 per fully paid up equity share of R 2/- each,
aggregating R 275.10 Lakhs for the financial year
2024-25, subject to approval of shareholders at the
Annual General Meeting.

44 INVESTMENT IN RADIANCE MH
SUNRISE SIX PVT LTD (SPV)

The Management in its constant endeavour to reduce
power cost and to explore sources of alternate energy
had identified one proposal of investing in Solar power
producing companies. Accordingly, The Company
had invested in RMHSSPL, one such company which
is engaged in the production of alternate energy and
supplying the same to MSDCL which in turn supply the
power to Investing company at an agreed concessional
rates. This arrangement is facilitated by the State Govt
and one of the terms of Venture is that the Recipient
of power must invest min 26% equity in the power
producing company(SPV) to avail this benefit of power
at reduced rate. The Company has therefore acquired
26% equity stake in Radiance MH Sunrise Six Pvt
Ltd (SPV) pursuant to a Statutory State Government
mandate for forming/investing in such a Special
Purpose Vehicle. The Company neither has significant
influence over this company nor any participative rights
in the Management of the said Company. In aedition
profit/loss of the said SPV is insignificant and does not in
any way impact the financials of the Company. In view
thereof, Radiance MH Sunrise Six Pvt Ltd had not been
considered as an associate company for consolidation
purpose as it is a pure investment activity in the said
Company to obtain Power at a concessional rate.

45 OTHER STATUTORY INFORMATION:

(i) The company does not have any Benami property,
where any proceeding has been initiated or
pending against the Company for holding any
Benami property.

(ii) The company does not have any transactions with
companies struck off.

(iii) The company does not have any changes or
satisfaction which is yet to be registred with ROC
beyond the statutory period.

(iv) The company have not traded or invested in
Crypto currency or Virtual currency during the
financial year.

(v) The Company has not been declared wilful defaulter
by any bank of financial institution or government
or any government authority.

46 The Code on Social Security, 2020 ('Code') relating
to employee benefits during employment and post¬
employment benefits has been notified in the Official
Gazette of India on September 29, 2020. However, it
has not yet become effective and related rules are yet
to be notified. The Company will assess the impact and
its evaluation once the subject rules are notified and
will give appropriate impact in its financial statements
in the period in which, the Code becomes effective and
the related rules to determine the financial impact are
published.

47 Finance cost for the year ended March 31,
2024 includes R 81.83 lakhs being interest charged
pertaining to the GST demand for financial year 2017¬
18 and 2018-19 on reassessment of Bills of entry in
respect of import under Advance licenses. However,
during the year, Custom department has raised
demand (including penalty and redemption fine) of
R 799.78 lakhs on the aforesaid matter for which the
Company has preferred an appeal before the Customs,
Excise and Service Tax Appellate Tribunal which is
pending. Accordingly, no provision as well as disclosure
of contingent liability is required in the financial
statements.

48 The Financial Statements were approved for issue
by the Board of Directors on 27th May 2025.

49 The Company uses an accounting software for
maintaining its books of account which has a feature
of recording audit trail (edit log) facility and the same
has operated throughout the year for all relevant
transactions recorded in the accounting software,
except that audit trail feature is not enabled at the
database level for the Tally Prime database. Further no
instance of audit trail feature being tampered with was
noted in respect of the accounting software. Presently,
the log has been activated at the application level.

50 Figures of previous year have been regrouped/
rearranged, wherever considered necessary to conform
to the current year's presentation.

Signatories to Notes 1 to 50

For S A R A & Associates For and on behalf of the Board of Directors

Chartered Accountants

Firm Registration No.: 120927W

Manoj Agarwal Hemant Kumar Ruia Yashvardhan Ruia

Partner Chairman & Managing Director Executive Director

Membership No. 119509 DIN: 00029410 DIN: 00364888

Date: 27^th May, 2025 Pramod Sharma Omkar Mhamunkar

Place: Mumbai Chief Financial Officer Company Secretary